MENA Weekly Round-Up: Oman Tenders 1 GW of Solar Projects

Silver Demand Forecast to Drop 19% in 2026 on Lower Solar Cell Loadings

Midwest Energy Starts Production at 1.2 GWh Battery Storage Plant

Maharashtra Road Corporation Seeks 115 MW Solar Open Access Power

DCM Shriram to Procure 58 MW of Power from Serentica’s Hybrid Project

Bihar Regulator Approves Generic Renewable Energy Tariffs for FY 2027

Grid Software Solutions Provider Piq Energy Raises $5 Million in Funding

Sonnedix Acquires 260 MW Battery Storage Portfolio in Italy

Fidra Secures $312 Million Debt for West Burton Battery Project

POWERGRID Tenders 500 MW/1,000 MWh Battery Energy Storage Projects

SunPower, a solar technology, services, and installation company, <a href="https://cms.mercomindia.com/residential-solar-company-sunpower-acquires-ambia-solar/" target="_blank" rel="noopener">completed</a> the acquisition of Ambia Solar, a solar panel installation company based in Lindon, Utah. Both companies previously signed a non-binding letter of intent on November 11 for $37.5 million in equity, and the transaction was closed subject to customary closing conditions.
Eos Energy, a U.S.-based energy storage company that designs and manufactures long-duration zinc-based battery systems for grid and industrial applications, has <a href="https://cms.mercomindia.com/eos-energy-closes-600-million-convertible-senior-notes/" target="_blank" rel="noopener">closed</a> a previously announced $600 million convertible senior notes offering. According to the transaction, the offering of 1.75% convertible senior notes due 2031 generated approximately $580.5 million in net proceeds. With the initial purchasers fully exercising their option to buy additional notes, the company now has $600 million in total convertible notes issued and outstanding.
Ecobat, a battery recycling company, has <a href="https://cms.mercomindia.com/ecobat-sells-uk-operations-to-funds-advised-by-splitstone-capital/" target="_blank" rel="noopener">announced</a> the completion of the sale of its UK battery recycling and specialty lead operations to funds advised by Splitstone Capital, a UK-based private equity firm. The transaction includes Ecobat’s facility in Matlock and the company’s lead sheet mill in Welwyn Garden City.
Brookfield Asset Management, an asset manager specializing in renewable energy, infrastructure, real estate, and private equity, <a href="https://cms.mercomindia.com/brookfield-asset-management-acquires-alba-renewables/" target="_blank" rel="noopener">announced</a> the completion of the acquisition of Alba Renewables, a renewable energy project developer. This acquisition marks Brookfield’s entry into the Philippines, Thailand and Vietnam.
Ecoplexus, a utility-scale solar and storage project developer, <a href="https://cms.mercomindia.com/ecoplexus-secures-300-million-credit-facility/" target="_blank" rel="noopener">closed</a> a $300 million credit facility from capital accounts advised by KKR, an investment firm. The facility comprises development capital and a letter of credit facility provided by Sumitomo Mitsui Banking Corporation. The funding will be used to support the expansion of the company’s portfolio of over 13 GW of solar and storage projects across the U.S., and to advance several large-scale projects that will begin construction in the near term.
Switzerland-headquartered solar solutions provider Candi Solar has <a href="https://www.mercomindia.com/candi-solar-raises-58-5-million-in-ifc-led-funding-round" target="_blank" rel="noopener">secured</a> $58.5 million in a funding round led by the global development institution, International Finance Corporation, to deliver clean, affordable solar solutions in India and South Africa.
India-based electric vehicle solutions company Neuron Energy has <a href="https://www.mercomindia.com/ev-solutions-firm-neuron-energy-raises-%E2%82%B9310-million-in-pre-series-b-funding" target="_blank" rel="noopener">raised</a> ₹310 million (~$3.47 million) in a pre-series B round to expand its battery manufacturing capacity. The funding was led by Equanimity Ventures, Rajiv Dadlani Group, Thackersay Family Office, Chona Family Office, along with participation from some reputed family offices and high-net-worth individual investors.
India-based battery-as-a-service company BatteryPool has <a href="https://www.mercomindia.com/ev-charging-platform-batterypool-raises-%E2%82%B980-million-in-pre-series-a-round" target="_blank" rel="noopener">raised</a> ₹80 million (~$895,957) in a pre-series A round led by Inflection Point Ventures. Indian Angel Network, Chennai Angels, and Keiretsu Forum also participated in this round, along with high-net-worth individuals. BatteryPool said it will utilize the funding to scale its battery fleet by 10 times over the next 18 months to strengthen its nationwide footprint.
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-and-ma-roundup-neovolta-to-secure-13-million-in-private-placement-financing/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Residential Solar Company SunPower Acquires Ambia Solar

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-residential-solar-company-sunpower-acquires-ambia-solar/" target="_blank" rel="noopener">Mercom Capital Group</a>
SunPower, a solar technology, services, and installation company, <a href="https://mercomcapital.com/residential-solar-company-sunpower-acquires-ambia-solar/" target="_blank" rel="noopener">completed</a> the acquisition of Ambia Solar, a solar panel installation company based in Lindon, Utah. Both companies previously signed a non-binding letter of intent on November 11 for $37.5 million in equity, and the transaction was closed subject to customary closing conditions.
Eos Energy, a U.S.-based energy storage company that designs and manufactures long-duration zinc-based battery systems for grid and industrial applications, has <a href="https://mercomcapital.com/eos-energy-closes-600-million-convertible-senior-notes/" target="_blank" rel="noopener">closed</a> a previously announced $600 million convertible senior notes offering. According to the transaction, the offering of 1.75% convertible senior notes due 2031 generated approximately $580.5 million in net proceeds. With the initial purchasers fully exercising their option to buy additional notes, the company now has $600 million in total convertible notes issued and outstanding.
Ecobat, a battery recycling company, has <a href="https://mercomcapital.com/ecobat-sells-uk-operations-to-funds-advised-by-splitstone-capital/" target="_blank" rel="noopener">announced</a> the completion of the sale of its UK battery recycling and specialty lead operations to funds advised by Splitstone Capital, a UK-based private equity firm. The transaction includes Ecobat’s facility in Matlock and the company’s lead sheet mill in Welwyn Garden City.
Brookfield Asset Management, an asset manager specializing in renewable energy, infrastructure, real estate, and private equity, <a href="https://mercomcapital.com/brookfield-asset-management-acquires-alba-renewables/" target="_blank" rel="noopener">announced</a> the completion of the acquisition of Alba Renewables, a renewable energy project developer. This acquisition marks Brookfield’s entry into the Philippines, Thailand and Vietnam.
Ecoplexus, a utility-scale solar and storage project developer, <a href="https://mercomcapital.com/ecoplexus-secures-300-million-credit-facility/" target="_blank" rel="noopener">closed</a> a $300 million credit facility from capital accounts advised by KKR, an investment firm. The facility comprises development capital and a letter of credit facility provided by Sumitomo Mitsui Banking Corporation. The funding will be used to support the expansion of the company’s portfolio of over 13 GW of solar and storage projects across the U.S., and to advance several large-scale projects that will begin construction in the near term.
Switzerland-headquartered solar solutions provider Candi Solar has <a href="https://www.mercomindia.com/candi-solar-raises-58-5-million-in-ifc-led-funding-round" target="_blank" rel="noopener">secured</a> $58.5 million in a funding round led by the global development institution, International Finance Corporation, to deliver clean, affordable solar solutions in India and South Africa.
India-based electric vehicle solutions company Neuron Energy has <a href="https://www.mercomindia.com/ev-solutions-firm-neuron-energy-raises-%E2%82%B9310-million-in-pre-series-b-funding" target="_blank" rel="noopener">raised</a> ₹310 million (~$3.47 million) in a pre-series B round to expand its battery manufacturing capacity. The funding was led by Equanimity Ventures, Rajiv Dadlani Group, Thackersay Family Office, Chona Family Office, along with participation from some reputed family offices and high-net-worth individual investors.
India-based battery-as-a-service company BatteryPool has <a href="https://www.mercomindia.com/ev-charging-platform-batterypool-raises-%E2%82%B980-million-in-pre-series-a-round" target="_blank" rel="noopener">raised</a> ₹80 million (~$895,957) in a pre-series A round led by Inflection Point Ventures. Indian Angel Network, Chennai Angels, and Keiretsu Forum also participated in this round, along with high-net-worth individuals. BatteryPool said it will utilize the funding to scale its battery fleet by 10 times over the next 18 months to strengthen its nationwide footprint.
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-and-ma-roundup-neovolta-to-secure-13-million-in-private-placement-financing/" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.ecoplexus.com/" target="_blank" rel="noopener">Ecoplexus</a>, a utility-scale solar and storage project developer, closed a $300 million credit facility from capital accounts advised by KKR, an investment firm. The facility comprises development capital and a letter of credit facility provided by Sumitomo Mitsui Banking Corporation (SMBC).
The funding will be used to support the expansion of the company&#8217;s portfolio of over 13 GW of solar and storage projects across the U.S., and to advance several large-scale projects that will begin construction in the near term.
Ed Campaniello, Senior Vice President of Finance, stated, &#8220;Securing this cost-effective capital solution strengthens our U.S. portfolio. This facility will support over $2.5 billion of project finance, including investment partnerships in construction-ready projects and the long-term ownership of strategic assets.&#8221;
In January 2024, the company announced it had expanded its existing credit facility with New Energy Capital to $150 million. The credit facility, closed in the fourth quarter of 2023, was used to support its 1.5 GW late-stage project portfolio and to accelerate Ecoplexus&#8217;s 9 GW solar and 8 GW/16 GWh development pipeline in the U.S.
In 2020, Ecoplexus acquired a 523 MW mid-stage solar project portfolio located in Georgia and Tennessee from Kruger Energy, a business unit of Kruger Inc. specializing in the development and management of renewable energy projects.
According to Mercom&#8217;s 9M and Q3 2025 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2025-solar-funding-ma-report" target="_blank" rel="noopener">report</a>, debt financing activity in 9M 2025 reached $12.7 billion in 60 deals, a 24% decrease compared to 9M 2024 when $16.7 billion was raised in 68 deals.
In August 2025, ABO Energy, a renewable energy project developer, <a href="https://cms.mercomindia.com/abo-energy-closes-280-million-syndicated-loan-agreement/" target="_blank" rel="noopener">closed</a> a syndicated loan agreement for €240 million (~$280 million) with the participation of seven banks. As per the agreement, the financing volume is divided equally between traditional loans, revolving working capital facilities, and guarantee lines.
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Ecoplexus Secures $300 Million Credit Facility

ecoplexus

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