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					</table><p>Rooftop solar solutions company <a href="https://www.fujiyamautlsolar.com/" target="_blank" rel="noopener">Fujiyama Power Systems</a>’ board of directors has approved a proposal to set up a 1.2 GW TOPCon solar cell manufacturing facility at its Ratlam plant in Madhya Pradesh for an estimated investment of ₹3.5 billion (~$36.48 million).</p>
<p>The investment will be funded through a combination of debt and internal accruals.</p>
<p>With the new TOPCon facility, Fujiyama aims to strengthen its integrated manufacturing capabilities across the solar value chain. It is also a part of the company’s backward integration and technology upgradation plans.</p>
<p>The TOPCon facility is expected to commence commercial operations in the first quarter of the financial year 2028.</p>
<p>The solar cell expansion is aimed at cutting cost volatility, ensuring the timely availability of domestic content requirement (DCR)-compliant cells, improving gross margins, and enhancing Fujiyama’s competitive position in the business-to-consumer rooftop solar market.</p>
<p>Fujiyama expects the implementation of the Approved List of Models and Manufacturers List-II for solar cells from June 1, 2026, to accelerate demand for DCR-compliant panels and cells.</p>
<p>This May, Fujiyama <a href="https://www.mercomindia.com/fujiyama-commissions-2-gw-solar-module-manufacturing-plant-in-madhya-pradesh" target="_blank" rel="noopener">commissioned</a> a 2,000 MW module manufacturing facility in Ratlam. In addition to solar modules, the facility will manufacture batteries and inverters.</p>
<p>The company also <a href="https://www.mercomindia.com/fujiyama-commissions-1-gw-solar-cell-facility-in-uttar-pradesh" target="_blank" rel="noopener">commissioned</a> 1 GW of Mono PERC solar cell capacity in Dadri, Uttar Pradesh.</p>
<p>In April, Fujiyama <a href="https://www.mercomindia.com/fujiyama-power-to-acquire-31-stake-in-two-solar-component-firms" target="_blank" rel="noopener">approved</a> the acquisition of an additional 31% equity stake in Zayo Energy and Zayo Cables. Delhi-based Zayo Energy manufactures solar panel components, including ethylene vinyl acetate sheets, junction boxes, and backsheets. Zayo Cables manufactures electrical and electronic wires and cables, including insulated wires made of steel, copper, and aluminum.</p>
<p>Last November, Fujiyama <a href="https://www.mercomindia.com/fujiyama-power-systems-debuts-on-bourses-after-strong-response-to-ipo" target="_blank" rel="noopener">debuted</a> on the BSE and the National Stock Exchange after its initial public offering of ₹8.28 billion (~$93.5 million) was oversubscribed 2.14 times.</p>
<p>India <a href="https://www.mercomindia.com/india-added-119-gw-solar-module-and-9-gw-cell-capacity-in-2025?" target="_blank" rel="noopener">added</a> nearly 119 GW of solar module and over 9 GW of solar cell capacity in 2025, according to Mercom India’s State of Solar PV Manufacturing in India 2026 report.</p>


Fujiyama to Set Up 1.2 GW Solar Cell Manufacturing Plant in Madhya Pradesh


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					</table><p>Rooftop solar solutions company <a href="https://www.fujiyamautlsolar.com/" target="_blank" rel="noopener">Fujiyama Power Systems</a> has commissioned a 2,000 MW solar module manufacturing facility in Ratlam, Madhya Pradesh.</p>
<p>In addition to solar modules, the facility will manufacture batteries and inverters.</p>
<p>The facility is part of Fujiyama’s large-scale greenfield manufacturing expansion project. With this project, the company aims to strengthen its integrated solar manufacturing capabilities.</p>
<p>According to Fujiyama, the manufacturing facility will initially have an annual capacity of approximately 1,000 MW under single-shift operation, with a planned gradual, phased ramp-up. The manufacturing capacity is expected to ramp up through double-shift operations, achieving full capacity utilization by the fourth quarter (Q4) of the financial year (FY) 2027.</p>
<p>After commissioning the Ratlam facility, the company’s total solar module manufacturing capacity increased to 3,568 MW.</p>
<p>Commissioning timelines for the power electronics and battery manufacturing capacities at the new facility were delayed due to Fujiyama&#8217;s incorporation of advancements in lithium-ion battery technology to maintain the products’ relevance and competitiveness. Certain geopolitical developments also affected the supply timelines during the product execution phase.</p>
<p>Fujiyama stated that such issues were largely addressed, with the facility already receiving the necessary machinery for the inverter manufacturing line, which is scheduled to be commissioned in Q1 FY 2027. It has ordered machinery for the battery manufacturing line, with commissioning scheduled for Q2 FY 2027.</p>
<p>The company has also <a href="https://www.mercomindia.com/fujiyama-commissions-1-gw-solar-cell-facility-in-uttar-pradesh" target="_blank" rel="noopener">commissioned</a> 1 GW of Mono PERC solar cell capacity in Dadri, Uttar Pradesh. An additional 1.2 GW of TOPCon solar cell capacity is under expansion.</p>
<p>This April, Fujiyama <a href="https://www.mercomindia.com/fujiyama-power-to-acquire-31-stake-in-two-solar-component-firms" target="_blank" rel="noopener">approved</a> the acquisition of an additional 31% equity stake in Zayo Energy and Zayo Cables. Delhi-based Zayo Energy manufactures solar panel components, including ethylene vinyl acetate sheets, junction boxes, and backsheets. Zayo Cables manufactures electrical and electronic wires and cables, including insulated wires made of steel, copper, and aluminum.</p>
<p>Last November, Fujiyama <a href="https://www.mercomindia.com/fujiyama-power-systems-debuts-on-bourses-after-strong-response-to-ipo" target="_blank" rel="noopener">debuted</a> on the BSE and the National Stock Exchange after its initial public offering of ₹8.28 billion (~$93.5 million) was oversubscribed 2.14 times.</p>


Fujiyama Commissions 2 GW Solar Module Manufacturing Plant in Madhya Pradesh


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					</table><p>Rooftop solar solutions and products company, <a href="https://www.fujiyamautlsolar.com/" target="_blank" rel="noopener">Fujiyama Power Systems</a>, has approved the acquisition of an additional 31% equity stake in Zayo Energy and Zayo Cables.</p>
<p>Delhi-based Zayo Energy manufactures solar panel components, including ethylene vinyl acetate sheets, junction boxes, and backsheets. Zayo Cables manufactures electrical and electronic wires and cables, including insulated wires made of steel, copper, and aluminum.</p>
<p>The acquisition is expected to be completed within 30 days.</p>
<p>Fujiyama currently holds a 19% stake in each of the two firms. After acquiring the additional 31% stake, its total shareholding in both Zayo Energy and Zayo Cables will increase to 50%.</p>
<p>Fujiyama will acquire additional shares in each company for ₹31,000 (~$329). The transaction will be executed through cost consideration.</p>
<p>In January 2026, Fujiyama Power <a href="https://www.mercomindia.com/fujiyama-commissions-1-gw-solar-cell-facility-in-uttar-pradesh" target="_blank" rel="noopener">commissioned</a> a 1 GW solar cell manufacturing facility in Dadri, Uttar Pradesh. The facility, developed with a total investment of ₹3 billion (~$32.7 million), manufactures Mono PERC solar cells that meet the domestic content requirement.</p>
<p>Last year, the company <a href="https://mercomindia.com/fujiyama-power-systems-debuts-on-bourses-after-strong-response-to-ipo" target="_blank" rel="noopener">debuted</a> on the BSE and the National Stock Exchange after its initial public offering of ₹8.28 billion (~$93.5 million) was oversubscribed 2.14 times.</p>
<p>Fujiyama said it plans to utilize proceeds from the fresh issue portion of the IPO, amounting to ₹2.5 billion (~$29.20 million), to establish a module manufacturing facility in Ratlam, Madhya Pradesh, ₹3 billion (~$35.05 million) to repay outstanding borrowings, and the rest for general corporate purposes.</p>
<p>The company operates three manufacturing facilities. At its Greater Noida facility in Uttar Pradesh, it produces solar modules with a capacity of 439 MW, inverters and electronics with a capacity of 1,143 MW, e-rickshaw chargers, and lithium-ion batteries with a capacity of 45 MWh.</p>
<p>Its Parwanoo facility in Himachal Pradesh produces solar power conditioning units and uninterruptible power supplies. Its Bawal facility in Haryana produces tubular batteries with a capacity of 1,318 MWh.</p>
<p>In its draft red herring prospectus, Fujiyama said it plans to add 600 MW of solar module manufacturing capacity, 600 MW of solar inverter manufacturing capacity, and 500 MWh of Li-ion battery manufacturing capacity at its Greater Noida facility.</p>


Fujiyama Power To Acquire 31% Stake in Two Solar Component Firms


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					</table><p>Solar energy solutions provider <a href="https://www.utlsolarfujiyama.com/" target="_blank" rel="noopener">Fujiyama Power Systems</a> (UTL Solar) has announced the commissioning of a 1 GW solar cell manufacturing facility in Dadri, Uttar Pradesh.</p>
<p>The facility, which will manufacture Mono PERC Domestic Content Requirement (DCR) solar cells, has been developed with a total investment of ₹3 billion (~$32.7 million).</p>
<p>The Mono PERC DCR solar cells manufactured at the new facility are intended to address the demand driven by government subsidy-linked rooftop solar programs that require domestic content.</p>
<p>The newly commissioned solar cell capacity will be used entirely for captive consumption to support its panel manufacturing operations. By bringing solar cell production in-house, Fujiyama aims to reduce dependence on imported cells, improve supply reliability, and gain tighter control over costs.</p>
<p>Fujiyama said the investment in the facility has been funded through a mix of internal accruals and debt.</p>
<p>Chairman and Managing Director Pawan Kumar Garg said, “As our business is primarily focused on the domestic market with negligible export exposure, this integrated facility also insulates us from global trade uncertainties and tariff-related disruptions.”</p>
<p>Fujiyama Power Systems offers more than 500 stock-keeping units across solar panels, inverters, lithium and tubular batteries, chargers, and power-electronics systems. The company currently operates a total solar module manufacturing capacity of 1.6 GW, of which 1.2 GW is located at Dadri.</p>
<p>The company operates three manufacturing facilities. In the Greater Noida facility in Uttar Pradesh, the company produces solar modules (368 MW), inverters and electronics (1,084 MW), E-rickshaw charger (334 MW), and lithium-ion batteries (545 MWh).</p>
<p>It also operates four manufacturing facilities across Himachal Pradesh, Uttar Pradesh, and Haryana, and is expanding an integrated solar power generating system at Ratlam in Madhya Pradesh.</p>
<p>In November 2025, Fujiyama Power Systems <a href="https://www.mercomindia.com/fujiyama-power-systems-debuts-on-bourses-after-strong-response-to-ipo" target="_blank" rel="noopener">debuted</a> on the BSE and the National Stock Exchange after its initial public offering of ₹8.28 billion (~$93.5 million) was oversubscribed 2.14 times.</p>
<p>The company <a href="https://www.mercomindia.com/fujiyama-raise-funds-ipo" target="_blank" rel="noopener">filed</a> its draft red herring prospectus for its IPO in December 2024.</p>


Fujiyama Commissions 1 GW Solar Cell Facility in Uttar Pradesh


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-neovolta-to-secure-13-million-in-private-placement-financing/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>NeoVolta, a U.S.-based energy storage solutions provider, has <a href="https://mercomcapital.com/neovolta-to-secure-private-placement-financing/" target="_blank" rel="noopener">entered</a> into agreements for $13 million in private placement financing led by Infinite Grid Capital (IGC).</strong> The funding is structured to offer both immediate and future capital support for the company’s planned domestic manufacturing initiative and will be used to accelerate growth. A significant portion of the funding is allocated to advance this initiative, under a memorandum of understanding with third parties, to establish and operate a battery energy storage manufacturing plant in Georgia.</p>
<p><strong>Moment Energy, an electric vehicle battery repurpose company, has </strong><a href="https://mercomcapital.com/moment-energy-secures-5-million-in-debt-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $5 million in growth financing from TD Innovation Partners, the innovation banking division of The Toronto-Dominion Bank.</strong> The company will use the funds to accelerate the repurposing of lithium-ion batteries into safe, high-performance, and compliant energy storage systems for commercial, industrial, and utility applications. To meet the growing domestic demand for its Luna BESS, the company plans to boost production.</p>
<p><strong>EQORE, a distributed battery storage company, has </strong><a href="https://mercomcapital.com/eqore-raises-million-seed-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $1.7 million in an oversubscribed seed funding round.</strong> The round saw participation from Massachusetts Clean Energy Center, Henry Ford III of Ford Motor Company, and Jonathan Kraft of The Kraft Group. It also included investors such as industry operators Andrew Slifka, Mitch Coddington, and the Betti family, led by Nicholas Betti. Veteran entrepreneur Luke Merrow and tech executives Kent Helfrich and Kristin Welch, via Pointe Angels. The funding is intended to help the company expand its team and accelerate deployments at its manufacturing facilities.</p>
<p><strong>Rooftop solar solutions and products company Fujiyama Power Systems </strong><a href="https://www.mercomindia.com/fujiyama-power-systems-debuts-on-bourses-after-strong-response-to-ipo" target="_blank" rel="noopener"><strong>debuted</strong></a><strong> on the Indian stock exchanges after its initial public offering (IPO) of ₹8.28 billion (~$93.5 million)</strong> was oversubscribed 2.14 times. The price band was set at ₹216(~$2.4) to ₹228(~$2.6) per equity share, with a face value of ₹1(~$0.11). The IPO saw bids for 56 million shares, exceeding the 26 million shares on offer. Qualified institutional buyers led the demand, with a subscription rate of 5.15 times, followed by the employee-reserved portion at 1.47 times, and retail individual investors at 100%.</p>
<p><strong>AMPYR Distributed Energy (ADE), an investor in renewable energy solutions and part of the AGP Group, has </strong><a href="https://mercomcapital.com/ampyr-distributed-energy-acquires-shawton-energy/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of Shawton Energy</strong>, a company that provides fully-funded solar energy solutions to U.K. businesses. The acquisition is expected to strengthen ADE’s position in the U.K. distributed energy market, further expanding its customer base and operational capabilities through Shawton’s experience and commercial relationships.</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’s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-sedgeley-solar-group-raises-60-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: NeoVolta to Secure $13 Million


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					</table><p>Noida-based rooftop solar solutions and products company <a href="https://www.fujiyamautlsolar.com/" target="_blank" rel="noopener">Fujiyama Power Systems</a> debuted on the BSE and National Stock Exchange after its initial public offering (IPO) of ₹8.28 billion (~$93.5 million)was oversubscribed 2.14 times.</p>
<p>The price band was set at ₹216(~$2.4) to ₹228(~$2.6) per equity share, with a face value of ₹1(~$0.11).</p>
<p>The IPO saw bids for 56 million shares, exceeding the 26 million shares on offer.</p>
<p>Qualified institutional buyers led the demand, with a subscription rate of 5.15 times, followed by the employee-reserved portion at 1.47 times, and retail individual investors at 100%.</p>
<p>The portion allocated to the non-institutional investors was subscribed 0.88 times.</p>
<p>The company <a href="https://www.mercomindia.com/fujiyama-raise-funds-ipo" target="_blank" rel="noopener">filed</a> its draft red herring prospectus for its IPO in December 2024.</p>
<p>The IPO comprised a fresh issue of shares worth up to ₹7 billion (~$81.77 million) and an offer-for-sale of up to 20 million shares.</p>
<p>Fujiyama plans to use the proceeds from the fresh issue amounting to ₹2.5 billion (~$29.20 million) to establish a module manufacturing facility in Ratlam, Madhya Pradesh, ₹3 billion (~$35.05 million) to repay outstanding borrowings, and the rest for general corporate purposes.</p>
<p>The company operates three manufacturing facilities. In the Greater Noida facility in Uttar Pradesh, the company produces solar modules (439 MW), inverters and electronics (1,143 MW), e-rickshaw chargers and lithium-ion (Li-ion) batteries (45 MWh).</p>
<p>Its Parwanoo facility in Himachal Pradesh produces solar power conditioning units and uninterruptible power supplies, and its Bawal facility in Haryana produces tubular batteries (1,318 MWh).</p>
<p>In its DRHP filing, the company disclosed plans to expand its production capacity with a 600 MW solar module manufacturing facility in Dadri, Uttar Pradesh. It also plans to add 600 MW of solar module manufacturing capacity, 600 MW of solar inverter manufacturing capacity, and 500 MWh of Li-ion battery manufacturing capacity at its Greater Noida facility.</p>
<p>The company’s offerings include rooftop solar solutions and the manufacture of solar modules, inverters, and Li-ion batteries. In the electric vehicles segment, the company provides chargers for electric rickshaws and lithium-ion batteries.</p>
<p>It also manufactures solar management units, home power conditioning units, and solar charge controllers.</p>
<p>In September, another Maharashtra-based renewable energy company, GK Energy, <a href="https://www.mercomindia.com/gk-energys-ipo-closes-with-89-62-times-oversubscription" target="_blank" rel="noopener">listed</a> on stock exchanges with its IPO oversubscribed 89.62 times at the end of the bidding window on September 23, 2025.</p>


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