Month in a Minute: Top Headlines from the Indian Renewable Sector in November 2025

TNGECL Invites Bids for 20 MW Rooftop Solar Projects on Government Buildings

MNRE Flags Solar Module Glut, Asks Lenders to Fund Upstream Manufacturing

Mahanadi Coalfields Issues EoI for 60 MWh BESS Project in Odisha

Rajasthan May Have 13 GW of Spare Grid Capacity for Renewables in FY 2026

Waaree Wins 288 MW Solar Module Supply Order in the US

UPERC Approves Tariffs for 129 MW Projects Under KUSUM

US Solar Companies Demand End to Permitting Moratorium

Diamond Power Bags ₹7.47 Billion Transmission Cable Order from Adani Green

Germany Awards 1.09 GW In Biomass and Rooftop Solar Auctions

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-goldenpeaks-secures-133-million-for-solar-portfolio/" target="_blank" rel="noopener">Mercom Capital Group</a>
GoldenPeaks Capital (GPC), an independent renewable energy power producer, <a href="https://mercomcapital.com/goldenpeaks-capital-secures-133-million-for-solar-portfolios/" target="_blank" rel="noopener">closed</a> a senior loan facility of €114 million (~$133 million) to finance the construction of two solar project portfolios located in Poland. PKO Bank Polski and Alior Bank provided the financing, with Capcora serving as the exclusive financial advisor to GPC on the transaction.
Gurīn Energy, a renewable energy company headquartered in Singapore, <a href="https://mercomcapital.com/gurin-energy-acquires-303-mw-solar-wind-portfolio-south-korea/" target="_blank" rel="noopener">acquired</a> a portfolio of solar and wind projects totaling 303 MW in South Korea from EDP Renewables APAC, which develops and operates solar and renewable energy projects across the Asia-Pacific region. With this acquisition, Gurīn Energy’s portfolio under development in South Korea expanded to over 600 MW.
Enery, an independent renewable energy power producer in Central and Eastern Europe, <a href="https://mercomcapital.com/enery-acquires-34-6-mw-solar-portfolio-in-slovakia/" target="_blank" rel="noopener">acquired</a> Project Lassie, a portfolio of 32 operational solar projects totaling 34.6 MW, across Slovakia, from ContourGlobal, an independent power producer. Earlier, Energy Infrastructure Partners owned a 49% stake in the project, while ContourGlobal held a 51% share.
Fourth Partner Energy <a href="https://www.mercomindia.com/fourth-partner-refinance-rooftop-solar-portfolio" target="_blank" rel="noopener">closed</a> a ₹7.8 billion (~$87.85 million) refinancing deal for most of its rooftop solar portfolio with NIIF Infrastructure Finance, a debt fund that provides financing solutions to operating infrastructure projects. Fourth Partner currently has an operational rooftop solar portfolio of 370 MW across 24 states in India, supplying clean energy to corporates across various sectors, including HUL, D-Mart, Ultratech, Walmart, Hyundai, Colorcon, and TCS.
Greenvolt Group, a clean energy project developer, through Greenvolt Power, <a href="https://mercomcapital.com/greenvolt-secures-41-million-financing-for-150-mw-hybrid-project/" target="_blank" rel="noopener">signed</a> a €35 million (~$41 million) project finance agreement with Ringkjøbing Landbobank. The funding will be used to construct and operate a large-scale hybrid project in Høegholm, Denmark, combining solar and battery energy storage systems. The project integrates 97.36 MW solar with a 55-60 MW/110-120 MWh battery energy storage system.
ContourGlobal, an independent renewable energy power producer and a subsidiary of KKR, <a href="https://mercomcapital.com/contourglobal-closes-over-350m-financing-for-324-mwp-solar-project/" target="_blank" rel="noopener">secured</a> more than $350 million in tax equity and debt financing for its projects in the U.S. The financing supports ContourGlobal’s 324 MWp Black Hollow Sun solar project located in Colorado. Phase I of the project, totaling 185 MWp, is already operational. Phase II of the project, which will add 139 MWp capacity, is currently under construction, with completion expected by the end of 2026.
Enlight Renewable Energy, a renewable energy project developer, <a href="https://mercomcapital.com/enlight-to-secure-around-150-million-for-the-quail-ranch-project/" target="_blank" rel="noopener">announced</a> that its U.S. subsidiary Clēnera Holdings secured nearly $150 million in tax equity financing for its Quail Ranch project in New Mexico. The Quail Ranch project, a co-located solar and energy storage facility with 128 MW of solar and 400 MWh of storage capacity, involves a total investment of $275 million.
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-energy-vault-battery-storage-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: GoldenPeaks Secures $133 Million for Solar Portfolio

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					</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>.

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

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