Month in a Minute: Top Headlines from the Indian Renewable Sector in July 2026

Solar Module Capacity Under ALMM Grows to 215.5 GW

PFC Awards Project to Evacuate 3 GW of Renewables in Andhra Pradesh

Storage, Engineering, and Service Become Distributed Solar’s Growth Drivers

Daily News Wrap-Up: MNRE Proposes Uniform Solar Cell Nomenclature

MENA Weekly Round-Up: Egypt Signs PPA with Alcazar for 407 MW Wind Project

Solar Tender and Auction Activity Declines in Q2 2026

MNRE Proposes Standardized Nomenclature for Solar Cells Under ALMM List II

India Can Build a Complete Solar Manufacturing Ecosystem Within Five Years: Interview

Green Hydrogen and Storage Key to Curbing Renewables Curtailment: Interview

ConnectDER, a provider of home energy technology solutions, <a href="https://cms.mercomindia.com/connectder-secures-35-million-in-series-d-funding/" target="_blank" rel="noopener">secured</a> $35 million in Series D funding. The funding round was led by Decarbonization Partners, a partnership between BlackRock and Temasek, with participation from MassMutual Ventures. The company offers solutions for optimizing Distributed Energy Resources by transforming electricity meter sockets into all-in-one interconnection points.
India-based energy generation and transmission company Torrent Power has <a href="https://www.mercomindia.com/torrent-power-raises-%E2%82%B935-billion-in-qualified-institutional-placement" target="_blank" rel="noopener">raised</a> ₹35 billion (~$412.77 million) through qualified institutions placement (QIP) of shares. The QIP was oversubscribed four times against the issue size. This QIP marks the maiden equity raise by the company and the first equity raise in the last three decades by the Torrent Group. Domestic mutual funds, global investors, and insurance companies were among those who subscribed to the QIP.
Solar energy startup Glow has <a href="https://www.mercomindia.com/glow-secures-30-million-to-expand-solar-energy-projects-in-india" target="_blank" rel="noopener">raised</a> $30 million in funding from Framework and Union Square Ventures to scale its renewable energy operations in India and other global markets. Founded in 2023, the Ethereum-based company focuses on accelerating solar energy adoption and decentralizing the energy grid through innovative blockchain solutions. Glow has established three solar projects in Rajasthan with a total capacity of 21.3 MW.
Meyer Burger, a manufacturer of solar cells and modules, <a href="https://cms.mercomindia.com/meyer-burger-secures-up-to-39-million-in-financing/" target="_blank" rel="noopener">secured</a> a bridge loan facility of up to $39.48 million to be drawn in multiple tranches upon the satisfaction of certain milestones. The maturity date of the facility is January 17, 2025. The initial tranche of $19.7 million is expected to be drawn immediately. The lenders under the financing consist of certain funds managed by, among others, Highbridge Capital Management, LMR Partners, System 2 Capital, Walleye Capital, and Whitebox Advisors, all existing bondholders in the company.
EQT, a private equity firm, announced the <a href="https://cms.mercomindia.com/eqt-to-acquire-energy-storage-developer-juniz-energy/" target="_blank" rel="noopener">acquisition</a> of a battery storage developer and operator, ju:niz Energy, from its founder Franz Hauk. This acquisition was the first investment from the company’s EQT Transition Infrastructure strategy, which is expected to provide capital and industrial, technological, and sustainability expertise to scale businesses per the company. ju:niz Energy specializes in developing and operating large-scale battery storage systems.
Zitara, a battery management software provider, <a href="https://cms.mercomindia.com/battery-management-software-company-zitara-secures-17-million/" target="_blank" rel="noopener">closed</a> $17 million in a Series AA funding round led by Salesforce Ventures, with participation from Emerson Ventures, Chevron Technology Ventures, Energy Impact Partners, and Climate Capital. Based in San Francisco, the company says the funding will help improve battery performance and reliability by accelerating its battery management software innovation across energy storage applications.
enSights, a cloud-based clean energy optimization and management software provider, <a href="https://cms.mercomindia.com/clean-energy-management-platform-ensights-raises-10-million/" target="_blank" rel="noopener">secured</a> a $10 million Series A funding round, co-led by venture capital firms JAL Ventures and XT VC, with participation from the Menomadin Foundation. With this funding, the company plans to expand globally, including in the U.S. market, establish local headquarters, hire a team of industry professionals, and continue strengthening its ecosystem of SaaS solutions.
EQT Active Core Infrastructure Fund (EQT), a private equity company, and GIC, an investing company, <a href="https://cms.mercomindia.com/eqt-and-gic-acquire-majority-stake-smart-meter-company-calisen/" target="_blank" rel="noopener">announced</a> the acquisition of a majority stake in Calisen, an independent provider of smart meters and energy transition infrastructure in the U.K. EQT and GIC acquired the stake from funds managed by Global Infrastructure Partners (GIP), a part of BlackRock, the infrastructure business of Goldman Sachs Alternatives and Mubadala Investment Company. Equitix will remain a minority investor. The transaction is subject to the satisfaction of certain conditions, including regulatory approvals.
Greenie Energy, a start-up specializing in electric vehicles (EV) charging technology, has <a href="https://www.mercomindia.com/ev-charging-company-greenie-energy-secures-600000-in-seed-funding" target="_blank" rel="noopener">raised</a> $600,000 in a seed funding round from a group of investors led by Rajesh Advani, Managing Director of Sun-N-Sand Hotels. The funds will support Greenie Energy’s aim to install over 5,000 EV charging points by the end of 2025. It also aims to accelerate the development of scalable, cost-effective charging solutions tailored to India’s rapidly expanding EV market.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-ma-roundup-crossboundary-energy-secures-140-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: ConnectDER Secures $35 Million in Series D Funding

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-connectder-secures-35-million-in-series-d-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
ConnectDER, a provider of home energy technology solutions, <a href="https://mercomcapital.com/connectder-secures-35-million-in-series-d-funding/" target="_blank" rel="noopener">secured</a> $35 million in Series D funding. The funding round was led by Decarbonization Partners, a partnership between BlackRock and Temasek, with participation from MassMutual Ventures. The company offers solutions for optimizing Distributed Energy Resources by transforming electricity meter sockets into all-in-one interconnection points.
India-based energy generation and transmission company Torrent Power has <a href="https://www.mercomindia.com/torrent-power-raises-%E2%82%B935-billion-in-qualified-institutional-placement" target="_blank" rel="noopener">raised</a> ₹35 billion (~$412.77 million) through qualified institutions placement (QIP) of shares. The QIP was oversubscribed four times against the issue size. This QIP marks the maiden equity raise by the company and the first equity raise in the last three decades by the Torrent Group. Domestic mutual funds, global investors, and insurance companies were among those who subscribed to the QIP.
Solar energy startup Glow has <a href="https://www.mercomindia.com/glow-secures-30-million-to-expand-solar-energy-projects-in-india" target="_blank" rel="noopener">raised</a> $30 million in funding from Framework and Union Square Ventures to scale its renewable energy operations in India and other global markets. Founded in 2023, the Ethereum-based company focuses on accelerating solar energy adoption and decentralizing the energy grid through innovative blockchain solutions. Glow has established three solar projects in Rajasthan with a total capacity of 21.3 MW.
Meyer Burger, a manufacturer of solar cells and modules,<a href="https://mercomcapital.com/meyer-burger-secures-up-to-39-million-in-financing/" target="_blank" rel="noopener"> secured</a> a bridge loan facility of up to $39.48 million to be drawn in multiple tranches upon the satisfaction of certain milestones. The maturity date of the facility is January 17, 2025. The initial tranche of $19.7 million is expected to be drawn immediately. The lenders under the financing consist of certain funds managed by, among others, Highbridge Capital Management, LMR Partners, System 2 Capital, Walleye Capital, and Whitebox Advisors, all existing bondholders in the company.
EQT, a private equity firm, announced the <a href="https://mercomcapital.com/eqt-to-acquire-energy-storage-developer-juniz-energy/" target="_blank" rel="noopener">acquisition</a> of a battery storage developer and operator, ju:niz Energy, from its founder Franz Hauk. This acquisition was the first investment from the company’s EQT Transition Infrastructure strategy, which is expected to provide capital and industrial, technological, and sustainability expertise to scale businesses per the company. ju:niz Energy specializes in developing and operating large-scale battery storage systems.
Zitara, a battery management software provider, <a href="https://mercomcapital.com/battery-management-software-company-zitara-secures-17-million/" target="_blank" rel="noopener">closed</a> $17 million in a Series AA funding round led by Salesforce Ventures, with participation from Emerson Ventures, Chevron Technology Ventures, Energy Impact Partners, and Climate Capital. Based in San Francisco, the company says the funding will help improve battery performance and reliability by accelerating its battery management software innovation across energy storage applications.
enSights, a cloud-based clean energy optimization and management software provider, <a href="https://mercomcapital.com/clean-energy-management-platform-ensights-raises-10-million/" target="_blank" rel="noopener">secured</a> a $10 million Series A funding round, co-led by venture capital firms JAL Ventures and XT VC, with participation from the Menomadin Foundation. With this funding, the company plans to expand globally, including in the U.S. market, establish local headquarters, hire a team of industry professionals, and continue strengthening its ecosystem of SaaS solutions.
EQT Active Core Infrastructure Fund (EQT), a private equity company, and GIC, an investing company, <a href="https://mercomcapital.com/eqt-and-gic-acquire-majority-stake-smart-meter-company-calisen/" target="_blank" rel="noopener">announced</a> the acquisition of a majority stake in Calisen, an independent provider of smart meters and energy transition infrastructure in the U.K. EQT and GIC acquired the stake from funds managed by Global Infrastructure Partners (GIP), a part of BlackRock, the infrastructure business of Goldman Sachs Alternatives and Mubadala Investment Company. Equitix will remain a minority investor. The transaction is subject to the satisfaction of certain conditions, including regulatory approvals.
Greenie Energy, a start-up specializing in electric vehicles (EV) charging technology, has <a href="https://www.mercomindia.com/ev-charging-company-greenie-energy-secures-600000-in-seed-funding" target="_blank" rel="noopener">raised</a> $600,000 in a seed funding round from a group of investors led by Rajesh Advani, Managing Director of Sun-N-Sand Hotels. The funds will support Greenie Energy’s aim to install over 5,000 EV charging points by the end of 2025. It also aims to accelerate the development of scalable, cost-effective charging solutions tailored to India’s rapidly expanding EV market.
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&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-crossboundary-energy-secures-140-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://connectder.com/" target="_blank" rel="noopener">ConnectDER</a>, a provider of home energy technology solutions, secured $35 million in Series D funding. The funding round was led by Decarbonization Partners, a partnership between BlackRock and Temasek, with participation from MassMutual Ventures.
Existing investors, including Avista Development, Clean Energy Ventures, Energy Innovation Capital, Evergy Ventures, LG Technology Ventures, and Zoma Capital, participated in this round.
The company offers solutions for optimizing Distributed Energy Resources (DERs) by transforming electricity meter sockets into all-in-one interconnection points.
ConnectDER recently introduced its latest Meter Socket Adapter (MSA), the &#8216;IslandDER&#8217;. According to Ivo Steklac, CEO of ConnectDER, the IslandDER enables homes to disconnect and reconnect from the grid, allowing the customers to harness stored energy from solar plus battery systems or EVs, providing backup power and resilience.
According to the company, it has 25,000 adapters currently in operation and approved for use across multiple states. ConnectDER anticipates expanding to nationwide sales within the next few years.
&#8220;We are excited to partner with ConnectDER, which has built an elegant solution that solves a major adoption pain point for customers, enabling and accelerating affordable home electrification in North America; we look forward to supporting the ConnectDER team as they continue executing their growth journey,&#8221; said Dr. Meghan Sharp, Global Head and Chief Investment Officer of Decarbonization Partners.
According to Mercom&#8217;s 9M and Q3 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-and-q3-2024-funding-and-ma-report-for-storage-and-grid/" target="_blank" rel="noopener">report</a> for Energy Storage and Smart Grid, VC funding across all Smart Grid companies in 9M 2024 totaled $1.4 billion in 43 deals, 13% higher year-over-year than the $1.2 billion raised in 37 deals in 9M 2023.
In August, dcbel, a smart home energy company, <a href="https://cms.mercomindia.com/smart-home-energy-company-dcbel-raises-series-b-funding/" target="_blank" rel="noopener">raised</a> over $50 million in Series B funding. The funding round saw participation from existing investors Volvo Cars, Coatue, Kevin Mahaffey, Real Ventures, and new investor Idealist Capital. Investissement Québec also participated in the funding round.

ConnectDER Secures $35 Million in Series D Funding

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