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

Terralayr, a developer, owner, and operator of battery energy storage assets, has <a href="https://cms.mercomindia.com/energy-storage-developer-terralayr-secures-223-million/" target="_blank" rel="noopener">raised</a> €192 million (~$223 million) in an equity round, including an €80 million (~$93 million) upsizing option. The funding was led by Eurazeo, a French private equity firm, through its Eurazeo Transition Infrastructure Fund (ETIF), alongside its existing investors RIVE Private Investment, Creandum, Norrsken, Earlybird Venture Capital, and Picus Capital.
Canadian Solar, a manufacturer of solar photovoltaic modules and silicon ingots, and a provider of solar energy and battery energy storage solutions, <a href="https://cms.mercomindia.com/canadian-solar-closes-230-million-convertible-senior-notes/" target="_blank" rel="noopener">announced</a> the closing of its previously announced offering of $230 million aggregate principal amount of 3.25% convertible senior notes due 2031. The offering includes the full exercise of the option by the initial purchasers to acquire an additional $30 million aggregate principal amount of the notes, bringing the total proceeds of the issuance to $230 million.
SunLib, a French solar-as-a-service company, has <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. The company provides customers with access to solar panel installations across France through a monthly subscription model. The funds raised will be used to finance equipment for new subscribers starting in 2026 and support the local installer network.
Himadri Speciality Chemical has <a href="https://www.mercomindia.com/himadri-steps-up-investment-in-australian-battery-firm-sicona" target="_blank" rel="noopener">announced</a> an additional capital injection of AU$10.49 million (~$7.01 million) in Australia-based Sicona Battery Technologies, a developer of materials for lithium-ion batteries. The investment is aimed at subscribing to 3.793 million compulsorily convertible notes (CCNs) with a face value of AU$1.00 (~$0.67) each. The remaining investment of 4.253 million CCNs will be made in agreed tranches.
Independent carbon credit standard and registry, RenewCred, has <a href="https://www.mercomindia.com/carbon-credits-platform-renewcred-secures-%E2%82%B942-5-million-in-seed-funding" target="_blank" rel="noopener">secured</a> equity and grants totalling ₹42.5 million (~$471,000) in a seed funding round. The funding will be used to develop a fully digital, science-led carbon credit standard and registry for the voluntary carbon market. The funding round was led by Campus Angels Network and included participation from Kairos Early Opportunity Fund, build3 Startup Studio, VentureStudio at Ahmedabad University.
GreenTech, an operations and maintenance (O&amp;M) company specializing in wind turbine asset management, has <a href="https://www.mercomindia.com/greentech-raises-%E2%82%B9300-million-to-scale-wind-turbine-asset-management" target="_blank" rel="noopener">raised</a> ₹300 million (~$3.3 million) in its first funding round, comprising a mix of equity and debt, led by Transition VC. The company plans to deploy the funding to expand its global infrastructure, upgrade its artificial intelligence and machine learning-based predictive maintenance platforms, strengthen its supervisory control and data acquisition (SCADA) analytics systems, and accelerate business development across India and key international wind markets.
Fortescue, a global green energy and metal mining company, has <a href="https://cms.mercomindia.com/fortescue-acquires-energy-storage-software-company-zitara/" target="_blank" rel="noopener">announced</a> the acquisition of Zitara, a U.S.-based company specializing in on-site energy storage precision control solutions. The acquisition is said to strengthen Elysia’s capabilities by combining its existing cloud-based products with on-site systems for battery energy storage. For customers, this provides a combination of cloud analytics and real-time on-premises controls to maximize trading revenue, extend asset life, and improve safety.
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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-ma-roundup-aspen-power-secures-200-million-enhance-pipeline/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Terralayr Secures $223 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-terralayr-secures-223-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Terralayr, a developer, owner, and operator of battery energy storage assets, <a href="https://mercomcapital.com/energy-storage-developer-terralayr-secures-223-million/" target="_blank" rel="noopener">raised</a> €192 million (~$223 million) in an equity round, including an €80 million (~$93 million) upsizing option. The funding was led by Eurazeo, a French private equity firm, through its Eurazeo Transition Infrastructure Fund, alongside its existing investors RIVE Private Investment, Creandum, Norrsken, Earlybird Venture Capital, and Picus Capital.
Canadian Solar, a solar module and silicon ingot manufacturer, and a solar energy and battery energy storage solutions provider, <a href="https://mercomcapital.com/canadian-solar-closes-230-million-convertible-senior-notes/" target="_blank" rel="noopener">announced</a> the closing of its previously announced offering of $230 million aggregate principal amount of 3.25% convertible senior notes due 2031. The offering includes the full exercise of the option by the initial purchasers to acquire an additional $30 million aggregate principal amount of the notes, bringing the total proceeds of the issuance to $230 million.
SunLib, a French solar-as-a-service company, <a href="https://mercomcapital.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. The company provides customers with access to solar panel installations across France through a monthly subscription model. The funds raised will be used to finance equipment for new subscribers starting in 2026 and support the local installer network.
Himadri Speciality Chemical <a href="https://www.mercomindia.com/himadri-steps-up-investment-in-australian-battery-firm-sicona" target="_blank" rel="noopener">announced</a> an additional capital injection of AU$10.49 million (~$7.01 million) in Australia-based Sicona Battery Technologies, a developer of materials for lithium-ion batteries. The investment is aimed at subscribing to 3.793 million compulsorily convertible notes (CCNs) with a face value of AU$1.00 (~$0.67) each. The remaining investment of 4.253 million CCNs will be made in agreed tranches.
Independent carbon credit standard and registry, RenewCred, <a href="https://www.mercomindia.com/carbon-credits-platform-renewcred-secures-%E2%82%B942-5-million-in-seed-funding" target="_blank" rel="noopener">secured</a> equity and grants totalling ₹42.5 million (~$471,000) in a seed funding round. The funding will be used to develop a fully digital, science-led carbon credit standard and registry for the voluntary carbon market. The funding round was led by Campus Angels Network and included participation from Kairos Early Opportunity Fund, build3 Startup Studio, VentureStudio at Ahmedabad University.
GreenTech, an operations and maintenance company specializing in wind turbine asset management, <a href="https://www.mercomindia.com/greentech-raises-%E2%82%B9300-million-to-scale-wind-turbine-asset-management" target="_blank" rel="noopener">raised</a> ₹300 million (~$3.3 million) in its first funding round, comprising a mix of equity and debt, led by Transition VC. The company plans to deploy the funding to expand its global infrastructure, upgrade its artificial intelligence and machine learning-based predictive maintenance platforms, strengthen its supervisory control and data acquisition analytics systems, and accelerate business development across India and key international wind markets.
Fortescue, a global green energy and metal mining company, <a href="https://mercomcapital.com/fortescue-acquires-energy-storage-software-company-zitara/" target="_blank" rel="noopener">announced</a> the acquisition of Zitara, a U.S.-based company specializing in on-site energy storage precision control solutions. The acquisition aims to strengthen the capabilities of Elysia, Fortescue’s software-based battery intelligence platform, by combining its existing cloud-based products with on-site systems for battery energy storage.
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/">here</a>.
Read last week&#8217;s funding <a href="https://mercomcapital.com/funding-ma-roundup-aspen-power-secures-200-million-enhance-pipeline/">roundup</a>.

Funding and M&A Roundup: Terralayr Secures $223 Million in Equity Round

<a href="https://www.sunlib.fr/" target="_blank" rel="noopener">SunLib</a>, a French solar-as-a-service company, has secured €25 million (~$29 million) from Épopée Gestion, which operates through its Infrastructure and Climate funds.
Jeantet served as an adviser for SunLib in this financing. SunLib was also advised by Green Giraffe, as a financial advisor on this transaction. Chammas and Marcheteau advised Epopée Gestion.
The company provides customers with access to solar panel installations across France through a monthly subscription model. According to the company, this is believed to remove two major obstacles, the initial cost and the complexity of access.
The funds raised will be used to finance equipment for thousands of new subscribers starting in 2026 and support the local installer network. This also enhances the company&#8217;s ability to grow its business model, targeting 100,000 customers by 2030.
&#8220;Épopée Gestion is particularly enthusiastic about supporting SunLib in accelerating its development in France. We have identified SunLib as a committed and visionary team that, with its solar subscription solutions, is democratising access to affordable, local, and carbon-free electricity. With our shared culture of innovative entrepreneurship, we are already working on new services that will soon complement the solar subscription offering for individuals, businesses, and local authorities,” says Emmanuel Walliser, Director of Infrastructure at Épopée Gestion.
According to Mercom’s 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>, Global VC and private equity funding in the solar sector in 2025 came to $3.5 billion in 75 deals, 22% lower than the $4.5 billion raised in 60 deals in 2024. There were eight VC funding deals of $100 million or more in 2025.
In July, Sunsave, a U.K.-based solar subscription service provider, <a href="https://cms.mercomindia.com/solar-subscription-service-firm-sunsave-secures-151-million/" target="_blank" rel="noopener">secured</a> £113 million (~$151 million) in an oversubscribed funding round. The funding includes a £100 million (~$134 million) debt facility from Crédit Agricole CIB as well as £13 million (~$17 million) in Series A equity from a co-led round by Norrsken VC and IPGL.

Solar Service Provider SunLib Raises $29 Million

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