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					</table><p>India-based solar module manufacturer <a href="https://www.waaree.com/" target="_blank" rel="noopener">Waaree Energies</a> has partnered with <a href="https://www.ecofy.co.in/" target="_blank" rel="noopener">Ecofy</a>, a non-banking financial company supported by <a href="https://eversourcecapital.com/" target="_blank" rel="noopener">Eversource Capital</a>, to fund environmentally positive projects.</p>
<p>Ecofy is investing ₹ $1 billion (~$11.9 million) in this collaboration.</p>
<p>Aligned with the government&#8217;s PM Surya Ghar Muft Bijli Yojana and capitalizing on favorable market conditions, Waaree said the alliance will help advance India&#8217;s shift towards renewable energy.</p>
<p>By combining Waaree Energies&#8217; solar expertise with Ecofy&#8217;s digital financing solutions, the initiative aims to expedite the solarization of over 10,000 households and MSMEs, in line with the objectives of PM Surya Ghar Muft Bijli Yojana.</p>
<p>Waaree and Ecofy anticipate playing a vital role in fulfilling India&#8217;s energy independence objectives while aiding households in adopting a more environmentally friendly and economically efficient lifestyle.</p>
<p>Kailash Rathi, Head of Partnerships and co-lending at Ecofy, said, &#8220;Our collaboration with Waaree signifies a milestone towards solar adoption at a time when the industry is at an inflection point. Over the past 15 months, Ecofy has empowered over 5,000 rooftop solar customers. We have invested heavily in this segment, enabling penetration through product innovation and instant approvals.&#8221;</p>
<p>&#8220;As the country prepares for the peak solar season, the collaboration between Ecofy and Waaree is expected to act as a catalyst and aid in accelerating solar adoption and penetration across diverse segments of society,&#8221; Rathi added.</p>
<p>Pankaj Vassal, President of Sales at Waaree Energies, said, &#8220;Our partnership with Ecofy represents progress towards democratizing solar power accessibility. By integrating our solar solutions with Ecofy&#8217;s financing platform, we are working towards removing barriers and aiding in accelerating the adoption of solar power across households and businesses. This is expected to empower more people to embrace the benefits of clean energy while collectively building a greener, more environmentally conscious India.&#8221;</p>
<p>Backed by Eversource Capital, Ecofy collaborates with individuals and small enterprises intending to diminish their carbon footprint and contribute to environmental equilibrium.</p>
<p>Ecofy provides loans for electric vehicles (two and three-wheelers), rooftop solar installations, and small to medium enterprises.</p>
<p>Waaree Renewable Technologies, the solar engineering, procurement, and construction (EPC) arm of the Waaree Group, <a href="https://www.mercomindia.com/waaree-renewable-profit-surges-q3-fy24">posted</a> a net profit of ₹644.6 million (~$7.7 million) in the third quarter of the financial year 2024, an increase of 158%.</p>
<p>Last August, the company <a href="https://www.mercomindia.com/waaree-10-billion-expand-solar-manufacturing" target="_blank" rel="noopener">raised</a> ₹10 billion (~$120.8 million) in a second round of equity funding led by ValueQuest, a boutique portfolio management company, to help expand its manufacturing capacity by 6 GW.</p>


Waaree Partners with Ecofy to Solarize 10,000 Household Rooftops


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-ev-charging-platform-monta-secures-87-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Monta, an EV charging solutions provider, </strong><a href="https://mercomcapital.com/ev-charging-platform-monta-secures-87-million-series-b-funding/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the close of an €80 million (~$87 million) Series B financing round</strong>, bringing the company’s total funding to €130 million (~$142 million) in three years. Energize Capital co-led the round with GreenPoint Partners and Denmark’s state-backed Export and Investment Fund. Monta will leverage this investment to strengthen product R&amp;D, expanding its partner network across all markets.</p>
<p><strong>Sion Power Corporation, a developer of batteries for electric vehicles, </strong><a href="https://mercomcapital.com/sion-power-raises-75-million-in-series-a-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $75 million in Series A funding</strong>. The round was led by LG Energy Solution (the investment to be executed through LG Technology Ventures and Bricks Capital Management) and repeat participation from mathematician Jim Simons’ Euclidean Capital. Sion Power will use this new capital for technical and market validation of its technology.</p>
<p><strong>Switzerland-based responsAbility, an impact-investment firm with over $4.7 billion in assets under management, said it would </strong><a href="https://www.mercomindia.com/responsability-injects-25-million-blusmart" target="_blank" rel="noopener"><strong>invest</strong></a><strong> up to $25 million in BluSmart</strong>, an electric vehicle (EV) ride-hailing service in India. The investment, part of responsAbility’s broader $500 million climate strategy aimed at reducing carbon emissions in Asia through investments in low-emission technologies, will help BluSmart expand its EV charging infrastructure to enable large-scale adoption of electric mobility.</p>
<p><strong>Non-banking financial company Ecofy has </strong><a href="https://www.mercomindia.com/solar-ev-financing-firm-ecofy-secures-900-million" target="_blank" rel="noopener"><strong>secured</strong></a><strong> an investment of ₹900 million (~$10.83 million) from FMO</strong>, a Dutch entrepreneurial development bank, to facilitate product diversification and support its expansion across India. The company provides loans to electric vehicles, rooftop solar projects, and small and medium enterprises providing E2E digital experience. The investment will be divided into two equal tranches.</p>
<p><strong>Trilantic Europe, a European private equity firm, has <a href="https://mercomcapital.com/trilantic-europe-acquires-majority-stake-aerocompact-group/" target="_blank" rel="noopener">announced</a> the acquisition of a 60% stake in AEROCOMPACT Group</strong>, a provider of solar mounting solutions for photovoltaic modules. The deal, which is subject to approval by the relevant authorities, will enable AEROCOMPACT to accelerate its international expansion. The company has a global presence with subsidiaries in Austria, Germany, the US, India, and Bulgaria.</p>
<p><strong>China-based robotic solar module cleaning solutions firm Sunpure </strong><a href="https://www.mercomindia.com/robotic-solar-module-million-in-series-a-funding" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that it has completed its Series A funding round of ¥100 million (~$676,221)</strong> led by Hengxu Capital. The funds raised in this round will be directed towards the research and development of intelligent robots for solar projects, as well as the optimization and upgrading of comprehensive cleaning solutions across various scenarios.</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://mercomindia.com/funding-and-ma-roundup-northvolt-secures-5-billion-loan" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: EV Charging Platform Monta Secures $87 Million


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					</table><p><a href="https://www.mercomindia.com/sjvn-sael-coal-india-guvnls-600-mw-solar-auction" target="_blank" rel="noopener"><strong>SJVN Green Energy, SAEL Industries, and Coal India were declared the winners of Gujarat Urja Vikas Nigam’s (GUVNL) auction to supply power from 600</strong></a> MW of grid-connected solar power projects (Phase XXI) to be set up at the Gujarat Industries Power Company’s solar park in Khavda, Gujarat, with a greenshoe option of an additional 600 MW.</p>
<p><a href="https://www.mercomindia.com/torrent-invites-from-wind-solar-hybrid-projects" target="_blank" rel="noopener"><strong>Gujarat-based power company </strong><strong>Torrent Power</strong><strong> has invited bids for the purchase of 300 MW of power from wind-solar hybrid energy projects</strong></a>, with a greenshoe option of up to 150 MW. The last date for the submission of bids is February 7, 2024. Bids will be opened on February 9.</p>
<p><a href="https://www.mercomindia.com/guvnl-300-mw-wind-greenshoe" target="_blank" rel="noopener"><strong>GUVNL</strong><strong> has invited bids for the purchase of power from 300 MW of grid-connected wind projects to be set up anywhere in India (Phase VII) with a greenshoe option</strong></a> of an additional 300 MW. The last date to submit the bids is February 21, 2024. Bids will be opened on February 26.</p>
<p><a href="https://www.mercomindia.com/iex-records-19-400-mu-of-green-energy" target="_blank" rel="noopener"><strong>The Indian Energy Exchange’s profit after tax demonstrated an uptrend, with an 18.9% YoY increase, soaring to ₹918 million (~$11 million) in Q3 of FY 2023-24</strong></a> from ₹772 million (~$9.2 million). The company’s total trading volumes surged by 16.8%, reaching 28.3 billion units compared to 24.2 BU in the same period last year.</p>
<p><strong><a href="https://www.mercomindia.com/sjvn-bos-supply-contract-solar-projects-gujarat" target="_blank" rel="noopener">Solarworld Energy Solutions has signed a contract with SJVN Green Energy, a wholly owned subsidiary of SJVN, to supply balance of system package</a></strong> for two grid-connected solar power projects with a total capacity of 360 MW in Gujarat. The two projects, with 100 MW and 260 MW capacity, will be installed at Mothara village in the Kutch district of Gujarat.</p>
<p><strong><a href="https://www.mercomindia.com/teslas-net-income-in-storage-deployments-surge-125" target="_blank" rel="noopener">U.S.-based electric vehicle maker Tesla reported a net income of $2.4 billion in the fourth quarter of the financial year 2023, a 39% year-over-year (YoY) decline</a></strong>. The company posted a 3% YoY growth in revenue at $25.1 billion for the October-December quarter. Tesla attributed it to increased vehicle deliveries and other business parts, including energy storage.</p>
<p><a href="https://www.mercomindia.com/solar-ev-financing-firm-ecofy-secures-900-million" target="_blank" rel="noopener"><strong>Non-banking financial company </strong><strong>Ecofy</strong><strong> has secured an investment of ₹900 million (~$10.83 million) from </strong><strong>FMO</strong><strong>, a Dutch entrepreneurial development bank</strong></a>, to facilitate product diversification and support its expansion across India. The company provides loans to EVs, rooftop solar projects, and small and medium enterprises providing E2E digital experience.</p>
<p><a href="https://www.mercomindia.com/hero-future-energies-to-modules-from-pixon-green" target="_blank" rel="noopener"><strong>Hero Future Energies (</strong><strong>HFE</strong><strong>), the renewable energy arm of Hero Group, announced the signing of a tolling agreement with </strong><strong>PIXON Green Energy</strong></a>, a domestic module manufacturer, for the supply of 500 MW high-efficiency solar photovoltaic modules annually. Pixon will provide HFE with these modules on a prioritized basis for two years from their fully automated Ecoprogetti line based in Rajkot, Gujarat.</p>
<p><a href="https://www.mercomindia.com/mit-scientists-develop-free-batteries-for-evs" target="_blank" rel="noopener"><strong>A new lithium-ion battery, which includes a cathode based on organic materials instead of metals such as cobalt or nickel, has been designed by researchers</strong></a> at the Massachusetts Institute of Technology. EVs are powered by lithium-ion batteries, which commonly contain cobalt and nickel; the former has been associated with high financial, environmental, and social costs.</p>


Daily News Wrap-Up: SJVN Green, SAEL, Coal India Win GUVNL’s 600 MW Auction


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					</table><p>Non-banking financial company <a href="https://www.ecofy.co.in/" target="_blank" rel="noopener">Ecofy</a> has secured an investment of ₹900 million (~$10.83 million) from <a href="https://www.fmo.nl/" target="_blank" rel="noopener">FMO</a>, a Dutch entrepreneurial development bank, to facilitate product diversification and support its expansion across India.</p>
<p>The company provides loans to electric vehicles (EV), rooftop solar projects, and small and medium enterprises providing E2E digital experience.</p>
<p>The investment will be divided into two equal tranches. It comes with a commitment to climate action and is intended to fuel Ecofy’s loan book.</p>
<p>“Securing an investment from FMO marks a pivotal moment for Ecofy, reinforcing our commitment to addressing the climate finance gap for small business owners and individuals. The investment aims to play a critical role in decarbonizing energy, particularly in a rapidly growing economy like India. This collaboration not only strengthens our financial standing but also affirms our vision for a cleaner and more resilient future,” said Rajashree Nambiar, co-founder, managing director, and CEO at Ecofy.</p>
<p>“The collaboration with Ecofy gives us the chance to support improved access to climate-friendly products to individuals and SMEs in India. We are especially enthused by the convergence of impact in terms of financial inclusion and positive environmental impact,” said Cornelias Van Aerssen, Manager at FMO’s private equity department.</p>
<p>Ecofy is promoted by climate impact investor Eversource Capital, which aims to mobilize and deploy capital at scale to combat climate change and accelerate toward net zero goals.</p>
<p>“Ecofy has been set up to build a digital-first last mile climate finance solutions business to support India’s economic growth in a sustainable and inclusive manner,” said Dhanpal Jhaveri, CEO at Eversource.</p>
<p>Last December, the State Bank of India <a href="https://www.mercomindia.com/sbi-165-million-world-bank-fund-rooftop-solar" target="_blank" rel="noopener">signed</a> a $165 million line of credit from the World Bank to finance rooftop solar projects in the residential and institutional sectors.</p>
<p>Electric vehicle sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-2023" target="_blank" rel="noopener">reached</a> a record 1.53 million units in 2023, as opposed to the million units that were sold in 2022, registering a 50% year-over-year increase.</p>


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