PFCL Floats Empanelment Tender for Metering Infrastructure Service Providers

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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><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-torus-raises-advance-energy-storage-solutions/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Torus, a Utah-based energy storage solutions provider, has </strong><a href="https://mercomcapital.com/torus-closes-67-million-to-advance-energy-storage/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $67 million in new equity, conversion of outstanding notes</strong>, <strong>and a loan facility</strong>. Origin Ventures, a venture capital firm, led the fundraising round. The company plans to use these funds to deepen its energy solutions portfolio in the commercial and large-scale utility sectors and grow the team.</p>
<p><strong>JSW Energy, a private sector power producer, has </strong><a href="https://www.mercomindia.com/jsw-energy-%e2%82%b950-billion-qualified-institutional-placement" target="_blank" rel="noopener"><strong>completed</strong></a><strong> a ₹50 billion (~$600 million) qualified institutions placement (QIP), attracting strong interest from marquee global and domestic institutional investors.</strong> The QIP, marking the first-ever equity raise by the company since its listing in 2010, was oversubscribed over 3.2 times, it said in a statement. It claimed it was also the largest primary equity raise in the Indian power sector in the last decade and among the top three largest ever in the history of the Indian power sector. The proceeds from the QIP will enable JSW Energy to strengthen its balance sheet and provide greater financial flexibility to execute its growth plans.</p>
<p><strong>Boston-area startup Alsym Energy has </strong><a href="https://www.mercomindia.com/tata-invests-alsym" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $78 million in new funding to increase headcount and ramp up prototyping of its non-flammable rechargeable battery technology.</strong> The Series B round was led by Indian conglomerate Tata Limited and venture capital General Catalyst, with additional investment from Thrive Capital, Thomvest, and prior backer Drads Capital. The funding will also allow Alsym to expand the pilot production lines of its first commercial battery product, Alsym Green.</p>
<p><strong>Polar Night Energy, a Finnish thermal energy storage startup, has </strong><a href="https://mercomcapital.com/polar-night-energy-raises-8-1-million-in-seed-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> €7.6 million (~$8.1 million) in a seed funding round</strong>. Jonathan Oppenheimer, a South African businessman, led the funding round. With the new funds secured, the company plans to expand its research and development team to advance the capabilities of converting stored heat back to electricity and the sales team to serve customers better.</p>
<p><strong>SolarEdge Technologies, a provider of smart energy technology solutions, <a href="https://mercomcapital.com/solaredge-acquires-ev-charging-wevo-energy/" target="_blank" rel="noopener">announced</a></strong><strong> that it completed the acquisition of the entire share capital of Wevo Energy.</strong> Wevo is a software startup specializing in EV charging optimization and management for sites with large quantities of EV chargers, such as apartment buildings, workplace car parks, and public charging locations. Wevo is already integrated with SolarEdge’s EV chargers, solar inverters, and meters to provide a holistic real-time view of solar production, grid consumption, and EV charging.</p>
<p><strong>Copenhagen Infrastructure Partners (CIP) has <a href="https://www.elgin.com/news/copenhagen-infrastructure-partners-acquires-majority-stake-in-elgin" target="_blank" rel="noopener">secured</a></strong><strong> a controlling stake in Elgin Energy,</strong> a solar project developer, through an investment of £250 million (~$315.6 million). The partnership aims to leverage CIP&#8217;s expertise in procurement and construction alongside Elgin&#8217;s development portfolio. The infusion of capital will empower Elgin to transition into an Independent Power Producer, expand its team, and develop into a fully integrated and full-service solar and storage company.</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-invenergy-secures-900-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Torus Raises $67 Million to Advance Energy Storage Solutions


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					</table><p><a href="https://www.mercomindia.com/telangana-green-open-access-100-kw/" target="_blank" rel="noopener"><strong>Consumers with a contracted or sanctioned load of 100 kW and above, including those combining multiple connections to reach 100 kW within the same electricity division of a power distribution company</strong></a>, can procure power through green energy open access, according to Telangana State Electricity Regulatory Commission (Terms and Conditions of Open Access), Regulation, 2024. The regulations align with the green energy open access regulations issued by the Ministry of Power last June.</p>
<p><a href="https://www.mercomindia.com/indosol-solar-modules-new-facility-andhra/" target="_blank" rel="noopener"><strong>Indosol Solar, a subsidiary of Shirdi Sai Electricals Limited, has begun the production of photovoltaic modules at its manufacturing facility in Ramayapatnam in Andhra Pradesh.</strong></a> The company will invest ₹13 billion (~$155.78 million) in developing the initial phase. The facility is built on 30 acres of land and is currently equipped to manufacture 500 MW of fully automated solar modules with different glass-glass and glass-back sheet combinations, including TOPCon and HJT modules.</p>
<p><a href="https://www.mercomindia.com/sjvn-om-wind-project-maharashtra/" target="_blank" rel="noopener"><strong>SJVN has invited bids for the comprehensive operation and maintenance of the 47.6 MW Khirvire wind power project in the Ahmednagar District of Maharashtra for five years.</strong></a> The last day to submit the bids is May 2, 2024. Bids will be opened on the same day. The scope of work involves managing 56 units of 850 kW wind energy generators, their respective unit sub-stations, feeder lines, equipment of the pooling sub-station, and all communication equipment for supervision and monitoring.</p>
<p><a href="https://www.mercomindia.com/reil-invites-bids-to-at-eight-locations-in-delhi/" target="_blank" rel="noopener"><strong>Rajasthan Electronics and Instruments has issued a tender for the selection of a charge point operator to set up electric vehicle (EV) charging stations across eight New Delhi Municipal Council sites.</strong></a> The selected bidder must install at least one 60 kW dual EV charger per location, compatible with a combined charging system or other EV charging standards for widespread compatibility with most EVs. The last date for the submission of bids is April 23, 2024. Bids will be opened on the same day.</p>
<p><a href="https://www.mercomindia.com/iex-renewable-energy-fy-2024/" target="_blank" rel="noopener"><strong>The Indian Energy Exchange traded 3,227 million units (MU) of renewable energy during the financial year (FY) 2024, a 38% year-over-year (YoY) decrease compared to 5,206 MU.</strong></a> The Exchange traded 426 MU of renewable energy in March 2024, an increase of 9% YoY compared to 391 MU. The green energy trade also saw a rise of 42% month-over-month compared to 298 MU traded in February 2024. The renewable energy traded during the fourth quarter of FY24 stood at 960 MU, a drop of 11.11% YoY from 1,080 MU.</p>
<p><a href="https://www.mercomindia.com/ioc-floats-tender-unit-at-panipat-facility/" target="_blank" rel="noopener"><strong>Indian Oil Corporation has issued a tender for a green hydrogen generation unit of 10 KTA capacity on a build-own-operate basis at its Panipat Refinery Petrochemical Complex.</strong></a> The first hydrogen gas delivery is scheduled for 30 months from the letter of award. The last date for submitting the bid is April 22, 2024. Bids will be opened the next day. Bidders must submit an earnest money deposit of ₹54.9 million (~$658,842). Bidders can be part of a joint venture/consortium.</p>
<p><a href="https://www.mercomindia.com/renewable-projects-bogged-down-by-transmission/" target="_blank" rel="noopener"><strong>Renewable energy project development is surging across India, resulting in an unprecedented demand for evacuation infrastructure to connect to the grid.</strong></a> According to a prominent renewable project developer, the evacuation infrastructure development lag stems from the rapid acceleration of connectivity applications, surpassing the infrastructure development rate. Last March, Union Minister of Power R.K. Singh informed the Rajya Sabha that the government plans to add 17,500 ckm of transmission lines and 80,000 MVA of transmission capacity across India as part of the planned national grid expansion.</p>
<p><a href="https://www.mercomindia.com/tata-invests-alsym/" target="_blank" rel="noopener"><strong>Boston-area startup Alsym Energy has raised $78 million in new funding to increase headcount and ramp up prototyping of its non-flammable rechargeable battery technology.</strong></a> The Series B round was led by Indian conglomerate Tata Limited and venture capital General Catalyst, with additional investment from Thrive Capital, Thomvest, and prior backer Drads Capital. The company claims its metal oxide batteries are made without lithium or cobalt. They can be used for any discharge duration between four and 110 hours and recharge in as few as four hours.</p>


Daily News Wrap-Up: Telangana’s Green Open Access Regulations

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