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CIE Automotive to Procure Power from ReNew’s 7.8 MW Captive Solar Project

John Cockerill to Supply Electrolyzers to AM Green’s Ammonia Project

Varroc to Procure Power from AMPIN’s 27 MW Solar Project in Maharashtra

JinkoSolar’s Revenue Drops 23% YoY in Q3 Due to Lower Module Prices

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Tata Power Records 20th Consecutive Quarter of Profit in Q2 FY 2025

SECI Floats Tender to Procure 1.2 GW Round-the-Clock Renewable Power

Daily News Wrap-Up: APTEL Criticizes MERC for Denying Petitioner Relief


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-energy-storage-firm-phelas-secures-funding/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>phelas, a provider of long-duration energy storage solutions, </strong><a href="https://mercomcapital.com/phelas-secures-4-5-million-seed-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> €4.1 million (~$4.5 million) in a seed funding round</strong> led by E44 Ventures, an Israel-leading climate tech fund. It also saw participation from Axon Partners Group, Deutsche Telekom Hubraum Fund, BNV Partners, other investors, and existing angel investors. phelas specializes in the development of its Aurora long-duration energy storage, a proprietary Liquid Air Energy Storage technology that is modular, scalable, and tailored for integrating with renewable energy sources.</p>
<p><strong>Glimpse, a provider of battery quality monitoring solutions for battery producers and electric mobility companies, </strong><a href="https://mercomcapital.com/glimpse-raises-4-million-in-seed-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $4 million</strong> in a seed funding round from venture capital firms Ibex Mobility and Flybridge Capital Partners and a syndicate of battery and EV angel investors. The company has created a battery quality monitoring platform.</p>
<p><strong>Attron Automotive, an electric mobility motor and controller solutions company, has </strong><a href="https://www.mercomindia.com/attron-secures-seed-funding-round" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹47.5 million (~$573,956) in a seed funding round</strong> led by Anicut Capital and co-led by Venture Catalysts. The company will use the funding to promote electric mobility with technology and innovation. The company is setting up a new facility that will produce 8,000 units every month, allowing Attron to meet its growing demand for motor and controller solutions, particularly in the electric two-wheeler and three-wheeler segments.</p>
<p><strong>Sermsang Palang Ngan Company (SPN), a renewable energy project developer, <a href="https://mercomcapital.com/spn-secures-64-million-loan-for-renewables-expansion/" target="_blank" rel="noopener">secured</a> $64 million through a green loan facility</strong> provided by the International Finance Corporation (IFC). The financing package includes an IFC loan of up to $32 million (THB1.2 billion) and a parallel loan from Siam Commercial Bank (SCB) for a similar amount. IFC&#8217;s funding will help SPN finance the acquisition, development, and construction of renewable projects—especially solar farms, solar rooftops, and biomass—in Thailand as well as in other ASEAN countries.</p>
<p><strong>Volvo Cars has <a href="https://www.media.volvocars.com/global/en-gb/media/pressreleases/325193/volvo-cars-partners-with-and-invests-in-breathe-for-next-generation-fast-charging" target="_blank" rel="noopener">announced</a> an investment in UK-based battery management software startup Breathe Battery Technologies.</strong> Volvo plans to use the company&#8217;s battery software to cut charging time for its next generation of electric vehicles by 30% while maintaining the same energy density and range. Breathe’s software uses adaptive charging to dynamically control the battery in real-time, resulting in shorter charging times.</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-powerdot-secures-108-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Energy Storage Firm phelas Secures $4.5 Million Funding


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					</table><p><a href="https://www.mercomindia.com/hfe-jsw-serentica-renew-win-secis-1-5-gw-fdre-auction/" target="_blank" rel="noopener"><strong>Hero Solar Energy (Hero Future Energies), JSW Neo Energy (JSW Energy), Serentica Renewables India, and ReNew Solar Power (ReNew)</strong></a> were declared winners in the Solar Energy Corporation of India’s auction to supply 1.5 GW firm and dispatchable renewable energy from Inter-State Transmission System-connected projects under Tranche II. Hero Solar quoted the lowest tariff of ₹5.59 (~$0.0675)/kWh to win 120 MW. JSW and Serentica quoted ₹5.60 (~$0.0677)/kWh to win 180 MW and 100 MW respectively.</p>
<p><a href="https://www.mercomindia.com/maharashtra-discom-tender-procure-gw-solar/" target="_blank" rel="noopener"><strong>The Maharashtra State Electricity Distribution Company (MSEDCL) has invited bids to procure 1 GW of grid-connected solar power to meet its renewable purchase obligation</strong></a> and future power needs. The last date to submit bids is April 3, 2024. Bids will be opened on the same day. According to the tender document, MSEDCL will sign 20-year power purchase agreements with successful bidders to buy solar power from new or existing solar projects located anywhere in India, where tariff will be discovered through a competitive bidding process followed by a reverse e-auction.</p>
<p><a href="https://www.mercomindia.com/maharashtra-500-mw-wind-solar-hybrid/" target="_blank" rel="noopener"><strong>MSEDCL has invited bids to procure 500 MW of wind-solar hybrid power on a long-term basis</strong> <strong>from grid-connected intrastate projects with an additional greenshoe option of up to 500 MW.</strong> </a>The last day to submit the bids is April 4, 2024. Bids will be opened on the same day. The cost of the bidding documents is ₹25,000 (~$302) and the bid processing fee is ₹1.5 million (~$18,125). Bidders will have to furnish an earnest money deposit of ₹1.1 million (~$13,291)/ MW.</p>
<p><a href="https://www.mercomindia.com/bridge-and-roof-company-invites-bids-solar/" target="_blank" rel="noopener"><strong>A Government of India enterprise, Bridge and Roof Company (India), has invited bids to set up a 2.3 MW grid-connected rooftop solar power project</strong></a> at the Khidirpore Dock II, in Kolkata, West Bengal. The last date to submit the bids is April 1, 2024. Bids will be opened on April 3. The scope of work entails design, manufacturing, procurement and supply, installation, testing, and commissioning of the rooftop solar project.</p>
<p><a href="https://www.mercomindia.com/average-cost-of-large-scale-yoy-in-q4-2023/" target="_blank" rel="noopener"><strong>The average cost of large-scale solar power projects in India declined by 26.6% year-over-year in the fourth quarter (Q4) of 2023, following a drop in module prices.</strong></a> Large-scale solar system costs declined throughout 2023. The Q4 2023 quarter recorded the lowest-ever quarterly average project cost since the beginning of large-scale solar capacity additions in the country. These findings were published in Mercom India Research’s recently released <a href="https://www.mercomindia.com/product/q4-2023-india-solar-market-update" target="_blank" rel="noopener"><strong>Q4 2023 India Solar Market Quarterly Update</strong></a><strong><u>.</u></strong></p>
<p><a href="https://www.mercomindia.com/indian-coal-sector-targets-9-gw-renewable-2030/" target="_blank" rel="noopener"><strong>The Ministry of Coal, under its net-zero electricity consumption plan for coal/lignite public sector undertakings, has set a renewable energy target of 9 GW</strong></a> in the coal sector by 2030 from the present 1.75 GW. It will also promote the deployment of rooftop and ground-mounted solar power projects across mining facilities. It also aims to develop solar parks within the reclaimed mining areas and other suitable land, leveraging underutilized land resources for clean energy generation.</p>
<p><a href="https://www.mercomindia.com/haryana-targets-electolyzer-production-by-2030/" target="_blank" rel="noopener"><strong>The New and Renewable Energy Department of Haryana has proposed the draft “Haryana Green Hydrogen Policy 2024,” aligning with the Government of India’s</strong></a> National Green Hydrogen Mission. Stakeholders can share their suggestions and comments by March 15, 2024. The Haryana Green Hydrogen Policy 2024 envisions reaching a production target of 250 kilotons per annum of green hydrogen by 2030, coupled with a 2 GW electrolyzer and associated components manufacturing.</p>
<p><a href="https://www.mercomindia.com/attron-secures-seed-funding-round/" target="_blank" rel="noopener"><strong>Attron Automotive, an electric mobility motor and controller solutions company, has raised ₹47.5 million (~$573,956) in a seed funding round led</strong></a> by Anicut Capital and co-led by Venture Catalysts. The company will use the funding to promote electric mobility with technology and innovation. The company is setting up a new facility that will produce 8,000 units every month, allowing Attron to meet its growing demand for motor and controller solutions, particularly in the electric two-wheeler and three-wheeler segments, spanning both passenger and load carrier categories.</p>
<p><a href="https://www.mercomindia.com/maharashtra-nidar-rtc-renewable-power/" target="_blank" rel="noopener"><strong>The Maharashtra Electricity Regulatory Commission (has approved a short-term power purchase for 3 MW of non-solar, non-wind power on a round-the-clock basis</strong></a> by Nidar Utilities Panvel from February 1, 2024, to January 31, 2025, at ₹5 (~$0.06)/kWh at the state periphery. The Commission also directed Nidar Utilities to initiate the process for long-term power procurement through a tender or open access in advance so that it can tie up its base load requirement through a long-term power purchase agreement.</p>
<p><a href="https://www.mercomindia.com/rajasthan-nvites-bids-solar-projects-kusum/" target="_blank" rel="noopener"><strong>Ajmer Vidyut Vitran Nigam, a power distribution company in Rajasthan, has issued four tenders to set up 768.4 MW of solar power projects under the Component C</strong></a> of Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan (PM-KUSUM) program. The projects under Component C of the PM-KUSUM program focus on solarizing agricultural feeders. The last date for bid submission is April 15, 2024. Bids will be opened the next day.</p>
<p><a href="https://www.mercomindia.com/france-achieves-20-gw-milestone/" target="_blank" rel="noopener"><strong>France’s solar photovoltaic capacity reached a new milestone of 20 GW at the end of 2023, a 19% increase over 2022 levels</strong></a>, according to a recent report by the Ministry of Energy Transition. Over the course of 2023, an additional 3.2 GW of solar power was connected to the grid, outpacing the 2.7 GW added in the previous year. Solar energy production hit 22.7 TWh, a 19.2% jump from 2022, representing 4.9% of France’s total electricity consumption for the year.</p>


Daily News Wrap-Up: SECI’s 1.5 GW FDRE-II Auction Results

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