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

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-gs-power-partners-secures-250-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
GS Power Partners, an independent power producer and solar project developer backed by CVC DIF, <a href="https://mercomcapital.com/gs-power-partners-secures-250-million-debt-financing/" target="_blank" rel="noopener">closed</a> a $250 million debt facility. Deutsche Bank acted as lead lender and arranger and is responsible for syndicating the transaction. The facility will be used to establish a centralized corporate capital platform to support GS Power’s development pipeline and long-term growth strategy.
Leapting, a company that provides intelligent robotic solutions for photovoltaic energy, <a href="https://mercomcapital.com/leapting-raises-over-14-5-million-pre-series-b-funding-round/" target="_blank" rel="noopener">secured</a> more than 100 million yuan (~$14.5 million) in a pre-series B funding round. The funding round included Capital Today as a strategic shareholder and introduced Long Capital as a new investor. Existing shareholder Clory Ventures also participated, marking its fourth consecutive round of investment in the company.
Vietnam-based rooftop solar solution provider SmartSolar <a href="https://mercomcapital.com/rooftop-solar-company-smartsolar-raises-1-3-million-debt-financing/" target="_blank" rel="noopener">closed</a> a $1.3 million debt financing round, bringing its total funding to $3.15 million through a mix of equity and debt. The latest funding round included a $300,000 senior loan from the SECO Startup Fund. In addition, the German travel company SKR Reisen provided SmartSolar with a $1 million debt facility.
Good Energy, a renewable energy supplier and energy service provider, <a href="https://mercomcapital.com/good-energy-acquires-solar-panel-installer-low-energy-services/" target="_blank" rel="noopener">acquired</a> Low Energy Services, an installer of solar panels and battery storage systems for commercial and industrial customers. Following the acquisition, Low Energy Services will be integrated under the Good Energy brand, adding a skilled team and helping to extend Good Energy’s geographical footprint beyond England.
Integrated infrastructure services company Bluspring Enterprises <a href="https://www.mercomindia.com/bluspring-acquires-steag-india-unit-to-strengthen-energy-services" target="_blank" rel="noopener">announced</a> that its wholly owned subsidiary, Bluspring New Horizon One, has executed a share purchase agreement with Germany-based STEAG Energy and STEAG Energy Services India (SESI) to acquire 100% of the latter’s paid-up share capital for a cash consideration of ₹1.8 billion (~$19.28 million). Bluspring stated that the acquisition aligns with its strategy to expand its industrial vertical and strengthen its presence in the power services segment.
Energy Storage Solutions provider ILJIN Electronics plans to <a href="https://www.mercomindia.com/iljin-electronics-to-raise-%E2%82%B92-96-billion-from-amber-group-through-rights-issue" target="_blank" rel="noopener">raise</a> ₹2.96 billion (~$31.79 million) from its parent company, Amber Group, through a rights issue. Upon completion of the transaction, Amber will hold an 89.72% share in ILJIN Electronics, an increase of 0.04%. The capital infusion will help IL JIN accomplish its strategic initiatives. The rights issue process, including the allotment of equity shares to eligible equity shareholders, is expected to close on or before April 30, 2026.
Global investment firm KKR will <a href="https://www.mercomindia.com/kkr-to-invest-up-to-310-million-in-e-bus-companies-allfleet-and-pmi-electro" target="_blank" rel="noopener">invest</a> up to $310 million (~₹28.63 billion) and form a partnership with electric bus (e-bus) platform Allfleet and e-bus manufacturer PMI Electro. The investment will enable KKR to acquire a majority stake in Allfleet and a minority stake in PMI Electro. The transaction is expected to be completed in mid- 2026. KKR’s investment will strengthen Allfleet’s ability to collaborate with public transport authorities to expand e-bus fleets across key cities.
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-mga-thermal-secures-12-million" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: GS Power Partners Secures $250 Million

GS Power Partners, an independent power producer and solar project developer backed by CVC DIF, <a href="https://cms.mercomindia.com/gs-power-partners-secures-250-million-debt-financing/" target="_blank" rel="noopener">closed</a> a $250 million debt facility. Deutsche Bank acted as lead lender and arranger and is responsible for syndicating the transaction. The facility will be used to establish a centralized corporate capital platform to support GS Power’s development pipeline and long-term growth strategy.
Leapting, a company that provides intelligent robotic solutions for photovoltaic energy, <a href="https://cms.mercomindia.com/leapting-raises-over-14-5-million-pre-series-b-funding-round/" target="_blank" rel="noopener">secured</a> more than 100 million yuan (~$14.5 million) in a pre-series B funding round. The funding round included Capital Today as a strategic shareholder and introduced Long Capital as a new investor. Existing shareholder Clory Ventures also participated, marking its fourth consecutive round of investment in the company.
Vietnam-based rooftop solar solution provider SmartSolar <a href="https://cms.mercomindia.com/rooftop-solar-company-smartsolar-raises-1-3-million-debt-financing/" target="_blank" rel="noopener">closed</a> a $1.3 million debt financing round, bringing its total funding to $3.15 million through a mix of equity and debt. The latest funding round included a $300,000 senior loan from the SECO Startup Fund. In addition, the German travel company SKR Reisen provided SmartSolar with a $1 million debt facility.
Good Energy, a renewable energy supplier and energy service provider, <a href="https://cms.mercomindia.com/good-energy-acquires-solar-panel-installer-low-energy-services/" target="_blank" rel="noopener">acquired</a> Low Energy Services, an installer of solar panels and battery storage systems for commercial and industrial customers. Following the acquisition, Low Energy Services will be integrated under the Good Energy brand, adding a skilled team and helping to extend Good Energy’s geographical footprint beyond England.
Integrated infrastructure services company Bluspring Enterprises <a href="https://www.mercomindia.com/bluspring-acquires-steag-india-unit-to-strengthen-energy-services" target="_blank" rel="noopener">announced</a> that its wholly owned subsidiary, Bluspring New Horizon One, has executed a share purchase agreement with Germany-based STEAG Energy and STEAG Energy Services India (SESI) to acquire 100% of the latter’s paid-up share capital for a cash consideration of ₹1.8 billion (~$19.28 million). Bluspring stated that the acquisition aligns with its strategy to expand its industrial vertical and strengthen its presence in the power services segment.
Energy Storage Solutions provider ILJIN Electronics plans to <a href="https://www.mercomindia.com/iljin-electronics-to-raise-%E2%82%B92-96-billion-from-amber-group-through-rights-issue" target="_blank" rel="noopener">raise</a> ₹2.96 billion (~$31.79 million) from its parent company, Amber Group, through a rights issue. Upon completion of the transaction, Amber will hold an 89.72% share in ILJIN Electronics, an increase of 0.04%. The capital infusion will help IL JIN accomplish its strategic initiatives. The rights issue process, including the allotment of equity shares to eligible equity shareholders, is expected to close on or before April 30, 2026.
Global investment firm KKR will <a href="https://www.mercomindia.com/kkr-to-invest-up-to-310-million-in-e-bus-companies-allfleet-and-pmi-electro" target="_blank" rel="noopener">invest</a> up to $310 million (~₹28.63 billion) and form a partnership with electric bus (e-bus) platform Allfleet and e-bus manufacturer PMI Electro. The investment will enable KKR to acquire a majority stake in Allfleet and a minority stake in PMI Electro. The transaction is expected to be completed in mid- 2026. KKR’s investment will strengthen Allfleet’s ability to collaborate with public transport authorities to expand e-bus fleets across key cities.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid 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-mga-thermal-secures-12-million/" target="_blank" rel="noopener">roundup</a>.

Vietnam-based rooftop solar solution provider <a href="https://www.smartsolar.com.vn/en" target="_blank" rel="noopener">SmartSolar</a> closed a debt financing round of $1.3 million, bringing the total funding to $3.15 million through a mix of both equity and debt.
The latest funding round includes a $300,000 senior loan from the SECO Startup Fund, a development finance initiative of Switzerland’s State Secretariat for Economic Affairs (SECO). This marked SECO Start-up Fund’s first investment globally under its new management by iGravity and Seedstars.
In addition, the German travel company SKR Reisen provided $1 million in debt facility to the company.
With the debt financing, SmartSolar plans to fund its additional installations as well as continue to build its solar financing platform for Southeast Asia’s small and medium-sized businesses.
The new debt funding followed previously <a href="https://cms.mercomindia.com/smartsolar-raises-1-8-million-in-seed-funding/" target="_blank" rel="noopener">raised</a> $1.85 million in seed funding led by Picus Capital and 2degrees, along with participation from early-stage venture capital firm Iterative.
“Equity helped us build the platform. Debt is what allows us to scale,” said founder and CEO Kevin Junker. “Having the SECO Start-up Fund as our first institutional lender is a strong signal that this model works commercially and from an impact perspective.”
Founded in 2024, the solar energy company, through its solar-as-a-service model, provides zero-upfront-cost rooftop solar solutions to Vietnam’s SMEs, claiming to reduce energy costs by 15-25%. SmartSolar finances, installs, and maintains rooftop systems on behalf of its clients.
The company has deployed nearly 4 MWp of solar capacity across over 75 systems for its customers, ranging from factories to automotive workshops and fitness centers, since its launch.
In 2025, announced solar debt financing came to $16.1 billion, 14% lower compared to $18.8 billion in 2024. Securitization deals totaled $3.4 billion across nine deals, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-and-q4-2025-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>.
Earlier, in January 2026, SunLib, a French solar-as-a-service company, <a href="https://cms.mercomindia.com/solar-service-provider-sunlib-raises-29-million/" target="_blank" rel="noopener">secured</a> €25 million (~$29 million) from Épopée Gestion, which operates through its Infrastructure and Climate funds.

Rooftop Solar Company SmartSolar Raises $1.3 Million in Debt Financing

SmartSolar, a rooftop solar solution provider, has <a href="https://cms.mercomindia.com/smartsolar-raises-1-8-million-in-seed-funding/" target="_blank" rel="noopener">raised</a> $1.85 million in seed funding. The funding was led by Picus Capital and 2degrees, along with participation from early-stage venture capital firm Iterative. With this funding, the company plans to accelerate its growth in Vietnam and expand its footprint across Southeast Asia. The company offers rooftop solar solutions designed to help businesses cut down on electricity costs.
Octopus Renewables Infrastructure Trust, an investment company, <a href="https://cms.mercomindia.com/orit-secures-125-million-five-year-term-loan-facility/" target="_blank" rel="noopener">announced</a> that it has signed a £100 million (~$125 million) five-year term loan facility with three of its existing lenders, Santander, National Australia Bank, and Allied Irish Banks. The funding will be used to pay down a portion of the existing and more expensive Revolving Credit Facility (RCF) debt. According to ORIT, it has drawn £151.2 million (~$191 million) on the RCF so far.
Vidyut, an electric vehicle ecosystem platform, has <a href="https://www.mercomindia.com/ev-company-vidyut-raises-2-5-million-from-flourish-ventures" target="_blank" rel="noopener">raised</a> $2.5 million in funding from global investor Flourish Ventures. The company will utilize the acquired funds to expand its Battery-as-a-Service offering in passenger and commercial EV segments. By unbundling batteries from EVs and offering them on a pay-per-km subscription basis, Vidyut claimed it had reduced upfront electric three-wheeler costs by 35-40%.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid 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-scale-energy-raises-2-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: SmartSolar Raises $1.8 Million in Seed Funding

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-smartsolar-raises-1-8-million-seed-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
SmartSolar, a rooftop solar solution provider, has <a href="https://mercomcapital.com/smartsolar-raises-1-8-million-in-seed-funding/" target="_blank" rel="noopener">raised</a> $1.85 million in seed funding. The funding was led by Picus Capital and 2degrees, along with participation from early-stage venture capital firm Iterative. With this funding, the company plans to accelerate its growth in Vietnam and expand its footprint across Southeast Asia. The company offers rooftop solar solutions designed to help businesses cut down on electricity costs.
Octopus Renewables Infrastructure Trust, an investment company, <a href="https://mercomcapital.com/orit-secures-125-million-five-year-term-loan-facility/" target="_blank" rel="noopener">announced</a> that it has signed a £100 million (~$125 million) five-year term loan facility with three of its existing lenders, Santander, National Australia Bank, and Allied Irish Banks. The funding will be used to pay down a portion of the existing and more expensive Revolving Credit Facility (RCF) debt. According to ORIT, it has drawn £151.2 million (~$191 million) on the RCF so far.
Vidyut, an electric vehicle ecosystem platform, has <a href="https://www.mercomindia.com/ev-company-vidyut-raises-2-5-million-from-flourish-ventures" target="_blank" rel="noopener">raised</a> $2.5 million in funding from global investor Flourish Ventures. The company will utilize the acquired funds to expand its Battery-as-a-Service offering in passenger and commercial EV segments. By unbundling batteries from EVs and offering them on a pay-per-km subscription basis, Vidyut claimed it had reduced upfront electric three-wheeler costs by 35-40%.
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://mercomcapital.com/funding-and-ma-roundup-scale-energy-raises-2-million/" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.smartsolar.com.vn/en" target="_blank" rel="noopener">SmartSolar</a>, a rooftop solar solution provider, has raised $1.85 million in seed funding. The funding was led by Picus Capital and 2degrees, along with participation from early-stage venture capital firm Iterative. With this funding, the company plans to accelerate its growth in Vietnam and expand its footprint across Southeast Asia.
The company offers rooftop solar solutions designed to help businesses cut down on electricity costs. Through its financing model, SmartSolar covers the cost of installing solar panels on a customer’s roof, allowing them to purchase the generated power at a lower price than their standard electricity rate.
“Electricity is one of the basic building blocks of any economy, with development directly linked with energy intensity. We are very excited about SmartSolar’s approach to supply Southeast Asia with clean and inexpensive power and strongly believe in the significant value they can generate for their customers, for the environment, and for the region at large &#8211; starting with rooftop solar installations and soon expanding across the EnergyTech stack to provide a comprehensive solution for SMEs,” said Abhijay Thacker, Senior Vice President at Picus Capital.
Since its launch, SmartSolar says it has deployed nearly 1MW of rooftop solar projects, primarily catering to small and mid-sized businesses in Vietnam.
“We consider the market for solar in Vietnam at an inflection point, with surging local demand, favorable natural conditions, and strong policy tailwinds,” said Soren Wiberg Holm, Venture Lead at 2degrees.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/annual-and-q4-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">Report</a>, Global VC and private equity funding in the solar sector in 2024 came to $4.5 billion in 60 deals, 36% lower than the $7 billion raised in 70 deals in 2023.
Last year, rooftop solar company SolarSquare <a href="https://www.mercomindia.com/residential-solar-company-solarsquare-raises-40-million-in-series-b-funding" target="_blank" rel="noopener">raised</a> $40 million in a Series B funding round led by Lightspeed, with participation from Lightrock and Elevation Capital, Lowercarbon, Rainmatter, and Gruhas Proptech.

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