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CERC Admits Solar Developers’ Plea for Compensation Due to Power Curtailment


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-group14-technologies-raises-463-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Group14 Technologies, a manufacturer of silicon-anode battery technology, </strong><a href="https://mercomcapital.com/group14-technologies-raises-463-million-in-series-d-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $463 million in a Series D funding, led by SK Inc., with participation from existing investors. </strong>The new capital will be used to scale up production of Group14’s silicon battery material, SCC55, in both the U.S. and South Korea, aiming to tackle the growing global demand for energy storage solutions. In addition, Group14 has taken full ownership of its joint venture with SK Inc. in Sangju, South Korea.<strong> </strong></p>
<p><strong>ABO Energy, a renewable energy project developer, has </strong><a href="https://mercomcapital.com/abo-energy-closes-280-million-syndicated-loan-agreement/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a syndicated loan agreement for €240 million (~$280 million) with the participation of seven banks. </strong>Commerzbank led the financing and acted as sole bookrunner and agent. Clifford Chance acted as legal advisor to the banks, while Noerr PartGmbB acted as legal advisor to ABO Energy. As per the agreement, the financing volume is divided equally between traditional loans, revolving working capital facilities, and guarantee lines.</p>
<p><strong>One Stop Warehouse, a solar wholesaler and distributor, has </strong><a href="https://mercomcapital.com/solar-distributor-osw-raises-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> A$8.5 million (~$5.5 million) in strategic funding from SparkEdge Capital, a venture capital firm based in Shanghai focused on the energy and technology sectors. </strong>The funding will be used to support the company in its next phase of international growth in key solar markets, including the U.S., Mexico, Spain, and Romania. Currently, apart from Australia, the company has built its presence across Europe, especially in the Netherlands and Poland.</p>
<p><strong>CrossBoundary Energy, a developer, owner, and operator of distributed renewable energy, has </strong><a href="https://mercomcapital.com/crossboundary-energy-secures-impact-fund-denmark/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a $40 million equity-like capital investment from Impact Fund Denmark. </strong>The funding will help the company expand its portfolio of clean energy projects in Africa. Currently, the company is constructing a solar/BESS baseload plant in Africa after signing a commercial and industrial PPA with Kamoa Copper SA, a copper mine in the Democratic Republic of Congo.</p>
<p><strong>Power converter manufacturer Statcon Energiaa has </strong><a href="https://www.mercomindia.com/rotomag-acquires-51-stake-in-power-converter-manufacturer-statcon" target="_blank" rel="noopener"><strong>secured</strong></a><strong> an investment from Rotomag Enertec, providing the latter with a 50.99% stake in the company. </strong>The two companies aim to develop and deploy MW-scale battery energy storage systems (BESS), among other things, following the investment’s finalization. Statcon Energiaa designs, manufactures, and commercially sells on-grid solar inverters. Its solutions cater to green hydrogen, railways, defense, and the power sectors.</p>
<p>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>.</p>
<p>Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-activ8-energies-acquires-low-carbon-energy" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Group14 Technologies Raises $463 Million


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-enviromena-acquires-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Enviromena, a U.K.-based independent power producer, </strong><a href="https://mercomcapital.com/enviromena-acquires-49-9-mw-longpasture-solar-project/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of the 49.9 MW Longpasture solar project from Bluefield Solar</strong>, a London-listed income fund, and Lightrock Power, a solar project developer. The fully consented solar project, located near Darlington, County Durham, is expected to reach completion in late 2027. The project has an option for a co-located 39.7 MW battery energy storage system.</p>
<p><strong>Qair, </strong>an independent renewable energy producer, <a href="https://mercomcapital.com/qair-secures-5-7-million-financing-for-floating-solar-project/" target="_blank" rel="noopener">secured</a> $5.7 million senior debt financing from the Facility for Energy Inclusion, managed by Cygnum Capital, an investment bank and asset management firm. The facility will support the development, building, operations, and maintenance of the 5.8 MWp Seysun Lagoon floating solar project located in the Providence Lagoon on Mahé Island in Seychelles.</p>
<p><strong>New Delhi-based waste and wastewater management solutions company Enviro Infra Engineers (EIEL) has completed the </strong><a href="https://www.mercomindia.com/enviro-infra-engineers-acquires-vento-power-infras-40-mw-solar-project" target="_blank" rel="noopener"><strong>acquisition</strong></a><strong> of Vento Power, a company developing a 40 MW solar power project </strong>in the Bolangir district of Odisha. The total cash consideration for the transaction was ₹1.15 billion (~$13.37 million). The acquisition was carried out through EIE Renewables, a wholly owned subsidiary of EIEL, which has entered into definitive agreements with PTC India.</p>
<p><strong>Bluefield Solar (BSIF), the London-listed U.K. income fund focused primarily on acquiring and managing solar energy assets, </strong><a href="https://mercomcapital.com/bluefield-solar-sells-250-mw-solar-and-storage-portfolio/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the sale of a portfolio of solar and storage projects</strong> totaling 250 MW to Lyceum Solar, a joint venture with 25% ownership by BSIF and 75% ownership by GLIL Infrastructure. The 75% stake acquired by GLIL in the Phase 3 portfolio amounts to £38 million (~$51 million), of which £28 million (~$38 million) is to be paid upfront following the closing of the transaction.</p>
<p><strong>Foresight, an investment manager, announced that its Australian Renewables Income Fund (ARIF) </strong><a href="https://mercomcapital.com/foresights-australian-renewables-income-fund-secures-453-million/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> A$700 million (~$453 million) portfolio debt refinancing</strong> to strengthen its capital structure and support future growth. The refinancing consolidates debt across ARIF’s portfolio of ten operating renewable energy projects.</p>
<p>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.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-green-genius-solar-projects/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Enviromena Acquires 49.9 MW Longpasture Solar Project


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					</table><p>New Delhi-based waste and wastewater management solutions company Enviro Infra Engineers (<a href="https://www.eiel.in/" target="_blank" rel="noopener">EIEL</a>) has completed the acquisition of Vento Power, a company developing a 40 MW solar power project in the Bolangir district of Odisha.</p>
<p>The total cash consideration for the transaction was ₹1.15 billion (~$13.37 million).</p>
<p>The acquisition was carried out through EIE Renewables, a wholly owned subsidiary of EIEL, which has entered into definitive agreements with PTC India.</p>
<p>The power generated from Vento’s 40 MW solar project will be sold at a tariff of ₹4.1 (~$0.047)/kWh for an estimated 18 years.</p>
<p>Vento Power Infra recorded a turnover of ₹165 million (~$1.92 million) in the financial year (FY) 2024, ₹173.4 million (~$2.02 million) in FY 2023, and ₹198.6 million (~$2.31 million) in FY 2022.</p>
<p>The acquisition was not a related party transaction, and no promoter, promoter group, or group company of EIEL had any prior interest in Vento Power Infra.</p>
<p>In June this year, Enviro Infra Engineers Renewables, a subsidiary of EIEL, <a href="https://www.mercomindia.com/enviro-infra-acquires-49-stake-in-renewable-energy-firm-soltrix" target="_blank" rel="noopener">acquired</a> a 49% equity stake in renewable energy company Soltrix Energy Solutions for ₹13.2 million (~$153,352). Soltrix was awarded a contract for the engineering, procurement, and construction, and maintenance of a 29 MW solar power project for the Maharashtra State Electricity Distribution Company.</p>
<p>In the same month, EIEL <a href="https://www.mercomindia.com/enviro-infra-engineers-to-acquire-solar-project-developer-sunaxis" target="_blank" rel="noopener">announced</a> it will acquire Sunaxis Renewables from EIE Renewables for ₹100,000 (~$1,170.37). Sunaxis Renewables is a special-purpose vehicle that develops ground-mounted and floating solar projects. It oversees the complete lifecycle of floating solar projects, from concept to commissioning, operation, and maintenance. The company also conducts all incidental or ancillary activities.</p>
<p>In the first half (1H) of 2025, 106 solar project acquisitions totaling 19.9 GW were <a href="https://mercomcapital.com/product/1h-and-q2-2025-solar-funding-and-ma-report/" target="_blank" rel="noopener">transacted</a>, compared to 113 project acquisitions totaling 18.5 GW in 1H 2024.</p>
<p>A total of 19 solar corporate M&amp;A transactions were <a href="https://mercomcapital.com/product/q1-2025-solar-funding-ma-report/" target="_blank" rel="noopener">recorded</a> in the first quarter (Q1) of 2025, compared to 20 transactions in Q4 2024, and 10% lower compared to 21 solar M&amp;A transactions in Q1 2024. Approximately 13.6 GW of solar projects were secured in Q1 2025, up from 10.8 GW in Q1 2024. On a quarter-over-quarter basis, project acquisition volume also increased, compared to 9.4 GW in Q4 2024.</p>


Enviro Infra Engineers Acquires Solar Developer Vento Power Infra


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					</table><p>Enviro Infra Engineers Renewables (EIE Renewables), a subsidiary of Enviro Infra Engineers (<a href="https://www.eiel.in/" target="_blank" rel="noopener">EIEL</a>), has acquired a 49% equity stake in renewable energy company Soltrix Energy Solutions (Soltrix) for ₹13.2 million (~$153,352).</p>
<p>Soltrix has been awarded a contract for the engineering, procurement and construction, and  maintenance of a 29 MW solar power project for the Maharashtra State Electricity Distribution Company to be set up in the state.</p>
<p>The project includes state financial assistance of ₹32 million (~$371,868), along with a tariff-based revenue generation of ₹0.88 (~$0.010)/kWh for 25 years.</p>
<p>EIE Renewables will acquire the remaining 51% stake in Soltrix one year after the project’s completion, for which it signed a share purchase and options agreement.</p>
<p>The expected cost of acquiring the remaining 51% stake is ₹13.7 million (~$159,162).</p>
<p>Post 100% acquisition, Soltrix will become a wholly owned subsidiary of EIE Renewables.</p>
<p>EIEL has a portfolio of water treatment projects with a total capacity of 784 million liters per day (MLD). It also has a 52 MLD sewage treatment plant (STP) in Bikaner and a 30 MLD STP in Kota, both in Rajasthan. Each STP also has a solar project.</p>
<p>Its order book in the fourth quarter (Q4) of the financial year 2025 was ₹11.86 billion (~$138.8 million).</p>
<p>Recently, EIEL <a href="https://www.mercomindia.com/enviro-infra-engineers-to-acquire-solar-project-developer-sunaxis" target="_blank" rel="noopener">announced</a> that it will acquire Sunaxis Renewables from EIE Renewables for ₹100,000 (~$1,170.37). EIE Renewables will invest ₹100,000 (~$1,170.37) by acquiring 10,000 shares at a face value of ₹10 (~$0.117) per share. After the acquisition, Sunaxis will become EIEL’s step-down subsidiary.</p>
<p>The first quarter of 2025 <a href="https://www.mercomindia.com/solar-corporate-funding-in-q1-2025-declines-41-as-uncertainty-weighs-on-market" target="_blank" rel="noopener">witnessed</a> 19 mergers and acquisition (M&amp;A) transactions, a 10% decrease from the 21 transactions recorded in the same quarter last year. Solar downstream companies led M&amp;A activity with 16 transactions, one each for the balance of system, materials, and service provider companies, according to Mercom Capital’s Q1 2025 Solar Funding and M&amp;A Report.</p>
<p>Approximately 13.6 GW of solar projects were secured during Q1 2025, compared to 10.8 GW secured in Q1 2024 and 9.4 GW obtained in Q4 2024.</p>


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