PFCL Floats Empanelment Tender for Metering Infrastructure Service Providers

Solarium Green Energy Receives BSE Nod for Initial Public Offering

Power Transmission Company Kalpataru Projects Raises ₹10 Billion in QIP

Himachal Regulator Approves Tariff for 900 MW Hybrid Power Projects

Daily News Wrap-Up: HPERC Allows DISCOM To Procure 550 MW Solar Power

MES Invites Bids for Maintenance of 1.7 MW Solar Project

Exploring Solar Open Access Potential in Odisha and Haryana

Karnataka Floats EPC Tender for 1.2 MW Solar Project

Himachal Regulator Allows DISCOM to Procure 550 MW Solar Power from SECI

Agri-Solar Solutions Provider GK Energy Files Papers for ₹5.01 Billion IPO


					<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/2023/12/amazon_polly_61416.mp3?version=1703048441">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-sonnedix-secures-loan-facility/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Sonnedix, an independent solar power producer, </strong><a href="https://mercomcapital.com/sonnedix-secures-545-million-loan-facility/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a €500 million (~$545 million) loan facility to finance the construction of its renewable pipeline in Europe and the UK.</strong> The loan facility consists of a €450 million (~$490 million) capital expenditure facility and a €50 million (~$55 million) letter of credit facility. It will be used to finance renewable energy projects in Europe, particularly Spain, Italy, and the UK.</p>
<p><strong>Enviromena, a clean energy solutions company, </strong><a href="https://mercomcapital.com/enviromena-secures-342-million-debt-facility/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> £270 million (~$342 million) in funding to expand its solar portfolio. The company has agreed to a £200 million (~$253 million) debt and construction facility</strong> with Close Brothers, a UK-based merchant banking group, to fund its target of building 500 MW of generating assets by 2025. The facility follows a £65 million (~$82 million) equity raise. Enviromena will utilize the funding to grow its self-developed ground-mount solar pipeline to more than 2GW by 2025.</p>
<p><strong>The engineering, procurement, and construction (EPC) arm of Shapoorji Pallonji Group, Sterling and Wilson Renewable Energy, </strong><a href="https://www.mercomindia.com/sterling-wilson-qualified-institutions-placement" target="_blank" rel="noopener"><strong>completed</strong></a><strong> ₹15 billion (~$180.03 million)</strong> fundraising through Qualified Institutions placement. The company plans to utilize the funds to pare down debt and pursue the fast-growing EPC markets in India and abroad.</p>
<p><strong>Fourth Power, a thermal energy storage startup, has </strong><a href="https://mercomcapital.com/thermal-energy-storage-startup-fourth-power-raises/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $19 million in Series A funding led by DCVC</strong>, with participation from Breakthrough Energy Ventures and Black Venture Capital Consortium. The funding will support the construction of a 1 MWh electric prototype thermal energy storage facility outside Boston, with an expected completion date in 2026. Fourth Power’s system converts renewable energy to heat, or thermal energy, which can be stored until needed.</p>
<p><strong>EV charging and battery startup Exponent Energy has </strong><a href="https://www.mercomindia.com/exponent-secures-26-4-million-series-b-funding" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $26.4 million in a series B funding round led by Eight Roads Ventures</strong> and a strategic investment from TDK Ventures, marking their debut investment in India’s EV sector. The company plans to utilize the fresh funding to expand its presence to five new cities by the fiscal year 2024. The startup aims to diversify its electric three-wheeler space offerings and enter the intercity e-bus segment in 2024.</p>
<p><strong>Gurugram-based Electric Vehicle (EV) financing and asset management company Finayo has </strong><a href="https://www.mercomindia.com/ev-financing-platform-finayo-expand-its-saas-offerings" target="_blank" rel="noopener"><strong>secured</strong></a><strong> funding of ₹160 million (~$1.9 million)</strong> from F Mec International Financial Services, Choice Finserv (CFPL) and other angel investors, and high net worth individuals. The funds will be utilized to invest in cutting-edge technologies, expand Finayo’s footprint across India, and accelerate the establishment of an inclusive EV financing network.</p>
<p><strong>Volt Energy Group, a national minority-owned solar energy firm that develops, finances, and builds rooftop solar and solar carport projects, <a href="https://mercomcapital.com/volt-energy-group-raises-series-a-funding/" target="_blank" rel="noopener">raised</a> $6 million in a Series A funding</strong> round. The funding will be directed towards boosting their presence in the residential market of Florida, to surpass $100 million in revenue by 2025. Additionally, the group aims to extend its footprint into the Commercial and industrial sectors globally.</p>
<p><strong>BatX Energies, an India-based sustainable and circular Lithium-ion (Li-ion) battery recycling company, has <a href="https://www.mercomindia.com/battery-recycling-batx-secures-5-million-fund-expansion" target="_blank" rel="noopener">raised</a> $5 million in pre-series A Funding.</strong> The funds will be utilized for market expansion and scaling of the company’s recycling operations all over India. Zephyr Peacock led the funding along with Lets Venture and existing investors JITO Angel Network and Family offices of Mankind Pharma, Excel Industries, BluSmart, etc.</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://mercomcapital.com/funding-ma-roundup-solar-subscriptions-firm-sunsave/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Sonnedix Secures $545 Million Loan Facility


					<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/2023/12/amazon_polly_61395.mp3?version=1702986568">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Gurugram-based Electric Vehicle (EV) financing and asset management company <a href="https://finayo.tech/" target="_blank" rel="noopener">Finayo</a> has secured funding of ₹160 Million (~$1.9 million) from <a href="https://fmecinternational.com/" target="_blank" rel="noopener">F Mec International Financial Services</a>, Choice Finserv (<a href="https://choiceindia.com/" target="_blank" rel="noopener">CFPL</a>) and other angel investors, and high net worth individuals.</p>
<p>The funds will be utilized to invest in cutting-edge technologies, expand Finayo&#8217;s footprint across India, and accelerate the establishment of an inclusive electric vehicle (EV) financing network.</p>
<p>Finayo, which offers AI-enabled SaaS (Software as a Service) lending services for the green mobility ecosystem, said the infusion of equity and debt funding marks a pivotal moment as it intensifies its efforts to promote financially inclusive EV adoption and contribute to India&#8217;s zero net emission agenda.</p>
<p>Brajendra Singh Tomar, Co-founder &amp; CEO of Finayo, said, &#8220;With the immense faith that F Mec International Financial Services and Choice Finserv have put in our capabilities, we aim to continue our noble mission by providing EV financing services to the underserved segment of the country.&#8221;</p>
<p>Apoorve Bansal, Managing Director of F Mec International Financial Services Limited, emphasized the potential of Finayo in the EV ecosystem and said, &#8220;Partnering with Finayo is poised to become a positive and invaluable venture. With our financial support and shared goals, we have delivered the impetus for Finayo to alter the green mobility lending industry seismically.&#8221;</p>
<p>The joint venture between Finayo, F Mec International, and CFPL aims to escalate business operations and boost EV growth nationwide. The collective vision includes creating job opportunities for the underserved populace, especially in the green transportation market.</p>
<p>Finayo said it aims to democratize the EV lending process, allowing lenders, original equipment manufacturers, and dealers to authenticate, manage, and generate instant loan offers for diverse EV buyers.</p>
<p>The infusion of capital is expected to enable Finayo to strengthen its technological capabilities, expand its network, achieve groundbreaking sales numbers, and solidify its position in the EV financing sector.</p>
<p>Recently, Bengaluru-based EV charging and battery startup Exponent Energy <a href="https://www.mercomindia.com/exponent-secures-26-4-million-series-b-funding" target="_blank" rel="noopener">raised</a> $26.4 million in a series B funding round led by Eight Roads Ventures and a strategic investment from TDK Ventures, marking their debut investment in India’s EV sector.</p>
<p>According to Mercom Capital Group‘s recently released report titled <a href="https://mercomcapital.com/product/9m-q3-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">9M and Q3 2023 Funding and M&amp;A Report for Storage and Grid</a>, in the third quarter of 2023, VC funding for smart grid companies declined by 86% year-over-year to $248 million across 11 deals.</p>


EV Financing Platform Finayo Secures ₹160 Million to Expand its SaaS Offerings

finayo

Get the most relevant India solar and clean energy news.

RECENT POSTS