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Inox Clean Acquires Macquarie-Owned Vibrant Energy for ₹50 Billion

Himachal Pradesh Sets Levelized Tariffs for Distributed Solar Projects

CEA Notifies Rules on Safety Framework for Battery Energy Storage Systems

Bihar Expands Time-of-Day Tariffs Applicability in FY 2027

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Montecarlo Wins PFC Consulting’s Auction to Evacuate 7 GW Solar Power

SECI Invites Bids for Short-Term Supply of 80 MW Firm Power Under Open Access

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					</table>Netherlands-based investment manager Climate Fund Managers (<a href="https://climatefundmanagers.com/" target="_blank" rel="noopener">CFM</a>) has committed $32.2 million to support Akaia Green Fuels’ waste-to-biogas project in Uttar Pradesh.
The investment will be made through CFM’s Climate Investor Two Fund, a finance facility focused on renewable energy, green hydrogen, water, waste, and oceans infrastructure in emerging markets.
The funding will support project development activities such as feasibility studies, engineering design, and other preparatory work required to reach financial closure and begin construction.
The construction of the project began last month and is expected to be completed by the first half of 2027. The facility will be developed by <a href="https://gpsrenewables.com/" target="_blank" rel="noopener">GPS Renewables</a> along with a multi-year operation and maintenance agreement. The project will also receive technical help from European advisory firms Fichtner and TÜV, ensuring compliance with international engineering, environmental, and safety standards.
The biogas produced will be injected into the city’s gas distribution network under long-term offtake agreements with <a href="https://gailonline.com/" target="_blank" rel="noopener">GAIL India</a> and <a href="https://www.hindustanpetroleum.com/" target="_blank" rel="noopener">Hindustan Petroleum Corporation</a>.
The project aims to convert organic waste into biogas, helping address India’s growing waste management challenges while producing renewable energy and low-carbon fuels.
The project will process about 94,000 tons of agricultural and organic waste each year, including paddy straw, sugar mill press mud, and cow dung, to produce roughly 20 tons of compressed biogas daily and approximately 123 tons of fermented organic manure per day.
Once operational, the facility is expected to improve air quality for nearly 700,000 people across 640 villages by reducing open-field burning of crop residue.
Jirong Lim, Investment Director at Climate Fund Managers, said: “Agricultural residue burning remains one of the most persistent environmental challenges in northern India. Projects like Akaia Green Fuels show how this waste can be transformed into clean energy, organic fertiliser, and new income streams for farmers, while delivering meaningful improvements in air quality and emissions.”
The waste-to-biogas project is expected to divert significant amounts of waste from landfills, lower methane emissions, and produce sustainable bioenergy for industrial and energy applications.
Farmers are expected to earn additional income by selling waste biomass, while also benefiting from access to affordable organic fertilisers, such as fermented organic manure, a by-product of compressed biogas production.
Climate Fund Managers’ construction equity investment builds on $3.3 million in early-stage development funding provided in 2023.
In October last year, IOC GPS Renewables (IGRPL) <a href="https://www.mercomindia.com/ioc-gps-renewables-jv-secures-%E2%82%B98-36-billion-loan-biogas-plants" target="_blank" rel="noopener">secured</a> ₹8.36 billion (~$94.2 million) in debt financing from the Indian Bank to develop nine compressed biogas plants in Uttar Pradesh, Chhattisgarh, Andhra Pradesh, and Haryana. IGRPL is a joint venture between the Indian Oil Corporation and GPSR Arya, a subsidiary of GPS Renewables.
In 2020, CFM and AMPYR Energy had <a href="https://www.mercomindia.com/cfm-partners-ampyr-energy-onshore-wind-karnataka" target="_blank" rel="noopener">partnered</a> to develop 138 MW of onshore wind farms in Karnataka.

Climate Fund Managers Commits $32.2 Million to Biogas Project in India

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-arevon-energy-secures-183-million-for-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Arevon Energy, a renewable energy developer, owner, and operator, <a href="https://mercomcapital.com/arevon-energy-secures-funding-for-124-mw-solar-project/" target="_blank" rel="noopener">secured</a> a $183 million total debt package, including a tax equity bridge loan, a construction-to-term loan, and a letter of credit, for its 124 MWdc Big Muddy Solar Project in Jackson County, Illinois. Intesa Sanpaolo and Crédit Agricole are the lenders, serving as the coordinating lead arrangers, joint bookrunners, and green loan coordinators for the debt package.
Revera Energy, an independent energy infrastructure solutions platform backed by global investment firm Carlyle, <a href="https://mercomcapital.com/revera-energy-reaches-financial-close-for-400-mwh-bess-project/" target="_blank" rel="noopener">closed</a> project financing to construct the 200 MW/400 MWh Windyhill battery energy storage systems (BESS) in Bearsden, Scotland. Santander CIB provided the non-recourse senior debt financing for the project. White &amp; Case served as borrower’s counsel, and Milbank acted as lender’s counsel.
OCI Energy, a developer of utility-scale solar and battery storage projects; Arava Power, a utility-scale renewable energy company; and ING Capital have jointly announced the successful <a href="https://mercomcapital.com/oci-energy-and-arava-power-close-financing-for-347-mw-solar-project/" target="_blank" rel="noopener">closure</a> of construction financing for the SunRoper Solar project. The financing package includes a construction-to-term loan, a tax equity bridge loan, and various letters of credit.
Scatec, a renewable energy solutions provider, <a href="https://mercomcapital.com/scatec-reaches-financial-close-for-130-mw-solar-project/" target="_blank" rel="noopener">secured</a> financing for the 130 MW Barzalosa solar project in Colombia. In addition, the company has begun construction on the project, which is expected to reach commercial operation date in the first half of 2027. Bancolombia and Financiera de Desarrollo Nacional (FDN) are the senior lenders for the project.
Bondada Engineering, an engineering, procurement, and construction company, <a href="https://www.mercomindia.com/bondada-secures-%E2%82%B95-billion-loan-from-canara-bank-for-400-mwh-bess" target="_blank" rel="noopener">received</a> approval for credit facilities of ₹5 billion (~$55.01 million) from Canara Bank to fund the debt portion of its 200 MW/400 MWh standalone BESS project with Tamil Nadu Green Energy Corporation, in India.
Luxcara, an independent asset manager specializing in clean energy infrastructure projects, <a href="https://mercomcapital.com/luxcara-acquires-125-mw-battery-energy-storage-project-in-finland/" target="_blank" rel="noopener">acquired</a> the Tuisku utility-scale battery energy storage project in Finland. The project is located near Keminmaa in Southern Lapland and has a planned capacity of up to 125 MW. The company acquired this project from local project developer Pohjan Voima, a subsidiary of Swedish renewables company Arise AB.
RAI Energy, a Western U.S.-focused renewable energy development company, <a href="https://mercomcapital.com/rai-energy-sells-75-mw-solar-plus-storage-project/" target="_blank" rel="noopener">sold</a> its Big River Energy project, comprising a 75 MW solar system paired with a 300 MWh (4-hour) battery storage system, to an undisclosed strategic investor. Located near Quincy, Washington, adjacent to the Pacific Northwest’s data center clusters, the Big River Energy project aims to support the expanding power demands of hyperscale and cloud computing infrastructure.
Climate Fund Managers, an investment manager operating in emerging markets, and Erco Energía, a Colombian renewable energy project developer, <a href="https://mercomcapital.com/climate-fund-managers-erco-energia-sell-26-4-mw-solar-project/" target="_blank" rel="noopener">entered</a> into an agreement with Organización Terpel, a Colombian energy distribution and retail company, for the sale of their respective stakes in the 26.4 MW Pétalo del Norte de Santander I solar project, subject to regulatory approval.
Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, <a href="https://mercomcapital.com/recurrent-energy-completes-sale-200-mwh-storage-project/" target="_blank" rel="noopener">completed</a> the sale of its 100 MW/200 MWh Fort Duncan battery energy storage project to Hunt Energy Network, a Dallas-based developer of distributed energy resources. Located in Maverick County, Texas, the project reached commercial operation in June 2025.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-atlas-renewable-secures-3-billion-refinancing/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Arevon Energy Secures $183 Million for Solar Project

Cleantech Solar, a Singapore-based renewable energy project developer, has received a $50 million equity investment from <a href="https://www.climatefundmanagers.com/nl/" target="_blank" rel="noopener">Climate Fund Managers (CFM),</a> a climate-dedicated investment manager, to support its growth in Asia.
The investment will likely help Cleantech Solar grow its portfolio across commercial and industrial sectors to over 450 MW with a goal to generate over 600 GWh of clean electricity per annum, reducing carbon emissions by almost 500,000 tonnes per year.
Of late, the demand for clean energy from corporations has been constantly increasing. This demand is mainly driven by a combination of increased focus on emission reduction, minimizing risk exposure to volatile energy markets, and a unique opportunity to replace grid supplied power with lower cost solar electricity.
Cleantech Solar is expected to  capitalize on its solar expertise in providing power projects to multinationals and leading local corporations in Asia. Climate Fund Managers, with the support of the Dutch Development Bank, FMO, and Sanlam InfraWorks, is bringing access to prime, long-term institutional capital, to further strengthen the company’s balance sheet and sustain its future expansion.
CFM is a fund manager dedicated to securing a sustainable future through investing across global emerging markets. It is a cooperative incorporated under the laws of the Netherlands, established as a joint venture between the Dutch Development Bank, FMO, and Sanlam InfraWorks &#8211; part of the Sanlam Group, of South Africa. The fund has $535 million of assets under management.
Andrew Johnstone, Climate Fund Managers CEO stated in a media release, “CFM, having recognised the enormous potential in the commercial &amp; industrial solar market, are extremely pleased to partner with Cleantech Solar, a leading player in the Asia-Pacific, with a focus on quality and safety. We are excited to leverage the local expertise and resources that they bring alongside financing provided by Climate Investor One in order to provide renewable energy solutions to even more businesses and organizations with regional manufacturing footprints.”
According to the company, <a href="https://cleantechsolar.com/" target="_blank" rel="noopener">Cleantech Solar</a> owns and operates over 120 solar power projects across India and South-East Asia, representing 200 MW of projects, including a few in the pipeline. This includes installations in India, Cambodia, Malaysia, Thailand, the Philippines, Vietnam, and Singapore.
In November 2017, Mercom <a href="https://mercomindia.com/cleantech-solar-responsability-loan-rooftop-solar-projects-asia/" target="_blank" rel="noopener">reported</a> Cleantech Solar entered into a $20 million loan agreement to develop rooftop solar projects in South-East Asia and India.
In <a href="https://mercomindia.com/cleantech-solar-rooftop-asia/" target="_blank" rel="noopener">February 2018</a>, the company announced that it will develop rooftop solar projects aggregating 27 MW in three Asian countries.
Industries in South-East Asia and India have begun pushing the growth of rooftop solar within the renewable energy sector, and Cleantech Solar has received the backing of some strong investors.
This is a welcome development for the expansion of green energy in the Asian region as most parts of South-East Asia and India are still developing, and their citizens lack the ability to purchase rooftop solar PV systems.
The Indian solar sector received investments to the tune of <a href="https://mercomindia.com/investment-india-solar-sector-1-86-billion-q2-18/" target="_blank" rel="noopener">$1.86 billion</a> in the second quarter (Q2) of calendar year (CY) 2018 according to <a href="https://mercomindia.com/research/" target="_blank" rel="noopener">Mercom India Quarterly Market Updates</a>. This is a decline of 26 percent quarter-over-quarter compared with $2.5 billion that poured into the sector in Q1 CY 2018.
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Cleantech Solar Raises $50 Million From Climate Fund Managers

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