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					</table><p>Government-owned Power Finance Corporation (<a href="https://pfcindia.com/" target="_blank" rel="noopener">PFC</a>) has transferred its special purpose vehicle Pune-III Transmission to <a href="https://www.adanienergysolutions.com/" target="_blank" rel="noopener">Adani Energy Solutions</a>, which emerged as the successful bidder for the evacuation of 7 GW of power from the potential renewable energy zone in Khavda, Gujarat, under Phase IV, Part D.</p>
<p>The inter-state transmission system (ISTS) project will be executed under a Build, Own, Operate, and Transfer (BOOT) model. Adani Energy Solutions will be responsible for the end-to-end execution, financing, and long-term operation of the system.</p>
<p>The transaction was executed for a total consideration of ₹187.8 million (~$2.2 million).</p>
<p>Adani Energy Solutions will finance, develop, construct, operate, and maintain the project.</p>
<p>Adani Energy must obtain the transmission license from the Central Electricity Regulatory Commission (<a href="https://www.cercind.gov.in/" target="_blank" rel="noopener">CERC</a>) and assume responsibility for designing, financing, constructing, owning, operating, and maintaining the project.</p>
<p>This includes establishing a new 765/400/220 kV substation at Pune-III, constructing 765 kV and 400 kV transmission lines, and installing reactors and other associated equipment. The project must be completed within 24 months from the effective date.</p>
<p>The transmission system must be operated and maintained for 35 years from the commercial operation date, after which all project assets must be transferred to the central transmission utility or its successors at zero cost and free from encumbrances.</p>
<p>Recently, PFC Consulting <a href="https://www.mercomindia.com/pfc-tenders-transmission-system-for-renewable-energy-evacuation/" target="_blank" rel="noopener">issued</a> a tender to select a transmission service provider to establish an ISTS at Kurnool-III PS, Andhra Pradesh, to integrate an additional 4.5 GW of renewable energy.</p>
<p>Earlier, PFC invited bids to <a href="https://www.mercomindia.com/pfc-invites-bids-for-energy-from-gujarat" target="_blank" rel="noopener">evacuate</a> 3 GW of renewable energy from Gujarat.</p>
<p>In August, Adani Energy Solutions <a href="https://www.mercomindia.com/adani-energy-solutions-via-qip-route" target="_blank" rel="noopener">raised</a> ₹83.73 billion (~$1 billion) through a qualified institutional placement. The proceeds will be invested in transmission assets, such as building bulk evacuation corridors for renewable power, the smart metering business, debt repayment, and general corporate purposes.</p>


Adani Acquires Project to Evacuate 7 GW of Renewable Energy from Khavda


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-battery-developer-ugowork-raises-51-million-funding/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>UgoWork, a provider of advanced energy storage solutions for material handling equipment, </strong><a href="https://mercomcapital.com/battery-developer-ugowork-raises-51-million-in-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $51 million in Series C funding. </strong>Fonds de solidarité FTQ led the round, which included participation from returning investors Investissement Québec and Export Development Canada. The round also included a new credit facility from Desjardins Technology &amp; Innovation Banking, bringing UgoWork’s total funding to $77 million.</p>
<p><strong>I Squared, an infrastructure investment manager, has </strong><a href="https://mercomcapital.com/i-squared-announces-acquisition-of-priority-power/" target="_blank" rel="noopener"><strong>agreed</strong></a><strong> to acquire Priority Power, an energy management service provider, through its ISQ Global Infrastructure Fund III</strong>. I Squared is acquiring Priority Power from Ara Partners Group, Oaktree Capital Management, and other shareholders. With this acquisition, I Squared’s investment will allow Priority Power to expand its reach across the U.S. and make additional investments in high-growth markets.</p>
<p><strong>Renewable energy solutions platform Fourth Partner Energy (FPEL) has <a href="https://www.mercomindia.com/fourth-partner-energy-secures-275-million-from-global-consortium" target="_blank" rel="noopener">secured</a></strong> <strong>an investment of $275 million</strong> from global impact investors IFC, ADB, and DEG. World Bank’s IFC is investing $125 million, while ADB is infusing $100 million and Germany’s DEG $50 million to complete this fundraising round.</p>
<p><strong>Adani Energy Solutions has </strong><a href="https://www.mercomindia.com/adani-energy-solutions-via-qip-route" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹83.73 billion (~$1 billion) through a qualified institutional placement</strong>. The proceeds from the QIP will be used to invest in transmission assets, such as building bulk evacuation corridors for renewable power, the smart metering business, debt repayment, and general corporate purposes.</p>
<p><strong>BrightNight, an independent renewable power producer, has </strong><a href="https://www.mercomindia.com/goldman-sachs-alternatives-in-brightnight" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a $440 million strategic investment from Goldman Sachs Alternatives‘ Infrastructure division</strong>. The company said the transaction is expected to close in September 2024. BofA Securities and PJT Partners acted as financial advisors to BrightNight, while Jefferies LLC served as the sole financial advisor and Weil, Gotshal &amp; Manges as legal counsel to Goldman Sachs Alternatives.</p>
<p><strong>India-based solar irrigation services company Oorja Development Solutions </strong><a href="https://www.mercomindia.com/oorja-raises-1-5-million-to-deploy-agri-energy-infrastructure" target="_blank" rel="noopener"><strong>closed</strong></a><strong> its Pre-Series A funding round, raising $1.5 million from six investors</strong>. The company plans to use the funding to deploy agri-energy infrastructure for irrigation and milling and deepen operations in the existing and new states. It also plans to launch a B2B2C vertical to deliver solar irrigation solutions to agribusinesses and SMEs who engage with smallholder farmers for procurement.</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-addionics-raises-39-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Battery Developer UgoWork Raises $51 Million in Funding


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					</table><p><a href="https://www.mercomindia.com/north-western-railway-floats-tender-for-2-74-mw-rooftop-solar-systems" target="_blank" rel="noopener">North Western Railway has issued a tender for a cumulative capacity of 2.748 MW of grid-connected rooftop solar systems</a> at platform shelters and station buildings in Jaipur. The last date to submit the bids is August 23, 2024. Bids will be opened on the same day. The project must be completed in six months. The tender has been floated in two packages —1,515 kW and 1,233 kW for an estimated value of ₹113.53 million (~$1.35 million). Bidders must pay an earnest money deposit of ₹717,700 (~$8,560.52).</p>
<p><a href="https://www.mercomindia.com/pesl-issues-tender-for-residential-rooftop-solar" target="_blank" rel="noopener">The PowerGrid Energy Services (PESL), a subsidiary of Power Grid Corporation of India, has invited bids to empanel channel partners</a> for rate contracts to install residential rooftop solar systems in Ladakh, Lakshadweep, Puducherry, and Odisha under the PM Surya Ghar: Muft Bijli Yojana. The last date to submit bids is August 31, 2024. Bids will be opened on September 2. Bidders must furnish an earnest money deposit of ₹320000 ($3,816). The scope of the work covers PESL working with channel partners to connect with EPC vendors and distribution companies to complete the installation of the rooftop solar systems. The channel partners will also act as aggregators in states/Union Territories and tie up with EPC vendors to complete the project.</p>
<p><a href="https://www.mercomindia.com/adani-energy-solutions-via-qip-route" target="_blank" rel="noopener">Adani Energy Solutions (AESL) has raised ₹83.73 billion (~$1 billion) through a qualified institutional placement (QIP).</a> The proceeds from the QIP will be utilized for investment in transmission assets, such as building bulk evacuation corridors for renewable power, the smart metering business, debt repayment, and general corporate purposes. The QIP represents AESL’s first equity raise in the capital market since its demerger and listing from Adani Enterprises in July 2015. The transaction was launched on July 30, 2024, with a base deal size of ₹58.61 billion ($700 million) and included a greenshoe option to size up to ₹83.73 billion ($1 billion).</p>
<p><a href="https://www.mercomindia.com/amara-raja-energy-mobilitys-2025" target="_blank" rel="noopener">Battery manufacturer Amara Raja Energy &amp; Mobility has announced a profit before tax of ₹3.29 billion (~$39.1 million)</a> for the first quarter of the financial year FY 2025, up 23% year-over-year (YoY) from ₹2.66 billion (~$31.6 million). For the quarter ending June 30, the company reported revenue from operations amounting to ₹31.31 billion (~$372.9 million), an increase of 12.9% YoY from ₹27.71 billion (~$330 million). Strong volumes in the automotive aftermarket, OEMs, and export markets drove the revenue growth.</p>
<p><a href="https://www.mercomindia.com/nextrackers-net-income-as-global-demand-grows" target="_blank" rel="noopener">Solar tracker firm Nextracker has recorded a net income of $139 million, a 95% year-over-year (YoY) increase compared</a> to $71 million for the first quarter (Q1) of the financial year 2025, reflecting significant growth across various metrics. The company reported a 50% YoY increase in revenue, reaching $720 million for Q1 FY25. This marks the sixth consecutive quarter of double-digit revenue growth, driven by healthy demand in both U.S. and international markets. The company achieved a record-adjusted EBITDA of $175 million, an increase of 108% YoY from $84 million, underscoring its operational efficiency and profitability.</p>
<p><a href="https://www.mercomindia.com/iex-july-2024" target="_blank" rel="noopener">The Indian Energy Exchange traded its highest monthly green energy volume of 989.6 MU million units (MU) in July 2024</a>, a 259% year-over-year (YoY) increase from 275.4 MU. The weighted average Green Day-Ahead Market (G-DAM) price was ₹4.34 (~$0.052)/kWh. G-DAM cleared volume recorded an all-time high of 50 MU on July 28. The Exchange achieved the highest monthly total volume (including certificates) of 13,250 MU in July 2024, marking a 56% YoY increase. According to government data published in July 2024, the country’s energy consumption reached 145.4 BUs, representing a 4% increase YoY.</p>
<p><a href="https://www.mercomindia.com/uk-increases-renewable-energy-auction-budget-to-1-5-billion" target="_blank" rel="noopener">The budget for the UK’s sixth renewable energy Contracts for Difference (CfD) Allocation Round (AR6) has been increased</a> by 51.71% to £1.555 billion (~$1.91 billion) from £1.025 billion (~$1.30 billion) allocated in March 2024. The AR6 will be valid for five years, from financial years 2026 to 2031. The funding aims to accelerate the delivery of clean, affordable, low-carbon electricity to families and businesses from renewable energy technologies such as wind turbines and solar panels. The industry will now bid for a share of the funding through the government’s sixth renewable auction—the CfD program.</p>


Daily News Wrap-Up: North Western Railway Issues 2.7 MW Rooftop Solar Tender


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					</table><p><a href="https://www.airtel.in/business/" target="_blank" rel="noopener">Airtel Business</a>, the B2B arm of <a href="https://www.airtel.in/about-bharti/about-bharti-airtel/" target="_blank" rel="noopener">Bharti Airtel</a>, announced that it would supply Internet of Things (IoT) solutions to power over 20 million smart meters for Adani Energy Solutions (<a href="https://www.adanienergysolutions.com/" target="_blank" rel="noopener">AESL</a>).</p>
<p>Airtel’s smart metering offerings are powered by Narrowband-IoT, 4G, and 2G technologies to ensure real-time connectivity and uninterrupted transfer of critical data between smart meters and headend applications.</p>
<p>AESL’s 20 million smart meter order book is spread across power utilities of Assam, Andhra Pradesh, Bihar, Maharashtra, and Uttarakhand.</p>
<p>The smart meters will be installed with Airtel’s IoT platform called Airtel IoT Hub, enabling smart meter tracking and monitoring with advanced analytics and diagnostic capabilities. It will also provide real-time insights and services to empower consumers with enhanced control over energy consumption.</p>
<p>Ganesh Lakshminarayanan, CEO of Airtel Business (India), said, “India’s smart metering program is one of the most significant policy reform measures undertaken by the Government. These meters are critical building blocks for smart grids and fundamental enablers for the digitalization of the power sector. Airtel expects its NB-IoT technology to play a significant role in the Utilities space to connect and manage smart meters at scale with enhanced coverage, high reliability, and security.”</p>
<p>Airtel, in the past year, has partnered with Secure Meters to deploy 1.3 million NB-IoT-powered smart meters in Bihar and 20 million smart meters with IntelliSmart Infrastructure.</p>
<p>Kandarp Patel, CEO of AESL, said, “This strategic tie-up leverages the best of both worlds: our deep domain expertise in the T&amp;D sector and Airtel&#8217;s robust nationwide network and comprehensive suite of IoT offerings, including NB-IoT and 4G LTE. This powerful combination will enable us to seamlessly deploy our current order book of over 20 million smart meters across India, empowering millions of consumers with real-time consumption data and control while simultaneously driving down inefficiencies in the distribution network.”</p>
<p>According to the recent data <a href="https://www.mercomindia.com/discoms-atc-losses-drop-15-41-fy23" target="_blank" rel="noopener">published</a> by the Ministry of New and Renewable Energy, under the Revamped Distribution Sector Scheme’s prepaid smart metering intervention, 197.92 million prepaid smart meters, 5.22 million distribution transformer meters, and 188,491 feeder meters worth a total ₹1.3 trillion (~$15.61 billion) have been approved as of December 2023.</p>
<p>The prepaid smart meter program has an estimated outlay of ₹1.5 trillion (~$18.01 billion) with a government budgetary support of ₹230 billion (~$2.76 billion) and a target of installing 250 million prepaid smart meters.</p>
<p>In December, AESL <a href="https://www.mercomindia.com/adani-wins-transmission-renewable-energy" target="_blank" rel="noopener">secured</a> a letter of intent to acquire Halvad Transmission, a special-purpose vehicle established by PFC Consulting to evacuate 7 GW of renewable energy from the Khavda Renewable Energy park in Gujarat.</p>


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