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					</table><a href="https://www.mahindrasusten.com/" target="_blank" rel="noopener">Mahindra Susten</a>, the clean-tech platform of the <a href="https://www.mahindra.com/" target="_blank" rel="noopener">Mahindra Group</a>, has achieved financial closure for <a href="https://www.nhpcindia.com/">NHPC</a>’s 300 MW renewable energy project in Rajasthan. The project, developed by Hazel Hybren, a wholly owned subsidiary of Mahindra Susten, secured ₹10.25 billion (~$111.32 million) in financing from <a href="https://www.hdfc.bank.in/" target="_blank" rel="noopener">HDFC Bank</a>.
The project, which will supply power to NHPC, can now move into the next phase of development.
Mahindra Susten continues to expand its renewable portfolio across solar, wind, and hybrid projects to support India’s energy transition.
The company successfully commissioned 560 MW of solar capacity in 2025. These large utility-scale solar power projects mark the first batch of assets developed and commissioned by the company following the sale of 1.54 GW of assets to Sustainable Energy Infra Trust, an infrastructure investment trust co-sponsored by Mahindra Susten, as part of its efficient, capital-light business model in 2024.
The portfolio addition included two strategically located 280 MW solar projects, one in Gujarat and the other in Rajasthan. Both projects operate under 25-year long-term power purchase agreements, supplying electricity to Gujarat Urja Vikas Nigam and Rajasthan Urja Vikas Nigam, respectively.
In addition to the 560 MW commissioned across Gujarat and Rajasthan, Mahindra Susten is continuing to strengthen its renewable energy portfolio. The company is currently developing several large-scale renewable projects in Maharashtra, Punjab, Rajasthan, and Karnataka.
Last October, the company <a href="https://www.mercomindia.com/mahindra-susten-secures-financial-closure-for-45-mw-solar-project-in-punjab" target="_blank" rel="noopener">achieved</a> financial closure for its 45 MW solar power project in Bathinda, Punjab. The project, developed by its subsidiary Neon Hybren, secured ₹1.4 billion (~$15.78 million) in financing from the Export-Import Bank of India under its sustainable finance program.
In March 2025, Mahindra Susten’s subsidiary Illuminate Hybren <a href="https://www.mercomindia.com/adani-sprng-illuminate-and-avaada-win-nhpcs-1-2-gw-hybrid-power-auction" target="_blank" rel="noopener">won</a> a capacity of 240 MW in NHPC’s auction to set up 1,200 MW interstate transmission system-connected wind-solar hybrid power projects with or without energy storage (Tranche -X), quoting a tariff of ₹3.41 (~$0.0391)/kWh.

Mahindra Susten Secures ₹10.25 Billion for 300 MW Renewable Project in Rajasthan

Lilac Solutions, a lithium extraction technology provider, <a href="https://cms.mercomindia.com/lilac-solutions-secures-145-million-series-c-funding/" target="_blank" rel="noopener">raised</a> $145 million in Series C funding, bringing Lilac’s total capital raised to $315 million. The financing was led by Mercuria, Lowercarbon Capital, and Breakthrough Energy Ventures. The funding will be used to support Lilac’s growth plans as the company ramps up the manufacturing capacity of its propriety ion-exchange material and commercial deployment at projects around the world.
HDFC Bank has <a href="https://www.mercomindia.com/hdfc-300-million-bond-issue" target="_blank" rel="noopener">raised</a> $300 million through its first-ever sustainable bond issue, with the proceeds to be used to finance electric vehicles and green loans. The bond, which has a three-year tenure with 95 basis points over the U.S. treasury, is part of an overall raise of $750 million through Regulation S bonds. The bank said the remaining $450 million has been raised for a tenure of five years with over 108 basis points over the U.S. Treasury.
Amperesand, a grid infrastructure solutions provider, <a href="https://cms.mercomindia.com/grid-infrastructure-company-amperesand-secures-12-million/" target="_blank" rel="noopener">announced</a> its $12.45 million Seed financing co-led by Xora Innovation, an early-stage investment platform of Temasek, and Material Impact. They are joined by TDK Ventures, the venture arm of TDK Corporation, and Foothill Ventures. The company specializes in solid-state transformers for applications in multi-megawatt DC fast charging for electric vehicles, microgrids, and data centers.
Solar engineering and consulting firm Gensol Engineering <a href="https://www.mercomindia.com/solar-epc-firm-equity-to-strengthen-its-finances" target="_blank" rel="noopener">raised</a> ₹9 billion (~$108 million) in equity capital through warrants convertible into equity shares on a preferential basis. The equity funding saw participation from international and domestic participants, including the Elara India Opportunity Fund, Aries Opportunities Fund, and Tano Investment Opportunities Fund. This capital raise is subject to the shareholders’ approval at the company’s extraordinary general meeting, which will be held on March 2, 2024.
Swell Energy, an energy management and grid solutions provider, <a href="https://cms.mercomindia.com/swell-energy-acquires-renu-energy-solutions/" target="_blank" rel="noopener">announced</a> the acquisition of Renu Energy Solutions, a company that offers customized residential and commercial solar and energy storage solutions. The combination would bring together a complementary set of operational and technological capabilities as well as a bi-coastal presence to enable the deployment of virtual power plants in key energy markets. The acquisition includes Renu’s solar and storage maintenance subsidiary, Sun Service Specialists.
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-battery-manufacturer-northvolt-secures-loan/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Lithium Extraction Firm Lilac Solutions Secures $145 Million

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-lithium-extraction-firm-lilac-solutions-secures/" target="_blank" rel="noopener">Mercom Capital Group</a>
Lilac Solutions, a lithium extraction technology provider, <a href="https://mercomcapital.com/lilac-solutions-secures-145-million-series-c-funding/" target="_blank" rel="noopener">raised</a> $145 million in Series C funding, bringing Lilac’s total capital raised to $315 million. The financing was led by Mercuria, Lowercarbon Capital, and Breakthrough Energy Ventures. The funding will be used to support Lilac’s growth plans as the company ramps up the manufacturing capacity of its propriety ion-exchange material and commercial deployment at projects around the world.
HDFC Bank has <a href="https://www.mercomindia.com/hdfc-300-million-bond-issue" target="_blank" rel="noopener">raised</a> $300 million through its first-ever sustainable bond issue, with the proceeds to be used to finance electric vehicles and green loans. The bond, which has a three-year tenure with 95 basis points over the U.S. treasury, is part of an overall raise of $750 million through Regulation S bonds. The bank said the remaining $450 million has been raised for a tenure of five years with over 108 basis points over the U.S. Treasury.
Amperesand, a grid infrastructure solutions provider, <a href="https://mercomcapital.com/grid-infrastructure-company-amperesand-secures-12-million/" target="_blank" rel="noopener">announced</a> its $12.45 million Seed financing co-led by Xora Innovation, an early-stage investment platform of Temasek, and Material Impact. They are joined by TDK Ventures, the venture arm of TDK Corporation, and Foothill Ventures. The company specializes in solid-state transformers for applications in multi-megawatt DC fast charging for electric vehicles, microgrids, and data centers. 
Solar engineering and consulting firm Gensol Engineering <a href="https://www.mercomindia.com/solar-epc-firm-equity-to-strengthen-its-finances" target="_blank" rel="noopener">raised</a> ₹9 billion (~$108 million) in equity capital through warrants convertible into equity shares on a preferential basis. The equity funding saw participation from international and domestic participants, including the Elara India Opportunity Fund, Aries Opportunities Fund, and Tano Investment Opportunities Fund. This capital raise is subject to the shareholders’ approval at the company’s extraordinary general meeting, which will be held on March 2, 2024.
Swell Energy, an energy management and grid solutions provider, <a href="https://mercomcapital.com/swell-energy-acquires-renu-energy-solutions/" target="_blank" rel="noopener">announced</a> the acquisition of Renu Energy Solutions, a company that offers customized residential and commercial solar and energy storage solutions. The combination would bring together a complementary set of operational and technological capabilities as well as a bi-coastal presence to enable the deployment of virtual power plants in key energy markets. The acquisition includes Renu’s solar and storage maintenance subsidiary, Sun Service Specialists.
<span lang="EN-US" style="color: black; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">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><span lang="EN-US" style="color: black; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">.
<span lang="EN-US" style="color: black; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-volvo-group-acquires-battery-business" target="_blank" rel="noopener">roundup</a><span lang="EN-US" style="color: #2d2d42; background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">.

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