CERC Rejects Plea to Approve Tariff for 300 MW Wind-Solar Projects

MHI Announces Demand Incentives for Electric Trucks Under PM E-Drive

RECPDCL Signs Agreements for Installing 3.32 Million Smart Meters in Gujarat

Rajasthan Commission Approves Tariffs for 82 MW Solar Projects Under KUSUM

Karnataka Sets Benchmark Tariff of ₹3.07/kWh for MW-Scale Solar Projects

Daily News Wrap-Up: MNRE Clarifies ALMM Norms for Behind-the-Meter Projects

REMCL Floats Tender for 3 MW Solar Project in Noida

JK Tyre to Source 5 MW of Renewable Energy from STTY RE

MNRE Issues Clarifications on ALMM Mandate for Behind-the-Meter Projects

Himachal Electricity Regulator Finalizes Resource Adequacy Framework Regulations

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-battery-maker-addionics-raises-39-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Addionics, an Israel-based chemistry-agnostic battery technology company, <a href="https://mercomcapital.com/battery-manufacturer-addionics-closes-39-million-in-series-b-funding/" target="_blank" rel="noopener">raised</a> $39 million in a Series B funding round. The round was co-led by GM Ventures and Deep Insight, with participation from Scania and new and returning strategic investors. The investment will allow Addionics to build up teams across the globe and expand its manufacturing and commercialization efforts, including advancing the construction of its planned US-based giga-factory for the production of Addionics 3D Current Collectors.
d.light, a provider of off-grid solar solutions, <a href="https://mercomcapital.com/off-grid-solar-company-d-light-secures-176-million-securitization-facility/" target="_blank" rel="noopener">closed</a> a securitization facility that will purchase $176 million of receivables in Kenya, Tanzania, and Uganda. A social impact-focused asset management company, African Frontier Capital, is providing the funding. d.light will use the facility to scale up its PayGo consumer finance offering to make solar-powered products available to more low-income households and communities without access to electricity.
Splight, an AI-based smart grid solutions provider, has <a href="https://mercomcapital.com/splight-secures-12-million-in-seed-funding/" target="_blank" rel="noopener">secured</a> a $12 million seed funding round led by noa (formerly A/O). EDP Ventures, Elewit, Draper Cygnus, Draper B1, Ascent Energy Ventures, Fen Ventures, Reaction Global, Barn Investments, and the UC Berkeley Foundation also joined this round. This funding will support the company expand its presence across North America and the European Union. Splight aims to cater to growing renewable energy demand and the need for efficient grid operations, stating it has developed a new AI-based technology that tackles grid congestion using inverter-based resources as a source of reliability.
Noida-based sustainable biogas solutions company Gruner Renewable Energy has <a href="https://www.mercomindia.com/gruner-renewable-energy-secures-60-million" target="_blank" rel="noopener">secured</a> funding of $60 million to establish new compressed biogas (CBG) plants across the country. Gruner is also setting up one of Asia’s largest CBG plants in Navsari, Gujarat. The company plans to allocate a bigger portion of the funding to advancing research and development, focusing on increasing energy efficiency and biogas production accuracy. Gruner also plans to explore new business verticals such as sustainable aviation fuel and green hydrogen and scaling up CNG retail outlets.
Solar EPC and turnkey solution provider Rays Power Infra has <a href="https://www.mercomindia.com/rays-power-infra-raises-%E2%82%B91-27-billion-via-equity-sale" target="_blank" rel="noopener">raised</a> ₹1.27 billion (~$15.17 million) in equity capital from a clutch of high-net-worth individuals, family offices, funds, and partners in alternative investment funds. The round brings the company’s total funding to nearly ₹2 billion (~$23.89 million). The company maintained a stake dilution of less than 5% with this infusion of capital. The company is preparing to file its financial documents later this year, aiming to raise more money to support its plans to grow by more than 50%.
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>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-peak-energy-secures-55-million" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Battery Maker Addionics Raises $39 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-cornish-lithium-secures-67-million-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
Cornish Lithium, a U.K.-based mineral exploration and development company, has <a href="https://mercomcapital.com/cornish-lithium-secures-67-million-funding/" target="_blank" rel="noopener">secured</a> a $67 million direct equity investment led by UK Infrastructure Bank alongside the Energy &amp; Minerals Group (EMG) and TechMet. The funding is expected to significantly accelerate progress toward creating a domestic supply of battery-grade lithium compounds, which is crucial to support the scaling up of domestic battery production for electric vehicles and battery energy storage solutions for renewable energy sources.
d.light, a provider of solar-based products and solutions, <a href="https://www.prnewswire.com/news-releases/dlight-closes-usd125m-funding-through-a-securitization-facility-to-meet-growing-demand-for-off-grid-solar-products-in-tanzania-301898953.html" target="_blank" rel="noopener">secured</a> a $30 million securitization facility from Eastern and Southern African Trade and Development Bank Group, with the capability to purchase up to $125 million of receivable assets. The facility brings the company’s total securitized financing since 2020 to $490 million. d.light is expected to use the capital to increase its existing securitized financing facility and scale up its low-cost Pay-Go personal finance service in Tanzania.
Treehouse, a home electric vehicle (EV) charging solutions provider, has <a href="https://mercomcapital.com/home-ev-charging-solutions-provider-treehouse-secures-funding/" target="_blank" rel="noopener">secured</a> $10 million in funding. The funding round was led by Montage Ventures and Trucks Venture Capital, with participation from CarMax, Assurant Ventures, Acrew Capital, Gutter Capital, Detroit Venture Partners, Holman, and Automotive Ventures. The funding will be utilized to expand the company’s installation-as-a-service offering to more than 30 states in the next 12 months.
STANLIB Asset Management, an investor in sustainable infrastructure in South Africa, has <a href="https://stanlib.com/2023/08/07/stanlib-asset-management-acquires-a-majority-interest-in-renewable-energy-solutions-specialist-solareff-and-its-subsidiary-gridcars/" target="_blank" rel="noopener">acquired</a> a majority stake in Solareff, an engineering, procurement, and construction company. The acquisition was made through the STANLIB Infrastructure Fund II. Closing of the transaction remains subject to obtaining the relevant regulatory approvals. Solareff is also the controlling shareholder of GridCars, a company that provides electric vehicle charging infrastructure in South Africa.
Indian EV charging solutions startup chargeMOD has <a href="https://www.mercomindia.com/ev-charging-chargemod-%e2%82%b925-million-product-growth" target="_blank" rel="noopener">raised</a> ₹25 million (~$301,291) from Phoenix Angels in a pre-seed investment round. The company plans to direct the funds to accelerate its product growth and expand the services for the country’s EV sector. chargeMOD’s portfolio currently includes managing more than 2,000 EV chargers ranging from home and commercial use charging points. It has also developed a mobile application to track nearby charging stations.
Caelux Corporation, a company developing perovskite-based solar technology to enhance module efficiency, <a href="https://mercomcapital.com/perovskite-based-solar-tech-firm-caelux-raises-series-a-funding/" target="_blank" rel="noopener">closed</a> a $12 million Series A3 funding round, bringing the total Series A funding raised to $24 Million. The round was led by Temasek, a global investment company, with participation from Reliance New Energy Limited, Khosla Ventures, Mitsui Fudosan, and Fine Structure Ventures.
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/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/">here</a>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-electriq-power-goes-public" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Cornish Lithium Secures $67 Million Funding

Off-grid solar solutions provider <a href="http://www.dlight.com/" target="_blank" rel="noopener">d.light</a> has raised $41 million in equity financing from a consortium led by Inspired Evolution, an Africa-focused investment advisory firm that specializes in the energy sector. Consortium partners include the Dutch Development Bank FMO, as well as government-sponsored investment funds Swedfund and Norfund.
The funding will enable the expansion of the company’s solar and its ‘Pay As You Go’ (PAYGO) consumer finance business model in Africa.
“We are thrilled to have Inspired Evolution as the newest funding partner in the d.light family,” said d.light co-founder and CEO Ned Tozun.
According to Mercom Capital Group’s <a href="https://mercomcapital.com/product/q3-2018-solar-funding-and-ma-report/" target="_blank" rel="noopener">9M 2018 Solar Funding and M&amp;A report</a>, global VC funding (venture capital, private equity, and corporate venture capital) for the solar sector in the first nine months of 2018 totaled $889 million, a 10 percent decrease compared to the $985 million raised during the same months in 2017.
In <a href="https://mercomindia.com/eib-25-million-loan-energy-africa/" target="_blank" rel="noopener">March 2018</a>, Mercom had reported that the European Investment Bank (<a href="http://www.eib.org/index.htm" target="_blank" rel="noopener">EIB</a>) announced plans to provide $25 million in financing to D.light to strengthen energy access in Africa through the installation of solar kits that do not require grid connectivity.
<a href="https://mercomindia.com/dlight-raises-50-million-financing/" target="_blank" rel="noopener">Then in April 2018</a>, d.light raised $50 million in funding from the EIB, responsAbility Investments, Social Investment Managers &amp; Advisors (SIMA), SunFunder, and another mission aligned investor (unidentified at this time).
Off-grid solar has a bright future in under developed parts of the world, and funding towards these emerging markets has also witnessed a significant increase over the years. According to Mercom’s <a href="http://store.mercom.mercomcapital.com/product-category/solar-reports/" target="_blank" rel="noopener">Solar Funding and M&amp;A Reports</a>, the global off-grid solar market saw deals worth $97 million in 2015. Approximately $147 million were raised in 2016 and in the year 2017, the sector witnessed booming growth, raising a record $243 million.
In January 2018, Mercom <a href="https://mercomindia.com/global-off-grid-solar-sales-since-2010-exceeded-3-9-billion/" target="_blank" rel="noopener">reported</a> that the off-grid solar solutions have benefited approximately 360 million people across the globe, according to a report by the <a href="http://www.worldbank.org/" target="_blank" rel="noopener">World Bank</a> Group’s Lighting Global Program, <a href="https://www.dalberg.com/" target="_blank" rel="noopener">Dalberg Advisors</a>, and the Global Off-Grid Lighting Association (<a href="https://www.gogla.org/" target="_blank" rel="noopener">GOGLA</a>).
In <a href="https://mercomindia.com/off-grid-solar-india-sales-2017/" target="_blank" rel="noopener">April 2018</a>, GOGLA reported sales of $115 million (4.14 million products) from companies who sold off-grid solar products on the global market, the equivalent of installing around 22 MW of solar panels. This is an 18 percent increase compared to the first half of the year.
In <a href="https://mercomindia.com/india-top-sells-1-3-million-off-grid-solar-h1-2018/" target="_blank" rel="noopener">October 2018</a>, GOGLA published a report according to which India emerged as the world’s largest cash market for off-grid solar products, with 1.3 million products sold in H1 2018 alone.  This accounts for an impressive 44 percent of global sales.  3.7 million off-grid solar products were sold globally during the first half of 2018, an increase of four percent when compared to the same time last year, the report finds.
Image credit: Greenlight Planet

Off-Grid Solar Solutions Provider d.light Raises $41 Million in Equity Funding

Off-grid solar solutions provider <a href="http://www.dlight.com/" target="_blank" rel="noopener">d.light</a> has successfully raised $50 million in funding from the European Investment Bank (EIB), responsAbility Investments, Social Investment Managers &amp; Advisors (SIMA), SunFunder, and another mission aligned investor.
According to <a href="https://mercomindia.com/funding-falls-global-solar-sector/" target="_blank" rel="noopener">Mercom Capital Group&#8217;s Funding and M&amp;A report,</a> during Q1 2018, global venture capital (VC) funding into the solar sector fell 75 percent QoQ to $161 million raised in 22 deals. In Q4 2017, the figure stood at $639 million raised in 30 deals.
The new investment will facilitate the company’s scale-up plans and will help in the launch of new solar home system offerings and provide financed ‘Pay As You Go’ (PAYGO) solar home system products to millions of additional customers in existing and new markets.
In <a href="https://mercomindia.com/eib-25-million-loan-energy-africa/" target="_blank" rel="noopener">March 2018</a>, Mercom had reported that the European Investment Bank (<a href="http://www.eib.org/index.htm" target="_blank" rel="noopener">EIB</a>) announced plans to provide $25 million in financing to low-cost solar power provider D.light design to strengthen energy access in Africa through the installation of solar kits that do not require grid connectivity.
Off-grid solar has a bright future in poor and under developed parts of the world and the funding towards these emerging markets has also witnessed a significant increase over the years. According to Mercom’s <a href="http://store.mercom.mercomcapital.com/product-category/solar-reports/" target="_blank" rel="noopener">Solar Funding and M&amp;A Reports</a>, the global off-grid solar market saw deals worth $97 million in the year 2015. Approximately $147 million were raised in 2016 and in the year 2017, the sector witnessed an exponential growth, raising a whopping $243 million.
Previously, d.light’s growth was primarily funded by equity. However, debt funding will now provide the bulk of the financing that enables the company to finance its Pay-Go receivables and scale the business sustainably furthering its mission of making solar products universally available and affordable.
“We are thrilled to unlock debt financing at a significant scale, which takes us to the next level of our evolutionary journey,” said Ned Tozun, d.light co-founder and CEO in a media release issued by the company.
In January 2018, Mercom <a href="https://mercomindia.com/global-off-grid-solar-sales-since-2010-exceeded-3-9-billion/" target="_blank" rel="noopener">reported</a> that the off-grid solar solutions have benefited approximately 360 million people across the globe, according to a report by the <a href="http://www.worldbank.org/" target="_blank" rel="noopener">World Bank</a> Group’s Lighting Global Program, <a href="https://www.dalberg.com/" target="_blank" rel="noopener">Dalberg Advisors</a>, and the Global Off-Grid Lighting Association (<a href="https://www.gogla.org/" target="_blank" rel="noopener">GOGLA</a>).
Image credit: d.light

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