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					</table><p><strong>From: <a href="https://www.mercomindia.com/project-finance-brief-ipx-power-closes-4-95-billion" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Bankinter Investment and Plenium Partners have </strong><a href="https://mercomcapital.com/bankinter-and-plenium-secure-617-million-for-130-mw-solar-portfolio/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> €530 million (~$617 million) in financing for a 130 MW solar portfolio owned by Helia Renovables IV. </strong>Helia Renovables IV was launched in 2020 by Bankinter Investment, an alternative investment arm of the Spanish financial group Bankinter, and Plenium Partners, an investment company focused on power and sustainable infrastructure in Europe.</p>
<p><strong>Vesper Energy, a utility-scale solar and battery storage project developer, has </strong><a href="https://mercomcapital.com/vesper-energy-secures-236-million-financing-texas-solar-project/" target="_blank" rel="noopener"><strong>reached</strong></a><strong> financial close on $236 million in debt financing</strong> for its 201 MW Nazareth Solar project in Swisher County, Texas. The financing package includes a construction-to-term loan and a letter of credit facility.</p>
<p><strong>Renewable energy company Avaada Group has </strong><a href="https://www.mercomindia.com/avaada-group-secures-950-million-for-renewable-energy-projects" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $950 million in financing from a consortium of global and domestic banks for</strong> renewable energy projects in India. The financing covers the financial closure of its firm and dispatchable renewable energy (FDRE) project in Bikaner, Rajasthan.</p>
<p><strong>Mumbai-headquartered renewable energy solutions provider Clean Max Enviro Energy Solutions (CleanMax) </strong><a href="https://www.mercomindia.com/cleanmax-secures-575-million-for-1-gw-solar-wind-projects" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that it secured nearly $575 million to</strong> expand its solar and wind projects in India. The financing will support large-scale, Central Transmission Utility-connected renewable energy projects across Rajasthan and Karnataka.</p>
<p><strong>Solar solutions company Evolve Green Energies has </strong><a href="https://www.mercomindia.com/evolve-green-secures-%E2%82%B91-billion-debt-from-aseem-infra-for-solar-expansion" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a debt capital commitment of ₹1.05 billion (~$11 million) from Aseem Infrastructure Finance</strong> to fund the development of its 30 MW rooftop and group captive solar portfolio across India. Evolve will use this funding to accelerate the expansion of its distributed solar portfolio across government, industrial, and commercial client segments, focusing on high-credit offtakers and long-tenor power purchase agreements.</p>
<p><strong>SolarAfrica, an independent renewable power producer, has </strong><a href="https://mercomcapital.com/solarafrica-acquire-315-mw-nyakallo-solar-storage-project/" target="_blank" rel="noopener"><strong>signed</strong></a><strong> an agreement to acquire the 315 MW Nyakallo solar and battery storage project </strong>in Limpopo, South Africa, from Norsk Renewables, a Norwegian renewable energy project developer. The companies said they will continue to develop the project toward financial close and construction.</p>
<p><strong>Kyivstar Group, a subsidiary of digital operator VEON, has </strong><a href="https://mercomcapital.com/kyivstar-acquires-105-mw-solar-project-portfolio-in-ukraine/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> six solar power projects totaling 105 MW in Ukraine’s</strong> Lviv region for $80.8 million. The acquisition expands Kyivstar’s renewable energy generation portfolio nearly ninefold.</p>
<p><strong>Eelpower Energy, an energy storage project developer backed by Equitix, Aware Super, and the National Wealth Fund, has </strong><a href="https://mercomcapital.com/eelpower-energy-acquires-50-mw-battery-storage-project-in-uk/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> the</strong> 50 MW/100 MWh Stoneworthy battery storage project in Great Britain from renewable energy company RES. The Stoneworthy project is located on land south of the Pyworthy substation in Devon.</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 project finance <a href="https://www.mercomindia.com/project-finance-brief-ipx-power-closes-4-95-billion" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Bankinter and Plenium Secure $617 Million for Solar Portfolio


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					</table><p>Renewable energy company <a href="https://avaada.com/" target="_blank" rel="noopener">Avaada Group</a> has secured $950 million in financing from a consortium of global and domestic banks for renewable energy projects in India.</p>
<p>The financing covers the financial closure of its firm and dispatchable renewable energy (FDRE) project in Bikaner, Rajasthan. It also covers debt financing for two 300 MW solar power projects in Rajasthan and Gujarat.</p>
<p>Avaada Group currently operates around 7.2 GW of renewable energy capacity and has outlined an ambitious expansion roadmap to reach 11 GW by 2026 and 30 GW by 2030. The company has developed more than 203 renewable energy projects.</p>
<p>It had also stated that achieving its 30 GW operational target by 2030 could help avoid nearly 47 million tons of carbon dioxide equivalent (tCO₂e) in annual emissions. Several of its projects have already secured approvals under internationally recognized carbon credit mechanisms, while others are progressing through various stages of certification.</p>
<p>The company has commissioned 2,116 MW of capacity and is implementing an additional 1,960 MW in Rajasthan. In Gujarat, it has commissioned 1,575 MW and is developing another 1,299 MW. The company has also commissioned a 1.25 GW project in Bikaner, Rajasthan.</p>
<p>Beyond power generation, Avaada is expanding into solar manufacturing by developing an integrated facility to produce ingots, wafers, solar cells, and modules.</p>
<p>Last September, Avaada Group <a href="https://www.mercomindia.com/avaada-commissions-35-mw-of-solar-projects-in-maharashtra" target="_blank" rel="noopener">commissioned</a> 11 solar power projects totaling 35 MW in the Yavatmal district of Maharashtra under the Mukhyamantri Saur Krushi Vahini Yojana (MSKVY).</p>
<p>Last May, Global Renewable Synergy Company, a subsidiary of Bangkok-headquartered Global Power Synergy Company, <a href="https://www.mercomindia.com/global-renewable-synergy-company-divests-3-shares-in-avaada-energy" target="_blank" rel="noopener">divested</a> 3% of its shares in India-based green energy solutions company Avaada Energy, valued at $79 million (~₹6.66 billion).</p>
<p>In March 2025, the company <a href="https://www.mercomindia.com/avaada-opens-1-5-gw-solar-module-manufacturing-plant-in-uttar-pradesh" target="_blank" rel="noopener">inaugurated</a> a 1.5 GW solar module manufacturing gigafactory in Dadri, Noida. It also laid the foundation for a 5 GW solar manufacturing unit at Ecotech, Greater Noida.</p>
<p>In the same month, Avaada Group <a href="https://www.mercomindia.com/adani-sprng-illuminate-and-avaada-win-nhpcs-1-2-gw-hybrid-power-auction" target="_blank" rel="noopener">emerged</a> as one of the winners for NHPC&#8217;s auction to set up 1,200 MW interstate transmission system (ISTS)-connected wind-solar hybrid power projects with or without energy storage (Tranche -X). The company had won 210 MW out of the 600 MW quoted at a tariff of ₹3.42 (~$0.0392)/kWh.</p>


Avaada Group Secures $950 Million for Renewable Energy Projects


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					</table><p>ACME Solar Holdings and Ceigall India have <a href="https://www.mercomindia.com/acme-and-ceigall-win-rumsls-600-mw-solar-plus-storage-auction" target="_blank" rel="noopener">won</a> Rewa Ultra Mega Solar’s auction to develop a 600 MW grid-connected, ground-mounted solar power project with a battery energy storage system (BESS) in the Morena Solar Park, Madhya Pradesh. ACME and Ceigall won 220 MW each at a tariff of ₹2.76 (~$0.0313)/kWh and ₹2.7 (~$0.0306)/kWh, respectively. The tariffs are the lowest ever for a firm and a dispatchable renewable energy project. The tender was floated in September 2024. Winners must develop, operate, and maintain two units each of up to 300 MW of grid-connected ground-mounted solar projects, with BESS, for the supply of 220 MW at any time block and supply of up to 440 MWh during the peak supply period.</p>
<p>The Ministry of Power <a href="https://www.mercomindia.com/government-notifies-rules-to-broaden-energy-storage-ownership-and-usage" target="_blank" rel="noopener">notified</a> the Electricity (Amendment) Rules, 2025, introducing changes in the regulatory framework governing the energy storage systems (ESS) usage. In June this year, the Ministry proposed the amendment to permit the sale, lease, and renting of ESS. The rules amend provisions of Rule 18 of the Electricity Rules, 2005, with a focus on broadening the scope of energy storage utilization and ownership. The revised sub-rule (2) states that an ESS can be used either as an independent storage facility or as part of generation, transmission, or distribution.</p>
<p>The Ministry of Power is <a href="https://www.mercomindia.com/government-to-form-experts-committee-to-train-discoms-on-smart-meter-data" target="_blank" rel="noopener">constituting</a> a steering committee and a sub-working group of domain experts to standardize training modules and create standard operating procedures/guidelines for data utilization, standards-based regime adoption, and cybersecurity practices on smart meter data analytics for distribution companies (DISCOMs). The National Data Analytics and Reporting Centre at the National Power Training Institute, Faridabad, will conduct training programs for DISCOM officials and handhold DISCOMs for customizing use case analytics according to their requirements. It also plans a training program on “Leadership and Strategic Management” for senior management to effectively implement data analytics.</p>
<p>The cost of four-hour lithium-ion (Li-ion) battery systems could <a href="https://www.mercomindia.com/li-ion-battery-prices-could-drop-to-108-kwh-in-2050-nrel" target="_blank" rel="noopener">decline</a> from $334/kWh in 2024 to as low as $108/kWh or remain as high as $307/kWh by 2050, according to the National Renewable Energy Laboratory (NREL). The update focuses on four-hour Li-ion systems as they have become the benchmark for grid-scale storage. The report notes that the analysis was completed in January and February 2025, meaning that subsequent tariff changes are not reflected in it. NREL calculated the prices using a bottom-up cost model that dissects every part of a utility-scale project with 2024’s benchmark of $334/kWh. This figure represents the overnight capital cost for a complete system.</p>
<p>The Power Grid Corporation of India (POWERGRID) <a href="https://www.mercomindia.com/powergrid-wins-auction-for-4-5-gw-renewable-energy-transmission-project" target="_blank" rel="noopener">won</a> PFC Consulting’s auction to augment the existing interstate transmission system capacity by 4.5 GW and construct line bays at the Mandsaur substation in Madhya Pradesh. The project will be executed to evacuate 2,998 MW of renewable energy from the Mandsaur power substation and an additional 1,500 MW, comprising 600 MW from Sprng Energy and 900 MW from NTPC Renewable Energy. The tender was floated in March 2025. Apart from POWERGRID, KCC Buildcon, and Techno Electric and Engineering Company, qualified in the technical bidding round.</p>
<p>The Military Engineer Services <a href="https://www.mercomindia.com/mes-tenders-operation-and-maintenance-of-2-mw-solar-project-in-punjab" target="_blank" rel="noopener">invited</a> bids for the comprehensive maintenance of a 2 MW solar project at the military station in Kapurthala, Punjab, under the jurisdiction of the city’s Garrison Engineer. Bids must be submitted by October 2, 2025. Bids will be opened on October 4. Successful bidders must not execute the work by subletting or through a power of attorney to a third party/another firm on their behalf. The project covers guarantees of the schedule of services committed within the operation and maintenance period. Successful bidders must guarantee a minimum project availability of up to 99%.</p>
<p>Renewable energy company Avaada Group <a href="https://www.mercomindia.com/avaada-commissions-35-mw-of-solar-projects-in-maharashtra" target="_blank" rel="noopener">commissioned</a> 11 solar power projects totaling 35 MW in the Yavatmal district of Maharashtra under the Mukhyamantri Saur Krushi Vahini Yojana (MSKVY). The projects include a 4 MW project in Kinhi village, 3 MW in Baldi, another 3 MW in Dongarkharda, 2 MW in Bansi, 2 MW in Patan, 5 MW in Mhasola, 2 MW in Galwa, 4 MW in Pathrad, 4 MW in Parjana, 3 MW at Sawargaon, and 3 MW at Sarfali. A total of around 14,893 farmers will benefit from these solar projects for their agricultural activities across nearly 167 villages. Avaada Group is executing over 1,132 MW of solar power projects across key districts, including Nashik, Pune, Sangli, Yavatmal, Ahmednagar, and Beed under MSKVY.</p>
<p>Renewable energy solutions provider Sunsure Energy <a href="https://www.mercomindia.com/sunsure-commissions-82-5-mw-group-captive-solar-project-in-uttar-pradesh" target="_blank" rel="noopener">commissioned</a> an 82.5 MW group captive solar project in Erach, Jhansi, in Uttar Pradesh. The project will supply solar power to Haldiram’s, APL Apollo, and to one of the country’s largest data centers. The captive power project is expected to generate 128 million units of power annually. The project is Sunsure’s 10th open access project in Uttar Pradesh. With the completion of the captive project in Jhansi, Sunsure has an operational capacity of 260 MW open access projects in Uttar Pradesh across Agra, Banda, Mahoba, Jhansi, and Chitrakoot.</p>
<p>Indian solar manufacturers can <a href="https://www.mercomindia.com/indian-exporters-may-benefit-eu-eases-cbam" target="_blank" rel="noopener">expect</a> some relief, as the European Union (EU) agreed to deduct the carbon price paid by exporters in India from the price they would have to pay under the Carbon Border Adjustment Mechanism (CBAM). “A carbon price effectively paid in India will be deducted under the EU CBAM financial adjustment, which, being based on carbon content, will favour Indian exporters decarbonizing their CBAM goods. This mechanism is also being simplified to benefit small businesses,” the EU told the European Parliament in a communication on the New Strategic EU-India Agenda. It said the EU and India have an opportunity to cooperate on developing a domestic carbon market to cut emissions and generate funds for the clean transition.</p>


Daily News Wrap-Up: RUMSL Reveals 600 MW Solar Plus Storage Auction Winners


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					</table><p>Green hydrogen is emerging as a key solution to decarbonize hard-to-abate sectors. However, the key to adoption depends on the availability of renewable energy, large-scale manufacturing of electrolyzers, and off-takers.</p>
<p>On the first day of the Mercom India Renewables Summit 2024 in New Delhi, experts discussed strategies to scale green hydrogen production and create a market for the end product among sectors like steel, refining, and ammonia.</p>
<p>Panelists at the session titled <strong>&#8216;Scaling Green Hydrogen to Build a Competitive Marketplace&#8217;</strong> featured Rajat Seksaria, CEO of Green Hydrogen and its Derivatives at <u><a href="https://www.adanigreenenergy.com/" target="_blank" rel="noopener">Adani</a></u> New Industries; Chirag Kotecha, CEO of <u><a href="https://www.matrixgas.in/" target="_blank" rel="noopener">Matrix Gas and Renewables</a></u>; Prashant Choubey, President of <u><a href="https://avaada.com/" target="_blank" rel="noopener">Avaada Group</a></u>; and Prashant Choubey, President of <u><a href="https://avaada.com/" target="_blank" rel="noopener">Avaada Group</a></u>. Priya Sanjay, Managing Director, Mercom India, moderated the discussion.</p>
<p>The panelists explored the incentives required to scale green hydrogen production and strategies for creating demand from heavy industries like steel manufacturing and oil refining.</p>
<p>Rajat Seksaria of Adani New Industries emphasized the extensive infrastructure required for green hydrogen production. The process demands large tracts of land, high-voltage current connectivity, and significant storage and production facilities.</p>
<p>Additionally, hydrogen transportation necessitates laying pipelines to transport derivatives like ammonia, storage units, and port infrastructure.</p>
<p>He underscored the complexity of these requirements, which involve coordination among multiple agencies.</p>
<p>He said Adani New Industries focuses on controlling the entire supply chain to manage these challenges. Seksaria noted, &#8220;Our definition of supply chain starts from land acquisition.&#8221;</p>
<p>The company is developing an entire ecosystem, including electrolyzers and transmission infrastructure, to produce over 2 million tons of green hydrogen per annum, primarily in Gujarat, with Mundra port as a key hub.</p>
<p>Chirag Kotecha of <a href="https://www.matrixgas.in/" target="_blank" rel="noopener">Matrix Gas and Renewables</a> discussed his company&#8217;s plans under the National Green Hydrogen Mission.</p>
<p>Matrix Gas and Renewables has been allocated 237 MW of capacity under Tranche II. It aims to produce 350 MW of green hydrogen, with Phase I expected to be commissioned by July 2026.</p>
<p>Kotecha said he was optimistic about the potential of green hydrogen and advocated for decentralized production plants to meet large-scale demands, such as green steel production and direct reduced iron projects.</p>
<p>He said his company is poised for high growth but faces challenges related to renewable power availability and regulatory issues.</p>
<p>Kotecha also said incentives for green steel, green ammonia, electrolyzers, and green hydrogen were crucial to overcoming these hurdles. &#8220;Previously, we were talking about 1 MW to 5 MW projects. Now we are talking about 250 MW projects,&#8221; he said, emphasizing the need for indigenous electrolyzer technology to lower the cost of green hydrogen compared to blue and grey hydrogen.</p>
<p>Prashant Choubey, President of <a href="https://avaada.com/" target="_blank" rel="noopener">Avaada Group</a>, highlighted India&#8217;s competitive advantage in terms of tariff and the need for cost competitiveness in green hydrogen production.</p>
<p>He pointed out that electrolyzers constitute 75% of the production cost, and achieving a $2 per kilogram rate is essential. He stressed the importance of pumped storage, with a major policy expected soon to support 20 GW of pumped storage, 125 GW of renewable energy, and 40 GW of electrolyzers.</p>
<p>He was also optimistic about significant reductions in the levelized cost of hydrogen over the next two to three years.</p>
<p>Sandeep Kashyap of RP Sanjiv Goenka Group said his company had earmarked Odisha for its green hydrogen projects, with a capital expenditure of ₹9 billion (~$107.5 million).</p>
<p>He said the company will source renewable energy from third parties to meet the demand for 6 to 6.5 million tons of green hydrogen. The supportive 2024 policy in Odisha is expected to facilitate these plans.</p>
<p>The insights from industry leaders underscore the multi-faceted approach required to scale green hydrogen and build a competitive marketplace.</p>


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