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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-lunar-energy-secures-232-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Lunar Energy, a provider of integrated home battery systems and Virtual Power Plant (VPP) software, has <a href="https://mercomcapital.com/home-battery-and-vpp-company-lunar-energy-secures-232-million/" target="_blank" rel="noopener">raised</a> $102 million in an oversubscribed Series D round led by B Capital and Prelude Ventures. This funding follows a previously unannounced $130 million Series C round led by Activate Capital, bringing the total to $232 million.
Radiance Renewables, a clean energy firm backed by Eversource Capital, has <a href="https://www.mercomindia.com/radiance-renewables-raises-100-million-from-danish-fund-fmo" target="_blank" rel="noopener">raised</a> about $100 million in equity funding from two major international investors — Impact Fund Denmark and the Dutch entrepreneurial development bank FMO. Impact Fund Denmark and FMO are investing $50 million each.
Commercial electric mobility services provider Drivn has <a href="https://www.mercomindia.com/e-bus-services-provider-drivn-gets-80-million-boost-from-nomura" target="_blank" rel="noopener">received</a> a commitment of up to $80 million in funding from financial services company Nomura. Founded in 2025, Drivn buys, owns, and leases electric buses and trucks for long-distance logistics and inter-city transport. This funding from Nomura will support the first phase of Drivn’s deployment of 1,000 electric buses and trucks.
PowerBank Corporation, a North American company that develops and owns independent renewable and clean energy projects, has <a href="https://mercomcapital.com/powerbank-raises-13-68-million-in-equity-offering/" target="_blank" rel="noopener">raised</a> gross proceeds of $13.68 million through an equity offering. The company focuses on developing solar and battery energy storage system projects that sell electricity to a range of off-takers, including utilities, commercial entities, industrial clients, municipalities, and residential customers.
Powerline, a startup providing software-based intelligence solutions for batteries, has <a href="https://mercomcapital.com/battery-software-startup-powerline-closes-7-million-in-seed-funding/" target="_blank" rel="noopener">secured</a> $7 million in seed funding, led by MaC Venture Capital, with participation from LG Technology Ventures, J-Impact Fund, and other strategic investors across the energy ecosystem. Powerline is building the AI intelligence layer and digital testbeds for battery portfolios.
Elong Power Holding, a company that provides lithium-ion battery solutions for energy storage systems and electric vehicles, has <a href="https://mercomcapital.com/elong-power-holding-closes-7-6-million-public-offering/" target="_blank" rel="noopener">announced</a> the closing of its $7.6 million underwritten public offering. Maxim Group served as the exclusive underwriter. Ortoli Rosenstadt acted as U.S. securities counsel to the company, while Pryor Cashman served as U.S. securities counsel to the underwriter in connection with the Offering.
SunPower, a solar technology, services, and installation company, has <a href="https://mercomcapital.com/sunpower-acquires-solar-panel-installer-cobalt-power-systems/" target="_blank" rel="noopener">announced</a> that it has closed its $12 million all-equity strategic acquisition of Cobalt Power Systems, a solar and energy storage systems installation company headquartered in Mountain View, California.
Power Finance Corporation (PFC) has <a href="https://www.mercomindia.com/pfc-acquires-majority-stake-in-rec-board-greenlights-merger" target="_blank" rel="noopener">acquired</a> 52.63% of the Government of India’s stake in REC Limited, making REC a subsidiary of PFC. The PFC Board took note of the Union Budget 2026–27 announcement proposing the restructuring of public sector Non-Banking Financial Companies (NBFCs) and granted in-principle approval for the merger of PFC and REC, subject to requisite approvals, while ensuring that the merged entity remains a government company under applicable laws.
Hero MotoCorp has <a href="https://www.mercomindia.com/hero-motocorp-approves-investment-of-%E2%82%B92-75-billion-in-euler-motors" target="_blank" rel="noopener">approved</a> an additional investment of up to ₹2.75 billion (~$30.45 million) in Euler Motors. The investment is to be made in one or more tranches through a combination of primary infusion and/or secondary purchase. Euler Motors is an associate company of Hero MotoCorp, in which the company currently holds a 34.1% stake on a fully diluted basis.
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’s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-jupiter-secures-500-million" target="_blank" rel="noopener">roundup</a>.

Independent solar power producer <a href="https://www.azurepower.com/" target="_blank" rel="noopener">Azure Power Global</a> has announced that it had signed a binding agreement to sell its non-core rooftop solar portfolio to Radiance Renewables for ₹5.36 billion (~$73.5 million).
A 100% subsidiary of the Green Growth Equity Fund (GGEF), India&#8217;s leading Climate fund managed by <a href="https://www.eversourcecapital.com/" target="_blank" rel="noopener">EverSource Capital</a>, Radiance offers competitive renewable energy solutions for commercial, industrial, and residential customers.
According to a press release by Radiance, the acquisition will cover 152.5 MW of assets and includes 8.1 MW of assets under construction and 18.5 MW of recently commissioned assets.
In a separate release, Azure said that its Green Bond owners&#8217; rights had been protected in respect of 42.7 MW of assets.
As part of the sale agreement, 48.6% of the equity ownership relating to 42.7 MW of assets will be transferred to Radiance, and the remaining 51.4% will be transferred after the refinancing of Azure&#8217;s Green Bonds.
All the cash flows related to the 42.7 MW of assets will remain in the SPV (Special Purpose Vehicle) to service debt. They cannot be upstreamed until such refinancing, and the remaining 51.4% equity ownership is transferred to Radiance.
The rooftop solar portfolio generated ₹331 million (~$4.5 million) in EBITDA (earnings before interest, taxes, depreciation, and amortization) for the 12 months ending December 30, 2020.
The company expects to take an estimated ₹2.9 – ₹4.4 billion (~$40 &#8211; 60 million) one-time charge subject to purchase price adjustments and other conditions related to this sale.  Proceeds are expected to be received before December 31, 2021. KPMG was the financial advisor, and Trilegal was counsel to Azure Power on this transaction.
Ranjit Gupta, Chief Executive Officer, Azure Power, said, &#8220;This sale is the first-ever asset sale in Azure Power&#8217;s history. This non-strategic portfolio&#8217;s sale allows us to enhance returns on invested capital through efficiency gains and cost optimization while recycling capital into a higher return, committed projects. Our focus is on the creation of shareholder value.&#8221;
Manikkan Sangameswaran, Executive Director, Radiance Renewables, said, &#8220;This strategic acquisition will position Radiance as a significant pan-India player in the commercial, industrial and institutional segments. The deal gives us an exposure to long-term power purchase agreements with quality customers based on net metering in the build-out of its distributed generation platform.&#8221;
Azure Power <a href="https://mercomindia.com/azure-posts-rise-revenue-higher-capacity/">posted</a> a 15.6% rise in its revenue in the third quarter (Q3) of the financial year 2021 (FY 2021) on the back of an increase in its operational capacity. The company&#8217;s revenue rose to ₹3.52 billion (~$48.3 million) during the quarter from about ₹3.05 million (~$41.9 million) in the same period last year.
GGEF was <a href="https://mercomindia.com/lightsourcebp-everstone-joint-venture-india/" target="_blank" rel="noopener">launched</a> in April 2018 after Lightsource BP, a global renewable energy development firm, and Everstone Group teamed up to create a major fund management platform called EverSource Capital for the development of green energy infrastructure in India. At launch, the GGEF had a fundraising target of £500 million (~$710.6 million). Recently, Dutch development bank FMO said that it will <a href="https://mercomindia.com/green-climate-fund-137-million-investment-india/" target="_blank" rel="noopener">invest</a> $137 million in the energy value chain, water, waste, and transport sectors that promote low carbon and climate-resilient initiatives in India through GGEF.

Azure Power Sells Non-Core Rooftop Solar Portfolio to Radiance Renewables

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