From: Mercom Capital Group

Apricus Generation, a distributed solar and battery development platform and independent power producer, announced that it has secured a $30 million revolving credit facility with Atlantic Union Bank. The funding is expected to provide the company with capital flexibility to accelerate project development. This funding is anticipated to further strengthen the company’s business model.

Independent power producer AMPIN Energy Transition secured an investment of $50 million (~₹4.28 billion) from Siemens Financial Services, the financing arm of Siemens AG. The investment will strengthen AMPIN’s position in India’s renewable energy transition. It will also fuel the company’s growth in commercial and industrial, and utility-scale renewable energy projects.

BluPine Energy has secured ₹17.87 billion (~$210 million) in structured financing from the National Bank for Financing Infrastructure and Development. BluPine Energy aims to use the funds to optimize its financial structuring, enhance operational efficiency, and drive long-term portfolio expansion. The company will deploy the funds toward repowering existing solar assets to improve their efficiency and operational effectiveness.

Non-banking financial services company Shriram Finance has secured a $150 million loan from the Asian Development Bank to enhance access to electric vehicle finance and low-emission commercial vehicles in India. The funding is part of a larger $306 million financing package, which includes an additional $150 million from the Japan International Cooperation Agency and ₹500 million (~$5.83 million) from the Export-Import Bank in India.

Ardian, a private equity firm, has reached an agreement to acquire Akuo, a leading independent power producer specializing in renewable energy. This acquisition is expected to help Ardian gain expertise in the renewable energy sector and support Akuo in its next growth phase. Ardian also plans to provide the necessary financial capacity for Akuo’s various renewable energy projects.

ONGC has approved an investment of ₹33 billion (~$384.84 million) in ONGC Green to part-fund the acquisition of a 100% stake in Ayana Renewable Power. The company will subscribe to the rights offer of equity shares issued by ONGC Green. The transaction for the acquisition was signed with the National Investment and Infrastructure Fund, British International Investment and its subsidiaries, and Eversource Capital.

Global alternative asset management firm TPG acquired a majority stake in Siemens Gamesa’s onshore wind turbine manufacturing business in India and Sri Lanka. Following the transaction, a new independent company will be established to build a business to manufacture, install, and service onshore wind turbines to capitalize on India’s wind market potential. Siemens Gamesa will divest 90% of its wind business in India and Sri Lanka, retaining a 10% stake in the transferred business.

For reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors, click here.

Read last week’s funding roundup.