Month in a Minute: Top Headlines from the Indian Renewable Sector in July 2026

Solar Module Capacity Under ALMM Grows to 215.5 GW

PFC Awards Project to Evacuate 3 GW of Renewables in Andhra Pradesh

Storage, Engineering, and Service Become Distributed Solar’s Growth Drivers

Daily News Wrap-Up: MNRE Proposes Uniform Solar Cell Nomenclature

MENA Weekly Round-Up: Egypt Signs PPA with Alcazar for 407 MW Wind Project

Solar Tender and Auction Activity Declines in Q2 2026

MNRE Proposes Standardized Nomenclature for Solar Cells Under ALMM List II

India Can Build a Complete Solar Manufacturing Ecosystem Within Five Years: Interview

Green Hydrogen and Storage Key to Curbing Renewables Curtailment: Interview

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					</table>India-based solar energy developer and EPC company <a href="https://www.usolar.in/" target="_blank" rel="noopener">U-Solar Clean Energy Solutions</a> has partnered with <a href="https://www.ryse.energy/" target="_blank" rel="noopener">Ryse Energy</a>, a distributor of renewable energy solutions specializing in wind turbines, to implement hybrid renewable energy systems off the coast of Jaffna in Sri Lanka.
The project encompasses a combination of solar and wind energy, integrating 530 kW of wind power, 1,700 kW of solar power, 2,400 kWh of battery power, and a 2,500 kW standby diesel power system across the islands of Delft, Nainativu, and Analaitivu.
The <a href="https://www.energy.gov.lk/index.php/en/" target="_blank" rel="noopener">Sri Lanka Sustainable Energy Authority</a> recently signed a contract with U-Solar to implement the project.
Kanchana Wijesekera, <a href="https://energymin.gov.lk/web/index.php/en/" target="_blank" rel="noopener">Minister of Power and Energy</a>, said the project is being implemented with a financial grant of $10.995 million from the government of India.
The project is expected to be operational by March 2025.
The integration of various renewable energy technologies aims to optimize energy generation, providing a consistent and reliable power supply to regions not connected to the national grid.
K.R. Harinarayan, Founder and CEO of U-Solar, said, &#8220;A project of this stature is complex in many ways, the three islands are remotely located, and the technology integration will be one of a kind in the world&#8230;we have diligently studied this project and our team has also visited the site before putting together a comprehensive bid. While there have been some unforeseen obstacles, our commitment to the vision of the Indian and Sri Lankan government is unwavering.&#8221;
Alistair Munro, Founder &amp; CEO of Ryse Energy, said, “I am thrilled to announce our major project to power Sri Lanka with distributed wind, in collaboration with U-Solar. This landmark partnership marks a significant milestone in our mission to provide sustainable and accessible energy solutions worldwide.&#8221;
In November 2023, the CEB, under the Ministry of Power and Energy, Sri Lanka, <a href="https://www.mercomindia.com/sri-lanka-200-mw-floating-solar-projects" target="_blank" rel="noopener">issued</a> an expression of interest to construct two 100 MW floating solar power projects on the Samanalawewa reservoir in the Ratnapura district.
In February 2023, Adani Green Energy, the renewable energy arm of Adani Group, was <a href="https://www.mercomindia.com/sri-lanka-awards-wind-power-projects-adani-green" target="_blank" rel="noopener">awarded</a> the letter of approval for two wind energy projects to be developed in the Mannar and Ponneryn areas of northern Sri Lanka. The two projects were to receive a total investment of $442 million.

U-Solar, Ryse Energy Partner for Hybrid Renewable Project in Sri Lanka

Ryse Energy, a provider of decentralized renewable energy systems, has <a href="https://cms.mercomindia.com/ryse-energy-raises-funding/" target="_blank" rel="noopener">raised</a> a $15 million growth funding round led by RWE Energy Transition Investments, an investment vehicle of RWE Supply &amp; Trading, the energy trading arm of the global renewable energy company RWE. The investment will enable Ryse Energy to accelerate its international growth and enter other markets, expand its technology offerings, and continue to diversify its business model into energy-as-a-service.
India-based electric mobility service provider Magenta Mobility has <a href="https://www.mercomindia.com/e-mobility-magenta-from-bp-and-morgan-stanley" target="_blank" rel="noopener">secured</a> a $22 million investment from bp and a Morgan Stanley India Infrastructure-managed investment fund. The company focuses on electrifying logistics and last-mile delivery, which involves transporting goods from a distribution center to a home or business. The investment represents bp’s first foray into India’s last-mile delivery market and its second in its mobility sector. bp pulse has over 100 million online shoppers.
Asian Development Bank said it would <a href="https://www.mercomindia.com/tata-power-adb-for-grid-enhancements" target="_blank" rel="noopener">invest</a> in non-convertible debentures worth ₹1.5 billion (~$18.2 million) issued by Tata Power Delhi Distribution Limited, the distribution unit of Tata Power. Additionally, the partnership will partially fund a 10 MWh pilot battery energy storage system (BESS) through a $2 million grant.
Prozeal Infra Engineering, a solar engineering, procurement, and construction company, <a href="https://cms.mercomindia.com/solar-epc-company-prozeal-infra-raises-4-million/" target="_blank" rel="noopener">raised</a> $4 million in Series A funding from Alchemie Ventures. The company plans to use the fresh funds to scale its operations and execute developer-model projects for energy and utility companies across India. The company has over 1000 MW of installed and commissioned solar projects across 18 states in India and is expanding in Dubai, Thailand, and Saudi Arabia.
India-based two-wheeler maker TVS Motor Company said that its Singapore-based subsidiary would <a href="https://www.mercomindia.com/tvs-motors-subsidiary-buys-ev-startup" target="_blank" rel="noopener">purchase</a> a 25% ownership interest in Killwatt GmbH, a German startup engaged in manufacturing electric mobility products and components. The total cost of the acquisition is approximately €2 million (~$2.1 million) and is expected to be completed by April 24, 2023.
Veloce Energy, a provider of hardware and software infrastructure solutions for EV charging and storage, <a href="https://cms.mercomindia.com/ev-charging-service-provider-veloce-raises-series-a-funding/" target="_blank" rel="noopener">announced</a> the closing of its initial Series A funding round. The amount was not disclosed. Itochu and Ecliptic Capital led the investment round. The company plans to use the funds to expand its technology and develop its product roadmap for FastGrid. FastGrid is a hardware and software infrastructure platform that reduces the time and cost of deploying and operating EV charging stations and commercial and solar storage.
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-logical-raises-110-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Ryse Energy Raises $15 Million from RWE

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-ryse-energy/" target="_blank" rel="noopener">Mercom Capital Group</a>
Ryse Energy, a provider of decentralized renewable energy systems, has <a href="https://mercomcapital.com/ryse-energy-raises-funding/" target="_blank" rel="noopener">raised</a> a $15 million growth funding round led by RWE Energy Transition Investments, an investment vehicle of RWE Supply &amp; Trading, the energy trading arm of the global renewable energy company RWE. The investment will enable Ryse Energy to accelerate its international growth and enter other markets, expand its technology offerings, and continue to diversify its business model into energy-as-a-service.
India-based electric mobility service provider Magenta Mobility has <a href="https://www.mercomindia.com/e-mobility-magenta-from-bp-and-morgan-stanley" target="_blank" rel="noopener">secured</a> a $22 million investment from bp and a Morgan Stanley India Infrastructure-managed investment fund. The company focuses on electrifying logistics and last-mile delivery, which involves transporting goods from a distribution center to a home or business. The investment represents bp’s first foray into India’s last-mile delivery market and its second in its mobility sector. bp pulse has over 100 million online shoppers.
Asian Development Bank said it would <a href="https://www.mercomindia.com/tata-power-adb-for-grid-enhancements" target="_blank" rel="noopener">invest</a> in non-convertible debentures worth ₹1.5 billion (~$18.2 million) issued by Tata Power Delhi Distribution Limited, the distribution unit of Tata Power. Additionally, the partnership will partially fund a 10 MWh pilot battery energy storage system (BESS) through a $2 million grant.
Prozeal Infra Engineering, a solar engineering, procurement, and construction company, <a href="https://mercomcapital.com/solar-epc-company-prozeal-infra-raises-4-million/" target="_blank" rel="noopener">raised</a> $4 million in Series A funding from Alchemie Ventures. The company plans to use the fresh funds to scale its operations and execute developer-model projects for energy and utility companies across India. The company has over 1000 MW of installed and commissioned solar projects across 18 states in India and is expanding in Dubai, Thailand, and Saudi Arabia.
India-based two-wheeler maker TVS Motor Company said that its Singapore-based subsidiary would <a href="https://www.mercomindia.com/tvs-motors-subsidiary-buys-ev-startup" target="_blank" rel="noopener">purchase</a> a 25% ownership interest in Killwatt GmbH, a German startup engaged in manufacturing electric mobility products and components. The total cost of the acquisition is approximately €2 million (~$2.1 million) and is expected to be completed by April 24, 2023.
Veloce Energy, a provider of hardware and software infrastructure solutions for EV charging and storage, <a href="https://mercomcapital.com/ev-charging-service-provider-veloce-raises-series-a-funding/" target="_blank" rel="noopener">announced</a> the closing of its initial Series A funding round. The amount was not disclosed. Itochu and Ecliptic Capital led the investment round. The company plans to use the funds to expand its technology and develop its product roadmap for FastGrid. FastGrid is a hardware and software infrastructure platform that reduces the time and cost of deploying and operating EV charging stations and commercial and solar storage.
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&#8217;s funding <a href="https://mercomcapital.com/funding-and-ma-roundup-logical-raises-110-million/" target="_blank" rel="noopener">roundup</a>.

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