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Himachal Regulator Allows DISCOM to Procure 550 MW Solar Power from SECI

Agri-Solar Solutions Provider GK Energy Files Papers for ₹5.01 Billion IPO


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					</table><p><a href="https://www.mercomindia.com/nhpc-epc-200-mw-solar-gujarat/" target="_blank" rel="noopener"><strong>NHPC has invited bids for the engineering, procurement, and construction package of a 200 MW grid-connected solar power project to be set up in Gujarat State</strong></a> Electricity Corporation (GSECL)’s renewable energy park at Khavda (GSECL Stage-3). The project must be commissioned within 12 months of receiving the work order. The selected developer must also operate and maintain the project for five years. The last date to submit the bids is June 28, 2024. Bids will be opened on July 3.</p>
<p><a href="https://www.mercomindia.com/travancore-cochin-chemicals-invites-energy-project/" target="_blank" rel="noopener"><strong>The Travancore Cochin Chemicals has invited bids from developers to set up a 22 MW renewable energy project, which will be implemented in a group captive model.</strong></a> The last date for the submission of bids is June 19, 2024. Bids will be opened the same day. Bidders must submit ₹1,000 (~$12) as a tender fee. They must also pay ₹500,000 (~$6,005) as an earnest money deposit. The successful bidder must provide a security deposit equal to 10% of the annual energy bill value to ensure contract performance.</p>
<p><a href="https://www.mercomindia.com/south-central-railway-rooftop-solar/" target="_blank" rel="noopener"><strong>The Secunderabad Division, Electrical, South Central Railway, has issued a tender for 1.782 MW of rooftop solar projects of different capacities at station buildings</strong></a>, service buildings, residential buildings, and level crossing gates. The last date to submit bids is June 5, 2024. The scope of work includes the design, supply, erection, and commissioning of rooftop grid-connected solar projects ranging from 10 kW to 500 kW capacity at various locations.</p>
<p><a href="https://www.mercomindia.com/mobility-solutions-firm-with-4m-funding/" target="_blank" rel="noopener"><strong>Pune-based mobility and energy solutions provider Matel has secured $4 million in Series A financing, spearheaded by Transition VC. Gruhas and Haresh Abichandani</strong></a>, founder of Millenium Semiconductors, also participated in the round.  Established in 2017, Matel specializes in producing synchronous machines and motor controllers for e-mobility, industrial usage, agricultural pumping, and the heating, ventilation, and air conditioning sector.</p>
<p><a href="https://www.mercomindia.com/aerem-acquires-spinkaft-ventures/" target="_blank" rel="noopener"><strong>Aerem, an Indian solar financing firm, has acquired solar equipment distributor Spinkraft Ventures to create a platform spanning the entire solar energy value chain.</strong></a> The company did not disclose details about the cost of the acquisition. Founded in 2021, Spinkraft deals in sales and distribution of solar products across India. By bringing Spinkraft into the fold, Aerem aims to leverage its distribution capabilities to provide complete solar solutions to customers.</p>


Daily News Wrap-Up: NHPC Floats EPC Tender for 200 MW Solar Project


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					</table><p><a href="https://www.aerem.co/" target="_blank" rel="noopener">Aerem</a>, an Indian solar financing firm, has acquired solar equipment distributor Spinkraft Ventures to create a platform spanning the entire solar energy value chain.</p>
<p>The company did not disclose details about the cost of the acquisition.</p>
<p>Founded in 2021, Spinkraft deals in sales and distribution of solar products across India. By bringing Spinkraft into the fold, Aerem aims to leverage its distribution capabilities to provide complete solar solutions to customers.</p>
<p>&#8220;With the combined strength of Aerem and Spinkraft, we are poised to accelerate the adoption of solar energy in India,&#8221; said Anand Jain, CEO of Aerem Solutions.</p>
<p>In addition to its commercial solar financing arm NetZero Finance, Aerem offers proprietary software tools to streamline solar projects. Spinkraft&#8217;s team will now gain access to these technology platforms and processes and systems to scale operations rapidly.</p>
<p>Aerem is backed by <a href="https://blume.vc/" target="_blank" rel="noopener">Blume Ventures</a> and climate-technology investor <a href="https://avaanacapital.com/" target="_blank" rel="noopener">Avaana Capital</a>.</p>
<p>Last year, the investment firms helped Aerem <a href="https://www.mercomindia.com/solar-financing-aerem-5-million-pre-series-a-round" target="_blank" rel="noopener">secure</a> $5 million (~₹413 million) in a pre-Series A funding round to finance its upcoming product offerings. The funding round involved $1.5 million (~₹123.92 million) in debt financing from financial institutions.</p>
<p>Aerem, at the time, had said it would use the funds to broaden its range of solar tech and financing options. It also aimed to establish a network that brings together financial institutions, engineering, procurement, and construction firms, and micro, small, and medium enterprises (MSMEs) to facilitate complete solutions for rooftop solar projects.</p>
<p>Earlier, Aerem had <a href="https://www.mercomindia.com/aerem-raises-2-5-million-in-pre-series-a-funding" target="_blank" rel="noopener">raised </a>$2.5 million (~₹207 million) in pre-Series A funding to develop its technology platform.</p>
<p>The solar sector secured $8.1 billion in corporate funding through 41 transactions in the first quarter of 2024, marking a 4% decrease from the $8.4 billion raised in 42 deals during the same period in 2023. However, there was a 47% increase in funding compared to the fourth quarter of 2023, which saw $5.5 billion raised in 37 deals.</p>
<p>The numbers were revealed in Mercom Capital Group&#8217;s newly released <a href="https://mercomcapital.com/product/q1-2024-solar-funding-ma-report/" target="_blank" rel="noopener">Q1 2024 Solar Funding and M&amp;A Report.</a></p>


Solar Financing Firm Aerem Acquires Distributor Spinkaft Ventures


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					</table><p><a href="https://www.aerem.co/" target="_blank" rel="noopener">Aerem</a>, an Indian solar financing startup, has secured $5 million (~₹413 million) in a pre-Series A funding round to help finance its upcoming product offerings. The investment was led by <a href="https://avaanacapital.com/" target="_blank" rel="noopener">Avaana Capital</a>, a climate-technology investor, and also included participation from Blume Ventures.</p>
<p>The funding round involved $1.5 million (~₹123.92 million) in debt financing from financial institutions.</p>
<p>Aerem plans to use the funds to broaden its range of creative solar tech and financing options. It also aims to establish a network that brings together financial institutions, engineering, procurement, and construction firms, and micro, small, and medium enterprises (MSMEs) to facilitate complete solutions for rooftop solar projects.</p>
<p>The company aims to overcome the barriers that hinder the adoption of rooftop solar by MSMEs. Through its technology platform, Aerem verifies the quality of the installation process and enables safe payment to installers.</p>
<p>Founder &amp; CEO of Aerem Anand Jain said, &#8220;The solar industry in India has been growing rapidly in recent years, driven by increased awareness of the benefits of renewable energy. India has set a target of ~300 GW of solar energy capacity by 2030, requiring both rooftop and utility-scale to fire. Aerem&#8217;s innovative solutions are well-positioned to capitalize on this trend and help accelerate the transition to a more sustainable future.&#8221;</p>
<p>Anjali Bansal, Founding Partner at Avaana Capital, said rooftop solar would play a crucial role in India&#8217;s green growth transition. “There are several enabling factors, including declining technology cost curves, significant location advantage with 300 days of sunshine in a year, and increasing policy support such as net metering to progress towards the 50% renewable energy capacity targets. Aerem is building a unique technology-enabled platform to accelerate the adoption by MSMEs and enable them with energy access and independence, as well as equip MSME installers on the supply side. We&#8217;re excited to work with Anand and the rest of the Aerem team and support them on this journey.&#8221;</p>
<p>The company also provides loans through its in-house non-banking financial company and partner banks.</p>
<p>In July last year, Aerem had <a href="https://mercomindia.com/aerem-raises-2-5-million-in-pre-series-a-funding/" target="_blank" rel="noopener">raised</a> $2.5 million in pre-Series A funding to build a technology platform to enable end-to-end seamless interaction with various stakeholders. The funding round was led by  Blume Ventures.</p>
<p>Global corporate funding for solar companies, including from venture capital, private equity, debt financing, and public markets, amounted to $24.1 billion in 2022, according to Mercom Capital&#8217;s <a href="https://mercomcapital.com/product/annual-q4-2022-solar-funding-ma-report" target="_blank" rel="noopener">2022 Solar Funding and M&amp;A Report</a>.</p>


Solar Financing Startup Aerem Raises $5 Million in pre-Series A Round


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					</table><p>India-based solar financing startup <a href="https://www.aeremfin.com/" target="_blank" rel="noopener">Aerem</a> has raised $2.5 million in pre-Series A funding to build a technology platform to enable end-to-end seamless interaction with various stakeholders.</p>
<p>The funding round was led by  <a href="https://blume.vc/contact-us/" target="_blank" rel="noopener">Blume Ventures</a>.</p>
<p>Aerem said it would also use the capital to recruit and skill teams in leadership for diverse categories, including technology, product, finance, and operations.</p>
<p>The company is pioneering a full-stack solution with a vision to build the country’s first asset finance and quality platform for solar. The platform would be equipped to address critical points of friction that pose challenges in adopting rooftop solar for micro, small, and medium enterprises (MSMEs).</p>
<p>The startup provides financing services to clean energy companies and is working towards being future-ready to evolve in the era of sustainability.</p>
<p>Aerem Founder Anand Jain told Mercom, “By helping small and medium scale solar developers deploy their projects, we contribute to climate change action. Our clients help their customers save up to 40-50% of the power bills which would normally go higher without a rooftop solar.”</p>
<p>“We are on a mission to democratize the adoption of rooftop solar and build a better, greener, and sustainable future. Our innovative SolarTech platform includes AAA (Aerem Asset Assurance) that ensures quality rooftop solar systems, which combined with financing from our in-house NBFC or partner banks, enable a significant reduction in power bills of MSMEs. We offer MSMEs a fully digitalized, hassle-free, and seamless experience,” He said.</p>
<p>Aerem is working to bridge a longstanding product gap preventing households and offices from adopting solar rooftops. The financing startup collaborates with developers and engineering, procurement, and construction companies to finance their solar customers, increasing their business and employment potential.</p>
<p>Regarding the funding round, Ashish Fafadia, Partner, Blume Ventures, observed, “Aerem’s full-stack solution provides end-to-end engagement and is ahead of the market by 1-2 years. Solar is in a sweet spot where macro (top-down) and micro (bottom-up) factors are incredibly aligned. This is extremely rare for any sector. India has targeted 280 GW of solar capacity and 50% of its energy requirement from clean energy by 2030.”</p>
<p>In June, Mumbai-based rooftop solar startup SolarSquare <a href="https://mercomindia.com/rooftop-solar-startup-solarsquare-raises-4-million/" target="_blank" rel="noopener">raised</a> $4 million in a seed funding round led by Good Capital with participation from U.S.-based Lowercarbon Capital, Singapore-based Symphony Asia, and Zerodha founder Nithin Kamath’s Rainmatter.</p>
<p>Corporate funding—including venture capital funding, public market, and debt financing—in the solar sector globally totaled $7.5 billion through 49 deals in the first quarter (Q1) 2022, according to Mercom Capital Group’s <a href="https://mercomcapital.com/product/q1-2022-solar-funding-ma-report/" target="_blank" rel="noopener">Q1 2022 Solar Funding and M&amp;A Report</a>.</p>


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