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Operators Struggle to Balance Solar with Thermal Power as Grid Woes Rise

Delhi Approves ₹30,000 Additional Subsidy for Rooftop Solar Under PM Surya Ghar


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-solar-landscape-financing-rooftop-projects/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Solar Landscape, a U.S.-based commercial rooftop solar developer, </strong><a href="https://mercomcapital.com/solar-landscape-secures-175m-financing-rooftop-solar-projects/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> a $175 million long-term partnership with PGIM Private Capital</strong>, a private capital arm of PGIM, to finance its growing portfolio of projects that feed electricity directly into the distributed grid, initially across Maryland and Illinois. The partnership, in the form of an institutional shelf debt facility, will finance the construction and operation of 74 solar landscape projects on commercial rooftops in the two states.</p>
<p><strong>Eku Energy, an energy storage project developer, </strong><a href="https://mercomcapital.com/eku-energy-secures-financing-99-mw-198-mwh-battery-storage-project/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> more than £45 million (~$59 million) debt financing to construct a 99 MW/198 MWh battery energy storage project</strong> at Ocker Hill, between the towns of Dudley and Wednesbury in the West Midlands in England. NatWest Bank and Sumitomo Mitsui Banking Corporation provided the project’s financing. Construction is expected to begin next month and will be completed in late 2026.</p>
<p><strong>Ignitis Renewables, a green energy company, <a href="https://mercomcapital.com/ignitis-renewables-secures-239-mw-solar-projects/" target="_blank" rel="noopener">secured</a> a €77.5 million (~$87.24 million) loan from Swedbank Lithuania and Swedbank Latvia</strong> for developing and constructing solar projects of 239 MW capacity in Stelpe and Vārme in Latvia. The banks granted funds in equal amounts. The solar projects are currently under development and are expected to reach commercial operation within this year.</p>
<p><strong>Aypa Power, a Blackstone portfolio company and developer of utility-scale energy storage and hybrid renewable energy projects, </strong><a href="https://mercomcapital.com/aypa-power-secures-535-million-for-320-mw-solar-and-storage-project/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> closing $535 million in debt financing</strong> to support the development of the 320 MW Vidal solar-plus-storage project in San Bernardino County, California. The hybrid project, scheduled to come online in 2026, has a long-term power purchase agreement with the San Diego Community Power.</p>
<p><strong>Thrive Renewables, a renewable energy investment company, </strong><a href="https://mercomcapital.com/thrive-renewables-acquires-14-mw-solar-project/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of the 14 MW Dunmow solar project in Essex, U.K.</strong>, from PS Renewables, a renewable energy project developer. The project’s construction is completed, and commercial operation is expected to begin in May. With new project development rights secured, the company’s total capacity is expected to increase from 91.5 MW to 170.1 MW by 2027.</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-pivot-energy-community-solar-portfolio/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Solar Landscape Secures $175 Million Financing for Rooftop Solar Projects


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-recurrent-energy-secures-415-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, has </strong><a href="https://mercomcapital.com/recurrent-energy-secures-415-million-corporate-debt-financing/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a multi-currency credit facility valued at up to $415 million</strong>. This corporate funding was backed by a consortium of four major banks: Banco Santander, Rabobank, Intesa Sanpaolo, and Morgan Stanley. Banco Santander acted as the Global Financial Advisor. This funding is expected to assist the company in expanding its independent power producer portfolio across diverse geographies and markets.</p>
<p><strong>Aypa Power, a Blackstone portfolio company and energy storage-focused independent power producer, </strong><a href="https://mercomcapital.com/aypa-power-upsized-existing-credit-facility-by-400-million/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the upsizing of its corporate credit facility by $400 million</strong>, which the company originally closed in July 2024. The upsized credit facility now totals $1.05 billion, comprised of a $300 million Term Loan, a $200 million Revolving Credit Facility, and a $550 million Letter of Credit Facility.</p>
<p><strong>Independent power producer ReNew Energy Global has <a href="https://www.mercomindia.com/renew-secures-%E2%82%B98-7-billion-from-british-international-investment" target="_blank" rel="noopener">secured</a> an investment of ₹8.7 billion (~$100 million)</strong> from British International Investment (BII), a UK-based development finance institution and impact investor. The funding will be utilized primarily to construct a 4 GW Tunnel Oxide Passivated Contact (TOPCon) cell facility in Gujarat.</p>
<p><strong>Forge Nano, a manufacturer of lithium-ion batteries incorporated with nanocoating technology, </strong><a href="https://mercomcapital.com/forge-nano-raises-40-million-to-scale-up-battery-manufacturing/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> $40 million in funding</strong> to scale up its U.S. battery manufacturing and commercial semiconductor equipment businesses. With this latest raise, the total capital investment currently exceeds $140 million. The funding was co-led by RockCreek, along with Ascent Funds.</p>
<p><strong>Macquarie Asset Management, a global asset manager, via its managed funds, has </strong><a href="https://mercomcapital.com/macquarie-asset-management-acquires-island-green-power/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> the remaining 50% stake in a U.K.-based renewable energy developer, Island Green Power. </strong>Founded in 2013, Island Green Power specializes in utility-scale solar and battery energy storage projects, having developed more than 3 GW of solar projects to ready to build. Island Green Power is stated to have more than 15 GW of utility-scale solar and BESS projects in its pipeline in the U.K.</p>
<p><strong>Jindal Poly Films, a part of BC Jindal Group, has announced that it </strong><a href="https://www.mercomindia.com/jindal-poly-films-acquires-solar-encapsulation-film-manufacturer-enerlite" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> Enerlite Solar Films, a manufacturer of solar encapsulation films in India. </strong>Enerlite’s shares will be acquired for a mutually agreed lump sum consideration, which has not been disclosed. Jindal Poly Films holds a 33.05% stake in Enerlite, which will become a wholly owned subsidiary after the transaction.</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-exowatt-closes-70-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Recurrent Energy Secures $415 Million


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-contourglobal-acquires-solar-storage-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>ContourGlobal, a renewable energy power generation company, has </strong><a href="https://mercomcapital.com/contourglobal-acquires-888-mw-hybrid-solar-plus-storage-project/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of an advanced-stage solar-plus-storage project</strong> with a total capacity of 888 MW. The project will be developed in two phases, featuring 567 MWp of solar capacity and 321 MW/1.3 GWh of battery energy storage. Once operational, the project will provide clean electricity to customers in WECC-Southwest, Arizona, and CAISO, California.</p>
<p><strong>Aypa Power, a Blackstone portfolio company that develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects</strong>, <strong>announced the </strong><a href="https://mercomcapital.com/aypa-power-secures-190-million-financing-for-battery-storage-project/" target="_blank" rel="noopener"><strong>closing</strong></a> of a $190 million financing facility for the 200 MW/400 MWh Bypass battery energy storage system project located in Fort Bend County, near Houston, Texas.</p>
<p><strong>SolarBank, a distributed and community solar project developer, <a href="https://mercomcapital.com/solarbank-sells-four-solar-projects-for-around-50-million/" target="_blank" rel="noopener">announced</a> that Qcells, a solar cell and module manufacturer, through an affiliate, has signed an acquisition agreement</strong> with the company to acquire four ground-mounted solar projects totaling 25.577 MW in upstate New York. The sale of the projects, along with an engineering, procurement, and construction agreement, is valued at approximately $49.5 million.</p>
<p><strong>Blue Elephant Energy, a Hamburg-based solar and wind project developer, </strong><a href="https://mercomcapital.com/blue-elephant-energy-acquires-88-mw-solar-project-portfolio/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of an 88 MWp solar project portfolio</strong> spread across the Netherlands from TPSolar, a solar and battery storage project developer in the Netherlands. The portfolio consists of three solar projects, which are currently in different stages of development. Of the three, the largest solar project, with 50 MWp capacity, located in the north-east of the country, is scheduled for commissioning in time for the turn of the year 2025-26.</p>
<p><strong>EDP Renováveis (EDPR), a renewable energy power producer, announced the signing of a sale and purchase </strong><a href="https://mercomcapital.com/edpr-sells-49-stake-in-solar-portfolio-and-storage-project/" target="_blank" rel="noopener"><strong>agreement</strong></a><strong> with a global energy company to sell </strong>a 49% equity stake of class B shares in an operational solar portfolio comprising two projects totaling 300 MWac (406 MWdc) and a 92 MW electricity storage project. The projects are in California. The two solar projects were commissioned in the fourth quarter of 2024. The storage project is currently under construction and expected to reach commercial operation in the fourth quarter of 2025.</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-enlight-secures-financing-project/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: ContourGlobal Acquires 888 MW Solar Plus Storage Project


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-emeren-sells-energy-storage-portfolio/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Emeren, a solar project developer, owner, and operator, </strong><a href="https://mercomcapital.com/emeren-group-sells-battery-energy-storage-portfolio/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the sale of a 410 MW energy storage portfolio comprising five battery energy storage projects </strong>in Italy to Matrix Renewables. The five projects consist of standalone storage systems with a cumulative capacity of 3,787 MWh. The entire portfolio is strategically located in the Italian southern region of Apulia. The Ready-To-Build status is expected to be achieved by late 2024.</p>
<p><strong>Arevon Energy, a solar and storage project developer, </strong><a href="https://mercomcapital.com/arevon-energy-secures-vikings-solar-and-storage-project/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> the financing on the Vikings solar-plus-storage project with a combination of debt financing and tax credit transfer</strong>. The company secured a commitment with J.P. Morgan to purchase $191 million in investment tax credits and production tax credits leveraging the Inflation Reduction Act’s transferability provision. The Viking project is located in Imperial County, California, consisting of 157 MW of solar coupled with 150 MW/ 600 MWh of energy storage project. Arevon also secured an additional $338 million debt facility.</p>
<p><strong>Soltec, a single-axis solar tracker firm, has <a href="https://mercomcapital.com/soltec-secures-project-financing-solar-project-spain/" target="_blank" rel="noopener">secured</a> €3.6 million (~$3.8 million) in project finance, with an additional €550,000 (~$589,520) from local communities </strong>to construct a 5.6 MW solar project in Spain. The financing includes senior debt financing combined with investment from local communities in the same project through a crowdfunding platform for constructing the Totana IV photovoltaic solar project.</p>
<p><strong>Aypa Power, a Blackstone portfolio company that develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects</strong>, <a href="https://mercomcapital.com/aypa-power-secures-financing-for-energy-storage-projects/" target="_blank" rel="noopener"><strong>secured</strong></a> $550 million in debt and tax equity financing for energy storage projects. The First Citizens Bank &amp; Trust Company, Nomura Securities International, National Bank of Canada, and MUFG Bank served as lenders, and U.S. Bancorp Impact Finance as the portfolio’s tax equity investor.</p>
<p><strong>esVolta, LP, a developer, owner, and operator of utility-scale energy storage projects in North America, </strong><a href="https://www.businesswire.com/news/home/20231109094937/en/esVolta-Secures-Tax-Equity-Investment-from-U.S.-Bank-for-Energy-Storage-Project-in-California" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that it has closed a tax equity investment</strong> with U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, to finance its Santa Paula Energy Storage project. The new tax equity financing will support the completion of a 30 MW / 60 MWh battery project currently under construction about 60 miles northwest of Los Angeles.</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-hive-energy-sells-solar-projects/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Emeren Sells 3.8 GWh Battery Energy Storage Portfolio


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-energy-storage-firm-aypa-power-secures-320-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Aypa Power, a developer, owner, and operator of energy storage and hybrid generation assets</strong><strong> has <a href="https://mercomcapital.com/energy-storage-developer-aypa-power-credit-facility/" target="_blank" rel="noopener">secured</a> a corporate credit facility worth $320 million</strong>. The credit facility includes a $250 million letter of credit and a $70 million revolving credit, providing Aypa with development capital and credit support for securing agreements related to power purchases, revenue contracts, and interconnection. The facility was arranged by Banco Santander, Investec, and Nomura as Coordinating Lead Arrangers and Joint Bookrunners.</p>
<p><strong>U.S.-based Hecate Energy, a developer of renewable projects and provider of energy storage solutions, </strong><a href="https://mercomcapital.com/hecate-energy-secures-support-renewables-expansion/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a five-year $550 million credit facility</strong> package, including a $250 million term loan and $300 million Letter of Credit facility. The credit facility will support Hecate’s plans to expand its solar and energy storage project pipeline.</p>
<p><strong>Otovo, a Norway-based residential solar installer, has <a href="https://mercomcapital.com/residential-solar-installer-otovo-funding/" target="_blank" rel="noopener">raised</a> up to €120 million (~$130.4 million) through a combination of debt and equity financing.</strong> The debt component of the funding comes from DNB Bank and Sparebank 1 SR-bank, providing €50 million (~54 million) and €50 million (~$54 million) in committed and uncommitted accordion debt financing, respectively. The funding is expected to allow the construction of 12,500 solar subscription assets. A €20 million (~$21.4 million) fully guaranteed equity issue was raised through a private placement by the company&#8217;s largest shareholder, AxSol AB, at a price of €1.85 (~$2) per share.</p>
<p><strong>Pune-based solar cold storage solutions provider Ecozen has </strong><a href="https://mercomindia.com/solar-cold-storage-ecozen-25-million-for-energy-transition/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $25 million in equity and debt capital in its series C round</strong> as it looks beyond agriculture to expand into new climate deep-technology fields. The company is looking to accelerate the broader energy transition through its deep-tech expertise in energy storage, motor controls, and analytics. Nuveen and Dare Ventures led the Series C equity portion.</p>
<p><strong>AMPECO, a software platform for electric vehicle charging providers, raised a total of $16 million in venture capital investment after </strong><a href="https://mercomcapital.com/ev-charging-software-provider-ampeco-raises-16-million/" target="_blank" rel="noopener"><strong>closing</strong></a><strong> a Series A funding round of $13 million</strong> led by BMW i Ventures. The funding will be used to expand further into the North American market with on-site local teams there and in the UK, France, and Germany. The round also included investments from Launchub Ventures and Cavalry Ventures, who had recently participated in AMPECO’s $3 million seed round.</p>
<p><strong>SolarArise, a Delhi-based solar developer, has announced the completion of its </strong><a href="https://mercomindia.com/london-based-thomas-lloyd-trust-acquires-solararise/" target="_blank" rel="noopener"><strong>acquisition</strong></a><strong> by Thomas Lloyd Energy Impact Trust, an investment fund listed on the London Stock Exchange.</strong> SolarArise has eight solar power projects with a total capacity of 400 MW across Madhya Pradesh, Maharashtra, Uttar Pradesh, Karnataka, and Telangana. SolarArise’s operating revenues are generated under fixed-price, long-term power purchase agreements. Last June, Thomas Lloyd Impact Trust acquired the remaining 57% interest in SolarArise India Projects for a cash consideration of $38.5 million.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency 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://mercomindia.com/funding-ma-roundup-sunroof-raises-30-8-million/funding-and-ma-roundup-sunroof-raises-30-8-million-to-fund-expansion-plans/" target="_blank" rel="noopener">roundup</a>.</p>


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