New Jersey Approves Program to Install 750 MW of Energy Storage

Sunkind to Set Up 4 GW of Solar Module and Cell Manufacturing Units

Aseem Infrastructure Finance Secures $80 Million Green Loan from DBS Bank

MNRE Releases Draft Testing and Approval Guidelines for Solar Inverters

Adani Electricity Mumbai Buys Back $49.5 Million Debt Bonds

Emmvee Bags ₹15 Billion Solar Module Supply Order from KPI Green

BluPine Secures ₹24 Billion for 150 MW Renewable Energy Project in Karnataka

Enviro Infra Acquires 49% Stake in Renewable Energy Firm Soltrix

ACME, Patel Infrastructure Win NHPC’s 1 GWh Battery Energy Storage Auction

Bihar Commission Approves Tariffs for 238 MW Solar Projects Under KUSUM


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					</table><p>Gurgaon-based <a href="https://www.acmesolar.in/" target="_blank" rel="noopener">ACME Solar Holdings</a> has secured a domestic project finance facility totaling ₹10.72 billion (~$128.38 million) for its wholly-owned subsidiary, ACME Aklera Power Technology. This facility will be used to refinance the debt associated with the company&#8217;s 250 MW operational solar project in Rajasthan.</p>
<p>The refinancing aims to decrease the project’s financing cost by 95 basis points to an annual rate of 8.5%. The Rajasthan project has been operational for approximately 18 months, with an annual capacity utilization factor of 29.3% in the financial year 2025.</p>
<p>The 18-year tenure refinancing was secured from a consortium of institutions, with Bank of America and Standard Chartered Bank leading the funding. This transaction follows ₹45.75 billion (~$548.50 million) in refinancing secured by the ACME Group over the past six months.</p>
<p>Bank of America was an existing lender to the ACME Group. This refinancing marks its and Standard Chartered Bank&#8217;s new role as a project finance lender to the group.</p>
<p>Rajat Kumar Singh, Group CFO of ACME Solar Holdings, emphasized the improvement in project credit ratings resulting from demonstrated financial discipline. He said the reduced debt cost will fortify the company’s financial standing as it pursues capacity expansion.</p>
<p>ACME Solar Holdings has a total renewable energy portfolio of 6,970 MW, comprising solar, wind, hybrid solutions, and firm and dispatchable renewable energy sources. Of this capacity, 2,826.2 MW is operational, and 4,143.8 MW is under various stages of implementation.</p>
<p>Recently, ACME Solar <a href="https://www.mercomindia.com/adani-green-renew-and-acme-solar-top-utility-scale-solar-developers-in-2024" target="_blank" rel="noopener">emerged</a> as one of the top utility-scale solar project developers in India for 2024, according to Mercom’s India Solar Market Leaderboard 2025.</p>
<p>In April this year, ACME Solar Holdings <a href="https://www.mercomindia.com/acme-solar-secures-%E2%82%B924-91-billion-refinancing-to-cut-debt-costs" target="_blank" rel="noopener">secured</a> a ₹24.91 billion (~$298.92 million) long-term refinancing facility for 18 to 20 years from the State Bank of India and REC at a reduced weighted average interest rate of 8.8%.</p>


ACME Secures ₹10.72 Billion Refinancing for 250 MW Rajasthan Solar Project


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-zero-industrial-raises-10-million-in-series-a-funding/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Zero Industrial, a thermal energy storage solution provider, <a href="https://mercomcapital.com/zero-industrial-raises-10-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> $10 million in Series A funding</strong> led by Evok Innovations with participation from Rusheen Capital Management. The company plans to use the funding to accelerate the development of its thermal energy storage solutions in North America. Zero Industrial develops industrial decarbonization projects that utilize thermal energy storage solutions and offers its customers project development services.</p>
<p><strong>Solar energy financing firm Aerem </strong><a href="https://www.mercomindia.com/solar-financing-firm-aerem-raises-%E2%82%B91-billion-from-japan-based-utec" target="_blank" rel="noopener"><strong>secured</strong></a><strong> ₹1 billion (~$11.7 million) from Japan-based venture capital firm</strong> <strong>University of Tokyo Edge Capital Partners</strong> in a Series A funding round. Other investors in the funding included British International Investment, SE Ventures, and Riverwalk Holdings. Existing investors, Blume Ventures and Avaana Capital, also participated in this round. The funding will be utilized to drive the company’s distribution growth across India and solidify its presence in existing markets.</p>
<p><strong>Transmission utility Power Grid Corporation of India (POWERGRID) </strong><a href="https://www.mercomindia.com/powergrid-to-raise-%E2%82%B960-billion-via-private-placement-of-bonds" target="_blank" rel="noopener"><strong>announced</strong></a><strong> it would raise up to ₹60 billion (~$720 million)</strong> <strong>through a private placement of bonds.</strong> The eighty-first issue of POWERGRID bonds (2025-26) includes a greenshoe option of ₹45 billion (~$540 billion) and a base issue size of ₹15 billion (~$180 million). The bonds will be unsecured, non-convertible, non-cumulative, redeemable, and taxable. These bonds will carry a 10-year tenure. Interest payments on the bonds will be made annually. The coupon or interest payments on the bond will be made through the bidding process on the electronic book provider platform.</p>
<p><strong>Energy utility E.ON UK announced that it has signed an agreement to fully <a href="https://mercomcapital.com/e-on-uk-to-acquire-eco2solar/" target="_blank" rel="noopener">acquire</a> Eco2Solar, a residential and commercial solar installation company</strong>. E.ON UK already acquired a 49% stake in Eco2Solar back in December 2020. The acquisition’s financial terms were undisclosed. It is expected to combine the operational strengths of E.ON UK and Eco2Solar to enable further growth in the solar installation market.</p>
<p>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>.</p>
<p>Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-apricus-generation-secures-30-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Zero Industrial Raises $10 Million


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-potentia-energy-acquires-renewable-projects/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Potentia Energy, a renewable energy developer co-owned by Enel Green Power and INPEX, </strong><a href="https://mercomcapital.com/potentia-energy-acquires-over-1-gw-of-renewable-energy-projects/" target="_blank" rel="noopener"><strong>completed</strong></a><strong> the acquisition of controlling stakes in a renewable energy portfolio</strong> exceeding 1 GW across Australia. The assets were acquired from infrastructure investor CVC DIF and superannuation fund Cbus Super. The acquisition also includes shares in Bright Energy Investments, a joint venture with Synergy, owned by the Western Australian state government.</p>
<p><strong>AIP Management, a Nordic-based investment manager in diversified decarbonization infrastructure, </strong><a href="https://mercomcapital.com/aip-management-to-acquire-49-99-stake-in-solar-and-storage-project/" target="_blank" rel="noopener"><strong>agreed</strong></a><strong> to acquire a 49.99% equity stake in the 300 MW solar</strong> with a co-located 200 MW/400 MWh battery energy storage Pine Forest project from Clearway Energy Group, a utility-scale renewable energy and storage project developer. The project is in the ERCOT North market region in Texas. The total investment is approximately $200 million. The project is currently under construction and is expected to commence operations in the fourth quarter of 2025.</p>
<p><strong>Greenali</strong><strong>a, a renewable energy project developer, has <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 $93 million letter of credit facility</strong> from Mitsubishi UFJ Financial Group and Nomura Securities International for developing the 430 MWdc/331.6 MWac Misae II solar project in Texas. The project has completed 72% of its construction, with commercial operations expected to begin in the third quarter of 2025.</p>
<p><strong>Electricity and heat producer and supplier PGE Energia Ciepła, a PGE Group unit, </strong><a href="https://mercomcapital.com/pge-energia-ciepla-secures-13-m-financing-solar-projects/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> PLN 48.7 million (~$12.61 million) in the form of a preferential loan</strong> from the National Fund for Environmental Protection and Water Management for the construction of seven solar projects with a cumulative capacity of 10.54 MW. The projects are to be built at the company’s six combined heat and power projects in Rzeszów, Kielce, Lublin, Zgierz, Bydgoszcz, and Gorzów Wielkopolski in Poland.</p>
<p><strong>India-based ACME Solar Holdings </strong><a href="https://www.mercomindia.com/acme-solar-secures-%E2%82%B924-91-billion-refinancing-to-cut-debt-costs" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a ₹24.91 billion (~$298.92 million) long-term refinancing facility for 18 to 20 years from the State Bank of India</strong> and REC at a reduced weighted average interest rate of 8.8%. ACME Solar will use the funds to reduce debt costs for its 490 MW renewable energy projects in Andhra Pradesh, Rajasthan, and Punjab.</p>
<p>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.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-renewable-power-capital-solar-wind-projects/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Potentia Energy Acquires 1 GW of Renewable Energy Projects

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