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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-energy-vault-to-raise-300-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Energy Vault, a utility-scale energy storage project developer, </strong><a href="https://mercomcapital.com/energy-vault-to-raise-preferred-equity-investment/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that it has entered into an exclusivity agreement for a $300 million preferred equity investment.</strong> The investment aims to support the launch of Asset Vault, a fully consolidated subsidiary of Energy Vault dedicated to developing, owning, and managing energy storage assets. These assets can be standalone or combined with generation facilities, aimed at targeting the most attractive energy markets worldwide.</p>
<p><strong>Zeo Energy, a residential solar and energy efficiency solution provider, </strong><a href="https://mercomcapital.com/zeo-energy-completes-acquisition-heliogen/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the completion of the previously announced acquisition of Heliogen.</strong> Heliogen provides solutions for delivering low-carbon energy production by combining commercially proven solar technologies with thermal systems and storage expertise. The transaction consisted entirely of shares of Class A common stock of Zeo Energy. In addition to the foregoing expected benefits of the Heliogen transaction, Zeo Energy received, upon its closing, approximately $13.6 million in net cash from Heliogen through the transaction.</p>
<p><strong>FlexGen Power System, a provider of battery energy storage solutions and energy management software, has </strong><a href="https://mercomcapital.com/flexgen-to-acquire-powins-business-assets/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of a significant portion of Powin’s business.</strong> Through the acquisition, FlexGen will own all of Powin’s IP, including hardware IP, software IP, and information technology systems, along with a significant spare parts inventory. The announcement was made following the approval from the U.S. Bankruptcy Court for the District of New Jersey, which is overseeing the Chapter 11 cases of Powin and its affiliates.</p>
<p><strong>Government-owned transmission utility, Power Grid Corporation of India (POWERGRID), has </strong><a href="https://www.mercomindia.com/powergrid-to-raise-%E2%82%B950-billion-via-private-placement-of-bonds" target="_blank" rel="noopener"><strong>received</strong></a><strong> approval to raise up to ₹50 billion (~$569.3 million) via private placement of bonds.</strong> The 82<sup>nd</sup> issue of POWERGRID bonds in FY 2026 comprises a base size of ₹10 billion (~$113.86 million) and a greenshoe size of ₹40 billion (~$455.4 million). The bonds will be unsecured, non-convertible, non-cumulative, redeemable, and taxable. The bonds will be redeemable at the end of the tenth year, and interest will be paid annually. The coupon/interest offered, the schedule of payment of coupon or interest, and principal will be decided after bidding at the electronic book provider.</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&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-bluewave-secures-247-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Energy Vault to Raise $300 Million


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					</table><p>The Central Electricity Regulatory Commission (<a href="https://cercind.gov.in/" target="_blank" rel="noopener">CERC</a>) has granted a transmission license to POWERGRID Khavda II-C Transmission, a wholly-owned subsidiary of Power Grid Corporation of India (<a href="https://www.powergrid.in/" target="_blank" rel="noopener">PGCIL</a>), for the evacuation of 4.5 GW of renewable energy at the Khavda pooling station, Gujarat under Phase-II, Part C on a build, own, and operate basis.</p>
<p>The Commission said the evacuation of 4.5 GW of renewable energy under Phase II, including Parts A to D, has to be taken up in a similar timeframe.</p>
<p>It directed the Central Electricity Authority (<a href="https://cea.nic.in/?lang=en" target="_blank" rel="noopener">CEA</a>) to monitor the execution of the project and bring to its notice any lapse on the part of the licensee to meet the schedule.</p>
<p><strong>Background</strong></p>
<p>Based on the competitive bidding process carried out by REC Power Development and Consultancy (<a href="https://www.recpdcl.in/" target="_blank" rel="noopener">RECPDCL</a>), PGCIL emerged as the successful bidder with the lowest quoted annual transmission charges of ₹2.82 billion (~$34.28 million) to set up the transmission system to evacuate 4.5 GW renewable energy from Khavda Solar Park.</p>
<p>A public notice about the project was published in the leading newspapers, and no suggestions were received from the public in response to the notice.</p>
<p>The case was heard on July 21, 2023, and the petitioner informed the Commission that the scheduled commercial operation date of the project would be March 21, 2025.</p>
<p>The transmission program includes Parts A, B, C, and D, and as per the transmission service agreement (TSA), all four parts are interlinked and should be taken up in a similar time frame. However, from the information submitted by the Central Transmission Utility of India (<a href="https://www.ctuil.in/" target="_blank" rel="noopener">CTUIL</a>), there is a mismatch in the commissioning date of Part A, which is March 28, 2025, and the commissioning date of Parts B, C, and D is March 21, 2025, with each part being implemented by a different entity.</p>
<p>In case Parts B, C, and D are declared commissioned on the scheduled commercial operation date, there will be commercial liabilities in the absence of Part A, whose scheduled commercial operation date is on March 28, 2025.</p>
<p>Accordingly, the Commission directed CTUIL to amend the TSAs for Parts A to D to align the scheduled commercial operation date of all the interlinked packages.</p>
<p><strong>Commission&#8217;s analysis</strong></p>
<p>The Commission observed that the transmission company met the requirements of the Electricity Act and the Transmission Licence Regulations for granting a transmission license.</p>
<p>Accordingly, CERC granted the transmission license to Khavda II-C Transmission to evacuate 4.5 GW of renewable energy at the Khavda pooling station (Phase-II, Part C).</p>
<p>The Commission noted that the grant of a transmission license would be subject to the fulfillment of the following conditions:</p>
<ul>
<li>The central regulator added that the transmission agreement would remain in force for 25 years from the agreement&#8217;s signing date.</li>
<li>Also, since the expiry date as per the TSA is 35 years from the scheduled commercial operation date of the project, the licensee may apply two years before the expiry of the initial license period for the grant of transmission license for another term.</li>
<li>The licensee should not enter into any contract for or otherwise engage in the trading of electricity during the period of validity of the transmission license.</li>
<li>The licensee must pay the license fee per the guidelines in the CERC (Payment of Fees) Regulations, 2012. Failure to pay the license fee within 60 days will be considered a violation.</li>
<li>The licensee should comply with the directions of the National Load Despatch Center or the Regional Load Despatch Center.</li>
<li>The licensee should comply with the CERC (Standard of Performance of inter-State transmission licensees) Regulations, 2012.</li>
<li>The licensee must offer non-discriminatory open access to its transmission system, allowing usage by any other licensee, including distribution licensees, electric traders, generating companies, or any individual.</li>
<li>The licensee should not undertake any other business for optimum utilization of the transmission system without intimating the Commission and should comply with the provisions of the CERC (Sharing of Revenue Derived from Utilization of Transmission Assets for Other Business) Regulations, 2020.</li>
<li>The licensee should remain bound by the provisions of the CERC (Sharing of Interstate Transmission Charges and Losses) Regulations, 2020.</li>
<li>The licensee should ensure the execution of the project within the timeline specified in the provisions of the TSA and as per the technical standards and the grid standards of CEA.</li>
<li>The licensee should coordinate with the licensees executing the upstream or downstream transmission projects, the CEA, and CTUIL to ensure the smooth execution of the project.</li>
<li>The licensee should submit all information as may be required under the Transmission Licence Regulations, Standard of Performance Regulations, TSA, or any other regulation of the Commission.</li>
</ul>
<p>In June this year, CERC <a href="https://www.mercomindia.com/cerc-license-evacuate-1-gw-renewable-tamil-nadu" target="_blank" rel="noopener">granted</a> a transmission license to Karur Transmission to evacuate 1,000 MW of renewable power from the Karur/Tiruppur wind energy zone in Tamil Nadu under Phase-I.</p>
<p>Earlier, CERC had <a href="https://www.mercomindia.com/cerc-transmission-license-evacuate-renewable-gujarat" target="_blank" rel="noopener">granted</a> a transmission license to Khavda-Bhuj Transmission to establish the 3 GW of renewable energy injection network at the Khavda pooling station under Phase-I.</p>
<p>Subscribe to Mercom&#8217;s real-time <a href="https://mercomindia.com/product/mercoms-renewable-energy-regulatory-updates/" target="_blank" rel="noopener">Regulatory Updates</a> to ensure you don&#8217;t miss any critical updates from the renewable industry.</p>


CERC Approves Transmission System to Evacuate 4.5 GW Renewable Power in Gujarat

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