Telangana Invites Bids for DPR of 56 MW Solar Projects

Solarium Green Bags 7 MW Rooftop Solar Contract from NVVN

Classic Signages Wins NVVN’s 6.3 MW Solar Project Auction

Alpex Solar Posts 423% YoY Profit Increase in Q3, Expands Module Capacity  

ReNew’s Q3 FY 2025 Revenue Up Slightly, Lower Wind PLF Bites

Daily News Wrap-Up: Government Amends Renewable Project Bidding Guidelines

CERC Adopts Tariffs for SECI’s 1.2 GW Wind-Solar Hybrid Power Projects

Vikram Solar Boosts Module Production with 1 GW Expansion in West Bengal

Madhya Pradesh Floats Tenders for 2.21 MW Rooftop Solar Projects

Record 1.7 GW Community Solar Added in the U.S. in 2024; Long-Term Growth Uncertain

<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2025/01/amazon_polly_75713.mp3?version=1738299575">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table>According to Mercom Capital Group’s newly released <a href="https://mercomcapital.com/product/annual-q4-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Annual and Q4 2024 Funding and M&amp;A Report for Storage &amp; Grid</a>, corporate funding for energy storage companies, including VC investments, public market funding, and debt financing, increased 5% year-over-year (YoY).
Corporate funding for energy storage companies grew to $19.9 billion in 116 deals in 2024, compared to $19 billion in 120 deals in 2023.
Global Venture Capital (VC) funding in the energy storage sector in 2024 decreased 60% YoY, with $3.7 billion in 84 deals compared to $9.2 billion in 86 deals in 2023.
“There was considerable uncertainty in the U.S. in Q4 due to the elections and speculation about potential policy changes. As a result, many investors chose to adopt a ‘wait-and-see’ approach regarding new policies from the incoming administration,” said Raj Prabhu, CEO of Mercom Capital Group.
“While most policies were favorable until the end of the year, higher inflation, rising interest rates, labor shortages, and increased labor costs posed challenges. Component costs also rose, and there was always the looming threat of new tariffs, which made the situation more unpredictable.”
<img loading="lazy" decoding="async" class="aligncenter wp-image-75715 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/1-Corporate-Funding-ES.png" alt="" width="573" height="371" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/1-Corporate-Funding-ES.png 573w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/1-Corporate-Funding-ES-300x194.png 300w" sizes="(max-width: 573px) 100vw, 573px" />
In 2024, lithium-ion-based battery technology received the highest amount of VC funding. Materials and component providers, iron-air battery providers, battery recycling companies, and metal-hydrogen battery companies were other top-funded categories.
The top VC deals in 2024 were <a href="https://formenergy.com/" target="_blank" rel="noopener">Form Energy’s</a> $405 million, <a href="https://www.silanano.com/" target="_blank" rel="noopener">Sila Nanotechnologies’</a> $375 million, <a href="https://enervenue.com/" target="_blank" rel="noopener">EnerVenue Holdings’</a> $308 million, <a href="https://natron.energy/" target="_blank" rel="noopener">Natron Energy’s</a> $189 million, and <a href="https://ascendelements.com/" target="_blank" rel="noopener">Ascend Elements’</a> $162 million.
<img loading="lazy" decoding="async" class="aligncenter wp-image-75716 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/2-COrporate-FUnding-ES.png" alt="" width="455" height="384" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/2-COrporate-FUnding-ES.png 455w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/2-COrporate-FUnding-ES-300x253.png 300w" sizes="(max-width: 455px) 100vw, 455px" />
In 2024, announced debt and public market financing for energy storage companies saw a 65% YoY increase. A total of $16.2 billion was raised in 32 deals, compared to $9.8 billion in 34 deals in 2023.
“On the brighter side, mergers and acquisitions (M&amp;A) activity was up, both for corporate and project-level M&amp;A. Some of these deals closed towards the end of the year,” said Prabhu.
“Energy storage projects have become increasingly valuable. The demand is partly driven by data centers and AI, which require reliable, 24/7 power. For these data centers to use renewable energy, they also need energy storage solutions to ensure uninterrupted power supply. This growing need for energy storage has boosted the value of such projects,” he added.
In 2024, 38 energy storage projects were acquired, an increase from 2023, which saw 28 project M&amp;A transactions.
The number of companies acquired in 2024 was 25, compared to 15 in 2023.
Smart Grid 
VC funding in the smart grid sector increased 13%, with $1.7 billion in 56 deals compared to $1.5 billion in 47 deals in 2023.
Corporate funding for smart grid companies in 2024 was down by 27%, with $2.4 billion in 67 deals compared to $3.3 billion in 60 deals in 2023.
“Most of the smart grid funding has focused on smart charging, particularly electric vehicles (EV) charging infrastructure. This interest is driven by EV mandates, incentives, and rising demand for EV. However, concerns are emerging about the potential removal of EV incentives,” Prabhu said.
<img loading="lazy" decoding="async" class="aligncenter wp-image-75717 " src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/3-Corporate-Funding-ES.png" alt="" width="489" height="334" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/3-Corporate-Funding-ES.png 477w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/3-Corporate-Funding-ES-300x205.png 300w" sizes="(max-width: 489px) 100vw, 489px" />
Smart charging companies, along with data analytics, distributed generation and integration, demand response, and grid optimization, raised most of the VC funding.
<img loading="lazy" decoding="async" class="aligncenter wp-image-75733 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/CS.png" alt="" width="478" height="362" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/CS.png 478w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/01/CS-300x227.png 300w" sizes="(max-width: 478px) 100vw, 478px" />
The top five smart grid VC funding deals in 2024 were <a href="https://electraev.com/" target="_blank" rel="noopener">Electra</a> with $330 million, <a href="https://powerdot.eu/en" target="_blank" rel="noopener">Powerdot</a> with $108 million, <a href="https://www.flo.com/" target="_blank" rel="noopener">FLO</a> with $100 million, <a href="https://monta.com/en/" target="_blank" rel="noopener">Monta</a> with $87 million, and <a href="https://www.batterysmart.in/" target="_blank" rel="noopener">Battery Smart</a> with $65 million.
A total of 11 debt and public market financing deals, totaling $718 million, were announced, compared to $1.8 billion in 13 deals in 2023.
The year saw 10 M&amp;A transactions in the smart grid sector, compared to 11 in 2023.
On the outlook for 2025, Prabhu said, “The industry is still digesting the new administration’s actions. We already see executive orders, like ending EV subsidies. Many new rules are being announced, and it will take time for the sector to fully understand how these changes will affect different segments.”
The report contains 142  pages, to get a copy, visit: <a href="https://mercomcapital.com/product/annual-q4-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">https://mercomcapital.com/product/annual-q4-2024-funding-ma-report-storage-grid/ </a>

Energy Storage Firms Secure $19.9B in Corporate Funding, M&A Activity Up

United Renewable Energy (<a href="https://www.urecorp.com/us/index.php" target="_blank" rel="noopener noreferrer">URE</a>), a Taiwan-based solar cell and module maker, announced its plans to sell one of its manufacturing units in the country to consolidate its production efforts.
It said that its board of directors approved the disposal of the Jhunan Kebei manufacturing facility for NT$1.04 billion (~$35.3 million) to Taiwan Mask Corporation, a manufacturer of masks for semiconductor production processes. It expects the transfer to be complete by the end of the year.
The company noted that it would continue to manufacture solar cells and modules in its other production sites in Taiwan and adjust production based on market demand.
URE, formerly called Neo Solar Power Corporation, also announced that its board of directors approved the sale of NT$170 million (~$5.8 million) of Neo Cathay Power &#8211; a joint venture between URE and Cathay Insurance &#8211; to Cathay Insurance. It expects this transaction to be completed by Q3 2020.
It said that Neo Cathay Power was set up in 2016 to focus on investing, constructing, and managing operations of domestic solar projects. It currently holds around 98 solar projects in the company.
URE added that it plans to cooperate with Cathay Insurance in the future to invest and develop more solar projects as it works with other insurance companies to develop large solar projects in the country.
In April, Mercom <a href="https://mercomindia.com/chenya-energy-financing-floating-solar-project/" target="_blank" rel="noopener noreferrer">reported</a> that Taiwanese solar power developer, Chenya Energy Company Limited, announced the receipt of TWD 7.2 billion (~$239.2 million) in financing for a 180 MW floating solar project in the Changhua Coastal Industrial Park.
Also, it was previously <a href="https://mercomindia.com/marubeni-acquires-chenya-energy-floating-solar-business/" target="_blank" rel="noopener noreferrer">reported</a> that Marubeni Corporation had executed a share purchase agreement with I Squared Capital to acquire Chenya Energy Company Limited, which is one of the leading solar power developers in Taiwan. I Squared Capital, through its ISQ Global Infrastructure Fund I, agreed to sell its interests in Chenya Energy to Marubeni Corporation. The main focus of Marubeni through this acquisition was to expand its floating solar business in Taiwan as well as other regions.
Last year, BlackRock Real Assets, a global investment management company, <a href="https://mercomindia.com/blackrock-buy-solar-projects-taiwan/" target="_blank" rel="noopener noreferrer">announced</a> its plans to expand its renewable power portfolio in Asia. The Fund, which is a private fund managed by BlackRock Real Assets, is set to buy a 115 MW solar portfolio comprising 14 projects in Taiwan from New Green Power and J&amp;V Energy.

Taiwan’s URE Sells its Solar Manufacturing Unit for $35.3 Million

<a href="https://sunedisoninfra.com/" target="_blank" rel="noopener noreferrer">SunEdison Infrastructure Limited</a>, a Chennai-based renewable energy company, has entered into a framework agreement to restructure and transfer under-construction commercial and industrial (C&amp;I) and other businesses of the company to SunEdison Energy Solutions Private Limited, a newly formed joint venture.
SunEdison Energy Solutions is a joint venture company of Sherisha Infrastructure Private Limited, Fenice Investment, South Lake One LLC, and a company proposed to be set up in the United Kingdom by Pashupathy Capital Private Limited.
SunEdison Infrastructure Limited has entered into the agreement with the following entities:
i. South Lake One LLC
ii. Fenice Investment Group LLC
iii. Pashupathy Shankar Gopalan
iv. Anil Jain
v. SILRES Energy Solutions Private Limited
vi. Pashupathy Capital Private Limited
vii. Sherisha Infrastructure Private Limited
viii. Sherisha Technologies Private Limited
ix. Avyan Pashupathy Capital Advisors Private Limited
Under the proposed restructuring plan, completed projects and under-development projects will be separated, and the ones under development will be transferred to the joint venture.
SunEdison’s engineering, procurement, and construction (EPC) business, and the trademark “SunEdison” will also be transferred to SunEdison Energy Solutions through a slump sale. It will include:
i. The EPC business of the SunEdison Infrastructure Limited and the Trademark “SunEdison” as a going concern
ii. 100% of the equity shares held by SunEdison Infrastructure Limited in Ishaan Solar Power Private Limited and SILRES Energy Solutions Private Limited
iii. 36% of the partnership interest (constituting 99.99% of the economic interest) of Sherisha Solar LLP
iv. 51% of equity shares of each of Enrecover Energy Recovery Solutions Private Limited and Megamic Electronics Private Limited
A slump sale is when an undertaking is sold without considering the individual values of the assets or liabilities contained within the undertaking.
Additionally, under the terms of the agreement, South Lake One LLC will invest $10 million (~₹752.9 million) in SILRES, a subsidiary of SunEdison Infrastructure Limited, to fund urgent working capital requirements.
SunEdison Infrastructure Limited is a solar energy solutions provider and works as an installer of solar water pumps and rooftop solar, among other service offerings. The company has been in the news on various occasions in the past over several acquisition developments. The subsidiary SILRES Energy is focused mainly on residential and small commercial rooftop segment. The company is focusing mainly on homeowners and micro, small, and medium enterprises (MSMEs), which form a sizeable chunk of the rooftop segment.
Recently, SunEdison <a href="https://mercomindia.com/us-fenice-nvest-sunedisons-solar-subsidiary/" target="_blank" rel="noopener noreferrer">announced</a> that it has entered into a share subscription and shareholders’ agreement with U.S.-based Fenice Investment Group LLC. Under this deal, SILRES Energy Solutions Private Limited was set to sell its shares to the Fenice Investment Group. SILRES Energy was incorporated in October 2019.
In January, Mercom <a href="https://mercomindia.com/sunedison-acquires-sherisha-solar/" target="_blank" rel="noopener noreferrer">reported</a> that SunEdison Infrastructure Limited (formerly YKM Industries Limited) announced that its subsidiary SIL Rooftop Solar Power Private Limited, acquired 100% fully paid-up equity share capital along with voting rights of Sherisha Solar Private Limited.

SunEdison Restructures Its Rooftop Solar Business

<a href="https://www.mission-electric.in/" target="_blank" rel="noopener noreferrer">Ola Electric Mobility Private Limited</a>, a subsidiary of Indian cab aggregator <a href="https://www.olacabs.com/" target="_blank" rel="noopener noreferrer">Ola Cabs</a>, announced that it has acquired Etergo BV, an Amsterdam-based electric scooter maker.
The value of the transaction remained undisclosed.
Etergo BV, founded in 2014, has developed an all-electric scooter, AppScooter, that uses high energy density batteries to provide a range of up to 240 km, according to Ola’s statement. It added that Ola Electric plans to use it to foray into the premium electric two-wheeler market in India and abroad, and it plans to launch its global electric two-wheeler in India in 2021.
Ola Electric’s statement also said that the company is currently running several pilot programs to deploy electric two and three-wheelers along with charging solutions in many cities. It also talked about its plans to set up extensive battery charging and swapping stations across the country.
The company said that it plans to transform the 100 million strong global two-wheeler market, including India’s own market, which has over 20 million of these vehicles into a cleaner and digitalized market.
“The future of mobility is electric, and the post-COVID world presents an opportunity for us to accelerate the adoption of electric mobility globally. Every year, almost twice the number of two-wheelers are sold across the world compared to cars,” said Bhavish Aggarwal, Founder &amp; Chairman, Ola Electric.
The electric mobility wing of one of India’s largest ride-hailing companies said that it is already working with power distribution companies (DISCOMs) to set up a conducive EV ecosystem with a robust battery charging and swapping network in New Delhi.
Last year, New Delhi’s DISCOM BSES <a href="https://mercomindia.com/bses-ola-battery-swapping-new-delhi/" target="_blank" rel="noopener noreferrer">announced</a> signing a memorandum of understanding with Ola Electric to set up battery swapping and charging stations in parts of New Delhi in a move to boost electric vehicle adoption in the national capital.
Earlier, Ola Electric Mobility <a href="https://mercomindia.com/ola-raises-250-mn-softbank/" target="_blank" rel="noopener noreferrer">said</a> it raised ₹17.25 billion (~$250 million) from Tokyo-based SoftBank. SoftBank’s Cayman’s Islands entity, SB Topaz (Cayman) Ltd, was allotted 4,326 compulsorily convertible preference shares in Ola Electric Mobility at a premium rate of ₹3.99 million (~$52,980).
Last year, Mercom analyzed the <a href="https://mercomindia.com/who-will-drive-indias-ev-segment/" target="_blank" rel="noopener noreferrer">two and three-wheeled segment</a>s of EVs in the country and the players that are taking it forward.

deals

Get the most relevant India solar and clean energy news.

RECENT POSTS