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IIT Jammu Invites EOIs for 2.2 MW Solar Project with 8 MWh Battery Storage

Solar’s Share in India’s Renewable Capacity Climbs to 56.4% in Q2 2026

MN8 to Acquire Greenbacker in Deal Valued at Up to $375 Million

RECPDCL Announces Winner of 4.5 GW Transmission Project

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					</table>Renewable energy developer, <a href="https://www.serenticaglobal.com/" target="_blank" rel="noopener">Serentica Renewables</a> has announced the closure of its debt financing of over $100 million from <a href="https://www.rabobank.com/" target="_blank" rel="noopener">Rabobank</a> and <a href="https://www.societegenerale.com/en" target="_blank" rel="noopener">Société Générale</a>. The funds will be used to develop a 300 MW solar power project in Rajasthan.
The project will supply renewable energy to Bharat Aluminium Company (<a href="https://www.balcoindia.com/" target="_blank" rel="noopener">BALCO</a>), a subsidiary of the Vedanta Group.
The loan facility is a key part of Serentica’s financing strategy to support its commercial and industrial-focused renewable energy operations.
Backed by a $650 million investment from KKR, Serentica Renewables, established in 2022, focuses on decarbonizing hard-to-abate industries by delivering firm, dispatchable renewable energy solutions. The company has achieved 1,000 MW of renewable energy capacity with ongoing projects in several states. Serentica aims to supply over 50 billion units of clean energy annually.
Recently, Serentica <a href="https://www.mercomindia.com/am-green-serentica-and-gentari-top-open-access-solar-developers-in-2024" target="_blank" rel="noopener">emerged</a> as one of the top solar open access developers in 2024, according to Mercom’s India Solar Market Leaderboard report.
In the same month, Serentica Renewables <a href="https://www.mercomindia.com/serentica-to-supply-75-mw-hybrid-renewable-energy-to-inox-air-products" target="_blank" rel="noopener">entered</a> a power supply and consumption agreement with INOX Air Products to deliver 75 MW of hybrid renewable energy.
Earlier this year, Serentica <a href="https://www.mercomindia.com/renew-eg-energy-dineshchandra-serentica-tata-win-sjvns-1-2-gw-fdre-auction" target="_blank" rel="noopener">emerged</a> as one of the winners of the SJVN’s auction to develop 1,200 MW ISTS-connected projects to supply firm and dispatchable renewable energy. The company won a capacity of 100 MW at a tariff of ₹4.89 (~$0.0560)/kWh.
In September 2024, the company <a href="https://www.mercomindia.com/nhpc-fdre-auction-ii" target="_blank" rel="noopener">won</a> a capacity of 150 MW in NHPC’s auction to supply 1,200 MW of firm and dispatchable power from interstate transmission system-connected renewable power projects coupled with an energy storage system.
Last October, integrated mining and resources company Hindustan Zinc said it would <a href="https://www.mercomindia.com/hindustan-zinc-to-procure-530-mw-renewable-energy-from-serentica" target="_blank" rel="noopener">procure</a> 530 MW of round-the-clock power from Serentica’s renewable energy projects under a group captive arrangement. Serentica will supply the power for 25 years.
Early last year, Serentica <a href="https://www.mercomindia.com/serentica-425-million-loan-rtc-renewable-project" target="_blank" rel="noopener">secured</a> ₹35 billion (~$425 million) from a consortium of three international banks and three Indian lenders to fund the development of its wind-solar hybrid project in Rajasthan and Maharashtra which would supply power to Hindustan Zinc.

Serentica Secures $100 Million Loan for 300 MW Solar Project

<a href="https://www.aurapower.com/" target="_blank" rel="noopener">Aura Power</a>, a solar and energy storage project developer, secured £33.1 million (~$41.1 million) project financing to develop and construct the 40 MW Burtree Lane solar project in Darlington, U.K.
This is the second project in Aura Power’s 400 MWp+ solar portfolio to reach financial close with Rabobank, the first being a $39 million debt <a href="https://cms.mercomindia.com/aura-power-secures-39-million-project-financing-for-kemble-solar-project/" target="_blank" rel="noopener">facility</a> for the 49.9 MW Kemble solar project in October 2024.
Ben Moore, Director at Aura Power, said: “Reaching financial close on Burtree Lane is a fantastic next step for us in developing our operational U.K. solar portfolio. We’re looking forward to breaking ground in the summer and energizing early next year”.
The Burtree Lane solar project received planning approval in November 2022. Once operational, the project is expected to generate enough clean electricity to power around 14,000 homes while offsetting approximately 10,000 tonnes of CO2 annually, according to Aura Power.
Paul Graafland, Associate Director at Rabobank, said: “We are thrilled to partner with Aura Power on the Burtree Lane Solar PV project and in turn aid in their broader goal of developing 400MWp+ UK Solar Portfolio. This financing underscores Rabobank’s cooperative commitment to financing the energy transition and supporting sustainable energy solutions&#8221;.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-and-q4-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, large-scale project funding deals in 2024 totaled $53.8 billion in 259 deals, up from $44.5 billion raised in 229 deals in 2023.
Earlier this week, DESRI, a renewable energy project developer, in partnership with Ranger Power, a utility-scale clean power development company, <a href="https://cms.mercomindia.com/desri-and-ranger-power-secure-financing-for-250-mw-solar-project/" target="_blank" rel="noopener">announced</a> the financial close for the 250 MWac Show Me State Solar project in Callaway County, Missouri. The company did not disclose the financial details of the transaction and announced the start of the project’s construction.

Aura Power Secures $41 Million Financing for a Solar Project in UK

<a href="https://www.nw-groupe.com/en/" target="_blank" rel="noopener">NW</a>, an energy storage project developer, has secured € 430 million (~$466 million) in non-recourse bank financing from Santander CIB and Rabobank.
The funding will enable the company to develop and upgrade the JBox-distributed electricity storage unit and establish more than 2GWh of energy storage projects in Finland and France by the end of 2025.
“Today, NW is entering a new phase of growth, demonstrating the solidity of its business model. We are very proud to have won the confidence of Rabobank and Santander, international banks with a particularly strong reputation in the energy transition, and this is a fundamental step towards our ambition of operating more than 5 GWh of storage by 2028”, explains Jean-Christophe Kerdelhué, Founder and CEO of NW.
Since 2018, the company has been developing and supplying its own lithium-ion-based battery solutions called JBox, trying to offer stability and flexibility services to the electricity grid, operating with over 600 MW of installed energy storage capacity.
It also provides more than 130 ultra-fast charging stations for electric mobility. Combining the JBox with their proprietary charging solutions called IECharge, the company says that it can provide its users with the lowest charging price in Europe at around €5 (~$5.4)/100 km.
According to the recently released  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, Venture capital (VC) funding for Energy Storage companies in 9M 2024 came to $2.7 billion in 61 deals, a 69% decrease YoY compared to $8.6 billion in 68 deals in 9M 2023.
In April, 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. The new facility is the bank’s first U.K. loan to the standalone energy storage sector.

Energy Storage Developer NW Secures $466 Million in Debt Financing

<a href="https://www.ampyrenergy.com/" target="_blank" rel="noopener">AMPYR Solar Europe</a>, an independent solar power producer, secured €200 million (~$215 million) project finance facility with Rabobank to construct and operate 350 MW of solar PV projects across Europe. The facility will be drawn immediately to finance three Solar PV assets in the Netherlands, with more to follow later this year.
The first three sites to be constructed will be in the communities of Echt-Susteren, Tinte, and Venray in the Netherlands. Construction activities are due to begin shortly, with the Commercial Operation Date (“COD”) for all three assets expected by Q1 2024.
Law firm Osborne Clarke provided legal support to AMPYR Solar Europe, whilst Rabobank was represented by Clifford Chance.
Dhruv Menon, AMPYR Solar Europe’s Chief Financial Officer, said: “It is very important for us to find a partner like Rabobank. We need a leading player in the project finance market who is also sensitive to the needs of the local communities taking part in the green energy transition. Rabobank’s unique global-yet-local footprint has allowed us to provide bespoke partnership solutions to local communities and local energy corporations.”
Rabobank was represented by Pieter Plantinga, Executive Director of Project Finance, during the process. He said: “This was a unique structuring effort together with AMPYR Solar Europe. The financing allows AMPYR Solar Europe to build a portfolio of fully owned projects combined with projects with community participation. This fits well with the ambitions of Rabobank as it enables the local communities to have a stake in driving the energy transition.”
According to Mercom’s Q1 2023 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2023-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, large-scale project funding came to $5.3 billion in 62 deals, a decrease of 46% compared to $9.8 billion in 52 deals in Q4 2022. Peridot Solar Limited (PSL), a developer, owner, and operator of solar and storage projects and a subsidiary of FitzWalter Capital Limited, <a href="https://cms.mercomindia.com/psl-secures-financing-solar-projects-italy/" target="_blank" rel="noopener">recently</a> secured €120 million (~$129 million) bilateral financing from Infranity, an investment firm for the construction of 7 solar PV assets for a total capacity of 178 MW portfolio in Italy.

AMPYR Solar Europe Secures $215 Million Project Finance Facility

<a href="https://www.rabobank.com/en/home/index.html" target="_blank" rel="noopener">Rabobank</a>, with its division <a href="https://raboinvestments.com/" target="_blank" rel="noopener">Rabo Investments</a>, announced that it has acquired a minority interest in <a href="https://giga-storage.com/en/" target="_blank" rel="noopener">GIGA Storage</a>, intending to help the company expand its large-scale energy storage network.
GIGA Storage is a Netherlands-headquartered developer, investor, and operator of large-scale energy storage projects, with a project pipeline of 420 MWh in the Netherlands and Belgium.
The company has operational projects in Lelystad that have a combined capacity of 57 MWh.
The investment amount was not disclosed by the parties.
According to Francis Quint, Global Head of Rabo Investment, the investment will enable GIGA Storage to further expand its network of large-scale energy storage and grow its self-developed IT platform to facilitate the further integration of renewable energy into the Benelux electricity grid.
Ruud Nijs, CEO of GIGA Storage, said, “With Rabobank, we welcome the first formal investor to our shareholders’ table. Until now, we have financed ourselves with various informal investors – all of whom have also additionally contributed to the value of the company – but also with various crowdfunding initiatives.”
Last Month, Rabobank <a href="https://cms.mercomindia.com/primergy-secures-75-million-from-rabobank-for-solar-and-storage-projects/" target="_blank" rel="noopener">provided</a> a revolving credit facility of $75 million to Primergy Solar, a U.S.-based utility-scale and distributed solar and storage company to help develop a pipeline of solar and storage projects.
According to Mercom’s 9M And Q3 2022 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2022-funding-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">Report</a> for Storage, Grid &amp; Efficiency, in 9M 2022, Energy Storage companies raised a record $22 billion in corporate funding in 92 deals, up 69% compared to the $13 billion raised in 74 deals in 9M 2021.
Recently, Neoen, an independent renewable energy producer, announced the financial close of its Capital Battery project, a 100 MW/200 MWh lithium-ion battery storage facility located next to the Queanbeyan substation near Canberra, Australia. The battery project will be financed by a combination of equity provided by Neoen and senior debt facilities provided by the Clean Energy Finance Corporation and Infradebt.

Rabobank Invests in Large Scale Energy Storage Developer GIGA Storage

Rabo Investments has <a href="https://giga-storage.com/en/news/rabo-investments-acquires-a-participation-in-giga-storage/" target="_blank" rel="noopener">infused</a> an undisclosed amount in GIGA Storage, a large-scale battery energy storage project developer. The investment will enable GIGA Storage to expand its network of large-scale energy storage. GIGA Storage has 420 MWh of projects in the pipeline.
India-based automobile conglomerate and the parent company of Royal Enfield, Eicher Motors, said it would <a href="https://mercomindia.com/eicher-motors-to-acquire-in-e-motorcycle-firm-for-million/" target="_blank" rel="noopener">acquire</a> a 10.35% stake in European electric motorcycle manufacturer Stark Future with an initial equity investment of €50 million (~$53.2 million). Both Royal Enfield and Stark Future will use the investment for the electrification of motorcycles. The investment will help Enfield enter the electric mobility segment.
GCL Optoelectronic Material, a subsidiary of Hong Kong-listed GCL Technology Holdings, one of China’s largest photovoltaic materials makers, has <a href="https://www.dealstreetasia.com/stories/gcl-optoelectronic-material-series-b-321514" target="_blank" rel="noopener">secured</a> 500 million yuan (~$72 million) in a Series B extension round led by Temasek Holdings, Sequoia Capital China, and IDG Capital. The company will use the proceeds to upgrade the craftsmanship and equipment of its 100 MW large–area perovskite solar module assembly lines.
Suryanesia a clean energy startup that provides a SaaS platform for commercial and industrial clients to access renewable energy <a href="https://www.finsmes.com/2022/12/suryanesia-raises-us2m-in-seed-funding.html" target="_blank" rel="noopener">raised</a> $2 million in seed funding. The round was led by Intudo Ventures with participation from several angel investors. The company intends to use the funds to grow its team to accelerate marketing efforts and project delivery. With its Solar-as-a-Service solution, the company finances, installs, operates, and maintains solar power systems on its clients’ rooftops, and the clean energy generated helps clients save on electricity bills and reduce their carbon footprint.
Samara, a provider of solar energy-based solutions, <a href="https://www.eu-startups.com/2022/12/madrid-based-samara-scores-e4-5-million-to-help-households-transition-to-solar-energy/" target="_blank" rel="noopener">raised</a> €4.5 million (~$4.7 million) in seed funding led by Seaya and included participation from Pelion Green Future bringing the total funding raised by the company to €6.5 million (~$6.9 million). The funding will help in the company’s expansion efforts.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency 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-and-ma-roundup-eqt-acquires-renewable-developer-madison-energy/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Rabobank Invests in Battery Energy Storage Project Developer

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-rabobank-invests-in-battery-energy-storage-project-developer/" target="_blank" rel="noopener">Mercom Capital Group</a>
Rabo Investments has <a href="https://giga-storage.com/en/news/rabo-investments-acquires-a-participation-in-giga-storage/" target="_blank" rel="noopener">infused</a> an undisclosed amount in GIGA Storage, a large-scale battery energy storage project developer. The investment will enable GIGA Storage to expand its network of large-scale energy storage. GIGA Storage has 420 MWh of projects in the pipeline.
India-based automobile conglomerate and the parent company of Royal Enfield, Eicher Motors, said it would <a href="https://mercomindia.com/eicher-motors-to-acquire-in-e-motorcycle-firm-for-million/" target="_blank" rel="noopener">acquire</a> a 10.35% stake in European electric motorcycle manufacturer Stark Future with an initial equity investment of €50 million (~$53.2 million). Both Royal Enfield and Stark Future will use the investment for the electrification of motorcycles. The investment will help Enfield enter the electric mobility segment.
GCL Optoelectronic Material, a subsidiary of Hong Kong-listed GCL Technology Holdings, one of China’s largest photovoltaic materials makers, has <a href="https://www.dealstreetasia.com/stories/gcl-optoelectronic-material-series-b-321514" target="_blank" rel="noopener">secured</a> 500 million yuan (~$72 million) in a Series B extension round led by Temasek Holdings, Sequoia Capital China, and IDG Capital. The company will use the proceeds to upgrade the craftsmanship and equipment of its 100 MW large–area perovskite solar module assembly lines.
Suryanesia a clean energy startup that provides a SaaS platform for commercial and industrial clients to access renewable energy <a href="https://www.finsmes.com/2022/12/suryanesia-raises-us2m-in-seed-funding.html" target="_blank" rel="noopener">raised</a> $2 million in seed funding. The round was led by Intudo Ventures with participation from several angel investors. The company intends to use the funds to grow its team to accelerate marketing efforts and project delivery. With its Solar-as-a-Service solution, the company finances, installs, operates, and maintains solar power systems on its clients’ rooftops, and the clean energy generated helps clients save on electricity bills and reduce their carbon footprint.
Samara, a provider of solar energy-based solutions, <a href="https://www.eu-startups.com/2022/12/madrid-based-samara-scores-e4-5-million-to-help-households-transition-to-solar-energy/" target="_blank" rel="noopener">raised</a> €4.5 million (~$4.7 million) in seed funding led by Seaya and included participation from Pelion Green Future bringing the total funding raised by the company to €6.5 million (~$6.9 million). The funding will help in the company’s expansion efforts.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week’s funding <a href="https://mercomindia.com/funding-and-ma-roundup-eqt-acquires-renewable-developer-madison-energy/" target="_blank" rel="noopener">roundup</a>.

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					</table>India-based independent power producer <a href="https://renewpower.in/" target="_blank" rel="noopener">ReNew Power</a> announced a partnership with twelve international lenders for what is deemed to be the largest External Commercial Borrowings (ECB) project finance loan totaling $1.1 billion in India’s renewables sector for any single project.
Led by Netherlands-based Dutch multinational bank <a href="https://www.rabobank.com/en/home/index.html" target="_blank" rel="noopener">Rabobank</a>, the loan has been tied through the creation of a special purpose vehicle (SPV) and will be used for ReNew’s hybrid round-the-clock (RTC) battery-enabled renewable project.
The company aims to expand its total renewable portfolio by availing the loan. The interest rate, after hedging, is expected to be lower than ReNew’s current average cost of debt on its balance sheet.
The RTC project will supply day and night power and compete against the baseload of fossil-fuel energy providers, such as coal. In April 2022, global trading and investment firm Mitsui &amp; Co announced the acquisition of a 49% stake in ReNew Power’s round-the-clock utility-scale renewable energy project <a href="https://mercomindia.com/mitsui-acquire-stake-renew-round-the-clock-project/" target="_blank" rel="noopener">comprising</a> 900 MW of three wind farms and a 400 MW solar project with 100 MWh battery storage capacity.
The project will <a href="https://mercomindia.com/renew-power-seci-round-clock-renewable-tender/" target="_blank" rel="noopener">provide</a> power to SECI at the rate of ₹2.90/(~$ 0.038)/kWh to begin with, which will increase 3% annually for 15 years and then stabilize for the remaining 10 years of the 25-year PPA.
ReNew’s subsidiary ReNew Surya Roshni will develop the RTC hybrid project across Rajasthan, Maharashtra, and Karnataka.
ReNew’s Founder, and CEO Sumant Sinha said, “This loan &#8212; the single-largest project finance in India’s renewable sector— highlights the interest of global lenders in ReNew as it helps spearhead India’s historic clean energy shift and shows its continued ability to access financing at much lower rates than several years ago, despite the current volatility in the currency markets and a rising interest rate environment.”
Recently, ReNew Power became the first Indian clean energy company to <a href="https://mercomindia.com/renew-energy-refinances-dollar-denominated-bonds/" target="_blank" rel="noopener">refinance</a> its 2024 maturity dollar-denominated bonds with amortizing project loans from an Indian non-banking financial company. The ECB loan follows ReNew’s refinancing measures.

ReNew Power Ties Up $1.1 Billion Loan for 1.3 GW Round-the-Clock Renewable Power Project

Lightsource BP, a global renewable energy development firm, has completed its first utility scale solar project in India. The project has been developed in Wagdari, located in the state of Maharashtra.
The 60 MW project, spread across 240 acres, is among the first Solar Energy Corporation India (SECI) tenders to be completed and can power around 20,000 homes.
The Wagdari solar power project has been financed in partnership with UK Climate Investments (UKCI). It is a joint venture between the Green Investment Group and the UK Government’s Department for Business Energy and Industrial Strategy (BEIS).
“The success of this project is a testament to Lightsource BP’s ability to deliver. The project was developed in-house, and required the support of both our central and local teams working together in close partnership to bring it to fruition,” said Nick Boyle, Chief Executive Officer of Lightsource BP.
Lightsource BP had won the offtake contract through a <a href="https://mercomindia.com/lightsource-uk-climate-investments-establish-partnership-fund-indian-solar-projects/" target="_blank" rel="noopener">450 MW tender by SECI</a>. The construction, photovoltaic modules, and technical expertise for the project were provided by Sterling &amp; Wilson and LONGi Solar while the project finance was provided by Rabobank, the company said in its media release.
According to Mercom’s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">India Solar Project Tracker</a>, Lightsource won the 450 MW tender by quoting a VGF of ₹1.96 million (~$30,142) along with the fixed tariff of ₹4.43 (~$0.068)/kWh under NSM Phase-II, Batch 4 VGF program.
The company has not yet revealed any details on the cost of the project.
In <a href="https://mercomindia.com/lightsourcebp-everstone-joint-venture-india/" target="_blank" rel="noopener">April 2018</a>, Mercom reported that Lighsource BP and investment firm <a href="http://www.everstonecapital.com/">Everstone Group</a> have teamed up to create a major fund management platform called EverSource Capital for the development of green energy infrastructure in India.
Earlier in 2017, <a href="https://mercomindia.com/lightsource-uk-climate-investments-establish-partnership-fund-indian-solar-projects/" target="_blank" rel="noopener">Mercom reported</a> that <a href="https://us.lightsource-re.com/" target="_blank" rel="noopener">Lightsource Renewable Energy</a> and UK Climate Investments, part of the <a href="http://greeninvestmentgroup.com/" target="_blank" rel="noopener">Green Investment Group</a> within Macquarie Infrastructure and Real Assets (<a href="http://www.mirafunds.com/" target="_blank" rel="noopener">MIRA</a>), entered an agreement to form a partnership platform to fund the development, acquisition, and ownership of large scale solar power generation assets in India.
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