CERC Rescinds Revocation of Renewable Projects’ Grid Connectivity

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

Solar Module Capacity Under ALMM Grows to 215.5 GW

PFC Awards Project to Evacuate 3 GW of Renewables in Andhra Pradesh

Storage, Engineering, and Service Become Distributed Solar’s Growth Drivers

Daily News Wrap-Up: MNRE Proposes Uniform Solar Cell Nomenclature

MENA Weekly Round-Up: Egypt Signs PPA with Alcazar for 407 MW Wind Project

Solar Tender and Auction Activity Declines in Q2 2026

MNRE Proposes Standardized Nomenclature for Solar Cells Under ALMM List II

India Can Build a Complete Solar Manufacturing Ecosystem Within Five Years: Interview

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

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					</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://ze-energy.com/en/" target="_blank" rel="noopener">ZE Energy</a>, a developer specializing in solar and energy storage projects, raised €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.
Existing investors, including Sorégies, Marguerite, HTGF, and ZE WAY INVEST, also took part in this funding round. This capital injection will enable ZE Energy to plan its growth over the next two years, with a particular focus on financing its expansion throughout Europe.
&#8220;In an increasingly volatile solar energy market, ZE Energy&#8217;s model is emerging as a high-performance solution, serving a controlled energy transition. Our model, combining solar power generation and energy storage, is attracting growing interest. In the first half of 2024, solar energy prices frequently became negative due to overproduction during certain hours. The ability to store this energy, and thus avoid price volatility, is proving to be the optimal solution for both producers and consumers.&#8221; says Mathieu Lassagne, founder of ZE Energy.
Founded in 2019, the France-based company develops, finances, and operates hybrid power plants. It currently has a project portfolio of over 1 GW in photovoltaic solar power and over 300 MW of battery capacity. By the end of 2026, the company aims to have an operational and ready-to-build project portfolio of over 900 MW in solar PV and an operational battery capacity of more than 600MWh.
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>, VC funding activity decreased 29% year-over-year, with $2.7 billion raised in 29 deals compared to $3.8 billion from 33 deals in the first half of 2023.
In April, Nexamp, a developer of solar and storage projects, <a href="https://cms.mercomindia.com/solar-and-storage-developer-nexamp-secures-520-million/" target="_blank" rel="noopener">secured</a> $520 million in a funding round led by Manulife Investment Management alongside existing investors Diamond Generating Corporation and Generate Capital.

ZE Energy Secures $58 Million Funding

ZE Energy, a France-based solar and energy storage project developer, <a href="https://cms.mercomindia.com/ze-energy-secures-financing-for-77-mw-solar-and-storage-project/" target="_blank" rel="noopener">closed</a> an assetco financing to construct a 77 MWp solar project coupled with a 14.8 MW/33.5 MWh lithium-ion battery storage project. Sienna Investment Managers, a European asset manager firm, will provide the funding under its Predirec ENR 2 fund. The utility-scale hybrid project is located in Vert, Landes, France.
Grenergy, an independent solar and wind power producer, has <a href="https://cms.mercomindia.com/grenergy-acquires-1-gw-solar-projects-from-repsol-and-ibereolica/" target="_blank" rel="noopener">acquired</a> 1 GW of solar projects, including a 1 GW energized line, from Repsol and Ibereólica. The company will invest $128 million in this transaction. The transaction comprises the purchase of a 77 MW solar project and a solar portfolio totaling 923 MW in various stages of development.
Emeren Group, a solar project developer, announced the <a href="https://cms.mercomindia.com/emeren-sells-57-mw-solar-project-portfolio/" target="_blank" rel="noopener">sale</a> of 57 MW solar project portfolio to Trina Solar Systems, the French subsidiary of Trina Solar International System Business Unit. The portfolio consists of five solar projects in various stages of development. Of these five, one is in the early stage and one in the late stage, both sold in Q3 2024 to Trina. The remaining three projects are in the mid-stage to be monetized. In addition, there is potential for the addition of battery energy storage systems.
Copenhagen Infrastructure Partners, a renewable energy investment firm, <a href="https://www.globenewswire.com/news-release/2024/09/24/2952556/0/en/CIP-Acquires-1-GWh-Scatter-Wash-Battery-Energy-Storage-Project-in-Arizona-from-Strata-Clean-Energy-and-Signs-Construction-and-Asset-Management-Agreements-with-Strata.html" target="_blank" rel="noopener">announced</a> the acquisition of the 255 MW/1,020 MWh Scatter Wash standalone battery storage project in Phoenix, Arizona, from Strata Clean Energy, a vertically integrated solar and storage development, engineering, procurement, and construction, and operations and maintenance company.
BayWa r.e., a developer of renewable energy projects, <a href="https://cms.mercomindia.com/baywa-r-e-sells-solar-projects-totaling-222-mw-to-octopus-energy-generation/" target="_blank" rel="noopener">announced</a> the sale of four solar projects to Octopus Energy Generation, a renewable energy investment firm. The projects have a combined capacity of 222 MWp across the UK. All three projects are ready to build, with construction scheduled to begin this year. The construction of the fourth project will start in 2025, and all are expected to reach commercial operations between 2025 and 2026.
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-ib-vogt-solar-project-spain-2/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: ZE Energy Secures Financing for 77 MW Solar and Storage Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-ze-energy-financing-solar-storage/" target="_blank" rel="noopener">Mercom Capital Group</a>
ZE Energy, a France-based solar and energy storage project developer, <a href="https://mercomcapital.com/ze-energy-secures-financing-for-77-mw-solar-and-storage-project/" target="_blank" rel="noopener">closed</a> an assetco financing to construct a 77 MWp solar project coupled with a 14.8 MW/33.5 MWh lithium-ion battery storage project. Sienna Investment Managers, a European asset manager firm, will provide the funding under its Predirec ENR 2 fund. The utility-scale hybrid project is located in Vert, Landes, France.
Grenergy, an independent solar and wind power producer, has <a href="https://mercomcapital.com/grenergy-acquires-1-gw-solar-projects-from-repsol-and-ibereolica/" target="_blank" rel="noopener">acquired</a> 1 GW of solar projects, including a 1 GW energized line, from Repsol and Ibereólica. The company will invest $128 million in this transaction. The transaction comprises the purchase of a 77 MW solar project and a solar portfolio totaling 923 MW in various stages of development.
Emeren Group, a solar project developer, announced the <a href="https://mercomcapital.com/emeren-sells-57-mw-solar-project-portfolio/" target="_blank" rel="noopener">sale</a> of 57 MW solar project portfolio to Trina Solar Systems, the French subsidiary of Trina Solar International System Business Unit. The portfolio consists of five solar projects in various stages of development. Of these five, one is in the early stage and one in the late stage, both sold in Q3 2024 to Trina. The remaining three projects are in the mid-stage to be monetized. In addition, there is potential for the addition of battery energy storage systems.
Copenhagen Infrastructure Partners, a renewable energy investment firm, <a href="https://www.globenewswire.com/news-release/2024/09/24/2952556/0/en/CIP-Acquires-1-GWh-Scatter-Wash-Battery-Energy-Storage-Project-in-Arizona-from-Strata-Clean-Energy-and-Signs-Construction-and-Asset-Management-Agreements-with-Strata.html" target="_blank" rel="noopener">announced</a> the acquisition of the 255 MW/1,020 MWh Scatter Wash standalone battery storage project in Phoenix, Arizona, from Strata Clean Energy, a vertically integrated solar and storage development, engineering, procurement, and construction, and operations and maintenance company.
BayWa r.e., a developer of renewable energy projects, <a href="https://mercomcapital.com/baywa-r-e-sells-solar-projects-totaling-222-mw-to-octopus-energy-generation/" target="_blank" rel="noopener">announced</a> the sale of four solar projects to Octopus Energy Generation, a renewable energy investment firm. The projects have a combined capacity of 222 MWp across the UK. All three projects are ready to build, with construction scheduled to begin this year. The construction of the fourth project will start in 2025, and all are expected to reach commercial operations between 2025 and 2026.
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-ib-vogt-solar-project-spain-2/" target="_blank" rel="noopener">brief</a>.

<a href="https://ze-energy.com/en/" target="_blank" rel="noopener">ZE Energy</a>, a France-based solar and energy storage project developer, closed an assetco financing to construct a 77 MWp solar project coupled with a 14.8 MW/33.5 MWh lithium-ion battery storage project. Sienna Investment Managers, a European asset manager firm, will provide the funding under its Predirec ENR 2 fund. The utility-scale hybrid project is located in Vert, Landes, France.
BCLP served as the legal advisor to ZE Energy for the transaction. The project is currently under construction and is scheduled for commercial operation in early 2025.
Mathieu Lassagne, CEO at ZE Energy, commented, “The financing of the construction of this new solar-plus-storage hybrid project marks a new milestone in ZE Energy’s development and demonstrates the attractiveness of its model, particularly to leading financial players. The deployment of electricity storage solutions, recognized as the way of the future, is going to play an increasingly important role.”
Philippe Garrel, Head of Infrastructure Debt Funds at Sienna IM, commented, “We are thrilled to participate in the financing of this flagship hybrid project, a first-of-its-kind asset given its utility-scale dimension and Corporate PPA structure. This assetco financing perfectly matches our investment identity and shows our ability to deliver financing solutions on complex projects to mid-market players, with strong added value.”
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>, large-scale solar project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
Last month, Clearway Energy Group, a developer and operator of clean energy projects, closed $550 million in <a href="https://cms.mercomindia.com/clearway-secures-550-million-financing-for-solar-and-storage-project/" target="_blank" rel="noopener">financing</a> to develop its Rosamond South I solar and storage project in Kern County, California. The solar portion of the project will have a total capacity of 140 MW, and the storage capacity will be 118 MW upon completion.

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