RECPDCL Announces Winner of 4.5 GW Transmission Project

SAS, URECO Form US Joint Venture to Build 1 GW Solar Module Plant

PFC Consulting Tenders Two 765 kV Intrastate Transmission Projects in Rajasthan

Brookfield to Acquire Battery Storage Platform Aypa Power for $7 Billion

MNRE Issues Model Agreement for Electrolyzer as a Service

Sofab Inks Raises $6 Million to Scale Perovskite Solar Cell Materials

China’s Solar Capacity Tops 1.27 TW but Capacity Additions Drop 66% in 1H 2026

SECI Announces Winners of 4.4 MW Rooftop Solar Project Auction

Open Access Will Drive Large-Scale C&I Renewable Adoption: Interview

Tesla Q2 2026 Revenue Rises 26% on Record Deliveries, Misses Earning Estimates

Spearmint Energy, a utility-scale battery storage project developer, <a href="https://mercomcapital.com/spearmint-energy-secures-250-million-financing-battery-storage-projects/" target="_blank" rel="noopener">secured</a> more than $250 million in financing for the construction and development of two 100 MW/200 MWh Tierra Seca and Seven Flags battery energy storage projects located in Del Rio and Laredo, respectively, within the Texas ERCOT power market. The financing package includes $59 million in construction-to-term loan facilities, $95 million in tax equity bridge loan facilities, and $98 million in tax equity commitments.
True Green Capital Management, a renewable energy infrastructure investment firm, has announced the <a href="https://mercomcapital.com/true-green-capital-management-acquires-64-mw-of-solar-projects/" target="_blank" rel="noopener">acquisition</a> of 64 MW of operational solar projects from Ecofin US Renewables Infrastructure Trust PLC through its fourth fund. The assets consist of 62 geographically diversified projects located across seven states and four markets. The states include New Jersey, California, Massachusetts, Minnesota, Virginia, and Delaware, while the power markets include PJM, CAISO, ISO-NE, and MISO.
Enlight, a renewable energy project developer, has <a href="https://mercomcapital.com/enlight-secures-243-million-in-funding-for-quail-ranch-project/" target="_blank" rel="noopener">secured</a> $243 million in financing for its Quail Ranch project near Albuquerque, New Mexico. The funding was arranged through its U.S. subsidiary, Clenera Holdings. The project consists of 128 MW solar, along with a 400 MWh battery storage project. It is expected to reach commercial operation by the end of 2025. Offtake for both generation and storage volumes is secured by a 20-year busbar PPA with the Public Service Company of New Mexico.
Catalyze, a project developer and independent power producer of distributed renewable energy assets, <a href="https://mercomcapital.com/catalyze-secures-financing-distributed-energy-portfolio/" target="_blank" rel="noopener">secured</a> $85 million in tax equity investment from RBC Community Investments (RBC). The financing will be used to construct and complete approximately 75 MW of commercial, industrial, and community solar projects across the U.S. in 2025. The company’s distributed generation portfolio now totals 300 MW of projects in operations and construction.
Palladium Energy, a renewable energy project developer, <a href="https://mercomcapital.com/exus-acquires-solar-plus-storage-project-portfolio/" target="_blank" rel="noopener">announced</a> the sale of a 364 MW solar plus 280 MWh storage portfolio to Exus Renewables North America (Exus) through its joint venture with Arava Power, a utility-scale renewable energy project developer.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s project finance <a href="https://mercomcapital.com/project-finance-brief-octopus-financing-solar-storage/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Spearmint Energy Secures $250 Million for BESS Projects

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/04/amazon_polly_78793.mp3?version=1745382185">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table>From: <a href="https://mercomcapital.com/project-finance-brief-spearmint-energy-bess-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
Spearmint Energy, a utility-scale battery storage project developer, <a href="https://mercomcapital.com/spearmint-energy-secures-250-million-financing-battery-storage-projects/" target="_blank" rel="noopener">secured</a> more than $250 million in financing for the construction and development of two 100 MW/200 MWh Tierra Seca and Seven Flags battery energy storage projects located in Del Rio and Laredo, respectively, within the Texas ERCOT power market. The financing package includes $59 million in construction-to-term loan facilities, $95 million in tax equity bridge loan facilities, and $98 million in tax equity commitments.
True Green Capital Management, a renewable energy infrastructure investment firm, has announced the <a href="https://mercomcapital.com/true-green-capital-management-acquires-64-mw-of-solar-projects/" target="_blank" rel="noopener">acquisition</a> of 64 MW of operational solar projects from Ecofin US Renewables Infrastructure Trust PLC through its fourth fund. The assets consist of 62 geographically diversified projects located across seven states and four markets. The states include New Jersey, California, Massachusetts, Minnesota, Virginia, and Delaware, while the power markets include PJM, CAISO, ISO-NE, and MISO.
Enlight, a renewable energy project developer, has <a href="https://mercomcapital.com/enlight-secures-243-million-in-funding-for-quail-ranch-project/" target="_blank" rel="noopener">secured</a> $243 million in financing for its Quail Ranch project near Albuquerque, New Mexico. The funding was arranged through its U.S. subsidiary, Clenera Holdings. The project consists of 128 MW solar, along with a 400 MWh battery storage project. It is expected to reach commercial operation by the end of 2025. Offtake for both generation and storage volumes is secured by a 20-year busbar PPA with the Public Service Company of New Mexico.
Catalyze, a project developer and independent power producer of distributed renewable energy assets, <a href="https://mercomcapital.com/catalyze-secures-financing-distributed-energy-portfolio/" target="_blank" rel="noopener">secured</a> $85 million in tax equity investment from RBC Community Investments (RBC). The financing will be used to construct and complete approximately 75 MW of commercial, industrial, and community solar projects across the U.S. in 2025. The company’s distributed generation portfolio now totals 300 MW of projects in operations and construction.
Palladium Energy, a renewable energy project developer, <a href="https://mercomcapital.com/exus-acquires-solar-plus-storage-project-portfolio/" target="_blank" rel="noopener">announced</a> the sale of a 364 MW solar plus 280 MWh storage portfolio to Exus Renewables North America (Exus) through its joint venture with Arava Power, a utility-scale renewable energy project developer.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-octopus-financing-solar-storage/" target="_blank" rel="noopener">brief</a>.

<a href="https://catalyze.com/" target="_blank" rel="noopener">Catalyze</a>, a project developer and independent power producer of distributed renewable energy assets, secured $85 million in tax equity investment from RBC Community Investments (RBC).
The financing will be used to construct and complete approximately 75 MW of commercial, industrial, and community solar projects across the U.S. in 2025.
The company&#8217;s distributed generation portfolio now totals 300 MW of projects in operations and construction.
&#8220;RBC is a valued financing partner, and we are pleased to further expand our relationship with this latest investment,&#8221; said Jared Haines, CEO of Catalyze. &#8220;This financing enables us to further our mission to bring scalable distributed generation projects to businesses and communities nationwide.&#8221;
&#8220;RBC&#8217;s investment in this portfolio demonstrates our commitment to advancing clean energy solutions within local communities,&#8221; said Jonathan Cheng, Managing Director at RBC. &#8220;We are excited to partner with Catalyze on the strategic deployment of these and future projects.&#8221;
The investment from RBC supports the company&#8217;s growing pipeline of distributed renewable energy projects, driving the deployment of renewable energy solutions that benefit property owners, businesses, and communities.
In March, the company also <a href="https://cms.mercomindia.com/renewable-energy-developer-catalyze-secures-400-million-funding/" target="_blank" rel="noopener">secured</a> a $400 million multi-year debt facility from ATLAS SP Partners, a warehouse finance and securitized products firm majority-owned by Apollo funds.
Last year, in May, the company <a href="https://cms.mercomindia.com/catalyze-secures-100-million-financing-for-community-solar-projects/" target="_blank" rel="noopener">secured</a> $100 million in financing from NY Green Bank, a division of the New York State Energy Research and Development Authority, to develop a 79 MW portfolio of community distributed generation solar projects across New York State.
The company&#8217;s private equity sponsors, EnCap Investments and Actis continue to support Catalyze&#8217;s growth strategy as it expands its renewable energy portfolio.
According to Mercom&#8217;s recently released Q1 2025 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2025-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, announced large-scale project funding in Q1 2025 increased by 27% compared to Q1 2024.

Catalyze Secures $85 Million Financing for Distributed Energy Portfolio

Catalyze, a solar and energy storage project developer, <a href="https://cms.mercomindia.com/catalyze-secures-100-million-financing-for-community-solar-projects/" target="_blank" rel="noopener">secured</a> $100 million in financing from NY Green Bank, a division of the New York State Energy Research and Development Authority  for the development of a 79 MW portfolio of community distributed generation solar projects across New York State.
RWE Clean Energy, a renewable energy project developer, <a href="https://cms.mercomindia.com/rwe-acquires-solar-energy-storage-projects/" target="_blank" rel="noopener">announced</a> the acquisition of 599 MW solar and energy storage projects from Galehead Development, a solar, wind, and energy storage project developer in the U.S. The projects being acquired include two development-stage projects located within PacifiCorp’s operating territory in the Pacific Northwest and a mid-stage development asset in northeastern New York.
Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing, <a href="https://cms.mercomindia.com/mirova-acquires-solar-and-energy-storage-project-portfolio-in-spain/" target="_blank" rel="noopener">signed</a> an agreement for the acquisition of solar and energy storage projects in Spain from Q-Impact and Qualitas Energy. The portfolio consists of two solar projects with a total capacity of 60 MW and an energy storage project with a total capacity of 30 MW/ 120 MWh. The projects are in the municipality of Mahon in Menorca Island, Spain.
Apex Clean Energy, a renewable energy project developer, <a href="https://cms.mercomindia.com/apex-clean-energy-secures-funding-energy-storage-projects/" target="_blank" rel="noopener">secured</a> more than $150 million in project financing for two energy storage projects in Texas. First Citizens Bank Energy and Bank United served as co-lead arranger of financings. Both projects are expected to reach commercial operation by the third quarter of 2024. Bank United also served as co-lead arranger of the financing.
Photon Energy, a solar project developer, <a href="https://cms.mercomindia.com/photon-energy-secures-16-million-multi-tranche-project-funding/" target="_blank" rel="noopener">secured</a> €15 million (~$16.24 million) senior secured loan from the European Bank for Reconstruction and Development to develop a 29 MW solar project portfolio in Romania. The portfolio consists of six solar projects.
Enfinity Global, a renewable energy project developer, has <a href="https://www.mercomindia.com/enfinity-solar-wind-projects-india" target="_blank" rel="noopener">announced</a> financing worth $135 million from the Canada Pension Plan Investment Board to fund the development and construction of 1.2 GW of solar and wind power projects across five states in India. The projects, located in Maharashtra, Delhi, Karnataka, Rajasthan, and Uttar Pradesh, are in advanced development stages and are projected to be commissioned and connected to the grid between 2025 and 2026.
Click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s project finance <a href="https://cms.mercomindia.com/project-finance-brief-brightnight-secure-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Catalyze Secures $100 Million for Community Solar Projects

<a href="https://catalyze.com/" target="_blank" rel="noopener">Catalyze</a>, a solar and energy storage project developer, secured $100 million in financing from NY Green Bank, a division of the New York State Energy Research and Development Authority (NYSERDA) for the development of a 79 MW portfolio of community distributed generation solar projects across New York State.
The transaction follows the NY Green Bank&#8217;s commitment to an equitable energy transition, by requiring that a significant percentage of solar project subscribers benefit disadvantaged communities. This arrangement follows the objectives of New York State&#8217;s Climate Leadership and Community Protection Act, aiming to install 6 GW of distributed solar power by 2025 and strive for 10 GW by 2030.
“We are excited to leverage our extensive community solar expertise to ensure the success of NY Green Bank’s term loan supporting a community distributed generation (CDG) portfolio,” said Jared Haines, CEO of Catalyze. “CDG is one of the most effective means of making solar energy more accessible to low-to-moderate income communities, and we look forward to how this partnership will support both the goals of NY Green Bank and New York State.”
“NY Green Bank is pleased to support Catalyze, which is increasingly focused on New York State-based CDG solar projects and equitable energy solutions,” said Andrew Kessler, President of NY Green Bank. “As our first term loan using a sale-leaseback structure for a CDG portfolio, coupled with a minimum 65% subscriber commitment benefiting historically disadvantaged communities, this transaction underscores NY Green Bank’s unique ability to provide innovative financing solutions that support the equitable distribution of clean energy.”
The company recently <a href="https://cms.mercomindia.com/bw-solar-sells-community-solar-project-portfolio-to-catalyze/" target="_blank" rel="noopener">acquired</a> 12 community solar projects with a total capacity of 76.7 MW in New York from BW SOLAR.
According to Mercom’s Q1 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, large-scale project funding announced in Q1 2024 came to $13 billion in 62 deals, a decrease of 24% QoQ compared to $17.1 billion in 60 deals in Q4 2023.
BrightNight, a renewable energy power producer, and its joint venture partner Cordelio Power, an independent renewable power producer that develops, owns, and manages renewable power facilities across Canada and the U.S., <a href="https://cms.mercomindia.com/brightnight-and-cordelio-power-secure-solar-project/" target="_blank" rel="noopener">secured</a> a $414 million construction credit facility for the development of a 300 MW Box Canyon utility-scale solar project in Pinal County, Arizona.

Catalyze Secures $100 Million Financing for Community Solar Projects

Enfinity Global, a renewable energy project developer, <a href="https://cms.mercomindia.com/enfinity-global-secures-financing-for-70-mw-solar-project/" target="_blank" rel="noopener">secured</a> $195 million in long-term project financing for a 70 MW solar project in Japan. Nomura Securities International, a financial institution, acted as the initial lead arranger/sole bookrunner, and Aozora Bank, a Japanese commercial bank, acted as the lead arranger/agent. The project is located in Aomori Prefecture in northern Japan. It was recently completed and is expected to produce more than 75 GWh of clean energy annually.
Globeleq, an independent solar power producer, <a href="https://cms.mercomindia.com/globeleq-acquires-stake-in-solar-project-in-egypt/" target="_blank" rel="noopener">announced</a> the acquisition of a 48.3% equity stake in the 25 MW Winnergy solar project in Egypt. The solar project was acquired from Enerray, Enerray Global Solar Opportunities, and Desert Technologies. The solar project is already operational and is located in Egypt’s flagship Benban Solar complex, near Aswan, and is adjacent to Globeleq’s 66 MW ARC solar project.
Matrix Renewables, the TPG Rise-backed renewable energy platform, <a href="https://cms.mercomindia.com/matrix-renewables-secures-financing-for-solar-projects/" target="_blank" rel="noopener">secured</a> €179 million (~$191.54 million) in non-recourse project financing with Banco Sabadell to develop 239 MW solar projects in Spain. The portfolio comprises five solar projects in the Palencia province of Castilla León and Badajoz province of Extremadura, Spain. The construction phase of the solar projects commenced in December 2023, and the projects are expected to generate approximately 430 full-time jobs.
BW Solar, a solar and storage project developer, <a href="https://cms.mercomindia.com/bw-solar-sells-community-solar-project-portfolio-to-catalyze/" target="_blank" rel="noopener">announced</a> the sale of 12 community solar projects with a total capacity of 76.7 MW in New York to Catalyze, a clean energy transition company that finances, builds, owns, and operates solar and battery storage systems. The portfolio consists of projects in the range of 6~38.2 MW, currently under pre-construction, and another group of projects in the range of 6~38.5 MW, which are in the early stage of development and are all located in upstate New York.
Renewable energy company BluPine Energy has <a href="https://www.mercomindia.com/blupine-energy-secures-solar-project-in-gujarat" target="_blank" rel="noopener">secured</a> debt financing of ₹4.18 billion (~$50.1 million) from HDFC Bank for its 120 MW solar power project in Sadla, Gujarat. The company won the project in Gujarat Urja Vikas Nigam’s auction to supply solar power projects (Tranche XVIII) in January 2023. BluPine had won 50 MW in the initial auction for 500 MW solar projects at ₹2.52 (~$0.0302)/kWh and later received additional greenshoe capacity.
Click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s project finance <a href="https://cms.mercomindia.com/project-finance-brief-origis-secures-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Enfinity Secures $195 Million for 70 MW Solar Project

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/05/amazon_polly_65733.mp3?version=1714625447">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table>From: <a href="https://mercomcapital.com/project-finance-brief-enfinity-secures-195-million-for-70-mw-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Enfinity Global, a renewable energy project developer, <a href="https://mercomcapital.com/enfinity-global-secures-financing-for-70-mw-solar-project/" target="_blank" rel="noopener">secured</a> $195 million in long-term project financing for a 70 MW solar project in Japan. Nomura Securities International, a financial institution, acted as the initial lead arranger/sole bookrunner, and Aozora Bank, a Japanese commercial bank, acted as the lead arranger/agent. The project is located in Aomori Prefecture in northern Japan. It was recently completed and is expected to produce more than 75 GWh of clean energy annually.
Globeleq, an independent solar power producer, <a href="https://mercomcapital.com/globeleq-acquires-stake-in-solar-project-in-egypt/" target="_blank" rel="noopener">announced</a> the acquisition of a 48.3% equity stake in the 25 MW Winnergy solar project in Egypt. The solar project was acquired from Enerray, Enerray Global Solar Opportunities, and Desert Technologies. The solar project is already operational and is located in Egypt’s flagship Benban Solar complex, near Aswan, and is adjacent to Globeleq’s 66 MW ARC solar project.
Matrix Renewables, the TPG Rise-backed renewable energy platform, <a href="https://mercomcapital.com/matrix-renewables-secures-financing-for-solar-projects/" target="_blank" rel="noopener">secured</a> €179 million (~$191.54 million) in non-recourse project financing with Banco Sabadell to develop 239 MW solar projects in Spain. The portfolio comprises five solar projects in the Palencia province of Castilla León and Badajoz province of Extremadura, Spain. The construction phase of the solar projects commenced in December 2023, and the projects are expected to generate approximately 430 full-time jobs.
BW Solar, a solar and storage project developer, <a href="https://mercomcapital.com/bw-solar-sells-community-solar-project-portfolio-to-catalyze/" target="_blank" rel="noopener">announced</a> the sale of 12 community solar projects with a total capacity of 76.7 MW in New York to Catalyze, a clean energy transition company that finances, builds, owns, and operates solar and battery storage systems. The portfolio consists of projects in the range of 6~38.2 MW, currently under pre-construction, and another group of projects in the range of 6~38.5 MW, which are in the early stage of development and are all located in upstate New York.
Renewable energy company BluPine Energy has <a href="https://www.mercomindia.com/blupine-energy-secures-solar-project-in-gujarat" target="_blank" rel="noopener">secured</a> debt financing of ₹4.18 billion (~$50.1 million) from HDFC Bank for its 120 MW solar power project in Sadla, Gujarat. The company won the project in Gujarat Urja Vikas Nigam’s auction to supply solar power projects (Tranche XVIII) in January 2023. BluPine had won 50 MW in the initial auction for 500 MW solar projects at ₹2.52 (~$0.0302)/kWh and later received additional greenshoe capacity.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s project finance <a href="https://www.mercomindia.com/project-finance-brief-origis-secures-solar-project" target="_blank" rel="noopener">brief</a>.

<a href="https://bw-group.com/" target="_blank" rel="noopener">BW Solar</a>, a solar and storage project developer, announced the sale of 12 community solar projects with a total capacity of 76.7 MW in New York to <a href="https://catalyze.com/" target="_blank" rel="noopener">Catalyze</a>, a clean energy transition company that finances, builds, owns, and operates solar and battery storage systems.
The portfolio consists of projects in the range of 6~38.2 MW, which are currently under pre-construction, and another group of projects in the range of 6~38.5 MW, which are in the early stage of development and are all located in upstate New York.
“We appreciate the BW Solar team’s collaboration in this transaction process, helping ensure we meet the increasing demand for renewable electricity in New York,” said Jared Haines, CEO of Catalyze. “We look forward to deploying our operational expertise to bring these projects online within the next two years, increasing the adoption of solar in the state and engaging local communities in the process.”
The group of notice-to-proceed-ready (NTP-ready) projects are targeted for commercial operation in 2024 and 2025.
“BW Solar is committed to the energy transition by originating and developing high-quality renewable energy projects, and this transaction is a testament to our execution expertise. We were pleased to work with Catalyze in a seamless transaction process for the acquisition and look forward to seeing the projects come to fruition,” said Tai Nguyen, CEO, of BW Solar.
According to Mercom’s Q1 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, almost 10.8 GW of solar projects were acquired in Q1 2024 compared to 11.9 GW in Q1 2023. In a QoQ comparison, 13.7 GW of solar projects were acquired in Q4 2023.
Globeleq, an independent solar power producer, <a href="https://cms.mercomindia.com/globeleq-acquires-stake-in-solar-project-in-egypt/" target="_blank" rel="noopener">recently</a> announced the acquisition of a 48.3% equity stake in the 25 MW Winnergy solar project in Egypt. The solar project was acquired from Enerray, Enerray Global Solar Opportunities, and Desert Technologies.

catalyze

Get the most relevant India solar and clean energy news.

RECENT POSTS