HESCOM Floats Tender for 303.5 MW of Feeder-Level Solar Projects Under CM-SKY

Bhopal Civic Body Floats Tender for 2 MW Rooftop Solar Projects

MNRE Withdraws ALMM List-I Transition Relief for Delayed Solar Projects

Larger Capacity Rooftop Solar Systems Dominate PM Surya Ghar Installations

REC Invites Bids for 765 kV Renewable Energy Transmission Project in Maharashtra

Punjab Electricity Regulator Approves Reduced Tariff for 50 MW Solar Projects

Solar Module Industry May See Consolidation Due to Oversupply: Interview

KERC Grants Compensation for Delay in Executing Wheeling Agreement

US Bars Import of Foreign-Made Power Inverters Over Security Risks

Bihar Invites Bids for DPR Preparation to Implement Model Solar Village Program

Exowatt, a provider of thermal energy storage solutions, <a href="https://cms.mercomindia.com/thermal-energy-storage-company-exowatt-closes-70-million/" target="_blank" rel="noopener">secured</a> $70 million in a Series A funding round led by Felicis, a venture capital firm in Silicon Valley. Among the $70 million raised, $35 million comes from debt provided by HSBC Innovation Banking and other lending partners, while the remaining $35 million is from equity.
REC, a state-owned infrastructure finance company, has <a href="https://www.mercomindia.com/rec-raises-%E2%82%B950-billion-through-five-and-ten-year-bonds" target="_blank" rel="noopener">raised</a> ₹50 billion (~$586 million) through the issuance of bonds. The offering included ₹30 billion (~$352 million) of five-year bonds at a coupon of 6.97% and ₹20 billion (~$234.6 million) through ten-year bonds at a coupon of 6.86%. The bonds received an “AAA” rating from credit rating agencies, including CARE Ratings, ICRA, and India Rating and Research.
Lodestone Energy, a solar project developer, has <a href="https://cms.mercomindia.com/lodestone-energy-raises-30-million-in-equity-funding/" target="_blank" rel="noopener">raised</a> an additional NZD50 million (~$30 million) in equity funding. The funding was primarily from existing shareholders, with some participation from new investors. This additional funding will add to the NZD50 million (~$30 million) development funding raised in 2024, bringing the total funding to NZD100 million (~$60 million). The funding will be used to build new, utility-scale solar projects to serve its customers.
iwell, a provider of smart energy management and battery storage system solutions, <a href="https://cms.mercomindia.com/battery-storage-solutions-provider-iwell-secures-31-million/" target="_blank" rel="noopener">closed</a> a €27 million (~$31 million) funding round led by Meridiam, an independent investment Benefit Corporation and asset manager, through its Green Impact Growth Fund. Invest-NL and Rabobank also participated as co-investors in this funding round, along with existing investors. The funding will help the company expand into new markets across Europe and globally.
OnePlanet Solar Recycling (OnePlanet), an advanced materials recovery processor specializing in end-of-life solar panels, <a href="https://cms.mercomindia.com/oneplanet-raises-7-million-in-seed-funding/" target="_blank" rel="noopener">secured</a> $7 million in a seed financing round led by Khasma Capital, a low-carbon infrastructure investment firm. The company has been developing a $90 million industrial-scale River City Project, which can produce high-grade critical materials such as silicon, aluminum, copper, and silver through recycling.
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-solar-energy-startup-arnergy-raises-15-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Exowatt Closes $70 Million Series A Funding

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-exowatt-closes-70-million-series-a-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
Exowatt, a provider of thermal energy storage solutions, <a href="https://mercomcapital.com/thermal-energy-storage-company-exowatt-closes-70-million/" target="_blank" rel="noopener">secured</a> $70 million in a Series A funding round led by Felicis, a venture capital firm in Silicon Valley. Among the $70 million raised, $35 million comes from debt provided by HSBC Innovation Banking and other lending partners, while the remaining $35 million is from equity.
REC, a state-owned infrastructure finance company, has <a href="https://www.mercomindia.com/rec-raises-%E2%82%B950-billion-through-five-and-ten-year-bonds" target="_blank" rel="noopener">raised</a> ₹50 billion (~$586 million) through the issuance of bonds. The offering included ₹30 billion (~$352 million) of five-year bonds at a coupon of 6.97% and ₹20 billion (~$234.6 million) through ten-year bonds at a coupon of 6.86%. The bonds received an “AAA” rating from credit rating agencies, including CARE Ratings, ICRA, and India Rating and Research.
Lodestone Energy, a solar project developer, has <a href="https://mercomcapital.com/lodestone-energy-raises-30-million-in-equity-funding/" target="_blank" rel="noopener">raised</a> an additional NZD50 million (~$30 million) in equity funding. The funding was primarily from existing shareholders, with some participation from new investors. This additional funding will add to the NZD50 million (~$30 million) development funding raised in 2024, bringing the total funding to NZD100 million (~$60 million). The funding will be used to build new, utility-scale solar projects to serve its customers.
iwell, a provider of smart energy management and battery storage system solutions, <a href="https://mercomcapital.com/battery-storage-solutions-provider-iwell-secures-31-million/" target="_blank" rel="noopener">closed</a> a €27 million (~$31 million) funding round led by Meridiam, an independent investment Benefit Corporation and asset manager, through its Green Impact Growth Fund. Invest-NL and Rabobank also participated as co-investors in this funding round, along with existing investors. The funding will help the company expand into new markets across Europe and globally.
OnePlanet Solar Recycling (OnePlanet), an advanced materials recovery processor specializing in end-of-life solar panels, <a href="https://mercomcapital.com/oneplanet-raises-7-million-in-seed-funding/" target="_blank" rel="noopener">secured</a> $7 million in a seed financing round led by Khasma Capital, a low-carbon infrastructure investment firm. The company has been developing a $90 million industrial-scale River City Project, which can produce high-grade critical materials such as silicon, aluminum, copper, and silver through recycling.
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://mercomindia.com/funding-and-ma-roundup-arnergy-raises-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://lodestoneenergy.co.nz/solar-energy/" target="_blank" rel="noopener">Lodestone Energy</a>, a solar project developer, has raised an additional NZD50 million (~$30 million) in equity funding. The funding was primarily from existing shareholders, with some participation from new investors.
This additional funding will add to the NZD50 million (~$30 million) development funding raised in 2024, bringing the total funding to NZD100 million (~$60 million). The funding will be used to build new, utility-scale solar projects to serve its customers.
The New Zealand-based company, with a goal of ‘solar farm in every community’, is about to announce the start of construction of its first project in the South Island.
The company&#8217;s earlier solar farm announcements included a list of more than 10 sites, including a large project in the Mackenzie District, New Zealand.
&#8220;This raise means we can continue to add to our fleet of solar farms and serve more customers who see significant value in Lodestone&#8217;s unique solar-backed contracting model. This kind of support from our existing shareholders is fantastic news as it means they continue to see value in the Lodestone vision and the long-term role we can play in the market,&#8221; says Gary Holden, Managing Director of Lodestone.
According to Mercom’s recently released Q1 2025 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2025-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, global VC funding for the solar sector in Q1 2025 came to $1.4 billion in 14 deals, a 237% increase YoY compared to $406 million raised in 13 deals in Q1 2024. Funding increased 40% QoQ compared to the $1 billion raised in 21 deals in Q4 2024.
In February, RayGen Resources, a developer of utility-scale solar and long-duration energy storage, <a href="https://cms.mercomindia.com/raygen-raises-76-million-in-series-d-funding/" target="_blank" rel="noopener">raised</a> A$127 million (~$76 million) in a Series D funding round, led by a technology company, SLB, with A$31 million (~$19 million) follow-on investment along with the execution of a RayGen-SLB Strategic Deployment Agreement (SDA), designed to accelerate the technology&#8217;s path to the global energy market.

Lodestone Energy Raises $30 Million in Equity Funding

Swift Current Energy, a utility-scale solar, wind, and energy storage project developer, <a href="https://cms.mercomindia.com/swift-current-energy-secures-financing-800-mw-solar-project/" target="_blank" rel="noopener">secured</a> tax equity investment from Google to develop an 800 MWdc (593 MWac) Double Black Diamond solar project in southern Illinois. The project is currently under construction and is expected to reach commercial operations by early 2025. Once operational, the project is expected to be the largest solar project east of the Mississippi River. The tax equity financing utilizes energy communities and domestic content adders, provided in the Inflation Reduction Act.
The European Bank for Reconstruction and Development (EBRD) and Raiffeisen Bank International provided €110 million (~$122 million) in <a href="https://cms.mercomindia.com/ebrd-and-raiffeisen-bank-provide-122m-loan-for-solar-projects-in-romania/" target="_blank" rel="noopener">funding</a> to build and operate two solar projects in southeastern Romania. The Lepuresti and Ghimpati solar projects have a total installed capacity of around 300 MW. EBRD will provide a loan of €55 million (~$61 million), which will be split into two tranches of €25 million (~$27.74 million) and €30 million (~$33.29 million), and another €55 million (~$61 million) will be from Raiffeisen Bank International.
Levanta Renewables, a renewable energy project developer and independent power producer in Southeast Asia backed by Actis, an investor in sustainable infrastructure, <a href="https://cms.mercomindia.com/levanta-renewables-acquires-9-5-mw-commercial-industrial-solar-portfolio/" target="_blank" rel="noopener">announced</a> the acquisition of six solar projects with a total installed capacity of 9.5 MWp for its commercial and industrial business from an undisclosed regional renewable energy projects developer. The portfolio comprises solar projects with long-term power purchase agreements signed with leading Global 500 multinational corporations.
Lodestone Energy, a solar project developer, <a href="https://cms.mercomindia.com/lodestone-energy-acquires-54-mw-solar-portfolio-in-new-zealand/" target="_blank" rel="noopener">announced</a> the acquisition of two grid-scale solar project sites in the Manawatu region of New Zealand from Kiwi Solar, a utility-scale and rooftop solar energy project developer. Upon completion, the two projects will each have a total capacity of approximately 27 MW. Construction on the first site is scheduled to begin by mid-2025.
Generate Capital, a sustainable investment and operating company, and KeyState Renewables, an investment firm, <a href="https://cms.mercomindia.com/generate-keystate-close-53-5-mw-community-solar-projects-investment-fund/" target="_blank" rel="noopener">announced</a> the close of their third joint fund, Generate NY Community Solar VI. The closed fund includes a $64 million investment from KeyState, which will be used to develop and manage 11 projects in New York with a total capacity of 53.5 MW.
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-atlas-renewable-energy-secures-solar-project/" target="_blank" rel="noopener">brief</a>.
&nbsp;

Project Finance Brief: Swift Current Energy Secures Financing for 800 MW Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-swift-current-energy-secures-financing-for-800-mw-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Swift Current Energy, a utility-scale solar, wind, and energy storage project developer, <a href="https://mercomcapital.com/swift-current-energy-secures-financing-800-mw-solar-project/" target="_blank" rel="noopener">secured</a> tax equity investment from Google to develop an 800 MWdc (593 MWac) Double Black Diamond solar project in southern Illinois. The project is currently under construction and is expected to reach commercial operations by early 2025. Once operational, the project is expected to be the largest solar project east of the Mississippi River. The tax equity financing utilizes energy communities and domestic content adders, provided in the Inflation Reduction Act.
The European Bank for Reconstruction and Development (EBRD) and Raiffeisen Bank International provided €110 million (~$122 million) in <a href="https://mercomcapital.com/ebrd-and-raiffeisen-bank-provide-122m-loan-for-solar-projects-in-romania/" target="_blank" rel="noopener">funding</a> to build and operate two solar projects in southeastern Romania. The Lepuresti and Ghimpati solar projects have a total installed capacity of around 300 MW. EBRD will provide a loan of €55 million (~$61 million), which will be split into two tranches of €25 million (~$27.74 million) and €30 million (~$33.29 million), and another €55 million (~$61 million) will be from Raiffeisen Bank International.
Levanta Renewables, a renewable energy project developer and independent power producer in Southeast Asia backed by Actis, an investor in sustainable infrastructure, <a href="https://mercomcapital.com/levanta-renewables-acquires-9-5-mw-commercial-industrial-solar-portfolio/" target="_blank" rel="noopener">announced</a> the acquisition of six solar projects with a total installed capacity of 9.5 MWp for its commercial and industrial business from an undisclosed regional renewable energy projects developer. The portfolio comprises solar projects with long-term power purchase agreements signed with leading Global 500 multinational corporations.
Lodestone Energy, a solar project developer, <a href="https://mercomcapital.com/lodestone-energy-acquires-54-mw-solar-portfolio-in-new-zealand/" target="_blank" rel="noopener">announced</a> the acquisition of two grid-scale solar project sites in the Manawatu region of New Zealand from Kiwi Solar, a utility-scale and rooftop solar energy project developer. Upon completion, the two projects will each have a total capacity of approximately 27 MW. Construction on the first site is scheduled to begin by mid-2025.
Generate Capital, a sustainable investment and operating company, and KeyState Renewables, an investment firm, <a href="https://mercomcapital.com/generate-keystate-close-53-5-mw-community-solar-projects-investment-fund/" target="_blank" rel="noopener">announced</a> the close of their third joint fund, Generate NY Community Solar VI. The closed fund includes a $64 million investment from KeyState, which will be used to develop and manage 11 projects in New York with a total capacity of 53.5 MW.
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-atlas-renewable-energy-secures-solar-project/" target="_blank" rel="noopener">brief</a>.

<a href="https://lodestoneenergy.co.nz/solar-energy/" target="_blank" rel="noopener">Lodestone Energy</a>, a solar project developer, announced the acquisition of two grid-scale solar project sites in the Manawatu region of New Zealand from <a href="https://www.kiwisolar.co.nz/" target="_blank" rel="noopener">Kiwi Solar</a>, a utility-scale and rooftop solar energy project developer. Upon completion, the two projects will each have a total capacity of approximately 27 MW. Construction on the first site is scheduled to begin by mid-2025.
The two projects will be developed along with a third Manawatu site, which is currently being planned. Once operational, Lodestone Energy says the two Manawatu solar projects will produce clean electricity of around 84 GWh annually, enough to power up to 11,700 households.
Both sites have land options signed and are going through the connection process with Powerco.
Gary Holden, Managing Director of Lodestone, says, &#8220;There is consensus across the electricity market that solar has become the most cost-effective source of clean electricity generation. Lodestone&#8217;s strategy to develop a diverse spread of regional solar resources to serve the needs of consumers across New Zealand is enhanced with these two well-developed sites. We saw immediate synergy with our other site in this area and look forward to linking this trio of generators to customers seeking to take advantage of the long-term benefits of solar.&#8221;
Currently, Lodestone&#8217;s portfolio includes two operational solar projects near Kaitaia and Edgecumbe, two additional under-construction projects near Waiotahe and Whitianga, and ten solar projects in various stages of development across New Zealand.
According to Mercom&#8217;s 1H and Q2 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-and-q2-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, 113 solar project acquisitions totaling 18.5 GW in 1H 2024 were transacted compared to 116 project acquisitions totaling 25.5 GW in 1H 2023.
Earlier this month, NextPower V ESG (NPV ESG), an OECD Fund of NextEnergy Capital, entered into a binding agreement to <a href="https://cms.mercomindia.com/nextpower-v-esg-acquires-solar-portfolio-spain/" target="_blank" rel="noopener">acquire</a> a 248 MW solar portfolio comprising 12 solar projects in northern Spain. The portfolio acquisition is NextPower V ESG&#8217;s fourth investment.

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