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South Korea Invites Bids for 1 GW Solar Projects

Andhra Pradesh Schools Trim Energy Costs with 3.5 MW Rooftop Solar Program

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					</table>Swiss energy company <a href="https://www.alpiq.com/" target="_blank" rel="noopener">Alpiq</a> has agreed to acquire a 90% stake in <a href="https://harmonyenergy.co.uk/" target="_blank" rel="noopener">Harmony Energy</a>, a developer and operator of grid-scale battery energy storage projects across Europe.
The acquisition will expand Alpiq’s battery storage portfolio and provide access to Harmony Energy’s project development, construction, operations, and asset management capabilities. The companies did not disclose the financial terms or expected completion date.
Post the transaction’s completion, Harmony Energy will continue operating independently under its existing brand. It will retain its employees, organizational structure, and operating model.
Harmony Energy has a multi-gigawatt pipeline of battery storage projects across the U.K., Germany, France, and Poland. The acquisition will add approximately 400 MW of projects under construction to Alpiq’s European battery storage portfolio. The assets include a project in the U.K. that is expected to connect to the grid as early as the third quarter of 2026.
“Partnering with Alpiq marks an exciting new chapter for Harmony Energy. With Alpiq’s financial strength, market expertise and pan-European footprint, we are well positioned to scale our project pipeline while ensuring continuity for our team and partners,” Peter Kavanagh, co-founder and CEO of Harmony Energy. 
Alpiq said the transaction supports its strategy to expand its flexible energy assets and commercial capabilities as European power systems integrate more renewable energy. Battery storage systems absorb electricity when supply exceeds demand and discharge it when additional power is needed.
Alpiq had earlier acquired two battery storage projects from Harmony Energy, including the 100 MW Cheviré project in France.
Harmony Energy has delivered 18 grid-scale battery storage projects with a combined power capacity of more than 700 MW. The company has capabilities in project development, construction, and operating asset management.
Harmony Energy may also continue selling selected projects or operating assets to third-party investors, a model it has used for some projects.
Alpiq said the projects under construction and Harmony Energy’s development pipeline would support its plans to build and operate a multi-gigawatt battery storage portfolio in Europe.
According to Mercom’s Q1 2026 Funding and M&amp;A for Energy Storage <a href="https://mercomcapital.com/product/q1-2026-funding-ma-report-energy-storage/" target="_blank" rel="noopener">report</a>, corporate M&amp;A activity increased, with seven companies acquired in the first quarter of 2026 compared to only one in Q1 2025.
In July 2026, Royal Vopak, a company that owns and operates infrastructure for the storage and handling of liquids and gases, <a href="https://mercomcapital.com/royal-vopak-acquires-majority-stake-in-green-energy-storage/" target="_blank" rel="noopener">acquired</a> a 79% stake in Green Energy Storage and took a final investment decision for a 200 MW/800 MWh battery energy storage project in Oosterhout, The Netherlands.

Alpiq to Acquire 90% Stake in Battery Storage Developer Harmony Energy

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-origis-energy-secures-118-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Origis Energy, a solar project developer, <a href="https://mercomcapital.com/origis-energy-secures-118-million-for-project-in-california/" target="_blank" rel="noopener">secured</a> $118 million in tax equity financing from RBC Community Investments, syndicator of renewable energy tax credits for the Chalan Solar + Storage project in Kern County, California. The project consists of a 65 MWac solar system along with a 25 MW/100 MWh battery energy storage system. Origis Energy is constructing the project and will own and operate it, with commercial operation expected in Q4 2026.
Baltic Renewable Energy Platform OÜ, a joint venture set up by Mirova – an affiliate of Natixis Investment Managers and Estonia’s renewable energy project developer Evecon, <a href="https://mercomcapital.com/baltic-renewable-energy-secures-46-million-bess-project/" target="_blank" rel="noopener">secured</a> additional funding in the amount of approximately €40 million (~$46 million) from Swedbank. The financing will support the development and construction of a 55 MW/250 MWh battery energy storage system with a co-located 77.5 MW Kirikmäe solar project located in Estonia, which was commissioned in October 2024.
Harmony Energy, a utility-scale energy storage project developer, has <a href="https://mercomcapital.com/harmony-energy-secures-financing-for-3-gw-bess-pipeline-in-germany/" target="_blank" rel="noopener">secured</a> a development financing facility from Navigator Energy Debt Finance, a Triple Point-managed partnership. The funding is expected to support the development of 3 GW of battery energy storage system assets in Germany, with the three-year facility funding a portfolio of late-stage projects across both transmission and distribution-level connections to accelerate grid-scale storage capacity.
Qualitas Energy, an investment firm specializing in renewable energy, energy transition, and sustainable infrastructure, has <a href="https://mercomcapital.com/qualitas-energy-acquires-376-mw-solar-project-portfolio-in-poland/" target="_blank" rel="noopener">announced</a> the acquisition of a portfolio of nine operational solar photovoltaic projects in Poland. The portfolio, with a total installed capacity of 376 MWp, which generates over 400 GWh of clean energy annually, has been acquired from a joint venture between Better Energy and Industriens Pension. All assets were developed and constructed by Better Energy and reached commercial operation between 2021 and 2024.
French-based utility firm ENGIE has <a href="https://mercomcapital.com/engie-acquires-1-1-gwh-battery-storage-projects-in-spain/" target="_blank" rel="noopener">acquired</a> two battery energy storage system (BESS) projects in Spain with a combined capacity of 278 MW/1.1 GWh. The financial details of the acquisition were not disclosed. The acquired projects are located in Andalusia, including a 78 MW/312 MWh project in Álora and a 200 MW/800 MWh project in Tarifa. Both projects will incorporate synchronous condenser technology, enabling grid stabilization through inertia support and reactive power absorption or injection.
Energy Vault, a provider of grid-scale energy storage solutions, <a href="https://mercomcapital.com/energy-vault-acquires-850-mw-energy-storage-portfolio-in-japan/" target="_blank" rel="noopener">announced</a> its formal entry into the Japanese market through a binding agreement to acquire a pipeline of Battery Energy Storage System projects from a leading domestic energy storage developer. The acquired portfolio consists of 350 MW of advanced-stage BESS projects and also includes 500 MW of early-stage BESS projects.
Palisade Investment Partners, an independent global infrastructure and real assets manager, has <a href="https://mercomcapital.com/palisade-acquire-960-mwh-summerfield-battery-storage-project/" target="_blank" rel="noopener">signed</a> an agreement with Copenhagen Infrastructure Partners, a global fund manager, to acquire a 100% ownership interest in the Summerfield battery energy storage system. Located approximately 50 km east of Adelaide, South Australia, the Summerfield BESS project has a capacity of 240 MW/960 MWh.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week’s project finance <a href="https://www.mercomindia.com/project-finance-brief-dimension-closes-650m-project-financing" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Origis Energy Secures $118 Million

<a href="https://www.alpiq.com/" target="_blank" rel="noopener">Alpiq</a>, a Switzerland-based electricity producer, announced the acquisition of the 100 MW/200 MWh battery energy storage project located in the department of Oise, north of Paris, France from Harmony Energy, a renewable energy project developer.
The project is expected to be commissioned in autumn 2026. Once operational, it will supply electricity to 1,70,000 households for two hours. The financial details of the acquisition were not disclosed.
The company is expanding its portfolio in its core markets as part of its strategy and plans further investments in battery storage. In June, the company also announced the acquisition of a 30 MW battery energy storage project in Valkeakoski in southern Finland, which is scheduled to commence operation in the summer of 2025.
Alpiq is planning further acquisitions of battery storage projects in France, Switzerland, Germany, and the Nordics.
&#8220;The investment in this battery energy storage system in France signals a clear commitment from Alpiq. On the one hand, it underlines the strategy of expanding our flexible asset portfolio in our core markets to enable the integration of variable renewable energy and through that the energy transition,&#8221; said Lukas Gresnigt, Head of International and Member of the Executive Board of Alpiq. &#8220;On the other hand, the investment is a further commitment to expansion of our position in France, a core market for Alpiq where we have a strong position in supplying energy to commercial and industrial customers,&#8221; he added.
According to Mercom’s 9M and Q3 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-and-q3-2024-funding-and-ma-report-for-storage-and-grid/" target="_blank" rel="noopener">Report</a> for Energy Storage and Smart Grid, in 9M 2024, there were 22 energy storage project M&amp;A transactions (one disclosed) compared to 22 transactions (four disclosed) in 9M 2023.
Earlier in November, Field, an energy storage project developer, announced the <a href="https://cms.mercomindia.com/field-acquires-200-mw-800-mwh-battery-storage-project-in-the-uk/" target="_blank" rel="noopener">acquisition</a> of the 200 MW/800 MWh Hartmoor battery storage project near Hartlepool, England, U.K., from independent project developer Clearstone Energy.

Alpiq Acquires 100 MW/200 MWh Battery Storage Project in France

<a href="https://hecategrid.com/" target="_blank" rel="noopener">Hecate Grid</a>, an independent power producer (IPP) that develops, owns, and operates standalone storage projects in the U.S., closed a four-year $125 million Letter of Credit facility with Mitsubishi UFJ Financial Group (MUFG).
This funding will finance the interconnection and offtake company’s project portfolio of more than 30 standalone energy storage projects. The company also has an active project pipeline of over six gigawatts of energy storage projects in development across the U.S.
&#8220;Hecate Grid is committed to deploying energy storage that enables the transition to zero-carbon electricity while sustaining the reliability of the power grid,&#8221; said John Bonner, Hecate Grid&#8217;s Head of Finance. &#8220;The financial resources provided by MUFG will substantially augment Hecate Grid&#8217;s ongoing growth program.&#8221;
Launched in 2018, Hecate Grid is jointly owned by international infrastructure asset manager InfraRed Capital Partners Limited and Hecate Energy.
This year, Hecate Energy <a href="https://cms.mercomindia.com/hecate-energy-secures-support-renewables-expansion/" target="_blank" rel="noopener">closed</a> a five-year $550 million credit facility package, including a $250 million term loan and a $300 million letter of credit facility, to expand its solar and energy storage project pipeline.
Macquarie Capital served as financial advisor to Hecate Grid. Millbank acted as borrowers&#8217; legal counsel, and Paul Hastings acted as lenders&#8217; counsel.
According to Mercom’s Q1 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">report</a> for Storage &amp; Smart Grid, announced debt and public market financing in the energy storage sector totaled $10.5 billion in six deals, increased 855% year-over-year compared to Q1 2023, when $1.1 billion was raised in eight deals.
Harmony Energy, a utility-scale energy storage project developer, <a href="https://cms.mercomindia.com/harmony-energy-secures-credit-facility/" target="_blank" rel="noopener">secured</a> a £10 million (~$12.5 million) credit facility from Triodos Bank U.K. to support the development of new projects and its expansion across Europe.

Hecate Grid Secures $125 Million Credit Facility to Finance Energy Storage Project Portfolio

Pine Gate Renewables, a solar project developer, <a href="https://cms.mercomindia.com/pine-gate-renewables-secures-capital-funding/" target="_blank" rel="noopener">secured</a> a $650 million investment from Generate Capital, the Healthcare of Ontario Pension Plan, and HESTA. The transaction extends Generate Capital’s existing partnership with Pine Gate and brings new institutional investors to the solar developer’s platform. The investment aims to expedite Pine Gate&#8217;s efforts as a developer, owner, and operator of clean energy projects and facilitate financing an additional 3 GW of clean energy infrastructure by 2025.
AdaniConneX, a data center solutions provider and a joint venture between Adani Enterprises and EdgeConneX, has established sustainability-linked financing to <a href="https://www.mercomindia.com/adaniconnex-green-financing-data-centers" target="_blank" rel="noopener">raise</a> $1.44 billion to fund its renewable-powered data centers and enable digital infrastructure growth in the country. The company said the upcoming data center facilities would leverage technologies and renewable energy solutions to minimize the ecological footprint while optimizing operational efficiency.
Agilitas Energy, a developer, builder, owner, and operator of distributed energy storage and solar projects, announced the <a href="https://cms.mercomindia.com/solar-and-storage-developer-agilitas-energy-secures-funding/" target="_blank" rel="noopener">closing</a> of $100 million in debt financing to fund its growth and continued national expansion. Nomura Securities International acted as the sole bookrunner and lead arranger. Nomura Corporate Funding Americas acted as an administrative agent on the deal, which may be further upsized to $200 million upon the completion of certain projects.
Exowatt, a provider of thermal energy solutions for data centers, <a href="https://cms.mercomindia.com/exowatt-secures-20-million-for-addressing-data-center-energy-requirements/" target="_blank" rel="noopener">secured</a> $20 million in a seed funding round from a16z, Atomic, and Open AI’s Sam Altman to capitalize on the booming demand of the AI market, which is escalating the energy costs for data centers. With the recent funding secured, the company plans to bolster its team and introduce the Exowatt P3 to its initial roster of data center customers.
Harmony Energy, a utility-scale energy storage project developer, <a href="https://cms.mercomindia.com/harmony-energy-secures-credit-facility/" target="_blank" rel="noopener">secured</a> a £10 million (~$12.5 million) credit facility from Triodos Bank UK to support the development of new projects and its expansion across Europe. The new facility is the bank’s first UK loan to the standalone energy storage sector. Currently, the company has 516 MW/1.032 GWh of BESS operational capacity. Harmony has a global pipeline of over 11 GW, of which 268 MW/536 MWh is under construction.
Terra One, a startup specializing in grid-connected battery energy storage solutions, <a href="https://cms.mercomindia.com/terra-one-secures-in-seed-financing/" target="_blank" rel="noopener">secured</a> $7.5 million in seed funding, led by PT1, an early-stage venture capital firm specializing in real asset technologies, and neosfer, an early-stage investor associated with Commerzbank. Other participants include 468 Capital, N26 cofounder Maximilian Tayenthal, as well as the scout funds of renowned entities like Andreessen Horowitz and Hedosophia. The company intends to strategically utilize the funds to bolster its team, particularly by hiring skilled engineers and project finance experts.
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-ma-roundup-ev-charging-firm-swtch-raises-27-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Pine Gate Renewables Secures $650 Million

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-pine-gate-renewables-secures-650-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Pine Gate Renewables, a solar project developer, <a href="https://mercomcapital.com/pine-gate-renewables-secures-capital-funding/" target="_blank" rel="noopener">secured</a> a $650 million investment from Generate Capital, the Healthcare of Ontario Pension Plan, and HESTA. The transaction extends Generate Capital’s existing partnership with Pine Gate and brings new institutional investors to the solar developer’s platform. The investment aims to expedite Pine Gate&#8217;s efforts as a developer, owner, and operator of clean energy projects and facilitate financing an additional 3 GW of clean energy infrastructure by 2025.
AdaniConneX, a data center solutions provider and a joint venture between Adani Enterprises and EdgeConneX, has established sustainability-linked financing to <a href="https://www.mercomindia.com/adaniconnex-green-financing-data-centers" target="_blank" rel="noopener">raise</a> $1.44 billion to fund its renewable-powered data centers and enable digital infrastructure growth in the country. The company said the upcoming data center facilities would leverage technologies and renewable energy solutions to minimize the ecological footprint while optimizing operational efficiency.
Agilitas Energy, a developer, builder, owner, and operator of distributed energy storage and solar projects, announced the <a href="https://mercomcapital.com/solar-and-storage-developer-agilitas-energy-secures-funding/" target="_blank" rel="noopener">closing</a> of $100 million in debt financing to fund its growth and continued national expansion. Nomura Securities International acted as the sole bookrunner and lead arranger. Nomura Corporate Funding Americas acted as an administrative agent on the deal, which may be further upsized to $200 million upon the completion of certain projects.
Exowatt, a provider of thermal energy solutions for data centers, <a href="https://mercomcapital.com/exowatt-secures-20-million-for-addressing-data-center-energy-requirements/" target="_blank" rel="noopener">secured</a> $20 million in a seed funding round from a16z, Atomic, and Open AI’s Sam Altman to capitalize on the booming demand of the AI market, which is escalating the energy costs for data centers. With the recent funding secured, the company plans to bolster its team and introduce the Exowatt P3 to its initial roster of data center customers.
Harmony Energy, a utility-scale energy storage project developer, <a href="https://mercomcapital.com/harmony-energy-secures-credit-facility/" target="_blank" rel="noopener">secured</a> a £10 million (~$12.5 million) credit facility from Triodos Bank UK to support the development of new projects and its expansion across Europe. The new facility is the bank’s first UK loan to the standalone energy storage sector. Currently, the company has 516 MW/1.032 GWh of BESS operational capacity. Harmony has a global pipeline of over 11 GW, of which 268 MW/536 MWh is under construction.
Terra One, a startup specializing in grid-connected battery energy storage solutions, <a href="https://mercomcapital.com/terra-one-secures-in-seed-financing/" target="_blank" rel="noopener">secured</a> $7.5 million in seed funding, led by PT1, an early-stage venture capital firm specializing in real asset technologies, and neosfer, an early-stage investor associated with Commerzbank. Other participants include 468 Capital, N26 cofounder Maximilian Tayenthal, as well as the scout funds of renowned entities like Andreessen Horowitz and Hedosophia. The company intends to strategically utilize the funds to bolster its team, particularly by hiring skilled engineers and project finance experts.
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&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-ev-charging-swtch-raises-27-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://harmonyenergy.co.uk/" target="_blank" rel="noopener">Harmony Energy,</a> a utility-scale energy storage project developer, secured a £10 million (~$12.5 million) credit facility from Triodos Bank U.K. to support the development of new projects and its expansion across Europe. The new facility is the bank’s first U.K. loan to the standalone energy storage sector.
Peter Kavanagh, CEO at Harmony Energy, said: “Having their support will strengthen our goals of developing and operating vital battery energy storage facilities across the U.K. and Europe, which, in turn, leads to enhanced energy security, more affordable energy bills, and supports the decarbonization of the grid.”
Currently, the company has 516 MW/1.032 GWh of BESS operational capacity. Harmony has a global pipeline of over 11 GW, of which 268 MW/536 MWh is under construction.
Chris Cullen, senior relationship manager at Triodos Bank U.K., added: “Flexible technologies, like batteries, form a key part of the U.K.’s energy system transition to net zero. They not only support the integration of more low-carbon power, heat, and transport technologies but are also vital for a renewable energy system to become a reliable alternative to the fossil fuel-based system. As a sustainable bank, a key focus of our lending over the next decade will be on projects like this that work towards a future of reliable, clean energy.”
According to Mercom’s recently released Q1 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">report</a> for Storage &amp; Smart Grid. In Q1 2024, announced debt and public market financing in the Energy Storage sector totaled $10.5 billion in six deals, increased 855% YoY compared to Q1 2023, when $1.1 billion was raised in eight deals.
Last Year, Statera Energy, a U.K.-based energy storage and flexible generation developer and operator, <a href="https://cms.mercomindia.com/energy-storage-developer-statera-energy-secures-debt-funding/" target="_blank" rel="noopener">secured</a> up to £300 million (~$377 million) in debt financing led by Lloyds Bank. The balance will fund the development of a 270 MW flexible generation plant, which secured a capacity market contract in that year.

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