MNRE Extends ALMM Cell Exemption for Net Metering, Open Access Solar Projects

US Lawmakers Urge Crackdown on Foreign-Made Blue Wafers Imports

China to Impose 2% Consumption Tax on Batteries and Solar Cells

Delhi Regulator Simplifies Net Metering Rules for Rooftop Solar Projects

Coal India Announces Winner of 750 MWh Energy Storage Consultancy Auction

Rajasthan Tenders 172 MW/688 MWh Battery Energy Storage Projects

SECI Seeks Bulk Power Buyers for Long-Term Renewable Energy Procurement

Ather Energy Approves ₹12 Billion Preferential Fundraise

Malaysia Launches 2.65 GW Solar Tender with 1.25 GW Battery Storage

Primo Chemicals to Procure Solar Power from TPCS’ 50 MW Project

Glint Solar, a company that provides software for solar developers, <a href="https://cms.mercomindia.com/glint-solar-raises-8-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> $8 million in a Series A funding round led by Smedvig Ventures with participation from Momentum, Futurum Ventures, and Antler. The company aims to use the funding to accelerate the growth of its SaaS software platform that enables solar developers to evaluate and pre-design sites for projects, expand its product offerings, and enter new markets to serve existing and new solar developers.
Ampd Energy, a provider of battery energy storage solutions for heavy industries, <a href="https://cms.mercomindia.com/ampd-energy-secures-27-3-million-in-series-b-funding/" target="_blank" rel="noopener">raised</a> $27.3 million in an oversubscribed Series B funding round. Kibo Invest and Openspace co-led the round, which also included existing investors MTR Lab, Taronga Ventures, and 2150. The company will use this funding to expand its battery energy storage supply globally.
Solar energy company ACME Solar Holdings’ ₹29 billion (~$344.85 million) initial public offering (IPO) <a href="https://www.mercomindia.com/acme-solar-holdings-ipo-oversubscribed" target="_blank" rel="noopener">received</a> tepid interest from investors. At the end of the bidding window on November 8, 2024, the issue was oversubscribed 2.75 times. The price band was set at ₹275-289 (~$3.27-3.43) per equity share with a face value of ₹2 (~$0.023). The IPO saw bids for 160 million shares, exceeding the 58.20 million shares on offer.
Norway-based FREYR Battery has <a href="https://www.mercomindia.com/freyr-to-buy-trina-solars-5-gw-solar-module-facility-in-u-s-for-340-million" target="_blank" rel="noopener">announced</a> it is acquiring China-headquartered solar photovoltaics company Trina Solar‘s U.S. solar manufacturing assets for $340 million. FREYR will acquire Trina Solar’s 5 GW solar module manufacturing facility in Wilmer, Texas, which started production on November 1, 2024.
Electric vehicle (EV) startup MOOEV Technologies has <a href="https://www.mercomindia.com/ev-startup-mooev-raises-%E2%82%B940-million-in-seed-funding-round" target="_blank" rel="noopener">raised</a> ₹40 million (~$474,683) in a seed funding round led by Bizdateup. Investors included Inflection Point Ventures and Spectrum Impact (Aarti Industries Family Office). The company will use the funds to accelerate the deployment of electric heavy-duty trucks and establish charging infrastructure for sustainable logistics across the country.
ZE Energy, a developer specializing in solar and energy storage projects, <a href="https://cms.mercomindia.com/ze-energy-secures-58-million-funding/" target="_blank" rel="noopener">raised</a> €54 million (~$58 million) in funding. The funding round was led by Infrastructure Investment Core+, managed by Amundi Energy Transition, with participation from The Climate Infrastructure Fund, which is managed by Demeter.
Cube Green Energy, a renewable platform of global infrastructure investment manager I Squared Capital, has <a href="https://cms.mercomindia.com/cube-green-energy-to-acquire-solar-developer-sunfarming/" target="_blank" rel="noopener">agreed</a> to acquire control of SUNfarming, a German Solar developer and independent power producer. The transaction remains subject to obtaining regulatory clearances and conditions and is expected to close by Q1 2025.
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-redoxblox-raises-30-million-in-series-a-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Glint Solar Raises $8 Million in Series A Funding

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/11/amazon_polly_72635.mp3?version=1731472456">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-glint-solar-raises-8-million-in-series-a-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
Glint Solar, a company that provides software for solar developers, <a href="https://mercomcapital.com/glint-solar-raises-8-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> $8 million in a Series A funding round led by Smedvig Ventures with participation from Momentum, Futurum Ventures, and Antler. The company aims to use the funding to accelerate the growth of its SaaS software platform that enables solar developers to evaluate and pre-design sites for projects, expand its product offerings, and enter new markets to serve existing and new solar developers.
Ampd Energy, a provider of battery energy storage solutions for heavy industries, <a href="https://mercomcapital.com/ampd-energy-secures-27-3-million-in-series-b-funding/" target="_blank" rel="noopener">raised</a> $27.3 million in an oversubscribed Series B funding round. Kibo Invest and Openspace co-led the round, which also included existing investors MTR Lab, Taronga Ventures, and 2150. The company will use this funding to expand its battery energy storage supply globally.
Solar energy company ACME Solar Holdings’ ₹29 billion (~$344.85 million) initial public offering (IPO) <a href="https://www.mercomindia.com/acme-solar-holdings-ipo-oversubscribed" target="_blank" rel="noopener">received</a> tepid interest from investors. At the end of the bidding window on November 8, 2024, the issue was oversubscribed 2.75 times. The price band was set at ₹275-289 (~$3.27-3.43) per equity share with a face value of ₹2 (~$0.023). The IPO saw bids for 160 million shares, exceeding the 58.20 million shares on offer.
Norway-based FREYR Battery has <a href="https://www.mercomindia.com/freyr-to-buy-trina-solars-5-gw-solar-module-facility-in-u-s-for-340-million" target="_blank" rel="noopener">announced</a> it is acquiring China-headquartered solar photovoltaics company Trina Solar‘s U.S. solar manufacturing assets for $340 million. FREYR will acquire Trina Solar’s 5 GW solar module manufacturing facility in Wilmer, Texas, which started production on November 1, 2024.
Electric vehicle (EV) startup MOOEV Technologies has <a href="https://www.mercomindia.com/ev-startup-mooev-raises-%E2%82%B940-million-in-seed-funding-round" target="_blank" rel="noopener">raised</a> ₹40 million (~$474,683) in a seed funding round led by Bizdateup. Investors included Inflection Point Ventures and Spectrum Impact (Aarti Industries Family Office). The company will use the funds to accelerate the deployment of electric heavy-duty trucks and establish charging infrastructure for sustainable logistics across the country.
ZE Energy, a developer specializing in solar and energy storage projects, <a href="https://mercomcapital.com/ze-energy-secures-58-million-funding/" target="_blank" rel="noopener">raised</a> €54 million (~$58 million) in funding. The funding round was led by Infrastructure Investment Core+, managed by Amundi Energy Transition, with participation from The Climate Infrastructure Fund, which is managed by Demeter.
Cube Green Energy, a renewable platform of global infrastructure investment manager I Squared Capital, has <a href="https://mercomcapital.com/cube-green-energy-to-acquire-solar-developer-sunfarming/" target="_blank" rel="noopener">agreed</a> to acquire control of SUNfarming, a German Solar developer and independent power producer. The transaction remains subject to obtaining regulatory clearances and conditions and is expected to close by Q1 2025.
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-redoxblox-raises-30-million-in-series-a-funding/" target="_blank" rel="noopener">roundup</a>.

<a href="https://cubegreenenergy.com/" target="_blank" rel="noopener">Cube Green Energy</a>, a renewable platform of global infrastructure investment manager I Squared Capital, has agreed to acquire control of SUNfarming, a German Solar developer and independent power producer. The transaction remains subject to obtaining regulatory clearances and conditions and is expected to close by Q1 2025.
Through this acquisition, I Squared plans to deploy over €500 million (~$536 million) of capital to execute SUNfarming’s Agri-PV pipeline by 2028.
Founded in 2004, SUNfarming operates across various areas of photovoltaics, with a focus on biodiversity. The company is active in Germany and other European solar markets, with over 650 MW of PV developments and installations, and manages more than 250 MW of operating PV plants.
Raghuveer Kurada, CEO of Cube Green Energy, said: “Joining forces with SUNfarming presents Cube Green Energy with significant synergies in its existing onshore wind development business and neatly complements our strategy to implement innovative solutions for a future with 24/7 renewable energy. Cube Green Energy is delighted to have found a partner in SUNfarming that shares our values, and we look forward to working with such a highly successful and diversified renewables platform in Germany.”
According to Mercom’s 1H and Q2 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-and-q2-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, 62 solar M&amp;A transactions were executed compared to 75 in 9M 2023.
In September, Solutions30, a provider of support services related to new digital technologies, <a href="https://cms.mercomindia.com/solutions30-acquires-solar-construction-firm-xperal/" target="_blank" rel="noopener">announced</a> the acquisition of Xperal. This company offers solar project design, engineering, procurement, commissioning, and maintenance services. In 2023, Xperal achieved revenues of €15 million (~$16.8 million). The acquisition will expand Solutions30’s services into the Benelux region and increase its market share.

Cube Green Energy to Acquire Solar Developer SUNfarming

Ingka Investments, the investment arm of Ingka Group, <a href="https://cms.mercomindia.com/ingka-investments-acquires-solar-project-in-romania/" target="_blank" rel="noopener">acquired</a> 300 MW of ready-to-build solar PV projects in Romania. The total investment in the solar PV project will amount to over €200 million (~$211.74 million). The project is located in Dâmbovița County, northwest of Bucharest, and has a total installed capacity of 300 MW that, once operational towards the end of 2025, will produce enough renewable energy for the equivalent of roughly 95,000 European households.
Gore Street Energy Storage Fund, a UK-based energy storage fund, <a href="https://cms.mercomindia.com/gore-street-energy-secures-financing-for-energy-storage-project/" target="_blank" rel="noopener">secured</a> financing for a 200 MW energy storage project in Imperial County, California. The First Citizens Bank, through its energy finance business, served as the lead agent. The company’s subsidiary, Big Rock ESS Assets, owns the 200 MW/ 400 MWh California battery storage project, which will benefit from contracted revenue through the Resource Adequacy program. The financing will support the remaining development of the project and provide Gore Street Energy Storage with additional liquidity for its growing portfolio.
Atlas Renewable Energy, a solar and wind project developer, <a href="https://cms.mercomindia.com/atlas-renewable-energy-brazilian-solar-project-portfolio-engie/" target="_blank" rel="noopener">reached</a> an agreement to sell 546 MW portfolio of operating solar assets with Engie Brasil Energia Complementares Participações, a part of the Engie Group in Brazil. The operating portfolio includes solar power assets, namely, Juazeiro, Sao Pedro, Sol do Futuro, Sertao Solar, and Lar do Sol, and located across the states of Bahia, Ceara and Minas Gerais.
Enfinity Global, a renewable energy company, has <a href="https://cms.mercomindia.com/enfinity-global-sells-minority-stake-in-solar-project/" target="_blank" rel="noopener">agreed</a> to sell a minority stake in its 400 MW operating solar projects portfolio in the U.S. to Kyushu Electric, a Japan-based utility company. Upon completion of the deal, Kyushu Electric will hold a 40% equity interest in the portfolio. Enfinity Global will retain a 60% equity interest and will be the long-term asset manager of the portfolio.
SUNfarming, a solar project developer and installer, <a href="https://cms.mercomindia.com/sunfarming-secures-mezzanine-debt-solar-projects/" target="_blank" rel="noopener">secured</a> mezzanine debt financing in a double-digit million amount for 185 MW of solar projects. The subordinated debt was provided by a managed account, which is administered by Prime Capital. The funds were raised in the form of bearer bonds at the level of group companies. Capcora acted as the exclusive financial advisor to SUNfarming in the transaction.
Click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s project finance <a href="https://cms.mercomindia.com/project-finance-brief-plus-power-secures-billion/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Ingka Investments Acquires 300 MW of Solar Projects

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/11/amazon_polly_59974.mp3?version=1698902024">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table>From: <a href="https://mercomcapital.com/project-finance-brief-ingka-investments-acquires-solar-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
Ingka Investments, the investment arm of Ingka Group, <a href="https://mercomcapital.com/ingka-investments-acquires-solar-project-in-romania/" target="_blank" rel="noopener">acquired</a> 300 MW of ready-to-build solar PV projects in Romania. The total investment in the solar PV project will amount to over €200 million (~$211.74 million). The project is located in Dâmbovița County, northwest of Bucharest, and has a total installed capacity of 300 MW that, once operational towards the end of 2025, will produce enough renewable energy for the equivalent of roughly 95,000 European households.
Gore Street Energy Storage Fund, a UK-based energy storage fund, <a href="https://mercomcapital.com/gore-street-energy-secures-financing-for-energy-storage-project/" target="_blank" rel="noopener">secured</a> financing for a 200 MW energy storage project in Imperial County, California. The First Citizens Bank, through its energy finance business, served as the lead agent. The company’s subsidiary, Big Rock ESS Assets, owns the 200 MW/ 400 MWh California battery storage project, which will benefit from contracted revenue through the Resource Adequacy program. The financing will support the remaining development of the project and provide Gore Street Energy Storage with additional liquidity for its growing portfolio.
Atlas Renewable Energy, a solar and wind project developer, <a href="https://mercomcapital.com/atlas-renewable-energy-brazilian-solar-project-portfolio-engie/" target="_blank" rel="noopener">reached</a> an agreement to sell 546 MW portfolio of operating solar assets with Engie Brasil Energia Complementares Participações, a part of the Engie Group in Brazil. The operating portfolio includes solar power assets, namely, Juazeiro, Sao Pedro, Sol do Futuro, Sertao Solar, and Lar do Sol, and located across the states of Bahia, Ceara and Minas Gerais.
Enfinity Global, a renewable energy company, has <a href="https://mercomcapital.com/enfinity-global-sells-minority-stake-in-solar-project/" target="_blank" rel="noopener">agreed</a> to sell a minority stake in its 400 MW operating solar projects portfolio in the U.S. to Kyushu Electric, a Japan-based utility company. Upon completion of the deal, Kyushu Electric will hold a 40% equity interest in the portfolio. Enfinity Global will retain a 60% equity interest and will be the long-term asset manager of the portfolio.
SUNfarming, a solar project developer and installer, <a href="https://mercomcapital.com/sunfarming-secures-mezzanine-debt-solar-projects/" target="_blank" rel="noopener">secured</a> mezzanine debt financing in a double-digit million amount for 185 MW of solar projects. The subordinated debt was provided by a managed account, which is administered by Prime Capital. The funds were raised in the form of bearer bonds at the level of group companies. Capcora acted as the exclusive financial advisor to SUNfarming in the transaction.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-plus-power-secures-billion/" target="_blank" rel="noopener">brief</a>.

<a href="https://sunfarming.de/en/home-2" target="_blank" rel="noopener">SUNfarming</a>, a solar project developer and installer, secured mezzanine debt financing in a double-digit million amount for 185 MW of solar projects. The subordinated debt was provided by a managed account, which is administered by Prime Capital.
The funds were raised in the form of bearer bonds at the level of group companies. Capcora acted as the exclusive financial advisor to SUNfarming in the transaction.
Prime Capital was supported in this transaction by Simmons &amp; Simmons as legal advisor, meteocontrol as technical advisor, Eight Advisory (tax), and EURO Transaction Solutions (insurance). On the SUNfarming side, Hogan Lovells acted as legal advisor and Capcora as exclusively mandated financial advisor.
&#8220;Thanks to this transaction, we were once again able to generate considerable liquidity from our existing portfolio. These additional financial resources enable us to finance our growth, especially in Germany, and successfully drive forward our ongoing projects,&#8221; says Martin Tauschke, Managing Partner at SUNfarming Group.
&#8220;We are pleased to announce our second mezzanine financing with SUNfarming this year. This underlines the importance of long-term partnerships and the resulting added value in complex transactions,&#8221; explains Bernhard Hofmann, Director of Capcora&#8217;s Energy and Infrastructure division.
According to Mercom&#8217;s 9M and Q3 2023 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a> noted that announced large-scale project funding in the first nine months of 2023 came to $27.5 billion in 169 project funding deals, a 20% increase compared to $22.9 billion in 128 projects in 9M 2022.
Opdenergy, an independent renewable energy producer, <a href="https://cms.mercomindia.com/opdenergy-secures-252-million-project-financing/" target="_blank" rel="noopener">recently</a> closed a $252 million project financing package for two solar projects in the U.S. The first solar project, &#8220;Blake,&#8221; located in Jefferson County, West Virginia, has an installed capacity of 100 MW. The second solar project, &#8220;Elizabeth,&#8221; located in Allen Parish, Louisiana, has an installed capacity of 160 MW. Both solar projects are currently under construction and are expected to be operational within the next few months.

sunfarming

Get the most relevant India solar and clean energy news.

RECENT POSTS