Andhra Pradesh Invites Bids for 93 MW Rooftop Solar Projects

Stafford Capital Partners Secures $105 Million Refinancing for Solar Portfolio

J&V Energy to Acquire 187 MW Operational Solar Portfolio from GIP

MN8 Energy Expands Corporate Credit Facility to $650 Million

Tamil Nadu Regulator Approves Tariff for 500 MW Pumped Storage Project

BHEL Floats Tender for 1.5 MW Rooftop Solar Project in Bhopal

Indraprastha Gas Tenders 160 MW Solar Project With 28 MWh Battery Storage

Terra Clean Issues Land Aggregation Tender for 100 MW Solar Project

RUMSL Invites Bids for Land for Solar Projects in Madhya Pradesh

Rajasthan Brings Renewable Energy Projects Under Land Conversion Framework


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					</table><p>The Supreme Court <a href="https://www.mercomindia.com/supreme-court-rules-railways-must-pay-open-access-surcharges" target="_blank" rel="noopener">ruled</a> that Indian Railways cannot claim the status of a deemed distribution licensee under the Electricity Act, holding that its electricity infrastructure is intended solely for its own operational requirements and does not involve supplying electricity to consumers. It held that Railways is a ‘consumer’ of electricity and is therefore liable to pay cross-subsidy surcharge and additional surcharge while procuring power through open access.</p>
<p>The Grid Controller of India (GRID India) <a href="https://www.mercomindia.com/grid-india-draft-rules-to-assess-transmission-connectivity-utilization" target="_blank" rel="noopener">issued</a> draft procedures to assess the utilization of transmission connectivity granted to entities. Stakeholders can submit their feedback by June 7, 2026. GRID India issued the draft ‘Procedure for assessing the utilization of connectivity or the general network access quantum by the grantee’ to align with the Central Electricity Regulatory Commission’s Connectivity and General Network Access to the Inter-State transmission System Regulations, 2025. the</p>
<p>Southern Railway <a href="https://www.mercomindia.com/southern-railway-floats-tender-for-29-mw-solar-projects-in-tamil-nadu" target="_blank" rel="noopener">issued</a> a tender for setting up three solar projects with a total capacity of 29 MW in Tamil Nadu. The project will be implemented at Bulb Line in MAS Division with an 8 MW capacity, at Nallampalayam in the SA Division with a 6 MW capacity, and at Golden Rock in the TPJ Division with a 15 MW capacity. Bids must be submitted by June 23, 2026.</p>
<p>REC Power Development &amp; Consultancy <a href="https://www.mercomindia.com/recpdcl-floats-empanelment-tender-for-carbon-credit-verification-agencies" target="_blank" rel="noopener">invited</a> expressions of interest to empanel agencies to support verification and validation work under the Indian Carbon Market. The last date to submit the bids is May 22, 2026. Bids will be opened on the same day. The tender seeks to create a panel of agencies capable of providing qualified personnel for carbon market assignments.</p>
<p>NTPC Renewable Energy <a href="https://www.mercomindia.com/ntpc-invites-bids-for-modules-for-1-2-gw-solar-projects-in-gujarat/" target="_blank" rel="noopener">invited</a> bids for the supply of solar modules for 1.2 GW of solar power projects at the Khavda Renewable Energy Park-South Block in the Rann of Kutch, Gujarat. The scope of work includes manufacturing, supply, packaging, and transportation of crystalline bifacial solar modules. The last date to submit bids is May 22, 2026. Bids will be opened on the same day.</p>
<p>The Solar Energy Corporation of India <a href="https://www.mercomindia.com/seci-floats-balance-of-system-tender-for-88-mw-solar-project-in-karnataka" target="_blank" rel="noopener">invited</a> bids for a balance-of-system package for an 88 MW ground-mounted solar project in Chitradurga, Karnataka. The last date to submit bids is June 1, 2026. Bids will be opened on June 4. The scope of work covers the design, engineering, procurement, and supply of equipment and materials (excluding solar modules), as well as the installation, testing, and commissioning of the project.</p>
<p>Ahmedabad-based Amrut Energy, a solar water pump manufacturer and renewable energy solutions provider, <a href="https://www.mercomindia.com/amrut-energy-merges-with-mascot-dynamics-to-scale-solar-pumps" target="_blank" rel="noopener">announced</a> its merger with Mascot Dynamics, a diversified engineering group operating in India’s oil and gas, chemical, and water infrastructure sectors. The merged company will operate as “Amrut Energy, a Division of Mascot Dynamics,” with what the company claims is an enhanced ability to scale manufacturing, an expanded market reach, and deeper institutional partnerships.</p>
<p>Ecofy, a non-banking financial company backed by Eversource Capital, British International Investment, FMO, and Finnfund, <a href="https://www.mercomindia.com/ecofy-secures-15-million-from-mirova-to-support-rooftop-solar-financing" target="_blank" rel="noopener">raised</a> $15 million in debt financing from Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investing. The loan proceeds will be used to support Ecofy’s onward lending to finance residential, commercial, and industrial rooftop solar installations, as well as electric mobility solutions across India.</p>
<p>Independent power producer JSW Energy <a href="https://www.mercomindia.com/jsw-energys-q4-revenue-up-39-as-renewable-capacity-rises" target="_blank" rel="noopener">posted</a> revenue of ₹48.51 billion (~$513.49 million) in the fourth quarter of the financial year 2026, an increase of 38.7% year-over-year from ₹34.97 billion (~$370.17 million). Revenue growth was driven by renewable energy capacity additions and contributions from O2 Power and the Mahanadi thermal plant.</p>
<p>Altea Green Power, an independent renewable power producer, <a href="https://www.mercomindia.com/altea-green-power-acquires-16-7-mw-solar-project-in-italy" target="_blank" rel="noopener">acquired</a> 100% of the SPV NB5, a special-purpose vehicle that owns a 16.75 MW photovoltaic project in Montecchio Emilia, Reggio Emilia, Italy, from an undisclosed seller. The solar project has been operational since January 2024. The project also benefits from an FER 1 feed-in tariff from July 2025 for 20 years, according to the company.</p>
<p>ESA Solar Energy, a solar and energy storage project developer, <a href="https://www.mercomindia.com/esa-sells-150-mw-us-battery-energy-storage-project-to-orsted" target="_blank" rel="noopener">sold</a> the 150 MW Salzburg battery storage project in Michigan, U.S., to renewable energy company Ørsted. The companies did not disclose the transaction value. Ascend Analytics, a provider of market intelligence and analytics solutions for the power industry, served as the exclusive advisor to ESA on the transaction through the Ascend Energy Exchange, which provides asset valuation, financial modeling, market outlook, and transaction advisory services.</p>


Daily News Wrap-Up: Supreme Court Directs Railways to Pay Open Access Charges


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					</table><p>Ahmedabad-based <a href="https://www.amrutenergy.com/" target="_blank" rel="noopener">Amrut Energy</a>, a solar water pump manufacturer and renewable energy solutions provider, has announced its merger with <a href="https://mascotdynamics.com/" target="_blank" rel="noopener">Mascot Dynamics</a>, a diversified engineering group operating in India&#8217;s oil and gas, chemical, and water infrastructure sectors.</p>
<p>The merged company will operate as &#8220;Amrut Energy, a Division of Mascot Dynamics,&#8221; with what the company claims is an enhanced ability to scale manufacturing, an expanded market reach, and deeper institutional partnerships.</p>
<p>The merger has been structured to ensure operational continuity, with no disruption to existing customers, suppliers, projects, or channel partner relationships.</p>
<p>Amrut Energy Founder Arvind Patel will join the Board of Directors of Mascot Dynamics and serve as Chief Executive Officer of the Water and Solar Pumping Division. Amrut Energy&#8217;s shareholders will receive equity in Mascot Dynamics.</p>
<p>The merger also establishes the Water and Solar Pumping Division within Mascot Dynamics. This division aims to bring together capabilities in engineering, manufacturing, and distribution. It aims to utilize Mascot Dynamics&#8217; capital base and cross-divisional expertise to accelerate growth across domestic and international markets.</p>
<p>The division has an in-house ecosystem for solar panels, submersible and surface pumpsets, and maximum-power-point-tracking pump controllers.</p>
<p>The Water and Solar Pumping Division has shipped over 65,000 solar water pumps and 150 MW plus of solar modules, while installing over 11,000 tank structures to date. The company holds state brand approvals for government-backed programs across 15 states, including Maharashtra, Gujarat, Rajasthan, and Uttar Pradesh.</p>
<p>The division has deployed systems across Saudi Arabia, Oman, Kenya, Mozambique, South Africa, Sri Lanka, Nepal, and Australia.</p>
<p>According to Mascot Dynamics, the transaction completes its four-division structure across industrial pumps and valves, water and solar pumping, gas compression and process skids, and wastewater treatment technology and automation.</p>
<p>Last March, Amrut <a href="https://www.mercomindia.com/amrut-energy-raises-%E2%82%B91-billion-to-expand-solar-water-pump-manufacturing" target="_blank" rel="noopener">secured</a> ₹1 billion (~$11.49 million) in funding from private equity investors. The company aims to utilize the investment to expand manufacturing capabilities, drive research and development, and scale operations across underserved regions.</p>
<p>The government&#8217;s ambitious program to solarize the agriculture sector <a href="https://www.mercomindia.com/with-sunset-date-looming-pm-kusum-meets-only-27-of-target" target="_blank" rel="noopener">met</a> only 27.2% of the 34,800 MW target so far, with the deadline less than four months away. As of October 31, 2025, 9,466 MW of solar capacity has been achieved under all three components of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM), according to data furnished in Parliament by the Minister of State for New and Renewable Energy, Shripad Yesso Naik.</p>
<p>Last December, Hubballi Electricity Supply Company <a href="https://www.mercomindia.com/hescom-floats-tender-for-108-mw-solar-projects-under-kusum" target="_blank" rel="noopener">invited</a> bids to set up 108 MW grid-connected solar projects in five districts of Karnataka under the PM-KUSUM – Component C.</p>


Amrut Energy Merges with Mascot Dynamics to Scale Solar Pumps


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					</table><p>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-terabase-energy-secures-130-million/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Terabase Energy, a digital solutions provider for solar power projects, </strong><a href="https://mercomcapital.com/terabase-secures-130-million-in-series-c-funding/" target="_blank" rel="noopener"><strong>received</strong></a><strong> $130 million in a Series C funding round</strong> led by SoftBank Vision Fund 2, with participation from existing and new strategic investors. This round brings the company’s total funding to over $200 million. The company provides digitalization and automation solutions for utility-scale solar power projects through its platform, which is stated to combine AI, software, automation, SCADA, and project controls.</p>
<p><strong>Catalyze, a project developer and Independent Power Producer of distributed renewable energy assets has <a href="https://mercomcapital.com/renewable-energy-developer-catalyze-secures-400-million-funding/" target="_blank" rel="noopener">secured</a> a $400 million multiyear debt facility</strong>portfolio of commercial and industrial, community solar, and battery storage projects across the U.S.</p>
<p><strong>Energy storage solutions provider AmpereHour Energy </strong><a href="https://www.mercomindia.com/energy-storage-solutions-provider-amperehour-secures-5-million" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $5 million (₹415 million) in a Series A funding round</strong> led by Avaana Capital, with participation from UC Impower and existing angel investors. The company will utilize the funds to accelerate its battery energy storage solutions deployment, enhance manufacturing capabilities, expand product offerings, and strengthen research and development efforts.</p>
<p><strong>Amrut Energy, a solar water pump manufacturer and renewable energy solutions provider, </strong><a href="https://www.mercomindia.com/amrut-energy-raises-%E2%82%B91-billion-to-expand-solar-water-pump-manufacturing" target="_blank" rel="noopener"><strong>secured</strong></a><strong> ₹1 billion (~$11.49 million) in funding</strong> from private equity investors. The company aims to utilize the investment to expand manufacturing capabilities, drive research and development, and scale operations across underserved regions.</p>
<p><strong>Solar power systems company SWELECT Group </strong><a href="https://www.mercomindia.com/swelect-raises-%E2%82%B92-9-billion-through-private-placement-with-india-infradebt" target="_blank" rel="noopener"><strong>secured</strong></a><strong> ₹2.9 billion (~$33.39 million) in funding</strong> through non-convertible debentures via a private placement with India Infradebt. This initiative, backed by a portion of its solar power assets, has released ₹2.6 billion (~$29.94 million) in cash collaterals. The funds will be reinvested to expand SWELECT’s independent power producer portfolio to 1 GW by 2026-27.</p>
<p><strong>JSW Neo Energy, a wholly owned subsidiary of JSW Energy, </strong><a href="https://www.mercomindia.com/jsw-neo-acquires-renewable-energy-firm-virya-infrapower-for-%E2%82%B975-4-million" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> a 100% share in Virya Infrapower for ₹75.4 million (~$866,000) in an all-cash transaction</strong>. The acquisition was completed on March 12, 2025, the same day the share purchase agreement was signed. This purchase makes Virya Infrapower a step-down subsidiary of JSW Energy.</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’s funding <a href="https://mercomcapital.com/funding-and-ma-roundup-tandem-pv-raises-50-million/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Terabase Energy Secures $130 Million


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					</table><p>Ahmedabad-based <a href="https://www.amrutenergy.com/" target="_blank" rel="noopener">Amrut Energy</a>, a solar water pumps manufacturer and renewable energy solutions provider, has secured ₹1 billion (~$11.49 million) in funding from private equity investors.</p>
<p>The company aims to utilize the investment to expand manufacturing capabilities, drive research and development, and scale operations across underserved regions.</p>
<p>It will also use the new investment to accelerate innovation in solar technology, improve production efficiency, and extend its market reach to regions with limited access to reliable irrigation solutions.</p>
<p>Amrut Energy specializes in manufacturing solar-powered water pumps. These systems aim to provide farmers access to free and reliable electricity for irrigation to reduce dependence on conventional energy sources and lowering costs.</p>
<p>As of October last year, over 500,000 standalone solar pumps were <a href="https://www.mercomindia.com/solar-pumps-pradhan-mantri-kisan-urja" target="_blank" rel="noopener">installed</a> in India under the PM-KUSUM program. The program aims to reduce the use of diesel in the agricultural sector and enhance farmers&#8217; incomes.</p>
<p>Among the states, Maharashtra emerged as the top performer with 197,863 installations, followed by Haryana with 136,572 pumps. Rajasthan has installed 85,635 pumps, while Uttar Pradesh and Jharkhand have installed 53,182 and 21,522 pumps, respectively.</p>
<p>Under the program, standalone solar pumps and the solarization of existing grid-connected agricultural pumps can receive 30% to 50% subsidies of the total setup cost. Farmers can also install grid-connected solar power projects of up to 2 MW on their barren/fallow land and sell electricity to local distribution companies at a tariff determined by the state regulator.</p>
<p>In January, Dakshin Gujarat Vij Company <a href="https://www.mercomindia.com/gujarat-discom-awards-solarizing-agricultural-feeders" target="_blank" rel="noopener">awarded</a> contracts for developing 64 solar projects with a combined capacity of 160 MW under Component C of the PM-KUSUM program for feeder-level solarization.</p>
<p>In the same month, the Odisha Renewable Energy Development Agency <a href="https://www.mercomindia.com/odisha-invites-bids-for-10000-solar-water-pumps-under-kusum" target="_blank" rel="noopener">issued</a> a request for selection to set up 10,000 off-grid solar water pumps of capacities ranging from 1 HP to 7.5 HP under Component-B of the program.</p>


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