Mining Firm MOIL Invites Bids for 7 MW Solar Project in Maharashtra

IKEA’s Parent Company Invests in 210 MW Solar Project in Rajasthan

Spain Expands Grants for Energy Storage Projects to €840 Million

Solar Module Recycling Firm Beyond Renewables Secures ₹50 Million

Government Asserts Proposed Reforms Will Cut Cost of Electricity Supply

Gurugram Complex Cuts Power Bills with 185 kWp Rooftop plus BIPV Solar Project

Assam Invites Bids for 67 MW Rooftop Solar Projects Under PM Surya Ghar

Daily News Wrap-Up: InSolare Wins SECI’s 1.2 GWh BESS BoS Auction

Stem Misses Analysts’ Expectations Despite a 31% YoY Revenue Uptick

InSolare Bags Order to Supply BoS Package for 1.2 GWh BESS from SECI


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					</table><p>Greater Noida-based electric vehicle (EV) powertrain design and manufacturing company <a href="https://tsuyo.co.in/" target="_blank" rel="noopener">Tsuyo</a> has raised ₹400 million (~$4.82 million) in a Pre-Series A funding round led by <a href="https://avaanacapital.com/" target="_blank" rel="noopener">Avaana Capital</a>.</p>
<p>The funding will be used to establish Tsuyo’s third greenfield manufacturing facility for high-wattage electric motors and transmission assemblies, as well as a second advanced research and development (R&amp;D) center dedicated to power electronics, embedded systems, and prototype development.</p>
<p>The new manufacturing unit will focus on high-wattage electric motors ranging from 15 kW to 250 kW, with an initial annual production capacity of 20,000 units. The facility will include a dedicated vehicle-testing track and advanced end-of-line validation systems compliant with the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Program and Faster Adoption and Manufacturing of Electric Vehicles (FAME) standards.</p>
<p>The R&amp;D center will strengthen the company’s innovation pipeline by focusing on hardware-based embedded software, power electronics, and prototype development.</p>
<p>Tsuyo serves as a tier-1 supplier of integrated powertrain systems to major original equipment manufacturers (OEMs) catering to 3- and 4-wheelers, light commercial vehicles, heavy commercial vehicles, and off-road applications.</p>
<p>Tsuyo has delivered over 150,000 powertrain units across various EV applications, working with more than 25 OEMs. It also exports to Sri Lanka, Bangladesh, and the Philippines, with expansion plans for Southeast Asia, Japan, Korea, and Europe.</p>
<p>EV sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-clock-12-5-yoy-growth-in-q3-2025" target="_blank" rel="noopener">reached</a> 560,637 units in the third quarter (Q3) of 2025, an over 12.5% year-over-year increase from 497,974 units. EVs accounted for 8% of the overall automobile sales, which totaled 5,796,216 units in Q3, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard. India now has over 7.02 million registered EVs.</p>
<p>The PM E-DRIVE Program, with a total outlay of ₹109 billion (~$1.29 billion), <a href="https://www.mercomindia.com/cabinet-pm-edrive-program" target="_blank" rel="noopener">focuses</a> on providing demand incentives, deploying EVs, and developing charging infrastructure to support wider EV adoption.</p>


EV Powertrain Company Raises ₹400 Million from Avaana Capital


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					</table><p><a href="https://www.aerem.co/" target="_blank" rel="noopener">Aerem</a>, an Indian solar financing firm, has acquired solar equipment distributor Spinkraft Ventures to create a platform spanning the entire solar energy value chain.</p>
<p>The company did not disclose details about the cost of the acquisition.</p>
<p>Founded in 2021, Spinkraft deals in sales and distribution of solar products across India. By bringing Spinkraft into the fold, Aerem aims to leverage its distribution capabilities to provide complete solar solutions to customers.</p>
<p>&#8220;With the combined strength of Aerem and Spinkraft, we are poised to accelerate the adoption of solar energy in India,&#8221; said Anand Jain, CEO of Aerem Solutions.</p>
<p>In addition to its commercial solar financing arm NetZero Finance, Aerem offers proprietary software tools to streamline solar projects. Spinkraft&#8217;s team will now gain access to these technology platforms and processes and systems to scale operations rapidly.</p>
<p>Aerem is backed by <a href="https://blume.vc/" target="_blank" rel="noopener">Blume Ventures</a> and climate-technology investor <a href="https://avaanacapital.com/" target="_blank" rel="noopener">Avaana Capital</a>.</p>
<p>Last year, the investment firms helped Aerem <a href="https://www.mercomindia.com/solar-financing-aerem-5-million-pre-series-a-round" target="_blank" rel="noopener">secure</a> $5 million (~₹413 million) in a pre-Series A funding round to finance its upcoming product offerings. The funding round involved $1.5 million (~₹123.92 million) in debt financing from financial institutions.</p>
<p>Aerem, at the time, had said it would use the funds to broaden its range of solar tech and financing options. It also aimed to establish a network that brings together financial institutions, engineering, procurement, and construction firms, and micro, small, and medium enterprises (MSMEs) to facilitate complete solutions for rooftop solar projects.</p>
<p>Earlier, Aerem had <a href="https://www.mercomindia.com/aerem-raises-2-5-million-in-pre-series-a-funding" target="_blank" rel="noopener">raised </a>$2.5 million (~₹207 million) in pre-Series A funding to develop its technology platform.</p>
<p>The solar sector secured $8.1 billion in corporate funding through 41 transactions in the first quarter of 2024, marking a 4% decrease from the $8.4 billion raised in 42 deals during the same period in 2023. However, there was a 47% increase in funding compared to the fourth quarter of 2023, which saw $5.5 billion raised in 37 deals.</p>
<p>The numbers were revealed in Mercom Capital Group&#8217;s newly released <a href="https://mercomcapital.com/product/q1-2024-solar-funding-ma-report/" target="_blank" rel="noopener">Q1 2024 Solar Funding and M&amp;A Report.</a></p>


Solar Financing Firm Aerem Acquires Distributor Spinkaft Ventures


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					</table><p><a href="https://www.mercomindia.com/sjvn-meil-avaada-winners-maharashtras-solar-tender/" target="_blank" rel="noopener"><strong>SJVN Green Energy, Megha Engineering &amp; Infrastructures, and Avaada Energy were amongst the winners of MSEB Solar Agro Power’s (MSAPL) auction</strong></a> to procure over 7 GW solar power under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program. The projects tendered by MSAPL, a wholly-owned subsidiary of Maharashtra State Electricity Board MSEB Holding Company, will be developed under the second phase of the Mukhyamantri Saur Krushi Vahini Yojana program.</p>
<p><a href="https://www.mercomindia.com/government-5-billion-program-electric-mobility/" target="_blank" rel="noopener"><strong>The Ministry of Heavy Industries has launched the Electric Mobility Promotion Program 2024 with a funding of ₹5 billion (~$60.34 million).</strong></a> The program is scheduled from April 1, 2024, to  July 31, 2024, and targets electric two-wheelers and three-wheelers, including e-rickshaws, e-carts, and L5 category vehicles. The program will offer incentives only to vehicles equipped with advanced batteries to promote the use of cutting-edge technology. A majority of the budget, ₹4.93 billion (~$59.61 million), is allocated for subsidies and demand incentives for buyers of these vehicles.</p>
<p><a href="https://www.mercomindia.com/maharashtra-invites-bids-grid-connected-solar-projects/" target="_blank" rel="noopener"><strong>Maharashtra State Electricity Distribution Company has invited bids for the procurement of power on a long-term basis through a competitive bidding process</strong></a> from 5,000 MW grid-connected solar photovoltaic power projects. The last date for submission of bids is April 24, 2024. Bids will be opened the next day. Bidders have to pay ₹25,000 (~$301.64) as cost of the tender document and ₹1.5 million (~$18,097.89) + GST as processing fee. Bidders must also furnish an earnest money deposit of ₹100,000 (~$1,206.50)/MW + GST.</p>
<p><a href="https://www.mercomindia.com/adani-mumbai-top-discom-rankings-fy23/" target="_blank" rel="noopener"><strong>The Ministry of Power has released the twelfth annual integrated ratings and rankings report for the financial year (FY) 2023,</strong></a> which assessed the financial and operational performance of 55 power distribution companies (DISCOMs). The top DISCOM was Adani Electricity Mumbai (AEML), which sold 9,033 MU, generating revenue of ₹ 80.26 billion (~$968.64 million). AEML’s net profit for FY23 was ₹10.78 billion (~$130.1 million). Torrent Power Surat and Torrent Power Ahmedabad were the other top DISCOMs.</p>
<p><a href="https://www.mercomindia.com/uttar-pradesh-million-tons-green-hydrogen/" target="_blank" rel="noopener"><strong>The Uttar Pradesh government aims to produce one million metric tons of green hydrogen annually by 2028 to replace the grey hydrogen used in its fertilizer and refinery industries.</strong></a> The current demand for hydrogen in the state is around 0.9 million metric tons per annum. The project’s overall capital investment size will determine the subsidy level. The first five investments (barring the Meerut division) will receive financial incentives of up to 40% of the total investment. During the policy period, this subsidy is capped at ₹2.25 billion (~$27 million) per project per annum.</p>
<p><a href="https://www.mercomindia.com/avaana-capital-secures-funding-gcf/" target="_blank" rel="noopener"><strong>Avaana Capital, a climate-technology investor, has received an investment of $120 million, including $24.5 million from  the Green Climate Fund (GCF),</strong></a> in the “Avaana Climate and Sustainability.” The investment is expected to support the company’s efforts to foster climate innovation and sustainability in India. GCF is dedicated to supporting developing countries in implementing climate action projects. It commits financial resources for the adaptation and mitigation of climate change effects, targeting key areas such as energy transition and mobility.</p>
<p><a href="https://www.mercomindia.com/blupine-energy-financing-wind-project-gujarat/" target="_blank" rel="noopener"><strong>Gurgaon-based BluPine Energy has secured ₹12.6 billion (~$152.1 million) for its 198 MW wind project situated in Gujarat, which it had won under Gujarat Urja Vikas Nigam’s auction</strong></a> to purchase power from 500 MW of grid-connected wind power projects (Phase-III) in 2022. Standard Chartered Bank and TATA Capital will act as underwriters for the green loan financing, the company said. BluPine had initially won 100 MW capacity at ₹3.05 (~$0.037)/kWh, along with six other companies.</p>
<p><a href="https://www.mercomindia.com/cerc-approves-tariff-for-wind-power-projects/" target="_blank" rel="noopener"><strong>The Central Electricity Regulatory Commission has approved a tariff of ₹2.69 (~$0.0325)/kWh (300 MW, 180 MW, 150 MW) and ₹2.70 (~$0.0326)/kWh (450 MW, 120 MW),</strong></a> in addition to a trading margin of ₹0.07 (~$0.00084)/kWh for 1,200 MW ISTS connected wind power projects (Tranche-XI) on a “build-own-operate” basis. The Commission acknowledged the increase in GST rates on renewable energy devices, following the Ministry of Finance’s notification post-July 6, 2021, as a Change in Law event.</p>
<p><a href="https://www.mercomindia.com/indian-rooftop-solar-inflection-point-interview/" target="_blank" rel="noopener"><strong>The Indian government is working to accelerate rooftop solar installations in the country through various programs with a focus on the residential segment.</strong></a> In an exclusive interview with Mercom India, Shreya Mishra, Co-Founder of SolarSquare, a residential rooftop solar solutions firm, explained how the recent programs will help drive the installations in the country and what policy modifications in certain states could help for wider adoption of rooftop solar. Mishra elaborated on the installation process and the factors customers should consider when installing a rooftop solar system.</p>
<p><a href="https://www.mercomindia.com/string-inverters-perform-better-save-costs/" target="_blank" rel="noopener"><strong>High-power string inverters can significantly reduce the balance of system costs compared to central inverter solutions as they require fewer inverters per block</strong></a> and have a better DC-to-AC conversion ratio, a panel of industry experts at a webinar hosted by Mercom India said. The impact of inverters on project performance, stability, and the levelized cost of energy is substantial. The webinar, titled “How to Save Costs with High Power String Inverters in Large Scale Projects,” highlighted how high-capacity string inverters could help save costs for large-scale solar projects.</p>
<p><a href="https://www.mercomindia.com/ftc-solar-q4-2023-net-loss-to-11-2-million/" target="_blank" rel="noopener"><strong>U.S.-based solar tracker systems provider FTC Solar’s net loss for the fourth quarter (Q4) in 2023 amounted to $11.2 million, an improvement of 45.3% year over year</strong></a> (YoY) compared to a net loss of $20.5 million as operating expenses declined in light of lower product volume. Total Q4 revenue reached $23.2 million, declining by 11.5% YoY due to reduced logistics volumes. After experiencing a period of restricted purchase orders spanning 18 months, resulting in decreased revenue levels, the company has seen a surge in closing purchase orders.</p>


Daily News Wrap-Up: Maharashtra’s 7.78 GW Solar KUSUM Auction Results


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					</table><p><a href="https://avaanacapital.com/" target="_blank" rel="noopener">Avaana Capital</a>, a climate-technology investor, has received an investment of $120 million, including $24.5 million from  the Green Climate Fund (<a href="https://www.greenclimate.fund/" target="_blank" rel="noopener">GCF</a>), in the &#8220;Avaana Climate and Sustainability.&#8221;</p>
<p>The investment is expected to support the company&#8217;s efforts to foster climate innovation and sustainability in India.</p>
<p>GCF is dedicated to supporting developing countries in implementing climate action projects. It commits financial resources for the adaptation and mitigation of climate change effects, targeting key areas such as energy transition and mobility.</p>
<p>This is the first time GCF has financed a climate venture fund in India.</p>
<p>&#8220;The Green Climate Fund&#8217;s investment in India&#8217;s first tech-led climate VC underscores the transformative impact that technology and innovation have in carving low-emission and climate-resilient development pathways,&#8221; said Anjali Bansal, Managing Founder at Avaana Capital.</p>
<p>The company claimed that the partnership between the two indicates a collaborative effort towards driving climate resilience and sustainable development. &#8220;It also further highlights the potential that India presents in developing solutions for mitigation and adaptation that are affordable and inclusive, enabling a just transition,&#8221; she added.</p>
<p>The investment also saw the Small Industries Development Bank of India (<a href="https://www.sidbi.in/" target="_blank" rel="noopener">SIDBI</a>), one of Avaana&#8217;s partners, participate as the GCF&#8217;s accredited entity.</p>
<p>&#8220;The Green Climate Fund is proud to partner with Avaana Capital, and SIDBI, a GCF Direct Access Entity, to support the Avaana Sustainability Fund that aims to support the commercialization of local, early-stage climate technology ventures. These climate technology ventures will enable India&#8217;s transition to a low emission, climate-resilient future,&#8221; said Kavita Sinha, Director at GCF Private Sector Facility.</p>
<p>GCF has financed adaptation and mitigation of climate change effects in the past, targeting key areas such as energy transition, mobility, supply chains, sustainable agriculture, and food systems.</p>
<p>In 2021, GCF <a href="https://www.mercomindia.com/green-climate-fund-137-million-investment-india" target="_blank" rel="noopener">approved</a> the Dutch bank FMO&#8217;s proposal to accelerate private and public sector investment in India&#8217;s green infrastructure projects.</p>
<p>Last March, Avaana Capital also <a href="https://www.mercomindia.com/funding-and-ma-roundup-solar-developer-amarenco" target="_blank" rel="noopener">led</a> a pre-series A funding round to help Aerem secure $1.5 million in debt financing from financial institutions to broaden the company&#8217;s creative solar tech and financing options.</p>


Avaana Capital Secures $24.5 Million from GCF to Foster Climate Innovation in India


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					</table><p><a href="https://www.aerem.co/" target="_blank" rel="noopener">Aerem</a>, an Indian solar financing startup, has secured $5 million (~₹413 million) in a pre-Series A funding round to help finance its upcoming product offerings. The investment was led by <a href="https://avaanacapital.com/" target="_blank" rel="noopener">Avaana Capital</a>, a climate-technology investor, and also included participation from Blume Ventures.</p>
<p>The funding round involved $1.5 million (~₹123.92 million) in debt financing from financial institutions.</p>
<p>Aerem plans to use the funds to broaden its range of creative solar tech and financing options. It also aims to establish a network that brings together financial institutions, engineering, procurement, and construction firms, and micro, small, and medium enterprises (MSMEs) to facilitate complete solutions for rooftop solar projects.</p>
<p>The company aims to overcome the barriers that hinder the adoption of rooftop solar by MSMEs. Through its technology platform, Aerem verifies the quality of the installation process and enables safe payment to installers.</p>
<p>Founder &amp; CEO of Aerem Anand Jain said, &#8220;The solar industry in India has been growing rapidly in recent years, driven by increased awareness of the benefits of renewable energy. India has set a target of ~300 GW of solar energy capacity by 2030, requiring both rooftop and utility-scale to fire. Aerem&#8217;s innovative solutions are well-positioned to capitalize on this trend and help accelerate the transition to a more sustainable future.&#8221;</p>
<p>Anjali Bansal, Founding Partner at Avaana Capital, said rooftop solar would play a crucial role in India&#8217;s green growth transition. “There are several enabling factors, including declining technology cost curves, significant location advantage with 300 days of sunshine in a year, and increasing policy support such as net metering to progress towards the 50% renewable energy capacity targets. Aerem is building a unique technology-enabled platform to accelerate the adoption by MSMEs and enable them with energy access and independence, as well as equip MSME installers on the supply side. We&#8217;re excited to work with Anand and the rest of the Aerem team and support them on this journey.&#8221;</p>
<p>The company also provides loans through its in-house non-banking financial company and partner banks.</p>
<p>In July last year, Aerem had <a href="https://mercomindia.com/aerem-raises-2-5-million-in-pre-series-a-funding/" target="_blank" rel="noopener">raised</a> $2.5 million in pre-Series A funding to build a technology platform to enable end-to-end seamless interaction with various stakeholders. The funding round was led by  Blume Ventures.</p>
<p>Global corporate funding for solar companies, including from venture capital, private equity, debt financing, and public markets, amounted to $24.1 billion in 2022, according to Mercom Capital&#8217;s <a href="https://mercomcapital.com/product/annual-q4-2022-solar-funding-ma-report" target="_blank" rel="noopener">2022 Solar Funding and M&amp;A Report</a>.</p>


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