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HELIUP, a solar module manufacturer for large rooftops of commercial and industrial buildings, <a href="https://cms.mercomindia.com/solar-module-manufacturer-heliup-raises-19-million-in-funding/" target="_blank" rel="noopener">closed</a> a €16 million (~$19 million) funding round. Supernova Invest led the funding round. Supernova Invest led the funding round, alongside new investors including MAIF Impact, Lita Gestion, C2AD, as well as existing partners Starquest Capital and BNP Paribas Développement. Avolta Partners supported HELIUP in structuring and implementing the transaction.
Energy Vault, a utility-scale energy storage project developer, <a href="https://cms.mercomindia.com/energy-vault-closes-150-million-convertible-senior-notes/" target="_blank" rel="noopener">announced</a> the closing of an upsized $150 million financing in convertible senior notes against the initially announced $125 million offering. According to Energy Vault, the transaction will enhance the company’s liquidity and financial flexibility while supporting its strategic expansion into higher-margin infrastructure verticals.
Photoncycle, a hydrogen-based energy storage solutions provider, <a href="https://cms.mercomindia.com/energy-storage-startup-photoncycle-closes-17-million/" target="_blank" rel="noopener">raised</a> €15 million (~$17 million) in a Series A funding round, led by NordicNinja, a Japan-backed venture capital fund in Europe, and Voima Ventures, a Nordic venture capital firm. According to the company, the funding will be used to scale manufacturing and support early commercial deployment in Denmark, followed by entry into the Netherlands.
Qnetic, a company developing long-duration flywheel energy storage systems (FESS), <a href="https://cms.mercomindia.com/flywheel-energy-storage-systems-provider-qnetic-raises-5-million/" target="_blank" rel="noopener">raised</a> $5 million in a recent funding round. Combined with a $2.1 million equity crowdfunding campaign completed last year, the company has secured a total of $7.1 million in funding over the past 12 months. According to Qnetic, the newly raised capital will be used to support fitting out its California manufacturing facility for low-volume production of its Q500 FESS.
Torrent Power, a power utility, <a href="https://www.mercomindia.com/torrent-power-issues-non-convertible-debentures-worth-%E2%82%B920-billion" target="_blank" rel="noopener">raised</a> ₹20 billion (~$216.58 million) through private placement of secured, non-convertible debentures (NCDs). The debenture issue comprises 200,000 NCDs, each with a face value of ₹100,000 (~$1,083), carrying a coupon rate of 7.97% per annum. These debentures will be listed on the wholesale debt segment of the National Stock Exchange of India.
Infrastructure debt fund IL&amp;FS Mutual Fund <a href="https://www.mercomindia.com/ilfs-mutual-fund-commits-%E2%82%B91-25-billion-investment-in-hero-solar-energy" target="_blank" rel="noopener">committed</a> an investment of ₹1.25 billion (~$13.63 million) in Hero Solar Energy, part of renewable energy developer Hero Future Energies, to refinance its debt and support the expansion of its renewable projects. Hero Solar Energy will issue secured debentures to IL&amp;FS to facilitate the deployment of long-term capital.
Holyvolt, a renewable energy technology company, completed the <a href="https://cms.mercomindia.com/holyvolt-acquires-wildcat-discovery-technologies/" target="_blank" rel="noopener">acquisition</a> of Wildcat Discovery Technologies, a company developing nickel- and cobalt-free cathode materials for batteries used in energy storage and electric vehicles. The acquisition is expected to combine advanced material development with scalable manufacturing on a single platform.
Exus Renewables North America, an independent owner, developer, and operator of utility-scale renewable energy projects, <a href="https://cms.mercomindia.com/exus-renewables-north-america-acquires-ozone-renewables/" target="_blank" rel="noopener">acquired</a> Ozone Renewables, a U.S.-based renewable company. With this acquisition, Exus added new projects and expertise to its greenfield development team, as well as a pipeline of early-stage projects. This also marks the company’s first organizational acquisition.
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-solv-energy-raises-589-million-through-ipo/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Solar Module Manufacturer HELIUP Raises $19 Million

Treaty Oak Clean Energy, an independent renewable energy power producer, <a href="https://cms.mercomindia.com/treaty-oak-clean-energy-secures-financing-385-mw-solar-projects/" target="_blank" rel="noopener">announced</a> financial closure and commenced construction on two solar projects in Louisiana, the Beekman Solar Project in Morehouse Parish and the Hollis Creek Solar Project in Sabine Parish. Both projects have a total capacity of 385 MW. The Beekman Solar Project closed financing on November 20, 2025, while the Hollis Creek Solar Project closed on December 19, 2025. Both projects are expected to begin commercial operations in the first half of 2027.
Anesco, a U.K.-based renewable energy developer, <a href="https://cms.mercomindia.com/anesco-acquires-36-mw-beachampton-solar-project/" target="_blank" rel="noopener">announced</a> the acquisition of the 36 MW Beachampton solar project from One Planet Developments, a large-scale solar and battery storage project developer. The project was developed by One Planet Developments in partnership with Viridi Re Development, Solar Ambition Europe, and the landowner Kingwell. The project has already secured planning permission from Buckinghamshire Council on January 12, 2024, and is due to connect to National Grid Electricity Distribution in early 2027.
Altus Power, an independent developer, owner, and operator of commercial-scale solar projects, <a href="https://cms.mercomindia.com/altus-power-acquires-12-mw-of-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> the acquisition of a 12 MW solar project portfolio from Hecate Energy, a renewable energy project developer. The solar projects are already operational and are located across Florida, Georgia, Maryland, and Rhode Island, supporting a broad range of enterprise and utility off-takers.
Adapture Renewables, a utility-scale solar and energy storage project developer, <a href="https://cms.mercomindia.com/adapture-renewables-secures-233-million-for-two-solar-projects/" target="_blank" rel="noopener">announced</a> the closing of $233 million in tax equity financing commitments. The financing was secured from U.S. Bank to develop two solar projects within its Titanium portfolio in Illinois and Arkansas. Construction of the Titanium solar projects began in September 2024, and the first projects are expected to reach commercial operation in 2026. Once operational, the portfolio is expected to generate enough electricity to power more than 71,000 homes annually.
Zelestra, a renewable energy project developer, <a href="https://cms.mercomindia.com/zelestra-secures-15-million-financing-for-two-solar-projects/" target="_blank" rel="noopener">secured</a> €13 million (~$15.16 million) senior debt green financing for the development of two solar projects in Italy. The financing package was arranged with BPER, an Italian lender that is also acting as Hedging and Agent Bank. The funding will be used for the development of two solar projects in Italy, the 6.5 MW Ginosa project in Puglia and the 9.5 MW Bellomo project in Sicily.
Exus Renewables North America, an independent owner, developer, and operator of utility-scale renewable energy projects, <a href="https://cms.mercomindia.com/exus-renewables-north-america-secures-400-million-financing/" target="_blank" rel="noopener">announced</a> the closing of a $400 million senior secured corporate credit facility. The funding will be used to develop and expand the company’s wind, solar, and battery portfolio, comprising more than 700 MW of renewable assets in operation or under construction and 4.5 GW in active development, as electricity demand from data centers, manufacturers, and industrial facilities across the U.S. rises.
Click <a href="https://cms.mercomindia.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&#8217;s project finance <a href="https://cms.mercomindia.com/project-finance-brief-serengeti-energy-secures-financing-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Treaty Oak Secures Financing for 385 MW Solar Projects

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-treaty-oak-secures-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
Treaty Oak Clean Energy, an independent renewable energy power producer, <a href="https://mercomcapital.com/treaty-oak-clean-energy-secures-financing-385-mw-solar-projects/" target="_blank" rel="noopener">announced</a> financial closure and commenced construction on two solar projects in Louisiana, the Beekman Solar Project in Morehouse Parish and the Hollis Creek Solar Project in Sabine Parish. Both projects have a total capacity of 385 MW. The Beekman Solar Project closed financing on November 20, 2025, while the Hollis Creek Solar Project closed on December 19, 2025. Both projects are expected to begin commercial operations in the first half of 2027.
Anesco, a U.K.-based renewable energy developer, <a href="https://mercomcapital.com/anesco-acquires-36-mw-beachampton-solar-project/" target="_blank" rel="noopener">announced</a> the acquisition of the 36 MW Beachampton solar project from One Planet Developments, a large-scale solar and battery storage project developer. The project was developed by One Planet Developments in partnership with Viridi Re Development, Solar Ambition Europe, and the landowner Kingwell. The project has already secured planning permission from Buckinghamshire Council on January 12, 2024, and is due to connect to National Grid Electricity Distribution in early 2027.
Altus Power, an independent developer, owner, and operator of commercial-scale solar projects, <a href="https://mercomcapital.com/altus-power-acquires-12-mw-of-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> the acquisition of a 12 MW solar project portfolio from Hecate Energy, a renewable energy project developer. The solar projects are already operational and are located across Florida, Georgia, Maryland, and Rhode Island, supporting a broad range of enterprise and utility off-takers.
Adapture Renewables, a utility-scale solar and energy storage project developer, <a href="https://mercomcapital.com/adapture-renewables-secures-233-million-for-two-solar-projects/" target="_blank" rel="noopener">announced</a> the closing of $233 million in tax equity financing commitments. The financing was secured from U.S. Bank to develop two solar projects within its Titanium portfolio in Illinois and Arkansas. Construction of the Titanium solar projects began in September 2024, and the first projects are expected to reach commercial operation in 2026. Once operational, the portfolio is expected to generate enough electricity to power more than 71,000 homes annually.
Zelestra, a renewable energy project developer, <a href="https://mercomcapital.com/zelestra-secures-15-million-financing-for-two-solar-projects/" target="_blank" rel="noopener">secured</a> €13 million (~$15.16 million) senior debt green financing for the development of two solar projects in Italy. The financing package was arranged with BPER, an Italian lender that is also acting as Hedging and Agent Bank. The funding will be used for the development of two solar projects in Italy, the 6.5 MW Ginosa project in Puglia and the 9.5 MW Bellomo project in Sicily.
Exus Renewables North America, an independent owner, developer, and operator of utility-scale renewable energy projects, <a href="https://mercomcapital.com/exus-renewables-north-america-secures-400-million-financing/" target="_blank" rel="noopener">announced</a> the closing of a $400 million senior secured corporate credit facility. The funding will be used to develop and expand the company’s wind, solar, and battery portfolio, comprising more than 700 MW of renewable assets in operation or under construction and 4.5 GW in active development, as electricity demand from data centers, manufacturers, and industrial facilities across the U.S. rises.
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-serengeti-energy-secures-financing-project/" target="_blank" rel="noopener">brief</a>.

Exus Renewables North America, a utility-scale renewable energy project developer, <a href="https://mercomcapital.com/exus-secures-over-300-million-financing-for-solar-and-wind-portfolio/" target="_blank" rel="noopener">announced</a> the closing of $308.2 million financing for a portfolio of solar and wind energy projects in the U.S. The portfolio comprises the 185 MW Zia Solar Power solar portfolio, located in New Mexico, and the 169 MW Keystone wind project portfolio in Pennsylvania.
ENGIE North America, a Texas-based electric utility, has <a href="https://mercomcapital.com/engie-acquires-over-70-mw-net-energy-metered-solar-projects/" target="_blank" rel="noopener">announced</a> the acquisition of a portfolio of 22 net energy metered solar projects, totaling over 70 MW in Pennsylvania, from Prospect14, a Pennsylvania-based solar project developer. With the acquisition of these projects, ENGIE continues to expand its renewable energy portfolio in the region.
BayWa r.e., a renewable energy project developer, announced the <a href="https://mercomcapital.com/baywa-r-e-sells-60-mw-solar-project-portfolio-in-spain/" target="_blank" rel="noopener">sale</a> of a 60 MWp solar project portfolio in Spain to KGAL Investment Management, an asset manager. The portfolio includes the 50 MWp Gerena II and 10 MWp Chamorro ground-mounted solar projects, both located in the municipality of Guillena, Seville. Both projects have reached commercial operation in the second quarter of 2025 and are expected to generate approximately 125 GWh of clean electricity annually.
Renalfa IPP, a renewable energy independent power producer, <a href="https://mercomcapital.com/renalfa-ipp-secures-over-369-million-holdco-financing-led-by-ebrd/" target="_blank" rel="noopener">closed</a> €315 million (~$369.95 million) Holdco financing from a consortium of lenders, including the European Bank for Reconstruction and Development. The funding will accelerate Renalfa IPP’s green energy transition in Central and Eastern Europe. The financing will support a €1.2 billion (~$1.4 billion) investment program for the company’s portfolio
Cambridge Power, a UK-based company specializing in the planning and development of grid-scale energy storage and renewable energy projects, <a href="https://mercomcapital.com/agr-renewables-acquires-cambridge-powers-solar-and-battery-storage-project/" target="_blank" rel="noopener">announced</a> the sale of a 70 MW solar and 100 MW Battery Energy Storage System facility located near Eaton Socon in Bedfordshire to AGR Renewables, a renewable energy project developer. The projects comprise a 70 MW solar with a 50 MW co-located battery energy storage system, and a standalone 50 MW battery storage system.
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&#8217;s project finance <a href="https://mercomcapital.com/project-finance-brief-recurrent-energy-secures-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Exus Secures $300 Million for Solar-Wind Portfolio

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-exus-secures-solar-wind-portfolio/" target="_blank" rel="noopener">Mercom Capital Group</a>
Exus Renewables North America, a utility-scale renewable energy project developer, <a href="https://mercomcapital.com/exus-secures-over-300-million-financing-for-solar-and-wind-portfolio/" target="_blank" rel="noopener">announced</a> the closing of $308.2 million financing for a portfolio of solar and wind energy projects in the U.S. The portfolio comprises the 185 MW Zia Solar Power solar portfolio, located in New Mexico, and the 169 MW Keystone wind project portfolio in Pennsylvania.
ENGIE North America, a Texas-based electric utility, has <a href="https://mercomcapital.com/engie-acquires-over-70-mw-net-energy-metered-solar-projects/" target="_blank" rel="noopener">announced</a> the acquisition of a portfolio of 22 net energy metered solar projects, totaling over 70 MW in Pennsylvania, from Prospect14, a Pennsylvania-based solar project developer. With the acquisition of these projects, ENGIE continues to expand its renewable energy portfolio in the region.
BayWa r.e., a renewable energy project developer, announced the <a href="https://mercomcapital.com/baywa-r-e-sells-60-mw-solar-project-portfolio-in-spain/" target="_blank" rel="noopener">sale</a> of a 60 MWp solar project portfolio in Spain to KGAL Investment Management, an asset manager. The portfolio includes the 50 MWp Gerena II and 10 MWp Chamorro ground-mounted solar projects, both located in the municipality of Guillena, Seville. Both projects have reached commercial operation in the second quarter of 2025 and are expected to generate approximately 125 GWh of clean electricity annually.
Renalfa IPP, a renewable energy independent power producer, <a href="https://mercomcapital.com/renalfa-ipp-secures-over-369-million-holdco-financing-led-by-ebrd/" target="_blank" rel="noopener">closed</a> €315 million (~$369.95 million) Holdco financing from a consortium of lenders, including the European Bank for Reconstruction and Development. The funding will accelerate Renalfa IPP’s green energy transition in Central and Eastern Europe. The financing will support a €1.2 billion (~$1.4 billion) investment program for the company’s portfolio
Cambridge Power, a UK-based company specializing in the planning and development of grid-scale energy storage and renewable energy projects, <a href="https://mercomcapital.com/agr-renewables-acquires-cambridge-powers-solar-and-battery-storage-project/" target="_blank" rel="noopener">announced</a> the sale of a 70 MW solar and 100 MW Battery Energy Storage System facility located near Eaton Socon in Bedfordshire to AGR Renewables, a renewable energy project developer. The projects comprise a 70 MW solar with a 50 MW co-located battery energy storage system, and a standalone 50 MW battery storage system.
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-recurrent-energy-secures-solar-project/" target="_blank" rel="noopener">brief</a>.

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