MENA Weekly Round-Up: Oman Tenders 1 GW of Solar Projects

Silver Demand Forecast to Drop 19% in 2026 on Lower Solar Cell Loadings

Midwest Energy Starts Production at 1.2 GWh Battery Storage Plant

Maharashtra Road Corporation Seeks 115 MW Solar Open Access Power

DCM Shriram to Procure 58 MW of Power from Serentica’s Hybrid Project

Bihar Regulator Approves Generic Renewable Energy Tariffs for FY 2027

Grid Software Solutions Provider Piq Energy Raises $5 Million in Funding

Sonnedix Acquires 260 MW Battery Storage Portfolio in Italy

Fidra Secures $312 Million Debt for West Burton Battery Project

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

<p><strong>Sun King, an off-grid solar energy company, </strong><a href="https://cms.mercomindia.com/off-grid-solar-company-sun-king-secures-40-million-in-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $40 million in equity financing from Lightrock, a global sustainable investment platform.</strong> The funding is expected to support Sun King’s expansion of decentralized solar energy systems across Africa and Asia and advance the development of new products for underserved households and businesses in these regions.</p>
<p><strong>Haven Energy, a provider of solar and battery system solutions, </strong><a href="https://cms.mercomindia.com/haven-energy-raises-40-million/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $40 million in new funding.</strong> This funding consisted of an equity round led by Giant Ventures and a debt facility provided by Turtle Hill, with additional equity participation from California Infrastructure Bank, Carnrite Ventures, Chaac Ventures, Comcast Ventures, and Lerer Hippeau.</p>
<p><strong>Qair, an independent renewable energy producer, announced the <a href="https://cms.mercomindia.com/qair-secures-282-million-syndicated-loan/" target="_blank" rel="noopener">closing</a> of its inaugural syndicated loan totaling €240 million (~$282 million).</strong> This financing comprises a €130 million (~$153 million) amortizing loan with an initial three-year maturity, extendable twice for one additional year each, a €110 (~$129) million revolving credit facility with the same maturity terms, and an accordion option of up to €100 million (~$117 million), enabling the inclusion of additional banking partners.</p>
<p><strong>FION Energy, a Berlin-based company that installs and operates smart battery systems for industrial companies, </strong><a href="https://cms.mercomindia.com/fion-energy-secures-1-6-million-in-pre-seed-funding/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a €1.4 million (~$1.6 million) pre-seed funding round. </strong>The funding round was led by HTGF and Norrsken Evolve, with participation from experienced business angels. This financing will be used to accelerate its product roll-out, further develop its technology, and expand its team.</p>
<p><strong>The clean energy arm of the Aditya Birla Group, Aditya Birla Renewables (ABRen), </strong><a href="https://www.mercomindia.com/blackrock-to-invest-up-to-%E2%82%B930-billion-for-stake-in-aditya-birla-renewables" target="_blank" rel="noopener"><strong>secured</strong></a><strong> an investment commitment of ₹20 billion (~$222.37 million) from Global Infrastructure Partners (GIP)</strong>, a part of BlackRock, with a greenshoe option to invest an additional ₹10 billion (~$111.18 million). The proposed investment by GIP will be made through one or more private placement preferential issues of shares. The shares to be issued will comprise compulsory convertible preference shares and equity shares.</p>
<p><strong>Engineering, procurement, and construction company, Soleos Solar Energy, </strong><a href="https://www.mercomindia.com/soleos-solar-energy-raises-%E2%82%B91-billion-in-gvfl-led-funding-round" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $12 million (~₹1.07 billion) in funding from venture capital firm Gujarat Venture Finance. </strong>The investment round was joined by Tipsons Group, Navin Dalmia, a few family offices, and several of its existing investors.</p>
<p><strong>Energy efficiency solutions provider Smart Joules </strong><a href="https://www.mercomindia.com/energy-efficiency-solutions-firm-smart-joules-raises-10-million" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $10 million in Series B funding</strong> led by SVL SME Neev II Fund managed by SBI Ventures, Waaree Renewable Technologies, and Spectrum Impact. The investment will accelerate Smart Joules’ next phase of growth as it scales across India’s commercial and industrial sector.</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://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-vulcan-energy-secures-290-million/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Sun King Secures $40 Million


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					</table><p>Engineering, procurement, and construction (EPC) company, <a href="https://www.soleosenergy.com/" target="_blank" rel="noopener">Soleos Solar Energy</a>, has secured $12 million (~₹1.07 billion) in funding from venture capital firm Gujarat Venture Finance (<a href="https://gvfl.com/" target="_blank" rel="noopener">GVFL</a>).</p>
<p>The investment round was joined by <a href="https://www.tipsons.com/" target="_blank" rel="noopener">Tipsons Group</a>, Navin Dalmia, a few family offices, and several of its existing investors.</p>
<p>The funding will be utilized to support Soleos’ development pipeline, priority project construction, and the scale-up of its solar-plus-storage and group captive projects. The capital infusion will also advance the company’s transition toward round-the-clock renewable energy solutions.</p>
<p>Soleos Solar’s offerings include turnkey solar power solutions across commercial and industrial rooftop installations, ground-mounted solar projects, and solar parks.</p>
<p>It provides comprehensive end-to-end solar services, including project development to deliver shovel-ready capacity, EPC execution, and asset management services.</p>
<p>The company also supplies battery energy storage systems (BESS) and integrates solar-plus-storage solutions for industrial clients and government projects.</p>
<p>The company has completed over 160 projects, achieving a total commissioned capacity exceeding 450 MW. Its rooftop solar portfolio includes more than 60 MW of capacity, with individual projects ranging from 3 kW to over 1.2 MW.</p>
<p>As part of its ongoing expansion plan, Soleos Energy is setting up a BESS manufacturing unit to be developed in two phases in 2025 and 2026. Phase 1 will have a capacity of 100 MW. The capacity will be expanded to 1 GW at the end of Phase 2.</p>
<p>In October 2025, Soleos <a href="https://mercomindia.com/soleos-energy-raises-%E2%82%B9200-million-to-expand-solar-epc-operations#:~:text=Soleos%20Energy%20Raises%20%E2%82%B9200%20Million%20to%20Expand%20Solar%20EPC%20Operations,-The%20company%20is&amp;text=Engineering%2C%20procurement%2C%20and%20construction%20(,next%20phase%20of%20business%20expansion." target="_blank" rel="noopener">raised</a> ₹200 million (~$2.26 million) from GVFL.</p>
<p>In May 2024, it <a href="https://www.mercomindia.com/soleos-solar-energy-secures-6-5-million" target="_blank" rel="noopener">raised</a> ₹485 million (~$6.5 million) in equity funding to drive expansion in India and abroad. The investment round was led by Swastika Investmart, along with Beeline Capital Advisors serving as co-advisors.</p>
<p>Recently, the board of directors of the integrated clean energy company Epic Energy <a href="https://www.mercomindia.com/epic-energy-board-clears-preferential-warrants-for-soleos-18-stake" target="_blank" rel="noopener">approved</a> a proposal to issue and allot share warrants on a preferential basis to Soleos Energy. Upon full subscription and conversion of the warrants, Soleos would hold up to 18.16% of the post-conversion paid-up share capital of Epic Energy.</p>


Soleos Solar Energy Raises ₹1 Billion in GVFL-led Funding Round


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					</table><p>Integrated clean energy company <a href="https://epicenergy.in/" target="_blank" rel="noopener">Epic Energy</a>’s board of directors has approved in principle a proposal to issue and allot share warrants on a preferential basis to <a href="https://www.soleosenergy.com/" target="_blank" rel="noopener">Soleos Energy</a>.</p>
<p>Upon full subscription and conversion of the warrants, Soleos would hold up to 18.16% of the post-conversion paid-up share capital of Epic Energy.</p>
<p>The preferential issue will be undertaken in compliance with the regulations of the Securities and Exchange Board of India.</p>
<p>The company, in its bourse filing, noted that the issue price, number of warrants, conversion ratio, and other terms will be as per applicable law and as disclosed in its filings with the stock exchange.</p>
<p>The proposed partnership aims to enhance Epic’s operational scale in solar parks, electric vehicle charging infrastructure, and end-of-life battery materials recovery, while maintaining disciplined capital allocation, transparent governance, and environmental responsibility throughout the value chain.</p>
<p>Recently, Soleos <a href="https://www.mercomindia.com/soleos-energy-raises-%E2%82%B9200-million-to-expand-solar-epc-operations/" target="_blank" rel="noopener">raised</a> ₹200 million (~$2.26 million) from Gujarat Venture Finance to accelerate its next phase of business expansion. The company will utilize this funding to scale its solar EPC and IPP portfolios, deepen commercial and industrial partnerships, and invest in engineering excellence, operations and maintenance, and digital performance monitoring systems.</p>
<p>Last March, Soleos Solar Energy <a href="https://www.mercomindia.com/soleos-solar-energy-secures-6-5-million" target="_blank" rel="noopener">raised</a> ₹485 million (~$6.5 million) in equity funding to drive expansion in India and abroad. The investment round was led by Swastika Investmart, along with Beeline Capital Advisors serving as co-advisors.</p>
<p>Total corporate funding for the global solar sector, including venture capital, public market, and debt financing, reached $17.3 billion in the first nine months (9M) of 2025. This was 22% lower than the $22.3 billion raised during the same period in 2024.</p>
<p>However, funding in Q3 2025 rose to $6.5 billion across 49 deals, a 38% year-over-year increase compared to $4.7 billion across 29 deals in Q3 2024, according to Mercom Capital Group’s <a href="https://mercomcapital.com/product/9m-q3-2025-solar-funding-ma-report/" target="_blank" rel="noopener">9M and Q3 2025 Solar Funding and M&amp;A Report</a>.</p>


Epic Energy Board Clears Preferential Warrants for Soleos’ 18% Stake


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					</table><p>Engineering, procurement, and construction (EPC) firm <a href="https://www.soleosenergy.com/" target="_blank" rel="noopener">Soleos Solar Energy</a> has raised ₹200 million (~$2.26 million) from <a href="https://gvfl.com/" target="_blank" rel="noopener">Gujarat Venture Finance</a> to accelerate its next phase of business expansion.</p>
<p>The company will utilize this funding to scale its solar EPC and independent power producer (IPP) portfolio, deepen commercial and industrial partnerships, and invest in engineering excellence, operations and maintenance, and digital performance monitoring systems.</p>
<p>Founded in 2012, Soleos Energy delivers turnkey solar power solutions across commercial and industrial rooftop installations, ground-mounted solar farms, and solar parks. It provides comprehensive end-to-end solar services, including project development to deliver shovel-ready capacity, EPC execution, and asset management services.</p>
<p>The company also supplies battery energy storage systems (BESS), integrating solar plus storage solutions for industrial clients and government projects. The company has completed over 160 projects, achieving a total commissioned capacity exceeding 450 MW. Its rooftop solar portfolio includes more than 60 MW of capacity, with individual projects ranging from 3 kW to over 1.2 MW.</p>
<p>Soleos holds an order book worth ₹4.5 billion (~$50.76 million) to develop approximately 140 MW of solar projects.</p>
<p>As part of its ongoing expansion plan, Soleos Energy is setting up a BESS manufacturing unit, to be developed in two phases in 2025 and 2026. Phase 1 will have a capacity of 100 MW. The capacity will be expanded to 1 GW at the end of Phase 2.</p>
<p>Last March, Soleos Solar Energy <a href="https://www.mercomindia.com/soleos-solar-energy-secures-6-5-million" target="_blank" rel="noopener">raised</a> ₹485 million (~$6.5 million) in equity funding to drive expansion in India and abroad. The investment round was led by Swastika Investmart, along with Beeline Capital Advisors serving as co-advisors.</p>
<p>In an interview with Mercom India, Bhavesh Kumar Rathod, Founder and Director at Soleos Solar Energy, <a href="https://www.mercomindia.com/overcoming-land-and-grid-challenges-key-to-indias-renewable-growth-interview" target="_blank" rel="noopener">emphasized</a> the criticality of policy stability for businesses to grow faster. Frequent changes in banking rules, transmission terms, and distribution charges make it difficult for EPC companies to plan strategically, he said.</p>


Soleos Energy Raises ₹200 Million to Expand Solar EPC Operations


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					</table><p>In an interview on the sidelines of the  <a href="https://www.mercomindia.com/event/renewables-summit-2025" target="_blank" rel="noopener">Mercom India Renewables Summit 2025</a> held in New Delhi on July 24 and 25, 2025, Bhavesh Kumar Rathod, Founder and Director at <a href="https://www.soleosenergy.com/" target="_blank" rel="noopener">Soleos Solar Energy</a>, spoke about the company’s expansion plans and international footprint, along with challenges hindering the growth of renewables in India.</p>
<p><strong>Could you give an overview of the services that Soleos Energy offers?</strong></p>
<p>We provide end-to-end solar solutions, which include project development to deliver shovel-ready capacity, EPC services, and asset management services such as digital operations and maintenance, warranty management, investor management, PPA handling, compliance with government regulations, and insurance management. We also supply battery energy storage solutions, offering solar plus storage systems for both industrial clients and government projects.</p>
<p><strong>Soleos recently secured a 200 MW project in the Democratic Republic of Congo. Was this your first overseas project?</strong></p>
<p>It was not our first. We have developed projects in several regions, including 90 MW  in Europe, projects in Latin America, and multiple projects in African countries such as Ghana, Kenya, and Tanzania. The project in the Democratic Republic of Congo is unique because energy shortages there are worsening as more mining companies and industries arrive. The government is taking steps to increase the generation of renewable energy. This project benefits from a strong PPA rate, a dedicated electricity corridor, and government assurances and guarantees. It is an important step toward securing the country’s future energy needs.</p>
<p><iframe loading="lazy" title="Interview with Bhavesh Kumar Rathod, Founder and Director, Soleos Solar Energy" src="https://player.vimeo.com/video/1109293004?h=927b04b2f9&amp;badge=0&amp;autopause=0&amp;player_id=0&amp;app_id=58479" width="100%" height="500" frameborder="0"><span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start">﻿</span><span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start">﻿</span></iframe></p>
<p><strong>You have worked in many countries. What have you found interesting or beneficial abroad, and what challenges have you faced that might not occur in India?</strong></p>
<p>Every market is different. In Europe, there are strong credit ratings, stable policy frameworks, and well-defined structures. In Africa, policies are still evolving, so we often work directly with governments to shape frameworks and processes. The positive aspect is that many African governments are eager to attract international investors and developers. While there are challenges, they can be navigated effectively by working with the right partners and industry stakeholders.</p>
<p><strong>In India, developers frequently encounter challenges such as land acquisition, transformer capacity, and right-of-way issues. How does Soleos ensure projects are completed without delays or cost overruns?</strong></p>
<p>These are indeed core challenges in the renewable energy sector. We have dedicated teams for each area. For land, we have a network of over 32,000 brokers, and we begin securing land early, even warehousing it before it is needed. For grid connectivity, our team conducts grid impact studies in advance to secure capacity in advance. By starting early with both land and connectivity, we make sure projects run smoothly for customers and investors.</p>
<p><strong>Beyond those challenges, is there any other area where you would like to see policy or regulatory intervention?</strong></p>
<p>Yes, policy stability is crucial. In Europe, policies are stable and provide long-term visibility for planning. In India, frequent changes in banking rules, transmission terms, and distribution charges make it difficult for EPC companies to plan strategically. Stable, long-term policies would allow the business to grow much faster.</p>
<p><strong>What is your roadmap for the near and medium terms?</strong></p>
<p>In the near term, we are developing solar parks in Gujarat, Maharashtra, Madhya Pradesh, and Uttar Pradesh, as well as internationally in Africa and Europe. These parks are shovel-ready, allowing consumers and investors to initiate projects immediately, particularly near large industrial hubs and major cities. In the long term, we plan to integrate battery energy storage systems into these parks and eventually add hydrogen storage. Our ultimate goal is to provide round-the-clock renewable energy, supplying 24-hour clean power.</p>
<p><strong>(Note: Sections of the interview have been paraphrased for better reading. Check out the video for a full chat)</strong></p>


Overcoming Land and Grid Challenges Key to India’s Renewable Growth: Interview

<p><strong>Recurrent Energy, a solar project developer and a wholly owned subsidiary of Canadian Solar </strong><a href="https://cms.mercomindia.com/recurrent-energy-secures-1-4-billion-credit-facility-to-expand-solar-and-storage-projects/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a multi-currency revolving credit facility valued at up to €1.3 billion (~$1.4 billion)</strong> with ten banks. Recurrent Energy and the participating financial institutions signed the agreement in Seville, Spain. The company will use the funding to develop solar and energy storage projects in European countries including Spain, Italy, the United Kingdom, the Netherlands, France, and Germany.</p>
<p><strong>Verkor, a manufacturer of lithium-based battery cells and modules, </strong><a href="https://cms.mercomindia.com/battery-manufacturer-verkor-secures-1-4-billion-green-loan/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> over €1.3 billion (~$1.41 billion) in green financing</strong> supported by 16 commercial banks and three public banks. These funds will be directly allocated to the construction and financing of Verkor’s first gigafactory located in Dunkirk, France, with an initial production capacity of 16 GWh/year. Following this recent deal, Verkor has so far secured over €3 billion (~$3.2 billion) in funding for its first gigafactory and the Verkor Innovation Centre.</p>
<p><strong>Verse, a clean energy management platform, </strong><a href="https://cms.mercomindia.com/clean-energy-management-platform-verse-secures-20-5-million-series-a-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $20.5 million in a Series A funding round led by GV (Google Ventures) with participation from Coatue, CIV, and MCJ Collective.</strong> With the latest round of funding, Verse is expected to scale commercial operations and develop new product capabilities to help organizations reduce emissions and lower electricity costs. The company’s technology leverages generative AI to help companies define clean energy goals and plan, procure, and manage optimal portfolios of clean energy assets at the least cost.</p>
<p><strong>Engineering, procurement, and construction firm Soleos Solar Energy has </strong><a href="https://www.mercomindia.com/soleos-solar-energy-secures-6-5-million" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹485 million (~$6.5 million) in equity funding </strong>to drive expansion in India and abroad. The investment round was led by Swastika Investmart, along with Beeline Capital Advisors serving as co-advisors. Soleos said the funding round included India Ahead Venture Fund and several high-net-worth individuals. The company said that the fresh capital will bolster Soleos’ working capital and support its global expansion plans.</p>
<p><strong>Bengaluru-based technology startup NoPo Nanotechnologies </strong><a href="https://www.mercomindia.com/carbon-nanotube-maker-production-and-market-reach" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $3 million in a pre-Series A funding round by Axilor’s Micelio Fund and Inflexor Ventures.</strong> The funds will be used to scale production, improve engineering capabilities, and implement a global market strategy. NoPo said it has developed innovative technology to produce high-quality single-walled carbon nanotubes, which have been in development for the past decade.</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://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-origis-energy-funding-from-kkr/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Recurrent Energy Secures $1.4 Billion Credit Facility


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-recurrent-energy-secures-1-4-billion/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Recurrent Energy, a solar project developer and a wholly owned subsidiary of Canadian Solar </strong><a href="https://mercomcapital.com/recurrent-energy-secures-1-4-billion-credit-facility-to-expand-solar-and-storage-projects/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a multi-currency revolving credit facility valued at up to €1.3 billion (~$1.4 billion)</strong> with ten banks. Recurrent Energy and the participating financial institutions signed the agreement in Seville, Spain. The company will use the funding to develop solar and energy storage projects in European countries including Spain, Italy, the United Kingdom, the Netherlands, France, and Germany.</p>
<p><strong>Verkor, a manufacturer of lithium-based battery cells and modules, </strong><a href="https://mercomcapital.com/battery-manufacturer-verkor-secures-1-4-billion-green-loan/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> over €1.3 billion (~$1.41 billion) in green financing</strong> supported by 16 commercial banks and three public banks. These funds will be directly allocated to the construction and financing of Verkor’s first gigafactory located in Dunkirk, France, with an initial production capacity of 16 GWh/year. Following this recent deal, Verkor has so far secured over €3 billion (~$3.2 billion) in funding for its first gigafactory and the Verkor Innovation Centre.</p>
<p><strong>Verse, a clean energy management platform, </strong><a href="https://mercomcapital.com/clean-energy-management-platform-verse-secures-20-5-million-series-a-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $20.5 million in a Series A funding round led by GV (Google Ventures) with participation from Coatue, CIV, and MCJ Collective.</strong> With the latest round of funding, Verse is expected to scale commercial operations and develop new product capabilities to help organizations reduce emissions and lower electricity costs. The company’s technology leverages generative AI to help companies define clean energy goals and plan, procure, and manage optimal portfolios of clean energy assets at the least cost.</p>
<p><strong>Engineering, procurement, and construction firm Soleos Solar Energy has </strong><a href="https://www.mercomindia.com/soleos-solar-energy-secures-6-5-million" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹485 million (~$6.5 million) in equity funding </strong>to drive expansion in India and abroad. The investment round was led by Swastika Investmart, along with Beeline Capital Advisors serving as co-advisors. Soleos said the funding round included India Ahead Venture Fund and several high-net-worth individuals. The company said that the fresh capital will bolster Soleos’ working capital and support its global expansion plans.</p>
<p><strong>Bengaluru-based technology startup NoPo Nanotechnologies </strong><a href="https://www.mercomindia.com/carbon-nanotube-maker-production-and-market-reach" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $3 million in a pre-Series A funding round by Axilor’s Micelio Fund and Inflexor Ventures.</strong> The funds will be used to scale production, improve engineering capabilities, and implement a global market strategy. NoPo said it has developed innovative technology to produce high-quality single-walled carbon nanotubes, which have been in development for the past decade.</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-origis-energy-funding-kkr" target="_blank" rel="noopener">roundup</a>.</p>


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