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					</table><p><a href="https://www.ultratechcement.com/" target="_blank" rel="noopener">UltraTech Cement</a>, an <a href="https://www.adityabirla.com/" target="_blank" rel="noopener">Aditya Birla Group</a> company, will source renewable energy from <a href="https://ampin.energy/" target="_blank" rel="noopener">AMPIN Energy Transition</a>’s special purpose vehicle (SPV) AMPIN C&amp;I Power Eight.</p>
<p>The company entered energy supply, share subscription, and shareholders agreements to acquire a 26% equity share in AMPIN C&amp;I Power Eight, investing ₹255 million (~$2.98 million).</p>
<p>The SPV was incorporated in January to set up a 75 MW DC/50 MW AC solar power project on a captive basis at the Sindhari village in Rajasthan’s Balotara district.</p>
<p>The acquisition will be completed within 180 days from the agreements’ execution.</p>
<p>Ultratech Cement, in a regulatory filing, disclosed that this acquisition would help the company meet its green energy needs, optimize energy costs, and adhere to India’s regulatory requirements for captive power consumption under electricity laws.</p>
<p>The company said this acquisition is not a related party transaction, and the promoters have no interest in it.</p>
<p>In its Integrated and Sustainability Report-FY24, UltraTech Cement said it increased its renewable energy capacity by 77% from the financial year (FY) 2023. The company has a green energy capacity of 890 MW, including 612 MW of renewable energy. This increase helped Ultratech Cement substitute 22% of its electricity with green power in FY 2024.</p>
<p>The company aims to increase its green energy capacity to 1,000 MW. It also targets an 85% share of green energy in its total energy mix by 2030.</p>
<p>In August last year, UltraTech Cement’s Awarpur Cement unit installed 7,600 floating solar panels covering 3,600 sq m across two water reservoirs within its premises. The solar systems have a capacity of 4.096 MW (3.30 MW AC) and are expected to produce 6,173 MWh of energy annually.</p>
<p>In December last year, Ultratech Cement <a href="https://www.mercomindia.com/ultratech-cement-to-source-wind-solar-hybrid-power-from-clean-max-sapphire" target="_blank" rel="noopener">announced</a> that it would source renewable energy in captive mode from CleanMax’s SPV, Clean Max Sapphire. It would acquire a 26% equity share in Clean Max Sapphire, investing up to ₹457.6 million (~$5.3 million).</p>
<p>In October, the company said it would <a href="https://www.mercomindia.com/ultratech-cement-to-procure-7-mw-more-power-from-continuum-mp-windfarm" target="_blank" rel="noopener">procure</a> an additional 7 MW of wind-solar hybrid power from Continuum MP Windfarm, raising the total procurement from 14 MW to 21 MW.</p>


UltraTech Cement to Source  Power from AMPIN’s 75 MW Solar Project


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-primergy-secures-solar-project-2/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Primergy Solar, a developer of distributed and utility-scale solar and battery storage projects, has </strong><a href="https://mercomcapital.com/primergy-secures-350-million-for-408-mw-solar-project/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $350 million in tax equity financing for the 408 MWac Ash Creek solar project</strong> in Hill County, Texas. A Fortune 500 telecommunications company led the tax equity investment, with additional funding provided by Truist Bank. The project is under construction and is expected to reach commercial operation in early 2025.</p>
<p><strong>Redeux Energy, a utility-scale solar and storage project developer, </strong><a href="https://mercomcapital.com/redeux-energy-sells-200-mw-solar-plus-storage-project/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the sale of a hybrid solar and energy storage project to Scout Clean Energy</strong>, a renewable energy project developer. The project includes a 200 MWdc solar and 40 MW/160 MWh, four-hour battery energy storage project.</p>
<p><strong>Independent power producer AMPIN Energy Transition has </strong><a href="https://www.mercomindia.com/ampin-financial-closure-200-mw-hybrid-project" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the financial closure for its 200 MW wind-solar hybrid project in Rajasthan</strong>, with the final step achieved through a green loan of ₹7.42 billion (~$88.27 million) from Standard Chartered. The total investment for this project is ₹9.44 billion (~$112.3 million). The hybrid project is expected to generate approximately 435 million units of renewable electricity annually.</p>
<p><strong>CleanChoice Energy, a clean energy provider, announced the </strong><a href="https://mercomcapital.com/cleanchoice-energy-acquires-29-mw-solar-project-in-pennsylvania/" target="_blank" rel="noopener"><strong>acquisition</strong></a><strong> of a 29.42 MW solar project in Kylertown, Pennsylvania</strong>. The company acquired the project from Prospect14, which led the siting and greenfield development. The construction of the Kylertown solar project is expected to begin in Q4 2024 and will be the second project CleanChoice owns and operates, among multiple projects in its pipeline.</p>
<p><strong>Rezolv Energy, an independent power producer backed by Actis, </strong><a href="https://mercomcapital.com/rezolv-energy-secures-98-million-in-debt-financing-for-solar-project/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> up to €90 million (~$98.09 million) in debt financing to develop and construct the 225 MW</strong> St. George solar park in northeastern Bulgaria. The International Finance Corporation and Raiffeisen Bank International provided the funding. The project’s construction will begin soon and is expected to reach commercial operation in 2025.</p>
<p><strong>GreenGo, a renewable energy project developer, </strong><a href="https://mercomcapital.com/greengo-secures-35-million-financing-for-41-8-mw-solar-project-portfolio/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> €32.6 million (~$35.6 million) in financing from Intesa Sanpaolo, an Italian bank, to construct eight new solar projects</strong> in Italy with a combined capacity of 41.8 MW. Of these eight projects, four are in Calabria, totaling 22.8 MW; three are in Sicily, with a combined capacity of 13.7 MW; and one in Marche, with a capacity of 5.3 MW.</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-mainstream-financing-solar-project/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Primergy Secures $350 Million for 408 MW Solar Project


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-pine-gate-renewables-secures-funding/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Scout Clean Energy, a Colorado-based renewable energy developer, owner, and operator, <a href="https://mercomcapital.com/scout-clean-energy-secures-loan/" target="_blank" rel="noopener">announced</a> the closing of a $100 million</strong> equipment supply loan with Rabobank. The facility will be used to fund Scout equipment down payments. The company intends to upsize the facility to $200 million and bring in additional banks later in the year to secure equipment supply for Scout’s near-term advanced-stage pipeline of wind, solar, and storage projects.</p>
<p><strong>EnviroSpark, a provider of electric vehicle (EV) charging solutions, </strong><a href="https://mercomcapital.com/ev-charging-firm-envirospark-secures-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a $50 million investment from funds</strong> that will help the company expand its EV charging landscape, which is owned and operated across the U.S. The funding round was advised by Basalt Infrastructure Partners, a U.S.-based equity investment firm focusing on investments in Europe and North America.</p>
<p><strong>Independent power producer AMPIN Energy Transition has </strong><a href="https://www.mercomindia.com/ampin-energy-secures-to-fund-expansion-plans" target="_blank" rel="noopener"><strong>secured</strong></a><strong> funding of up to $35 million from responsAbility</strong>, an investor focusing on private markets, to help AMPIN expand its clean energy projects across India. The investment is part of responsAbility’s $500 million plan to fight climate change in Asia and is the company’s biggest climate investment yet and will. This aligns with the responsAbility’s investor goal of funding solutions that benefit both society and the environment in developing countries.</p>
<p><strong>Charge Zone, an India-based EV charging network firm, has </strong><a href="https://www.mercomindia.com/charge-zone-secures-19-million" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a commitment of $19 million</strong> from British International Investment (BII), the United Kingdom’s development finance institution, to accelerate the expansion of EV charging infrastructure in India. This is BII’s second investment in India’s EV market since 2022 when the impact investor invested $250 million in Mahindra &amp; Mahindra’s passenger EV venture.</p>
<p><strong>LiNova Energy, a developer of polymer cathode-based batteries, </strong><a href="https://mercomcapital.com/polymer-battery-maker-linova-energy-raises-in-series-a-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $15.8 million in a Series A funding round</strong> led by Catalus Capital. Saft, a subsidiary of Total Energies, Chevron Technology Ventures, and a syndicate of investors, also participated in the round. This funding will help accelerate the company in research, development, and expansion of its high-energy polymer cathode battery technology.</p>
<p><strong>Lithium battery startup PointO has </strong><a href="https://www.mercomindia.com/pointo-raises-62-million-lithium-battery-ecosystem" target="_blank" rel="noopener"><strong>secured</strong></a><strong> ₹62 million (~$743,236) in seed funding, with Equirus InnovateX Fund (EIF)</strong> leading the round with an investment of ₹50 million ($599,364). The funds are expected to enable the company to build a full-stack lithium battery ecosystem, including manufacturing, financing, and servicing lithium batteries. Led by IIT-Guwahati alumni, PointO plans to expand its physical centers to more than ten cities in the next 12 months.</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-pine-gate-renewables-secures-650-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Scout Clean Energy Secures $100 Million


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					</table><p>Kolkata-headquartered solar cell and module manufacturer <a href="https://jil-jupiter.com/" target="_blank" rel="noopener">Jupiter International</a> is setting up a 1.2 GW solar cell manufacturing facility in Odisha.</p>
<p>Work on the plant, to be located in Khurda, will begin in the next quarter of the year. The facility will manufacture TopCon solar cells exclusively. Commissioning of the plant is expected by March 2025, Dhruv Sharma, CEO of Jupiter International, told Mercom.</p>
<p>Jupiter’s ₹2.5 billion (~$30.2 million) solar cell project is among the 27 industrial projects that were approved by the Odisha State Level Single Window Clearance Authority (SLSWCA) last week.</p>
<p>Besides the solar cell project, Jupiter is also <a href="https://www.mercomindia.com/ampin-jupiter-international-solar-module-unit-by-fy25" target="_blank" rel="noopener">executing</a> a 1.3 GW integrated solar cell and module manufacturing facility in a joint venture with <a href="https://ampin.energy/" target="_blank" rel="noopener">AmpIn Energy Transition</a> in Odisha. The project is expected to be commissioned by the end of 2024.</p>
<p>The integrated facility is being established with funds under the government’s Production Linked Incentive program.</p>
<p>Jupiter operates an 800 MW facility situated in Baddi, Himachal Pradesh. It includes a 500 MW Mono PERC solar cell facility and a 300 MW multi-crystalline solar cell facility.</p>
<p>In 2022, Jupiter <a href="https://www.mercomindia.com/jupiter-raises-1-7-billion-edelweiss-group" target="_blank" rel="noopener">raised</a> ₹1.7 billion (~$22.19 million) from funds managed by Edelweiss Alternative Asset Advisors. The capital raised included debt and a convertible-to-equity instrument.</p>
<p>While India has ramped up solar module manufacturing, domestic solar cell manufacturing has lagged. Last August, Union Minister for Power and New &amp; Renewable Energy R. K. Singh said India had <a href="https://www.mercomindia.com/indias-solar-module-ten-fold-within-a-decade" target="_blank" rel="noopener">installed</a> an indigenous solar cell manufacturing capacity of just 6 GW/annum in nine years.</p>
<p>India has <a href="https://www.mercomindia.com/indian-solar-exports-grow-227-2023-imports-up-89" target="_blank" rel="noopener">continued</a> to rely on the import of solar cells to meet demand. India imported $5 billion (~₹416.8 billion) worth of solar cells and modules in 2023, the highest in a year. The imports rose 89.3% from $2.6 billion (~₹218.5 billion) in 2022. Modules accounted for 60.7% of the annual solar imports, and solar cells 39.3%.</p>
<p>Indian solar exports rose 227% year-over-year to $1.8 billion (~₹152.6 billion) in 2023 from $561 million (~₹46.4 billion), according to recent data published by the Department of Commerce. Solar modules constituted 97.4% of the annual solar exports, while cells accounted for 2.6%.</p>


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