Daily News Wrap-Up: GEDA Floats EoI for Solar-E Waste Material Recovery

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Mercom India to Host C&I Clean Energy Meet in Pune on May 16

Fluence Lowers 2025 Guidance Despite Beating Revenue Estimates in Q2

Funding and M&A Roundup: Energy Solutions Group Secures $139 Million

Project Finance Brief: Pivot Energy Secures $200 Million for Community Solar Portfolio

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Sunrun’s Q1 2025 Revenue Up 10%, Market Share Increases

Higher Sales Volume Pushes FTC Solar’s Revenue by 65%

A New Business Model for Ground-Mounted Solar at the Grassroots

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-green-gravity-raises-6-million-series-a-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
Green Gravity, a gravity-based energy storage solutions developer, <a href="https://mercomcapital.com/green-gravity-raises-6-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> AU$9 million (~$6 million) in a Series A funding to complete product development for its gravitational energy storage technology. The funding was led by HMC Capital, BlueScopeX, Pacific Channel, Sumisho Coal Australia Holdings, and other key institutional investors.
BNZ, a solar project developer and an independent power produce, <a href="https://mercomcapital.com/solar-project-developer-bnz-secures-over-744-million-in-funding/" target="_blank" rel="noopener">announced</a> that it has completed its first Total IPP Financing for over €680 million (~$744 million) in several countries. The funding includes a senior debt facility and ancillary credit facilities of €420 million (~$459 million), secured by Clean Energy Fund III of Nuveen’s portfolio from a group of financial institutions formed by the European Investment Bank, ABN AMRO, Intesa Sanpaolo, NatWest, SMBC, and Bankinter with Palmer acting as an agent.
NW, an energy storage project developer and energy transition group, has <a href="https://mercomcapital.com/energy-storage-developer-nw-secures-466-million-in-debt-financing/" target="_blank" rel="noopener">secured</a> € 430 million (~$466 million) in non-recourse bank financing from Santander CIB and Rabobank. The funding will enable the company to develop and upgrade the JBox-distributed electricity storage unit and establish more than 2GWh of energy storage projects in Finland and France by the end of 2025.
Roofsol Energy, a Maharashtra-based rooftop solar EPC services provider, has <a href="https://www.mercomindia.com/roofsol-energy-raises-%E2%82%B9255-million-through-equity-funding" target="_blank" rel="noopener">raised</a> ₹255 million (~$3.03 million) in its inaugural round of equity funding. The funds were raised through private placements from high net-worth individuals led by fund manager Equity4life IH Analytics. Roofsol Energy plans to utilize the funds to accelerate the development of OPEX business for developing solar assets in subsidiary companies.
Multi-business conglomerate Adani Enterprises has <a href="https://www.mercomindia.com/adani-42-billion-qip" target="_blank" rel="noopener">completed</a> a Qualified Institutional Placement (QIP) of equity shares, each with a face value of ₹1 (~$0.012), raising around ₹42 billion (~$500 million). A total of 14,179,608 equity shares were issued at a price of ₹2,962 (~$35) per share through the QIP. Proceeds from the QIP will be used to fund capital expenditures, repay debt, and support general corporate purposes.
Karnataka-based solar project developer Ravindra Energy has <a href="https://www.mercomindia.com/ravindra-energy-raises-%E2%82%B91-79-billion-through-sale-of-24-3-million-shares" target="_blank" rel="noopener">raised</a> ₹1.79 billion (~$21.29 million) by selling 24.3 million equity shares. The Securities and Exchange Board of India approved the allotment of 24.3 equity million shares at a face value of ₹10 (~$0.11) per equity share and a premium of ₹64 (~$0.76) per equity share on a preferential basis.
Azure Power Global has <a href="https://www.mercomindia.com/azure-prepays-350-million-debt-after-refinancing-deal-with-rec" target="_blank" rel="noopener">announced</a> the completion of its ₹24 billion (~$285.54 million) refinancing transaction, structured as a term loan underwritten by REC Limited. Following this transaction, the company has prepaid its green bonds, issued in 2019 for $350 million and backed by ten solar projects commissioned between 2016 and 2019.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week’s funding <a href="https://mercomcapital.com/funding-ma-roundup-form-energy-raises-405-million-series-f-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Green Gravity Raises $6 Million in Series A Funding

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					</table>Independent energy solutions company <a href="https://www.azurepower.com/" target="_blank" rel="noopener">Azure Power</a> has appointed M.S. Unnikrishnan, a Non-Executive Director, as the new Chairman of Azure Power Global and Azure Power India, effective immediately.
The announcement comes on the heels of the resignation of Alan Rosling as Chairman.
The company said Unnikrishnan, who became a board member in August 2020, has over three decades of experience in the energy and environmental sector. He had previously served as Managing Director and CEO of a prominent power systems and equipment company.
“We are honored to have Unnikrishnan lead the company as it embarks on its next growth stage. With his strong insights about the engineering and energy industry, impeccable corporate leadership track record, and active partnership with various government policy making and consultative bodies,  Unnikrishnan is an extraordinary resource for the company,” said Sunil Gupta, CEO of Azure Power.
Rosling’s resignation and his replacement by Unnikrishnan follows significant leadership changes in the company over the past year. In May, Azure Power <a href="https://www.mercomindia.com/azure-power-new-ceo-and-cfo-appointments" target="_blank" rel="noopener">appointed</a> Sunil Gupta as the new CEO and Managing Director of Azure Power India, effective from July 10, 2023. Sugata Sircar was appointed the new Group CFO and Executive Director, Finance.
Azure Power Global also announced that it had filed its annual report on form 20-F for the fiscal year ended March 31, 2022, with the Securities and Exchange Commission of the United States.
In July, the New York Stock Exchange <a href="https://www.mercomindia.com/azure-power-faces-delisting-from-new-york-stock-exchange/" target="_blank" rel="noopener">initiated</a> proceedings to delist Azure Power Global from the exchange, immediately suspending the trading of the company&#8217;s equity shares. This decision was attributed to Azure&#8217;s status as a late filer, having not submitted its annual report on Form 20-F for the  year ending March 31, 2022.

Azure Power Appoints M.S. Unnikrishnan as the New Chairman of the Board

<a href="http://www.azurepower.com/" target="_blank" rel="noopener">Azure Power Global</a> has offered another 14,800,000 equity shares on the New York Stock exchange. Per the company, it has priced its underwritten public offering of 14,800,000 equity shares at a public offering price of $12.50 (~₹926.07) per equity share.
The offering is expected to close on October 10, 2018, subject to customary closing conditions.
As part of this offering, the firm has granted the underwriters a 30-day option to purchase up to an additional 1,200,000 equity shares at the public offering price, after deducting underwriting discounts and commissions.
The company’s current shareholders, CDPQ Infrastructure Asia Pte Ltd., IFC GIF Investment Company I and International Finance Corporation, have each indicated their intention to purchase up to approximately $100 million (~₹7.3 billion), $40 million (~₹2.95 billion), and $10 million (~₹73 million) of the equity shares in the offering at the public offering price.
As of October 5, 2018, Azure Power Global was trading on the NYSE at a price of $12.28 (~₹909.77) per share.
Azure Power Global started trading on the NYSE in <a href="https://mercomindia.com/azure-power-global-shares-drop-ipo/" target="_blank" rel="noopener">October 2016</a>. On the first day of trading, Azure Power Global’s shares had opened at $16.12 (~₹1,194.26)/share.
Per Mercom’s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">India Solar Project Tracker</a>, Azure Power has around 1 GW of large-scale solar photovoltaic (PV) projects in-operation and ~1.9 GW of solar projects are under the development pipeline.
<a href="https://mercomindia.com/azure-revenue-up-29-percent-q1-19/" target="_blank" rel="noopener">Recently</a>, the company announced its consolidated results for the first quarter ending June 30, 2018. Total revenue in the first quarter of FY19 was ₹2,422.5 million (~$35.4 million), which was up 29 percent from ₹1,877.9 million (~$27.36 million) during the same period in 2017. The increase in revenue was primarily driven by the commissioning of new projects, according to the company.
Previously<a href="https://mercomindia.com/azure-revenue-fiscal-year-2018-118-3-million-dollars/" target="_blank" rel="noopener">, Mercom also reported</a> that Azure’s total revenue during fiscal year 2018 was ₹7,700.6 million ($118.3 million), up 84 percent from ₹4,183.0 million (~$61.5 million) during the same period in 2017.
Image credit: Flickr

Azure Offers 14,800,000 Equity Shares on New York Stock Exchange at $12.50

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<a href="http://www.azurepower.com/" target="_blank" rel="noopener noreferrer">Azure Power Global</a> debuted on the New York Stock exchange as the first India solar company to go public in the U.S. under the trading symbol “AZRE”.  The company had earlier <a href="https://mercomindia.wpengine.com/azure-power-revises-ipo-75-million/">revised</a> its IPO filing to raise $75 million (~Rs.5 billion) from the previously announced $140 million (~Rs.9.32 billion) and offered 3,409,091 shares at a price of $18/share (~Rs.1,199/share), below the marketed price range of $21-$23/share (~Rs.1,399- Rs.1,532/share).
On the first day of trading, Azure Power Global’s shares opened at $16.12/share (~Rs.1,074/share) and at market close on Friday the stock price was at $13.75 (~Rs.916), a decline of about 24 percent compared to the issue price.
“Azure has decided to go public when a majority of solar companies are struggling in the stock market,” said Raj Prabhu, CEO and Co-Founder of Mercom Capital Group. “Very few solar company stocks are in the positive territory year-to-date. High debt levels and lack of profitability has kept investors away from solar public companies.”
According to <a title="Azure SEC Filing" href="https://www.sec.gov/Archives/edgar/data/1633438/000119312516728519/d851850df1a.htm" target="_blank" rel="noopener noreferrer">recent filings</a>, in addition to its IPO, Azure raised an additional $75 million (~Rs.5 billion) through a concurrent private placement with CDPQ Infrastructures Asia, a wholly owned subsidiary of Caisse de dépôt et placement du Québec.
According to Mercom’s <a title="Mercom's Q3 2016 Solar Funding and M&amp;A Report" href="http://store.mercom.mercomcapital.com/product/q3-2016-solar-funding-and-ma-report/" target="_blank" rel="noopener noreferrer">Q3 2016 Solar Funding and M&amp;A Report</a>, this is only the second solar IPO this year.
<a href="https://mercomindia.com/wp-content/uploads/2017/06/Azure-SelectSolarCoStockPriceTrends.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-4244 size-full" src="https://mercomindia.com/wp-content/uploads/2017/06/Azure-SelectSolarCoStockPriceTrends.png" alt="" width="944" height="469" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2017/06/Azure-SelectSolarCoStockPriceTrends.png 944w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2017/06/Azure-SelectSolarCoStockPriceTrends-300x149.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2017/06/Azure-SelectSolarCoStockPriceTrends-768x382.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2017/06/Azure-SelectSolarCoStockPriceTrends-650x323.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2017/06/Azure-SelectSolarCoStockPriceTrends-624x310.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2017/06/Azure-SelectSolarCoStockPriceTrends-600x298.png 600w" sizes="(max-width: 944px) 100vw, 944px" /></a>
Image credit: By James Smith [CC0], via <a href="https://commons.wikimedia.org/wiki/File:Stock_Market_Changes.png">Wikimedia Commons</a>
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