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Sungrow, TBEA, FIMER Dominate Solar Inverter Rankings in First Half of 2024


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-torus-raises-advance-energy-storage-solutions/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Torus, a Utah-based energy storage solutions provider, has </strong><a href="https://mercomcapital.com/torus-closes-67-million-to-advance-energy-storage/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $67 million in new equity, conversion of outstanding notes</strong>, <strong>and a loan facility</strong>. Origin Ventures, a venture capital firm, led the fundraising round. The company plans to use these funds to deepen its energy solutions portfolio in the commercial and large-scale utility sectors and grow the team.</p>
<p><strong>JSW Energy, a private sector power producer, has </strong><a href="https://www.mercomindia.com/jsw-energy-%e2%82%b950-billion-qualified-institutional-placement" target="_blank" rel="noopener"><strong>completed</strong></a><strong> a ₹50 billion (~$600 million) qualified institutions placement (QIP), attracting strong interest from marquee global and domestic institutional investors.</strong> The QIP, marking the first-ever equity raise by the company since its listing in 2010, was oversubscribed over 3.2 times, it said in a statement. It claimed it was also the largest primary equity raise in the Indian power sector in the last decade and among the top three largest ever in the history of the Indian power sector. The proceeds from the QIP will enable JSW Energy to strengthen its balance sheet and provide greater financial flexibility to execute its growth plans.</p>
<p><strong>Boston-area startup Alsym Energy has </strong><a href="https://www.mercomindia.com/tata-invests-alsym" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $78 million in new funding to increase headcount and ramp up prototyping of its non-flammable rechargeable battery technology.</strong> The Series B round was led by Indian conglomerate Tata Limited and venture capital General Catalyst, with additional investment from Thrive Capital, Thomvest, and prior backer Drads Capital. The funding will also allow Alsym to expand the pilot production lines of its first commercial battery product, Alsym Green.</p>
<p><strong>Polar Night Energy, a Finnish thermal energy storage startup, has </strong><a href="https://mercomcapital.com/polar-night-energy-raises-8-1-million-in-seed-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> €7.6 million (~$8.1 million) in a seed funding round</strong>. Jonathan Oppenheimer, a South African businessman, led the funding round. With the new funds secured, the company plans to expand its research and development team to advance the capabilities of converting stored heat back to electricity and the sales team to serve customers better.</p>
<p><strong>SolarEdge Technologies, a provider of smart energy technology solutions, <a href="https://mercomcapital.com/solaredge-acquires-ev-charging-wevo-energy/" target="_blank" rel="noopener">announced</a></strong><strong> that it completed the acquisition of the entire share capital of Wevo Energy.</strong> Wevo is a software startup specializing in EV charging optimization and management for sites with large quantities of EV chargers, such as apartment buildings, workplace car parks, and public charging locations. Wevo is already integrated with SolarEdge’s EV chargers, solar inverters, and meters to provide a holistic real-time view of solar production, grid consumption, and EV charging.</p>
<p><strong>Copenhagen Infrastructure Partners (CIP) has <a href="https://www.elgin.com/news/copenhagen-infrastructure-partners-acquires-majority-stake-in-elgin" target="_blank" rel="noopener">secured</a></strong><strong> a controlling stake in Elgin Energy,</strong> a solar project developer, through an investment of £250 million (~$315.6 million). The partnership aims to leverage CIP&#8217;s expertise in procurement and construction alongside Elgin&#8217;s development portfolio. The infusion of capital will empower Elgin to transition into an Independent Power Producer, expand its team, and develop into a fully integrated and full-service solar and storage company.</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-invenergy-secures-900-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Torus Raises $67 Million to Advance Energy Storage Solutions


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					</table><p><a href="https://www.mercomindia.com/mnre-incentives-green-hydrogen-production" target="_blank" rel="noopener"><strong>The Ministry of New and Renewable Energy (MNRE) has released an implementation framework to incentivize the production of 200,000 MT of green hydrogen annually.</strong></a> Additional capacity, if any, may be decided by MNRE for subsequent tranches. The incentives will be granted over three years. In the first year, the incentive for green hydrogen will be ₹50 (~$0.60) /kg, ₹40 (~$0.48)/kg in the second year, and ₹30 (~$0.36)/kg in the third year. However, the incentives will not be available under two different modes of the SIGHT Program.</p>
<p><a href="https://www.mercomindia.com/ntpc-green-epc-200-mw-solar/" target="_blank" rel="noopener"><strong>NTPC Green Energy, on behalf of Indian Oil NTPC Green Energy (INGEL), has invited bids for the engineering, procurement, and construction (EPC) package with land to develop up to 200 MW of inter-state transmission system-connected solar projects anywhere in India.</strong></a> The EPC contractor must also identify, acquire, and transfer ownership or lease the land in favor of INGEL. The last day to submit the bids is February 22, 2024. Bids will be opened on the same day. Bidders must submit ₹50 million (~$601,448) as bid security for 100 MW and ₹100 million (~$1.2 million) for 200 MW.</p>
<p><a href="https://www.mercomindia.com/ibc-raises-35-million-fund-factory-bengaluru/" target="_blank" rel="noopener"><strong>International Battery Company (IBC), a lithium-ion battery startup, raised $35 million (₹2.91 billion) in a pre-series A round led by RTP Global, a venture capital firm based in Bengaluru, and other Korean and U.S. investors.</strong></a> Singapore-based Beenext and Veda VC, an early-stage venture capital fund, also contributed to the investment. IBC operates an operational 50 MW facility in South Korea and aims to build a 2 GW lithium-ion factory in Bengaluru, which is expected to commence production by 2025. The company aims to increase production in India to 10 GW by 2028.</p>
<p><a href="https://www.mercomindia.com/input-tax-credit-apply-rooftop-solar-gst-rules" target="_blank" rel="noopener"><strong>The Gujarat Authority for Advanced Ruling has said rooftop solar power systems constitute plant and machinery and, therefore, are eligible for input tax credit under the Goods and Services Tax Act.</strong></a> The rationale behind the ruling was that since rooftop solar projects are affixed to the roofs of buildings with nuts and bolts and are not embedded in the earth, they are not immovable and thus can be considered plant and machinery. The input tax credit cannot be availed for goods and services for the construction of an immovable property like an office building.</p>
<p><a href="https://www.mercomindia.com/cip-starts-construction-onshore-wind-karnataka" target="_blank" rel="noopener"><strong>Denmark-based Copenhagen Infrastructure Partners (CIP) has taken a final investment decision on a 300 MW onshore wind project being built jointly with Indian developer and balance-of-plant service provider Viviid Renewables in Hatalageri, Gadag district, Karnataka.</strong></a> This final investment decision was taken through CIP’s Growth Markets Fund I. CIP also signed equipment orders for the full project capacity, while Viviid, which holds a minority ownership position in the project, will provide balance-of-plant works and services. Construction of the project is expected to be completed by the end of 2025.</p>
<p><a href="https://www.mercomindia.com/czech-republic-solar-2023" target="_blank" rel="noopener"><strong>The Czech Republic installed nearly 1 GW of solar capacity in 2023, up 69% from 2022, as the central European nation targets to reduce total greenhouse emissions by 30% from 2005 levels by 2030.</strong></a> Residential rooftop solar installations connected to the grid rose by nearly 70% over 2022, according to data from Czech Solarni Asociace (Solar Association). About 80,000 household roofs were covered by solar modules last year, the data showed, with the average size of residential rooftop solar systems rising to 10.3 kW compared to an average size of 6.7 kW in 2022. Of these, 92%  also installed battery storage with an average capacity of 12 kWh.</p>
<p><a href="https://cms.mercomindia.com/mnre-incentives-green-hydrogen-production/" target="_blank" rel="noopener"><strong>Research has found that perovskites may be combined with silicon-based semiconductors to create “tandem” solar cells that can surpass the maximum theoretical efficiency of silicon solar cells.</strong></a> This could further enable solar cells to be two to four times cheaper when compared to thin-film solar cells. While perovskites can be produced at lower temperatures, making solar energy technologies cheaper and more environmentally friendly, they are less efficient when exposed to heat, moisture, and air. So, the lifespan of perovskite currently is too short to be commercially competitive in solar panels.</p>


Daily News Wrap-Up: MNRE Outlines Incentives for Green Hydrogen Production


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					</table><p><a href="https://www.mercomindia.com/guvnl-bids-500-mw-wind-projects-greenshoe" target="_blank" rel="noopener"><strong>Gujarat Urja Vikas Nigam has issued a request for selection for the purchase of power from 500 MW of grid-connected wind power projects to be set up anywhere in India (Phase VI)</strong></a> with a greenshoe option of an additional 500 MW. The eligible bid capacity for intra-state projects will be a minimum of 25 MW; for inter-state projects, it will be a minimum of 50 MW. The projects can be located anywhere in India, at locations selected by the bidders at their own discretion, cost, risk, and responsibility.</p>
<p><a href="https://www.mercomindia.com/ntpc-bids-form-consortium-develop-offshore-wind" target="_blank" rel="noopener"><strong>NTPC Green Energy (NGEL), a wholly owned subsidiary of NTPC, has invited expressions of interest from India-based or global offshore wind power companies to form a consortium to develop offshore wind</strong></a> power projects in India. NGEL plans to collaborate with a partner company with knowledge and experience in offshore wind project development across the globe. In the long term, the consortium is expected to help NGEL develop in-house expertise and subsequently develop solutions for the execution and maintenance of offshore wind projects.</p>
<p><a href="https://www.mercomindia.com/market-energy-transition-minerals-doubles-five-years" target="_blank" rel="noopener"><strong>The market for minerals used in electric vehicles, wind turbines, solar panels, and other technologies critical to the clean energy transition has doubled in size over the past five years,</strong></a> the International Energy Agency has said. The record deployment of clean energy technologies such as solar photovoltaics and batteries has led to a significant increase in demand for critical minerals. From 2017 to 2022, demand from the energy sector was the main factor behind a tripling in overall demand for lithium, a 70% jump in demand for cobalt, and a 40% rise in demand for nickel.</p>
<p><a href="https://www.mercomindia.com/renewables-fund-partners-raises-6-6-billion" target="_blank" rel="noopener"><strong>Copenhagen Infrastructure Partners (CIP), a fund manager specializing in greenfield renewable energy investments, has reached the first close of its latest fund, raising nearly €6 billion (~$6.6 billion).</strong></a> CIP said that with strong interest from additional investors currently in the process, the fund, CI V, is on track to achieve its target fund size of €12 billion (~$13.2 billion), which is expected to position it as the largest fund globally dedicated to greenfield renewable energy infrastructure investments.</p>
<p><a href="https://www.mercomindia.com/solar-solutions-company-oriana-amount-in-pre-ipo-round" target="_blank" rel="noopener"><strong>Noida-based solar energy solutions company Oriana Power has concluded its pre-initial public offering (IPO) round, with the participation of several stock market veterans.</strong></a> The company develops, constructs, and operates solar projects for its commercial and industrial customers. Leading the pre-IPO round was Anil Kumar Goel, known for investing in the sugar and textile sectors. JSW Energy’s Prashant Jain’s personal fund, Tikri Investments, also acquired a minority stake in the round. Neeraj Gupta, the founder of Meru, made a personal investment as well.</p>


Daily News Wrap-Up: GUVNL’s Tender for 500 MW Wind Power Projects


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					</table><p>Copenhagen Infrastructure Partners (<a href="https://www.cip.com/" target="_blank" rel="noopener">CIP</a>), a fund manager specializing in greenfield renewable energy investments, has reached the first close of its latest fund, raising nearly €6 billion (~$6.6 billion).</p>
<p>CIP said that with strong interest from additional investors currently in the process, the fund, CI V, is on track to achieve its target fund size of €12 billion (~$13.2 billion), which is expected to position it as the largest fund globally dedicated to greenfield renewable energy infrastructure investments.</p>
<p>A diverse group of leading institutional investors from across Europe, the Nordics, the UK, North America, and the Asia-Pacific region participated in the first close.</p>
<p>The fund will focus on greenfield investments in large-scale renewable energy infrastructure, targeting technologies such as contracted offshore wind, energy storage, onshore wind, and solar in low-risk OECD countries across North America, Western Europe, and the Asia-Pacific region.</p>
<p>Managing Partner at CIP, Jakob Baruël Poulsen, said, &#8220;Reaching nearly €6 billion (~$6.6 billion) at the first close is a testament to the importance of the fund and the confidence placed in our industrial approach to energy infrastructure investments.”</p>
<p>“With its greenfield focus and large and diversified portfolio, CI V has the potential to significantly contribute to and accelerate the energy transition on a global scale while generating strong returns for our investors,&#8221; he said.</p>
<p>The fund possesses ownership of over 40 renewable energy infrastructure projects. These projects have a total potential commitment of approximately €20 billion (~$22 billion), equivalent to more than 150% of the fund&#8217;s target size.</p>
<p>In June, CI V made its first final investment decision on a 400 MW onshore wind project in the United States.</p>
<p>CI V&#8217;s current portfolio aims to add an estimated 20 GW of new clean energy capacity to the grid, providing renewable energy to more than 10 million average households. This translates into an annual CO2 avoidance of 15 million metric tons, contributing significantly to global efforts in combating climate change.</p>
<p>Recently, Serbia-headquartered renewable energy developer CWP Global and CIP successfully concluded a strategic investment deal under which CIP  acquired a 26.67% stake in CWP’s development platform within the green hydrogen sector.</p>
<p>In March 2023, CIP, on behalf of its New Markets Fund I, <a href="https://www.mercomindia.com/copenhagen-viviid-develop-renewable-projects-india" target="_blank" rel="noopener">partnered</a> with Viviid Renewables to develop more than 1.8 GW of greenfield renewable energy projects in India.</p>


Renewables Fund Manager Copenhagen Infrastructure Partners Raises $6.6 Billion


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					</table><p><a href="https://tag-en.com/" target="_blank" rel="noopener">TagEnergy</a>, a global renewable developer and investor, has closed a dual currency (Australian Dollar and Euro) green bond raising €570 million (~$623 million).</p>
<p>The bond issuance, with investors Copenhagen Infrastructure Partners (<a href="https://cipartners.dk/" target="_blank" rel="noopener">CIP</a>) and <a href="https://www.gic.com.sg/" target="_blank" rel="noopener">GIC</a>, is expected to provide crucial support for expanding TagEnergy’s renewable energy portfolio across the UK, Europe, and Australia.</p>
<p>The initial tranche of €270 million (~$295 million) will contribute to the funding of the first stage of the 1.3 GW Golden Plains Wind Farm. This wind farm will be complemented by an additional tranche of up to €300 million (~$328 million), supporting the company&#8217;s other global renewable assets.</p>
<p>The green bond notes are central to TagEnergy&#8217;s strategy to bring more than 4 GW of onshore wind and other renewable energy projects to commercial operation across various Organisation for Economic Co-operation and Development jurisdictions.</p>
<p>The registration of the notes at Interbolsa represents a significant issuance in the Portuguese bond market. The independent certification agency G-Advisory has confirmed that the green bond aligns with the ICMA Green Bond Principles 2021, ensuring its adherence to sustainable investment practices.</p>
<p>CEO Franck Woitiez expressed his enthusiasm for the green bond, emphasizing its instrumental role in swiftly advancing TagEnergy&#8217;s current pipeline of renewable energy projects. The company aims to contribute to global efforts to achieve net-zero carbon emissions at an accelerated pace.</p>
<p>“We are proud to partner up with the strong management team of TagEnergy and GIC to support the development of the Golden Plains Wind Farm in Australia and TagEnergy’s prominent pipeline of renewable energy projects. Our Green Credit Fund I provides an important and necessary funding component of the global energy transition, and this investment represents an attractive opportunity for us to make a meaningful contribution to the green transition,” said Jakob Groot, Partner at CIP.</p>
<p>The company has recently achieved financial close on several notable renewable energy projects, including the 756 MW first stage of the Golden Plains Wind Farm in Victoria, Australia, and four battery energy storage systems facilities totaling 169 MW across the UK.</p>
<p>Earlier this year, CIP, on behalf of its New Markets Fund I, <a href="https://www.mercomindia.com/copenhagen-viviid-develop-renewable-projects-india" target="_blank" rel="noopener">entered</a> into a partnership with Viviid Renewables to develop more than 1.8 GW of greenfield renewable energy projects in India.</p>
<p>Last October, CIP <a href="https://mercomindia.com/daily-news-wrap-jakson-develop-224-million-green-hydrogen-rajasthan/" target="_blank" rel="noopener">entered</a> into a partnership with Ørsted to develop around 5.2 GW of offshore wind in Denmark across four projects.</p>


Renewables Developer TagEnergy Raises $623 Million via Dual Currency Green Bond


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					</table><p>Serbia-headquartered renewable energy developer <a href="https://www.cwp.global/" target="_blank" rel="noopener">CWP Global</a> and Copenhagen Infrastructure Partners (<a href="https://www.cip.com/" target="_blank" rel="noopener">CIP</a>) have successfully concluded a strategic investment deal under which CIP, through its Energy Transition Fund I, has acquired a 26.67% stake in CWP&#8217;s development platform within the green hydrogen sector.</p>
<p>This investment presents an opportunity for CIP to participate in CWP&#8217;s globally expanding ultra-large-scale green hydrogen pipeline with 220 GW capacity across Africa, Australia, and the Americas.</p>
<p>With their combined expertise, resources, and shared vision, the partners expect the development of ultra-large-scale green hydrogen hubs will accelerate, playing a pivotal role in paving the way for a sustainable, low-carbon future.</p>
<p>The companies did not disclose the financial details of the deal.</p>
<p>The company said peer-reviewed scenarios from esteemed organizations like the Intergovernmental Panel on Climate Change <a href="https://www.ipcc.ch/" target="_blank" rel="noopener">IPCC</a>, International Energy Agency (<a href="https://www.iea.org/" target="_blank" rel="noopener">IEA</a>), International Renewable Energy Agency (<a href="https://www.irena.org/" target="_blank" rel="noopener">IRENA</a>), and the <a href="https://www.energy-transitions.org/" target="_blank" rel="noopener">Energy Transitions Commission</a> reinforce the idea that alongside the global electrification of energy demand, the use of green hydrogen and its derivatives is crucial in reducing carbon emissions across energy-intensive industries.</p>
<p>However, sectors such as mining, steel production, fertilizer manufacturing, and long-range transport, including maritime shipping, pose significant challenges in terms of decarbonization.</p>
<p>These scenarios highlight the potential of green hydrogen to address these challenges and facilitate the transition to a more sustainable future.</p>
<p>In this context, CIP believes its investment in CWP&#8217;s portfolio of green hydrogen hubs represents a major step in the right direction.</p>
<p>Alex Hewitt, CEO of CWP Global, said, &#8220;The race to net zero is on, and green hydrogen at scale will be a critical pillar for global decarbonization, perhaps meeting one-fifth of global energy demand by 2050.&#8221;</p>
<p>Hewitt emphasized the alignment of values and shared vision between the two companies and highlighted their commitment to building value for the planet and future generations and creating new opportunities for local communities and economies, particularly in the developing world.</p>
<p>Felix Pahl, Partner at CIP, emphasized the significance of producing green hydrogen and green ammonia at scale to achieve decarbonization targets.</p>
<p>Pahl expressed confidence in CWP&#8217;s ability to contribute significantly to decarbonizing hard-to-abate sectors, citing the company&#8217;s strong management team and established regional footprints in Australia, Africa, and Latin America.</p>
<p>In India, the Ministry of Steel, under the recently approved National Green Hydrogen Mission, has <a href="https://www.mercomindia.com/steel-ministry-invites-green-hydrogen-pilot-projects" target="_blank" rel="noopener">invited</a> research and development (R&amp;D) proposals to establish pilot projects focused on the production and utilization of green hydrogen within the iron and steel industry.</p>
<p>In March 2023, CIP, on behalf of its New Markets Fund I, <a href="https://www.mercomindia.com/copenhagen-viviid-develop-renewable-projects-india" target="_blank" rel="noopener">partnered</a> with Viviid Renewables to develop more than 1.8 GW of greenfield renewable energy projects in India.</p>


CIP to Acquire 27% Stake in CWP’s 220 GW Green Hydrogen Portfolio

<p>Renewable energy-focused infrastructure fund manager Copenhagen Infrastructure Partners (<a href="https://cipartners.dk/" target="_blank" rel="noopener">CIP</a>), through its Copenhagen Infrastructure New Markets Fund (CI NMF), has signed an investment agreement with <a href="https://amp.energy/global/india" target="_blank" rel="noopener">Amp Energy India</a> to enable joint equity investments of over $200 million in renewable energy projects in India. Copenhagen Infrastructure Partners has committed $100 million as part of this agreement.</p>
<p>Amp Energy India, an integrated renewable energy power producer and CI NMF have targeted an initial 1.7 GW portfolio of renewable energy projects, delivering clean and green energy to commercial and industrial (C&amp;I) and utility customers. The portfolio will comprise 900 MW in late-stage projects (solar photovoltaic (PV) and wind-solar hybrid) and an additional 800 MW of projects in earlier stages of development.</p>
<p>Pinaki Bhattacharyya, Co-Founder, Managing Director, and Chief Executive Officer of Amp India, commented, &#8220;CIP&#8217;s domain expertise is substantial value addition, in addition to being a capital partner. Both will be critical to success as we diversify our portfolio to include solar, wind, and hybrid to provide dispatchable clean energy to our C&amp;I and utility customers. The investment agreement is a key milestone as we march towards our goal of creating the first truly balanced and complete renewable power producer with a 5 GWp target.&#8221;</p>
<p>This transaction is CI NMF&#8217;s first investment in the Indian renewable energy market since its inception in 2019.</p>
<p>Commenting on the investment, Niels Holst, Partner and Head of CI NMF, said, &#8220;As one of the world&#8217;s most dynamic and competitive renewable energy markets, India is a key focus for CI NMF, and we are delighted to take this first important step together with a great partner in Amp, which combines an excellent track record and shared values in developing and realizing projects.&#8221;</p>
<p>EY was the exclusive financial advisor, and Indus Law acted as legal advisor to AMP India.</p>
<p>KPMG India acted as exclusive financial advisor and Trilegal as legal advisor to CI NMF.</p>
<p>According to Mercom&#8217;s recently <a href="https://mercomcapital.com/product/1h-q2-2021-solar-funding-ma-report/" target="_blank" rel="noopener">published</a> 1H and Q2 2021 Solar Funding and M&amp;A Report, announced debt financing activity in 1H 2021 ($8.2 billion in 32 deals) was 125% higher compared to the first half of 2020 when $3.7 billion was raised in 17 deals. Spurred by low-interest rates, a record $2 billion was raised through seven securitization deals in 1H 2021. Cumulatively, over $9 billion has been raised through securitization deals since 2013.</p>


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