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

Solar Module Capacity Under ALMM Grows to 215.5 GW

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-sunraycer-secures-901m-solar-storage-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
Sunraycer Renewables, a developer, owner, and operator of clean energy power sites, <a href="https://mercomcapital.com/sunraycer-secures-901-million-for-solar-and-storage-projects-in-texas/" target="_blank" rel="noopener">closed</a> a $901 million project financing facility to support three solar and battery storage projects in Texas. The financing was provided by MUFG Bank, Ally Bank, Nomura Securities International, Norddeutsche Landesbank Girozentrale, and Société Générale. Proceeds will support the construction and operation of three projects totaling 479.5 MW of solar generation capacity and 236.5 MW of paired two-hour BESS.
Stafford Capital Partners, an international private markets investment and advisory firm, <a href="https://mercomcapital.com/stafford-capital-partners-secures-105-million-refinancing-for-solar-portfolio/" target="_blank" rel="noopener">secured</a> an €89.4 million (~$105 million) refinancing facility for its STAR I solar portfolio in Italy. The portfolio includes 30 operational solar photovoltaic projects across Italy. Its installed capacity is expected to increase from approximately 75 MW to approximately 84 MW upon completion of the optimization program.
Renewable energy solutions provider Sunstream Green Energy <a href="https://www.mercomindia.com/sunstream-secures-%E2%82%B97-billion-refinancing-for-250-mw-solar-portfolio-from-sbi/" target="_blank" rel="noopener">completed</a> a ₹7 billion (~$72.67 million) refinancing with State Bank of India for an over-250-MW solar portfolio developed over three years across 17 sites in Maharashtra, India.
OCI Energy, a utility-scale solar and battery storage project developer, and Arava Power, an Israeli utility-scale renewable energy company, have <a href="https://mercomcapital.com/arava-power-to-acquire-50-stake-in-la-salle-solar-project/" target="_blank" rel="noopener">signed</a> a Membership Interest Purchase Agreement for La Salle Solar, a 670 MW solar project in La Salle County, Texas. Under the MIPA agreement, Arava Power will acquire a 50% ownership interest in the project. OCI Energy and Arava Power will jointly finance, construct, own, and operate La Salle Solar.
Enel, through its wholly owned subsidiary Enel Green Power North America, <a href="https://mercomcapital.com/enel-to-acquire-270-mw-us-solar-portfolio-for-140-million/" target="_blank" rel="noopener">signed</a> an agreement with a U.S. utility to acquire seven operational solar projects. The solar portfolio has a total installed capacity of approximately 270 MW and is expected to generate an average annual output of about 0.4 TWh. The projects are located in Virginia, North Carolina, and South Carolina. Enel said the transaction would mark the group’s first entry into these three states.
J&amp;V Energy Technology, a renewable energy project developer, agreed to <a href="https://mercomcapital.com/jv-energy-to-acquire-187-mw-operational-solar-portfolio-from-gip/" target="_blank" rel="noopener">acquire</a> a 187 MW portfolio of operational solar projects in Taiwan from a fund managed by Global Infrastructure Partners. The portfolio comprises 42 operational solar projects located across Central and Southern Taiwan, with a combined nameplate capacity of 187 MW.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s project finance <a href="https://www.mercomindia.com/project-finance-brief-solar-landscape-600-million" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Sunraycer Secures $901M for Solar and Storage Projects

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					</table><a href="https://sunraycer.com/" target="_blank" rel="noopener">Sunraycer Renewables</a>, a developer, owner, and operator of clean energy power sites, has closed a $901 million project financing facility to support three solar and battery storage projects in Texas.
The financing was provided by MUFG Bank, Ally Bank, Nomura Securities International, Norddeutsche Landesbank Girozentrale, and Société Générale.
The facility includes a construction-to-term loan, a tax credit bridge loan, and a letter-of-credit facility. Proceeds will support the construction and operation of three projects totaling 479.5 MW of solar generation capacity and 236.5 MW of paired two-hour battery energy storage systems.
The portfolio comprises the 77 MW Eagle Springs solar project with 33 MW of battery storage in Delta County, the 161.5 MW Lupinus 1 solar project with 82 MW of battery storage in Franklin County, and the 241 MW Lupinus 2 solar project with 121.5 MW of battery storage, also in Franklin County.
All three projects began construction in late 2025. Eagle Springs is expected to reach commercial operation later in 2026, while Lupinus 1 and Lupinus 2 are expected to follow in late 2027.
Additionally, in March 2026, Sunraycer signed two long-term power purchase agreements with Google for the Lupinus and Lupinus 2 solar projects in Texas.
Orrick, Herrington &amp; Sutcliffe advised Sunraycer, while Milbank and Holland &amp; Knight advised the lenders on the transaction.
The company said the projects are intended to support rising electricity demand in Texas, including demand from manufacturing and data center expansion within the Electric Reliability Council of Texas grid.
In its recent Short-Term Energy Outlook, the EIA forecasts that annual electric power generation from utility-scale solar will surpass coal for the first time in 2026 in the electricity grid covering most of Texas, with solar generation expected to reach 78 billion kWh in ERCOT.
The transaction marks Sunraycer’s second portfolio financing in about 12 months and brings its total capital raised across project finance and tax equity to approximately $1.6 billion during that period. Previously, in 2025, the company <a href="https://mercomcapital.com/sunraycer-secures-475-million-financing-for-solar-plus-storage-projects/" target="_blank" rel="noopener">secured</a> a $475 million project financing facility from MUFG Bank, Nomura Securities International, and Norddeutsche Landesbank Girozentrale for the development and construction of Gaia and Midpoint solar and battery energy storage projects in Texas.
According to Mercom’s recently released Q1 2026 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/q1-2026-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, announced large-scale solar project funding increased by 61% in Q1 2026 compared with the funding raised in the same period in 2025.

Sunraycer Secures $901 Million for Solar and Storage Projects in Texas

Octopus Australia, a renewable energy project developer and fund manager, has <a href="https://cms.mercomindia.com/octopus-australia-secures-financing-for-80-mw-fulham-solar-and-storage-project/" target="_blank" rel="noopener">reached</a> financial close on the 80 MW Fulham Solar Project and its co-located 128 MWh battery energy storage system, with a total value exceeding AUD300 million (~$180.5 million). The company announced that construction of the project is now underway. A power purchase agreement from the Victorian State Government backs the project.
Apex Clean Energy, a renewable energy project developer, <a href="https://cms.mercomindia.com/apex-clean-energy-sells-49-stakes-in-solar-and-wind-project/" target="_blank" rel="noopener">entered</a> into an agreement with Electricity Generating Public Company to sell its 49% ownership interest in the Pinnacle II project portfolio, which consists of two projects totaling 251 MW in the U.S. Apex will retain the remaining shares and manage the portfolio operations. The portfolio comprises the 125 MWac Wheatsborough solar project in Ohio and the 126 MW Downeast wind project in Maine.
JUWI Energie Rinnovabili, the Italian subsidiary of international project developer JUWI Group, <a href="https://cms.mercomindia.com/juwi-energie-rinnovabili-sells-50-5-mw-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> the sale of a 50.5 MW solar project portfolio to Kelag Italia, a subsidiary of Kelag Group, an Austrian renewable energy provider. The portfolio comprises eight authorized and ready-to-build solar projects located in Northern Italy. The company did not disclose the financial details of the transaction.
Sunraycer Renewables, a developer, owner, and operator of clean energy power sites, <a href="https://cms.mercomindia.com/sunraycer-secures-475-million-financing-for-solar-plus-storage-projects/" target="_blank" rel="noopener">secured</a> a $475 million project financing facility from MUFG Bank, Nomura Securities International, and Norddeutsche Landesbank Girzonentrale for the development and construction of Gaia and Midpoint solar and battery energy storage projects in Texas. The two projects include the 143 MWac Gaia solar project with a 75 MWac battery storage system in Navarro County and the 97.5 MWac Midpoint solar project coupled with a 50 MWac battery energy storage system in Hill County.
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-potentia-energy-acquires-renewable-projects/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Octopus Secures Financing for 80 MW Solar and Storage Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-octopus-financing-solar-storage/" target="_blank" rel="noopener">Mercom Capital Group</a>
Octopus Australia, a renewable energy project developer and fund manager, has <a href="https://mercomcapital.com/octopus-australia-secures-financing-for-80-mw-fulham-solar-and-storage-project/" target="_blank" rel="noopener">reached</a> financial close on the 80 MW Fulham Solar Project and its co-located 128 MWh battery energy storage system, with a total value exceeding AUD300 million (~$180.5 million). The company announced that construction of the project is now underway. A power purchase agreement from the Victorian State Government backs the project.
Apex Clean Energy, a renewable energy project developer, <a href="https://mercomcapital.com/apex-clean-energy-sells-49-stakes-in-solar-and-wind-project/" target="_blank" rel="noopener">entered</a> into an agreement with Electricity Generating Public Company to sell its 49% ownership interest in the Pinnacle II project portfolio, which consists of two projects totaling 251 MW in the U.S. Apex will retain the remaining shares and manage the portfolio operations. The portfolio comprises the 125 MWac Wheatsborough solar project in Ohio and the 126 MW Downeast wind project in Maine.
JUWI Energie Rinnovabili, the Italian subsidiary of international project developer JUWI Group, <a href="https://mercomcapital.com/juwi-energie-rinnovabili-sells-50-5-mw-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> the sale of a 50.5 MW solar project portfolio to Kelag Italia, a subsidiary of Kelag Group, an Austrian renewable energy provider. The portfolio comprises eight authorized and ready-to-build solar projects located in Northern Italy. The company did not disclose the financial details of the transaction.
Sunraycer Renewables, a developer, owner, and operator of clean energy power sites, <a href="https://mercomcapital.com/sunraycer-secures-475-million-financing-for-solar-plus-storage-projects/" target="_blank" rel="noopener">secured</a> a $475 million project financing facility from MUFG Bank, Nomura Securities International, and Norddeutsche Landesbank Girzonentrale for the development and construction of Gaia and Midpoint solar and battery energy storage projects in Texas. The two projects include the 143 MWac Gaia solar project with a 75 MWac battery storage system in Navarro County and the 97.5 MWac Midpoint solar project coupled with a 50 MWac battery energy storage system in Hill County.
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-potentia-energy-acquires-renewable-projects/" target="_blank" rel="noopener">brief</a>.

<a href="https://sunraycer.com/" target="_blank" rel="noopener">Sunraycer Renewables</a>, a developer, owner, and operator of clean energy power sites, secured a $475 million project financing facility from MUFG Bank, Nomura Securities International, and Norddeutsche Landesbank Girzonentrale for the development and construction of Gaia and Midpoint solar and battery energy storage projects in Texas.
The two projects include the 143 MWac Gaia solar project with a 75 MWac battery storage system in Navarro County and the 97.5 MWac Midpoint solar project coupled with a 50 MWac battery energy storage system in Hill County.
The financing facility comprises a construction-to-term loan, a tax credit bridge loan, and a letter of credit facility. This financing facility has raised the company&#8217;s total capital to $675 million over the last six months.
Construction on the Midpoint project began late last year, and commercial operations on both projects are expected later this year.
The clean electricity produced by the projects will support the increasing energy demand from manufacturing and data centers in Texas, particularly within the ERCOT grid.
Orrick, Herrington &amp; Sutcliffe served as Sunraycer&#8217;s legal counsel, while Milbank and Squire Patton Boggs advised lenders on the transaction.
&#8220;MUFG is thrilled to have led Sunraycer&#8217;s inaugural project financing. The Midpoint and Gaia assets will help meet growing demand in ERCOT and have material positive impacts on Texas ratepayers and the environment. We are very impressed by the Sunraycer team, and are excited to support their future growth,&#8221; said Louise Pesce, Managing Director at MUFG.
According to Mercom&#8217;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>, large-scale project funding in 2024 increased 21% year-over-year.
Earlier this week, Greenalia, a renewable energy project developer, <a href="https://mercomcapital.com/greenalia-secures-financing-misae-ii-solar-project/" target="_blank" rel="noopener">secured</a> a $295 million construction-to-term loan and a $93 million letter of credit facility from Mitsubishi UFJ Financial Group (MUFG) and Nomura Securities International for the 430 MWdc/331.6 MWac Misae II solar project in Texas.

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