Daily News Wrap-Up: India’s Solar Imports Up 8.3% YoY in Q2 2025

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Lower Manufacturing Costs Drive Vikram Solar’s Revenue in Q1 FY 2026

IREDA Approves ₹11.34 Billion Loan to Insolation Green Energy

SECI Invites Bids for Project Report Preparation of Green Hydrogen Hubs

ACCIONA Commissions 412 MW Solar Project in Rajasthan

Meyer Burger to Sell Module Machinery to Waaree Amid Bankruptcy

Enfinity Global Secures ₹5 Billion Debt Financing from India Infradebt

Emmvee Photovoltaic Gets SEBI Nod for ₹30 Billion IPO  

SJVN Invites Bids to Set Up 600 MW Wind Projects

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-energy-vault-to-raise-300-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Energy Vault, a utility-scale energy storage project developer, <a href="https://mercomcapital.com/energy-vault-to-raise-preferred-equity-investment/" target="_blank" rel="noopener">announced</a> that it has entered into an exclusivity agreement for a $300 million preferred equity investment. The investment aims to support the launch of Asset Vault, a fully consolidated subsidiary of Energy Vault dedicated to developing, owning, and managing energy storage assets. These assets can be standalone or combined with generation facilities, aimed at targeting the most attractive energy markets worldwide.
Zeo Energy, a residential solar and energy efficiency solution provider, <a href="https://mercomcapital.com/zeo-energy-completes-acquisition-heliogen/" target="_blank" rel="noopener">announced</a> the completion of the previously announced acquisition of Heliogen. Heliogen provides solutions for delivering low-carbon energy production by combining commercially proven solar technologies with thermal systems and storage expertise. The transaction consisted entirely of shares of Class A common stock of Zeo Energy. In addition to the foregoing expected benefits of the Heliogen transaction, Zeo Energy received, upon its closing, approximately $13.6 million in net cash from Heliogen through the transaction.
FlexGen Power System, a provider of battery energy storage solutions and energy management software, has <a href="https://mercomcapital.com/flexgen-to-acquire-powins-business-assets/" target="_blank" rel="noopener">announced</a> the acquisition of a significant portion of Powin’s business. Through the acquisition, FlexGen will own all of Powin’s IP, including hardware IP, software IP, and information technology systems, along with a significant spare parts inventory. The announcement was made following the approval from the U.S. Bankruptcy Court for the District of New Jersey, which is overseeing the Chapter 11 cases of Powin and its affiliates.
Government-owned transmission utility, Power Grid Corporation of India (POWERGRID), has <a href="https://www.mercomindia.com/powergrid-to-raise-%E2%82%B950-billion-via-private-placement-of-bonds" target="_blank" rel="noopener">received</a> approval to raise up to ₹50 billion (~$569.3 million) via private placement of bonds. The 82nd issue of POWERGRID bonds in FY 2026 comprises a base size of ₹10 billion (~$113.86 million) and a greenshoe size of ₹40 billion (~$455.4 million). The bonds will be unsecured, non-convertible, non-cumulative, redeemable, and taxable. The bonds will be redeemable at the end of the tenth year, and interest will be paid annually. The coupon/interest offered, the schedule of payment of coupon or interest, and principal will be decided after bidding at the electronic book provider.
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-bluewave-secures-247-million" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Energy Vault to Raise $300 Million

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-scatec-financing-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Scatec, a renewable energy solutions provider, <a href="https://mercomcapital.com/scatec-secures-27-million-financing-for-142-mw-solar-project/" target="_blank" rel="noopener">secured</a> BRL 150 million (~$27 million) non-recourse project financing for the development of a 142 MW solar project in Minas Gerais, Brazil. The funding was provided by Banco de Nordeste do Brasil. The solar project is under construction and is expected to reach commercial operation in the first half of 2026. The financing package is 30% of the total estimated capital expenditure of BRL 506 million (~$91 million).
NextPower V ESG, a fund of NextEnergy Capital, <a href="https://mercomcapital.com/nextpower-v-esg-acquires-73-mw-solar-project-in-italy/" target="_blank" rel="noopener">announced</a> the acquisition of a 73 MW advanced agrivoltaic solar project in Campania, south-eastern Italy. Additionally, the project has been awarded a 20-year contract for difference from the GME DM Agrivoltaico Auction for 100% of its volume. With this acquisition, the fund has increased the committed capacity to date to 670 MW, of which about 220 MW capacity is fully operational and an additional 230 MW is due to reach commercial operations shortly.
Energy Vault, a utility-scale energy storage project developer, <a href="https://mercomcapital.com/energy-vault-acquires-125-mw-1-gwh-stoney-creek-storage-project/" target="_blank" rel="noopener">announced</a> that it has received Foreign Investment Review Board approval and completed the full acquisition of the 125 MW/1,000 MWh Stoney Creek battery energy storage project in Northern New South Wales, Australia. Once operational, the storage project is designed to deliver eight hours of dispatchable energy, supporting grid reliability and flexibility.
BRUC, a Spain-based solar and wind project developer, has <a href="https://mercomcapital.com/bruc-secures-over-757m-for-6-6-gw-clean-energy-portfolio/" target="_blank" rel="noopener">renewed</a> its corporate debt financing for up to €650 million (~$757.6 million). Schroders Capital, Infranity, Instituto de Crédito Oficial, BNP Paribas, Santander, and ING provided the financing, with Santander and ING also acting as green loan coordinators. The financing will support the company’s portfolio of solar and wind projects totaling 6,600 MW in the construction and commissioning stages, located across Spain. It will also enable the hybridization of its various operational projects through the addition of wind and battery storage systems.
Energy Vault, a utility-scale energy storage project developer, <a href="https://mercomcapital.com/energy-vault-secures-18-million-project-financing/" target="_blank" rel="noopener">secured</a> a $18 million project financing from Eagle Point Credit Management, a private credit investment manager. The funding will support the company’s 57 MW/114 MWh Cross Trails Battery Energy Storage project. Located in Texas, the grid-scale project reached full commercial operation in June 2025.
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.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-dsd-renewables-distributed-projects/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Scatec Secures $27 Million Financing for 142 MW Solar Project

Gravity-based grid-scale energy storage solutions provider, <a href="https://energyvault.com/" target="_blank" rel="noopener">Energy Vault</a>, has announced that it raised $100 million in Series C funding.
Existing investors including <a href="https://www.primemoverslab.com/" target="_blank" rel="noopener">Prime Movers Lab</a>, <a href="https://visionfund.com/" target="_blank" rel="noopener">SoftBank Vision Fund</a>, <a href="https://saev.com/" target="_blank" rel="noopener">Saudi Aramco Energy Ventures</a>, Helena, and <a href="https://www.idealab.com/" target="_blank" rel="noopener">Idealab X</a> led the funding round. New investors &#8211; <a href="https://www.pickeringenergypartners.com/" target="_blank" rel="noopener">Pickering Energy Partners</a>, SailingStone Global Energy Transition, A.T. Gekko, Crexa Capital Advisor, Green Storage Solution Venture, and Gordon Crawford also participated in the funding round.
The Switzerland-based company will use funds to support its growth plans and accelerate the deployment of its EVx platform across various continents while meeting customer agreements across markets in Australia, Europe, the Middle East, and the United States.
Energy Vault will start deploying its platform in the U.S. in the fourth quarter of 2021 and is expected to cover other continents through 2022.
The EVx platform combines an innovative six-arm crane design that lifts specially designed, massive composite blocks with a proprietary, cloud-based software platform that orchestrates the storage and discharge of electricity.
According to the company, its EVx platform enhances performance with 80-85% round-trip efficiency coupled with a technical lifespan of over 35 years. In addition, the platform provides a flexible and modular design that is 45% lower in height and can economically serve both higher power and shorter duration applications with ancillary services from 2-4 hours.
The platform also serves longer duration requirements from 5-24 hours or more with zero storage capacity degradation over time.
Robert Piconi, co-founder and chief executive officer (CEO) of Energy Vault, said, &#8220;We are happy to welcome Prime Movers Lab and existing strategic partners that are accelerating the clean energy transition on a global basis.&#8221;
&#8220;The world is at a critical inflection point in the shift towards broader adoption of renewable energy sources. Energy Vault is accelerating this transformation as we now move to global deployments and market adoption of the technology to help energy providers and industrial consumers more cost-effectively meet their sustainability and decarbonization goals,&#8221; Piconi said.
<a href="https://mercomcapital.com/product/1h-q2-2021-funding-ma-report-storage-grid-efficiency/" target="_blank" rel="noopener">According to Mercom&#8217;s 1H and Q2 2021 Funding and M&amp;A Report for Storage, Grid &amp; Efficiency</a>, battery storage companies raised $9.6 billion in corporate funding in the first half of 2021. The report stated that funding levels had improved every quarter since Q1 2020.
Energy Vault <a href="https://mercomindia.com/funding-and-ma-roundup-next-energy-funding/" target="_blank" rel="noopener">raised</a> an undisclosed amount from Saudi Aramco Energy Ventures, the strategic technology venturing program of integrated energy and chemicals company Aramco.
Image credit: Energy Vault

Gravity-Based Storage Company Energy Vault Raises $100 Million

<a href="https://www.tatapower-ddl.com/">Tata Power Delhi Distribution</a> (TPDDL) and the <a href="https://www.ifc.org/wps/wcm/connect/corp_ext_content/ifc_external_corporate_site/home">International Finance Corporation</a> (IFC), the financial arm of the World Bank Group, have signed a memorandum of understanding (MoU) to assess the energy storage capacity requirement in TPDDL&#8217;s area for ensuring sustainable and reliable power distribution and to strategize energy storage deployment in the electric utilities.
Tata Power-DDL is a joint venture between Tata Power and the Government of Delhi. It distributes electricity in North Delhi and serves a populace of 7 million spread across the capital.
Over the next eight months, the two organizations will jointly conduct a study in South Asia to examine and recommend the optimum energy storage capacity that can be implemented for Tata Power-DDL’s 2,000 MW distribution system. Based on the results, an assessment will be made on the storage potential in other smart cities.
&#8220;Today, battery storage has become a crucial part of the electricity grid for the adoption of renewable energy sources and to meet the ever-increasing demand. The association with IFC will help us in leveraging storage optimally and further strengthening our network performance to provide quality power supply to our consumers,&#8221; said Sanjay Banga, CEO, TPDDL.
With electric mobility poised to burgeon, the demand for stable and high-quality energy storage system is increasing.
In July 2019, <a href="https://mercomindia.com/national-electric-mobility-plan/">Mercom</a> had reported that the National Electric Mobility Mission Plan (NEMMP) 2020 targets the deployment of up to 7 million hybrid and electric vehicles (EVs) in India by 2020.
According to the company’s statement, “During a typical day in 2022, solar power may meet up to 44% of the total power demand. Also, the wind capacity of 60 GW may bring about a variation of up to 8 GW in as little as five hours. This variability and uncertainty will require enough response capability to accommodate sudden drops in output, which can only happen with effective and viable storage systems.”
Recently, <a href="https://energyvault.com/">Energy Vault</a>, an Idea lab company that has developed a transformative technology to store energy raised $110 million in Series B funding. The investment was made by <a href="https://visionfund.com/">SoftBank Vision Fund</a>, which was its first investment in energy storage technology. In <a href="https://mercomindia.com/tata-deploy-energy-storage-35mwh-energy-vault/">November</a> 2018, Tata Power announced that it would deploy a 35 MWh Energy Vault system by 2019. The energy storage technology is expected to significantly lower the cost per kilowatt-hour and high round trip efficiency and claims to have a 30-40-year life without any degradation in the storage capacity.
On a similar note, the Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/">MNRE</a>) recently issued invitations requesting proposals to develop <a href="https://mercomindia.com/mnre-invites-gravity-storage-project/">gravity storage projects</a> and also to utilize solar to produce hydrogen from seawater. The ministry believes that with the increasing share of renewables in the country, there will soon be a requirement for energy storage to absorb fluctuations and for grid balancing.
“Optimizing storage and peak load management will benefit the 1.7 million consumers in Tata Power-DDL&#8217;s area. It will also reduce the company&#8217;s cost by enabling it to buy cheaper power during off-peak hours and distributing it when the demand is higher,” the statement from Tata Power further adds.
Tata Power has also announced in the past that it would not build any new coal-fired power projects and most of its power capacity expansion will take place through <a href="https://mercomindia.com/important-headlines-solar-market-april-2019/">renewable energy</a>.
Image Credit: Amazon AWS
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Tata Power and IFC to Study Energy Storage Potential in Power Distribution System

<a href="https://energyvault.com/">Energy Vault</a>, an Idea lab company that has developed a transformative technology to store energy has raised $110 million in Series B funding.
The investment was made by <a href="https://visionfund.com/">SoftBank Vision Fund</a>, which was its first investment in energy storage technology. Energy Vault will use the funds to accelerate the global deployment of its technology, which enables renewables to deliver baseload power for less than the cost of fossil fuels, 24 hours a day.
As part of the investment, Andreas Hansson, Partner for SoftBank Investment Advisers, will join the Energy Vault’s board of directors.
In <a href="https://mercomindia.com/tata-deploy-energy-storage-35mwh-energy-vault/">November</a> 2018, Tata Power announced that it would deploy a 35 MWh Energy Vault system by 2019.
Energy Vault’s technology was inspired by pumped hydro projects that rely on the power of gravity and the movement of water to store and discharge electricity. The company’s solution is based on the same fundamentals of physics and mechanical engineering used in those projects but replaces water with custom made composite bricks through innovative use of low-cost materials and material science.
“Energy Vault solves a long-standing and complex problem of how to store renewable energy at scale,” said Akshay Naheta, Managing Partner for SoftBank Investment Advisers.
“The company’s integration of proven technologies with 21st-century material science and machine vision software provides a solution that reshapes the unit economics of renewable energy while being restorative to the environment. Energy Vault is highly complementary to SoftBank’s existing energy portfolio, and we are pleased to further the company’s global development,” he added.
“As we pursue our mission to enable renewable energy to replace fossil fuels 24 hours a day, we’re thrilled to partner with SoftBank Vision Fund as we expand our global presence,” said Robert Piconi, Chief Executive Officer and Co-Founder, Energy Vault.
“The Vision Fund shares our passion to combat climate change through innovation in energy storage technologies and, with its support as a strategic partner, Energy Vault is well-positioned to meet the large and currently unmet demand for sustainable and economical energy storage worldwide,” he added.
The Ministry of New and Renewable Energy last month <a href="https://mercomindia.com/mnre-invites-gravity-storage-project/" target="_blank" rel="noopener noreferrer">issued</a> invitations requesting proposals to develop gravity storage projects.
<a href="https://mercomindia.com/research-2/" target="_blank" rel="noopener noreferrer">According to Mercom&#8217;s 1H and 2019 Funding and M&amp;A report for Storage Grid and Efficiency</a>, in May 2019, Energy Vault received an investment from CEMEX Ventures, an open innovation and Corporate Venture Capital unit of CEMEX.
Image Credit: Energy Vault

Energy Vault Raises $110 Million from SoftBank Vision Fund for Gravity-Based Storage

Tata Power, an Indian power conglomerate, has announced that it will deploy a 35 MWh <a href="https://energyvault.ch/" target="_blank" rel="noopener">Energy Vault system</a> in the next year.
Energy Vault system is based on the the principles of traditional gravity-based pumped hydro projects that rely on the power of gravity and the movement of water to store and discharge electricity.  The technology combines both potential and kinetic energy with a patented cloud-based software.
It is expected to address one of the biggest problems faced when dealing with renewable energy – intermittency. The company touts that its storage technology will help in achieving significantly lower cost per kilowatt-hour and high round trip efficiency. Energy vault system will have a 30-40-year life without any degradation in the storage capacity.
Some of the specifications of the system are as follows-
<ul>
<li>35 MWh nominal energy capacity and 4 MW peak power</li>
<li>A millisecond response ramp time with 100 percent full power achieved in 2.9 seconds</li>
<li>Roundtrip efficiency of ~90 percent; zero storage degradation over time with no energy loss</li>
<li>Environmental sustainability of all materials through the product lifetime</li>
</ul>
“The world needs rapidly scalable and sustainable energy storage solutions to meet one of the most urgent challenges – the need to decarbonize our energy generation – and we’re thrilled to launch Energy Vault’s unique technology to help solve this problem,” said Robert Piconi, co-founder of Energy Vault.
One of the advantages of the Energy Vault system is its platform flexibility. It can be paired with renewable generation such as solar PV for off grid and microgrid solutions, or for commercial and industrial customers to maximize their renewable power usage. It can also deliver 24 hour a day power to remote towns and villages in emerging markets.
<a href="https://mercomindia.com/ustda-vietnam-study-grant-solar/" target="_blank" rel="noopener">Recently,</a> the United States Trade and Development Agency (<a href="https://www.ustda.gov/" target="_blank" rel="noopener">USTDA</a>) awarded a grant to Vietnam Electricity (EVN), Vietnam’s state-owned power company, to examine the feasibility of deploying advanced energy storage technologies in Vietnam.
<a href="https://mercomindia.com/india-national-energy-storage-mission/" target="_blank" rel="noopener">Earlier</a>, Mercom also reported that India is working towards a national energy storage mission.

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