MENA Weekly Round-Up: Oman Tenders 1 GW of Solar Projects

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Midwest Energy Starts Production at 1.2 GWh Battery Storage Plant

Maharashtra Road Corporation Seeks 115 MW Solar Open Access Power

DCM Shriram to Procure 58 MW of Power from Serentica’s Hybrid Project

Bihar Regulator Approves Generic Renewable Energy Tariffs for FY 2027

Grid Software Solutions Provider Piq Energy Raises $5 Million in Funding

Sonnedix Acquires 260 MW Battery Storage Portfolio in Italy

Fidra Secures $312 Million Debt for West Burton Battery Project

POWERGRID Tenders 500 MW/1,000 MWh Battery Energy Storage Projects

ACT-ion Battery Technologies, a producer of cathode active materials for lithium-ion batteries, <a href="https://mercomcapital.com/act-ion-battery-technologies-raises-4m-in-pre-series-a-extension-round/" target="_blank" rel="noopener">raised</a> a $4 million extension to its Pre-Series A funding round. The extension increases the company’s total funding to $11.5 million, building on the $7.5 million raised earlier this year in the initial phase of the round led by BASF Venture Capital.
Energy solutions provider ILJIN Electronics India, the electronics division of Amber Group, has <a href="https://www.mercomindia.com/energy-solutions-provider-iljin-electronics-raises-%E2%82%B912-billion" target="_blank" rel="noopener">secured</a> ₹12 billion (~$136.32 million) in strategic funding through separate definitive agreements with ChrysCapital and InCred Growth Partners Fund I (InCred PE), along with their respective affiliates. ChrysCapital will contribute ₹11 billion (~$124.96 million), while InCred PE will invest ₹1 billion (~$11.36 million) as equity and compulsory convertible preference shares. 
Battery innovation company Offgrid Energy Labs has <a href="https://www.mercomindia.com/battery-manufacturer-offgrid-raises-15-million-in-series-a-round" target="_blank" rel="noopener">raised</a> $15 million in a Series A funding round led by Archean Chemical Industries. This round also saw participation from existing investor, Ankur Capital. Offgrid will utilize the funds to establish a 10 MWh demonstration manufacturing facility in the U.K., enhance its research and development pipeline for next-generation stationary energy storage solutions, and commercialize its patented ZincGel batteries through certification, testing, and finalizing the blueprint for a giga-factory.
Nextracker, a solar tracker and software solutions provider, <a href="https://mercomcapital.com/nextracker-acquires-pv-frame-manufacturer-origami-solar-in-53m-cash-deal/" target="_blank" rel="noopener">announced</a> its expansion into the solar panel frame market with the acquisition of Origami Solar, a provider of roll-formed steel frame technology for solar panels, in an all-cash transaction of approximately $53 million, including future contingent earnout consideration. The acquisition of Origami Solar brings dedicated panel frame design and engineering talent to Nextracker to drive its panel-tracker solutions.
Solar manufacturer GREW Solar, a subsidiary of Chiripal Group, has <a href="https://www.mercomindia.com/module-manufacturer-grew-solar-secures-%E2%82%B93-billion-to-expand-capacity" target="_blank" rel="noopener">raised</a> ₹3 billion (~$34.09 million) from a group of investors, including those from GeeCee Holdings. Grew Solar will utilize the funds to develop new products, strengthen its technological infrastructure, and drive capacity expansion across its facilities. The new funding comes as the company plans to increase the capacity of its module manufacturing facility in Rajasthan, India, to 11 GW.
Solaris Assets, controlled by climate-focused investment management firm GoodFinch Management, <a href="https://mercomcapital.com/solaris-completes-acquisition-of-sunnovas-solar-assets-and-operations/" target="_blank" rel="noopener">announced</a> the acquisition of substantially all the assets and business operations of residential solar company Sunnova Energy International. Solaris acquired Sunnova’s residential solar servicing, operations &amp; management platform, as well as its solar generation and storage portfolio. Earlier this year, Sunnova filed for Chapter 11 bankruptcy protection due to pressure from increasing debt and falling demand.
Renewable energy independent power producer Acme Solar Holdings has executed a share purchase agreement (SPA) to <a href="https://www.mercomindia.com/acme-solar-to-acquire-ak-renewable-infra-for-%E2%82%B9792-million" target="_blank" rel="noopener">acquire</a> 100% equity shares of AK Renewable Infra for an enterprise value of ₹792.5 million (~$9 million). The acquisition will be subject to the SPA’s closing conditions and adjustments. AK Renewable Infra will become a subsidiary of ACME Solar Holdings after the acquisition.
Solar module manufacturer Waaree Energies will <a href="https://www.mercomindia.com/waaree-to-buy-64-stake-in-power-transformer-firm-kotsons" target="_blank" rel="noopener">acquire</a> a 64% equity stake in Rajasthan-based power transformer solutions company Kotsons for ₹1.92 billion (~$21.79 million). The acquisition is expected to be completed by September 30, 2025. Post acquisition, Kotsons will become Waaree’s subsidiary.
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://mercomcapital.com/funding-and-ma-roundup-palmer-energy-technology-acquires-brill-power/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: ACT-ion Battery Technologies Raises $4M

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-act-ion-battery-technologies-raises-4m/" target="_blank" rel="noopener">Mercom Capital Group</a>
ACT-ion Battery Technologies, a producer of cathode active materials for lithium-ion batteries, <a href="https://mercomcapital.com/act-ion-battery-technologies-raises-4m-in-pre-series-a-extension-round/" target="_blank" rel="noopener">raised</a> a $4 million extension to its Pre-Series A funding round. The extension increases the company’s total funding to $11.5 million, building on the $7.5 million raised earlier this year in the initial phase of the round led by BASF Venture Capital.
Energy solutions provider ILJIN Electronics India, the electronics division of Amber Group, has <a href="https://www.mercomindia.com/energy-solutions-provider-iljin-electronics-raises-%E2%82%B912-billion" target="_blank" rel="noopener">secured</a> ₹12 billion (~$136.32 million) in strategic funding through separate definitive agreements with ChrysCapital and InCred Growth Partners Fund I (InCred PE), along with their respective affiliates. ChrysCapital will contribute ₹11 billion (~$124.96 million), while InCred PE will invest ₹1 billion (~$11.36 million) as equity and compulsory convertible preference shares. 
Battery innovation company Offgrid Energy Labs has <a href="https://www.mercomindia.com/battery-manufacturer-offgrid-raises-15-million-in-series-a-round" target="_blank" rel="noopener">raised</a> $15 million in a Series A funding round led by Archean Chemical Industries. This round also saw participation from existing investor, Ankur Capital. Offgrid will utilize the funds to establish a 10 MWh demonstration manufacturing facility in the U.K., enhance its research and development pipeline for next-generation stationary energy storage solutions, and commercialize its patented ZincGel batteries through certification, testing, and finalizing the blueprint for a giga-factory.
Nextracker, a solar tracker and software solutions provider, <a href="https://mercomcapital.com/nextracker-acquires-pv-frame-manufacturer-origami-solar-in-53m-cash-deal/" target="_blank" rel="noopener">announced</a> its expansion into the solar panel frame market with the acquisition of Origami Solar, a provider of roll-formed steel frame technology for solar panels, in an all-cash transaction of approximately $53 million, including future contingent earnout consideration. The acquisition of Origami Solar brings dedicated panel frame design and engineering talent to Nextracker to drive its panel-tracker solutions.
Solar manufacturer GREW Solar, a subsidiary of Chiripal Group, has <a href="https://www.mercomindia.com/module-manufacturer-grew-solar-secures-%E2%82%B93-billion-to-expand-capacity" target="_blank" rel="noopener">raised</a> ₹3 billion (~$34.09 million) from a group of investors, including those from GeeCee Holdings. Grew Solar will utilize the funds to develop new products, strengthen its technological infrastructure, and drive capacity expansion across its facilities. The new funding comes as the company plans to increase the capacity of its module manufacturing facility in Rajasthan, India, to 11 GW.
Solaris Assets, controlled by climate-focused investment management firm GoodFinch Management, <a href="https://mercomcapital.com/solaris-completes-acquisition-of-sunnovas-solar-assets-and-operations/" target="_blank" rel="noopener">announced</a> the acquisition of substantially all the assets and business operations of residential solar company Sunnova Energy International. Solaris acquired Sunnova’s residential solar servicing, operations &amp; management platform, as well as its solar generation and storage portfolio. Earlier this year, Sunnova filed for Chapter 11 bankruptcy protection due to pressure from increasing debt and falling demand.
Renewable energy independent power producer Acme Solar Holdings has executed a share purchase agreement (SPA) to <a href="https://www.mercomindia.com/acme-solar-to-acquire-ak-renewable-infra-for-%E2%82%B9792-million" target="_blank" rel="noopener">acquire</a> 100% equity shares of AK Renewable Infra for an enterprise value of ₹792.5 million (~$9 million). The acquisition will be subject to the SPA’s closing conditions and adjustments. AK Renewable Infra will become a subsidiary of ACME Solar Holdings after the acquisition.
Solar module manufacturer Waaree Energies will <a href="https://www.mercomindia.com/waaree-to-buy-64-stake-in-power-transformer-firm-kotsons" target="_blank" rel="noopener">acquire</a> a 64% equity stake in Rajasthan-based power transformer solutions company Kotsons for ₹1.92 billion (~$21.79 million). The acquisition is expected to be completed by September 30, 2025. Post acquisition, Kotsons will become Waaree’s subsidiary.
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-palmer-energy-acquires-brill-power" target="_blank" rel="noopener">roundup</a>.

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					</table>Gurugram-based battery innovation company <a href="https://www.offgridenergylabs.com/" target="_blank" rel="noopener">Offgrid Energy Labs</a> has raised $15 million in a Series A funding round led by <a href="https://www.archeanchemicals.com/" target="_blank" rel="noopener">Archean Chemical Industries</a>. This round also saw participation from existing investor, <a href="https://www.ankurcapital.com/" target="_blank" rel="noopener">Ankur Capital</a>.
Offgrid will utilize the funds to establish a 10 MWh demonstration manufacturing facility in the UK, enhance its research and development pipeline for next-generation stationary energy storage solutions, and commercialize its patented ZincGel batteries through certification, testing, and finalizing the blueprint for a giga-factory.
The company stated that ZincGel’s technology is based on three innovation vectors: alternative chemistry, materials and design, and manufacturing. The battery’s technology is derived from 25 intellectual property (IP) families and over 50 IP assets created using commonly available, non-toxic materials, while leveraging proven zinc-bromide chemistry.
Offgrid claimed that ZincGel’s proprietary electrolyte enables customized battery configurations for diverse stationary applications.
Rishi Srivastava, Co-Founder at Offgrid Energy Labs, said India alone will need over 236 GWh of battery energy storage systems by 2032. With ZincGel, the company said it can develop scalable solutions at globally competitive costs.
Offgrid has also recently raised funding from a seed round led by Shell Ventures.
Last month, the Ministry of Power <a href="https://www.mercomindia.com/power-ministry-amends-vgf-guidelines-for-battery-energy-storage-projects" target="_blank" rel="noopener">issued</a> amendments to the operational guidelines of the Viability Gap Funding (VGF) program for battery energy storage system (BESS) projects under the  ₹94 billion (~$1.1 billion) program to provide funding of up to 40% to develop 4,000 MWh of BESS capacity.
In June this year, the Ministry <a href="https://www.mercomindia.com/government-54-billion-vgf-battery-storage" target="_blank" rel="noopener">announced</a> the second tranche of VGF to support BESS development. Under this tranche, a VGF of ₹1.8 million (~$21,043)/MWh will be provided to support the development of 30 GWh of BESS capacity. Of the proposed 30 GWh, 25 GWh of storage capacity has been allocated across 15 states. NTPC will develop the remaining 5 GWh.
The government <a href="https://www.mercomindia.com/cabinet-approves-gap-funding-for-battery-energy-storage-projects" target="_blank" rel="noopener">approved</a> the first tranche of the VGF program in September 2023, which included a budgetary support of ₹37.6 billion (~$439.58 million).

Battery Manufacturer Offgrid Raises $15 Million in Series A Round

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