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					</table><p>A consortium of engineering and consulting firm <a href="https://www.gensol.in/" target="_blank" rel="noopener">Gensol Engineering</a> and hydrogen infrastructure developer <a href="https://www.matrixgas.in/" target="_blank" rel="noopener">Matrix Gas &amp; Renewables</a> has been selected to set up India&#8217;s first Green Hydrogen Valley in Pune, Maharashtra, on a build-and-operate basis.</p>
<p>The project, supported by the Department of Science &amp; Technology and National Chemicals Laboratories, aims to supply green hydrogen to Pune&#8217;s specialty chemicals sector.</p>
<p>In April, the Department of Science and Technology invited bids to establish hydrogen valley innovation clusters. The initiative is part of The National Green Hydrogen Mission, <u><a href="https://www.mercomindia.com/cabinet-approves-%e2%82%b9197-billion-hydrogen-mission" target="_blank" rel="noopener">approved</a></u> by the Union Cabinet in January 2023, to promote hydrogen energy technology development. The department will provide financial assistance of ₹2.5 million (~$30,426) to develop the detailed project report outlining the specifics of the proposed hydrogen valley innovation clusters.</p>
<p>A green hydrogen valley is a defined geographical area where green hydrogen serves more than one end sector or application in mobility, industry, and energy. This typically covers all the necessary steps in the green hydrogen value chain, from production (and often even dedicated renewable electricity production) to subsequent storage, transport, and distribution to various off-takers.</p>
<p>&#8220;We feel immense pride to develop India&#8217;s first green hydrogen valley project. The government of India has taken a great step in promoting these hydrogen valleys through the Department of Science &amp; Technology. We are going to supply green hydrogen to the specialty chemical sector in Pune, Maharashtra, on a round-the-clock basis to develop the green hydrogen economy in India,&#8221; said Anmol Jaggi, Managing Director, Gensol Engineering.</p>
<p>The Gensol-Matrix consortium recently <a href="https://www.mercomindia.com/gensol-matrix-develop-bio-hydrogen-project/" target="_blank" rel="noopener">won</a> an engineering, procurement, and construction contract from a power generation company to develop India&#8217;s first bio-hydrogen project. The project, valued at ₹1.64 billion (~$19.53 million), aims to convert 25 tons of bio-waste into 1 ton of green hydrogen daily. It is slated for completion within 18 months.</p>
<p>The consortium also <a href="https://www.mercomindia.com/gensol-matrix-gas-hydrogen-electrolyzer-bid" target="_blank" rel="noopener">emerged</a> as the winning bidder in SECI&#8217;s auction for a 237 MW hydrogen electrolyzer manufacturing capacity under the Production Linked Incentive program in collaboration with Matrix Gas &amp; Renewables. The Gensol-Matrix consortium has secured a cumulative 300 MW capacity, including a prior 63 MW awarded in the first tranche of the SECI tender. This equates to a total incentive of ₹4.5 billion (~$53.6 million) under the PLI program.</p>


Gensol-Matrix Consortium Selected to Develop Green Hydrogen Valley in Pune


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					</table><p>A consortium of engineering and consulting firm, <a href="https://www.gensol.in/" target="_blank" rel="noopener">Gensol Engineering</a> and <a href="https://www.matrixgas.in/" target="_blank" rel="noopener">Matrix Gas &amp; Renewables</a>, a natural gas aggregator and hydrogen infrastructure developer, has won an engineering, procurement, and construction (EPC) contract from a power generation company to develop India’s first bio-hydrogen project.</p>
<p>The project, valued at ₹1.64 billion (~$19.53 million), aims to convert 25 tons of bio-waste into 1 ton of green hydrogen daily. It is slated for completion within 18 months, Gensol said in a bourse filing.</p>
<p>Gensol has formed a strategic partnership with U.S.-based Westinghouse, which holds patents for the technology and has successfully commissioned similar plants globally.</p>
<p>The project includes establishing a 25 tons per day (TPD) bio-waste processing facility and producing 1 TPD of green hydrogen using the Pre-Gasification Plasma-Induced Radiant Energy-Based Gasification System technology.</p>
<p>In another filing, Gensol Engineering said it has acquired a 99.99% equity stake in Gridstor Energy by investing ₹99,990 (~$1,191).</p>
<p>Gensol plans to generate, develop, produce, and distribute power, focusing on renewable energy sources such as solar, wind, and battery storage through Gridstor. Gridstor Energy is a newly established entity with no market presence yet.</p>
<p>Gensol recently <a href="https://www.mercomindia.com/gensol-enters-us-market-with-solar-trackers-subsidiary-scorpius/" target="_blank" rel="noopener">expanded</a> into the U.S. by launching its Delaware-based subsidiary, Scorpius Trackers. This move is part of Gensol’s strategy to tap into the growing U.S. solar tracker market, which deploys over 25,000 MW of trackers annually and is expected to grow at more than 20% CAGR. By 2028, Gensol aims to supply over 2,000 MW of trackers annually. Scorpius Trackers’ first U.S. office will be located in California.</p>
<p>The company had also <a href="https://www.mercomindia.com/gensol-matrix-gas-hydrogen-electrolyzer-bid" target="_blank" rel="noopener">emerged</a> as the winning bidder in SECI’s auction for a 237 MW hydrogen electrolyzer manufacturing capacity under the Production Linked Incentive program in collaboration with Matrix Gas &amp; Renewables.</p>


Gensol-Matrix Consortium Wins EPC Contract to Develop Bio-Hydrogen Project


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					</table><p><a href="https://www.adanienterprises.com/" target="_blank" rel="noopener">Adani Enterprises</a>, <a href="https://waaree.com/" target="_blank" rel="noopener">Waaree Energies</a>, <a href="https://www.matrixgas.in/" target="_blank" rel="noopener">Matrix Gas and Renewables</a>, and <a href="https://www.ohmium.com/" target="_blank" rel="noopener">Ohmium</a> were among the winners of Solar Energy Corporation of India&#8217;s (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) auction to set up 1.5 GW of electrolyzer manufacturing capacities across India.</p>
<p>The manufacturing capacities will be set up under the Ministry of New and Renewable Energy&#8217;s Tranche II of the Strategic Interventions for Green Hydrogen Transition (SIGHT) program.</p>
<p>The tender was <a href="https://www.mercomindia.com/seci-invites-bids-manufacturing-under-sight-ii-program" target="_blank" rel="noopener">floated</a> in March this year and was segmented into distinct buckets.</p>
<p><strong>Bucket 2B</strong> focused on smaller units, with 100 MW also mandated to use domestically developed stack technology.</p>
<p><strong>Bucket 2A</strong> required the 300 MW to be developed using indigenously developed stack technology.</p>
<p><strong>Bucket 1</strong> offered 1,100 MW of electrolyzer manufacturing capacity, allowing any stack technology.</p>
<p>Bidders were allowed to participate across all three buckets, with bid evaluations conducted in a tiered manner. Bucket 2B was prioritized, followed by Bucket 2A and Bucket 1. Any unallocated capacities were transferred from one bucket to the next in this sequence. The minimum and maximum bid capacities were set at 100 MW and 300 MW for Buckets 1 and 2A and 10 MW and 30 MW for Bucket 2B.</p>
<p><strong>Bucket 2B</strong> saw Adani Enterprises, <a href="https://www.eeltdh2.com/" target="_blank" rel="noopener">Eastern Electrolyser</a>, <a href="https://www.newtrace.io/" target="_blank" rel="noopener">Newtrace</a>, and Suryaashish KA1 Solar Park (<a href="https://insolare.com/" target="_blank" rel="noopener">InSolare</a>) recognized as winners.</p>
<p>Adani Enterprises, Eastern Electrolyser, and Newtrace each secured 30 MW.</p>
<p>Suryaashish KA1 Solar Park was allocated 10 MW.</p>
<p>The total bids received for Bucket 2B were 270 MW.</p>
<p><strong> <a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/2B.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-69527 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/2B.png" alt="2B" width="911" height="282" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/2B.png 911w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/2B-300x93.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/2B-768x238.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/2B-650x201.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/2B-624x193.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/2B-600x186.png 600w" sizes="(max-width: 911px) 100vw, 911px" /></a></strong></p>
<p><strong>Bucket 2A </strong>saw Adani Enterprises and Newage Green Electro winning 71.5 MW and 228 MW, respectively.</p>
<p>The total bids received for Bucket 2A were 511.5 MW.</p>
<p><strong> <a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/2A.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-69525 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/2A.png" alt="2A" width="892" height="266" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/2A.png 892w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/2A-300x89.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/2A-768x229.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/2A-650x194.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/2A-624x186.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/2A-600x179.png 600w" sizes="(max-width: 892px) 100vw, 892px" /></a></strong></p>
<p><strong>Bucket 1 </strong>saw Newage Green Electro, Waaree Energies, Matrix Gas and Renewables, <a href="https://advaitinfra.com/" target="_blank" rel="noopener">Advait Infratech</a>, Ohmium Operations, <a href="https://www.gh2solar.com/" target="_blank" rel="noopener">GH2 Solar</a>, and <a href="https://avaada.com/" target="_blank" rel="noopener">Avaada Electrolyser</a> emerge victorious.</p>
<p>Waaree Energies secured the largest share with 300 MW.</p>
<p>Matrix Gas and Renewables were awarded 237 MW.</p>
<p>Advait Infratech received 200 MW, while Ohmium Operations secured 137 MW.</p>
<p>GH2 Solar was allocated 105 MW, with Newage Green Electro and Avaada Electrolyser receiving 71.5 MW and 49.5 MW, respectively.</p>
<p>The total bids received for Bucket I were 1980.5 MW.</p>
<p><strong> <a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/SECIs-Hydrogen-Tender-For-Selection-Of-Electrolyzer-Manufacturers-Tranche-II-Based-on-.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-69523 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/SECIs-Hydrogen-Tender-For-Selection-Of-Electrolyzer-Manufacturers-Tranche-II-Based-on-.png" alt="SECI's Hydrogen Tender For Selection Of Electrolyzer Manufacturers (Tranche-II) Based on" width="877" height="378" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/SECIs-Hydrogen-Tender-For-Selection-Of-Electrolyzer-Manufacturers-Tranche-II-Based-on-.png 877w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/SECIs-Hydrogen-Tender-For-Selection-Of-Electrolyzer-Manufacturers-Tranche-II-Based-on--300x129.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/SECIs-Hydrogen-Tender-For-Selection-Of-Electrolyzer-Manufacturers-Tranche-II-Based-on--768x331.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/SECIs-Hydrogen-Tender-For-Selection-Of-Electrolyzer-Manufacturers-Tranche-II-Based-on--650x280.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/SECIs-Hydrogen-Tender-For-Selection-Of-Electrolyzer-Manufacturers-Tranche-II-Based-on--624x269.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/08/SECIs-Hydrogen-Tender-For-Selection-Of-Electrolyzer-Manufacturers-Tranche-II-Based-on--600x259.png 600w" sizes="(max-width: 877px) 100vw, 877px" /></a></strong></p>
<p>The electrolyzer&#8217;s guaranteed life must be a minimum of 60,000 hours, ensuring operational longevity. Additionally, its end-of-life efficiency should not decline below 80%, maintaining optimal performance throughout its lifespan. The specific energy consumption of the projects must be equal to or less than 56 kWh/kg of hydrogen production.</p>
<p>For alkaline electrolyzers, the local value addition percentage must be 40%, 50%, 60%, 70%, and 80% for years one to five; for Proton Exchange Membrane/ Solid Oxide Electrolyser/ Anion Exchange Membrane Electrolyser/any other technology, the local value addition percentage must be 30%, 40%, 50%, 60% and 70% for years one to five.</p>
<p>The electrolyzer manufacturing facilities established under this tender will be granted 30 months from the date of issuance of the letter of award (LoA) to complete the commissioning of the entire manufacturing capacity.</p>
<p>The manufacturing facilities awarded under this tender will be eligible for quarterly incentives on sales of electrolyzers for five years from the commissioning date.</p>
<p>Early this year, SECI <a href="https://www.mercomindia.com/reliance-jindal-adani-win-seci-electrolyzer-auction" target="_blank" rel="noopener">announced</a> the auction winners to set up 1.5 GW electrolyzer manufacturing capacities across India under Tranche 1 of the SIGHT program.</p>


Adani, Waaree, Matrix  Among Winners of SECI’s Electrolyzer Auction


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					</table><p>Engineering and consulting firm <a href="https://www.gensol.in/" target="_blank" rel="noopener">Gensol Engineering</a> has emerged as the winning bidder for a 237 MW hydrogen electrolyzer manufacturing capacity under the Production Linked Incentive (PLI) program in collaboration with <a href="https://www.matrixgas.in/" target="_blank" rel="noopener">Matrix Gas &amp; Renewables</a>, a natural gas aggregator and hydrogen infrastructure developer.</p>
<p>This capacity was secured through a competitive tender by the Solar Energy Corporation of India (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>).</p>
<p>The Gensol-Matrix consortium has secured a cumulative 300 MW capacity, including a prior 63 MW awarded in the first tranche of the SECI tender. This equates to a total incentive of ₹4.5 billion (~$53.6 million) under the PLI program.</p>
<p>The Ministry of New and Renewable Energy has <a href="https://www.mercomindia.com/mnre-electrolyzer-manufacturing-sight-ii-program" target="_blank" rel="noopener">allotted</a> ₹44.4 billion (~$535.6 million) to incentivize electrolyzer manufacturing to reduce hydrogen production costs as part of the National Green Hydrogen Mission (NGHM).</p>
<p>Last January, the Union Cabinet <a href="https://www.mercomindia.com/cabinet-approves-%E2%82%B9197-billion-hydrogen-mission" target="_blank" rel="noopener">approved</a> NGHM to facilitate demand creation, production, utilization, and export of green hydrogen, with an initial outlay of ₹197.44 billion (~$2.3 billion).</p>
<p>Electrolyzers are a crucial component for producing green hydrogen and its derivatives. India has set a target of producing 5 million metric tons of green hydrogen annually by 2030.</p>
<p>Anmol Jaggi, Managing Director of Gensol Engineering, said, &#8220;Winning this PLI capacity under the National Green Hydrogen Mission is a testament to our commitment and technical capabilities. It not only strengthens our position in the green hydrogen sector but also opens up new avenues for growth and collaboration in renewable energy.&#8221;</p>
<p>Chirag Kotecha, Whole-time Director at Matrix Gas and Renewables, said, &#8220;Winning the PLI bid for this prestigious project amidst stiff competition from major conglomerates highlights our technological expertise and manufacturing experience as Gensol – Matrix consortium. Electrolyzer manufacturing initiative is central to our strategy for large-scale decarbonization through green hydrogen, aligning with our vision of establishing India as a leader in sustainable, low-carbon energy.&#8221;</p>
<p>The Gensol-Matrix collaboration is expected to leverage both companies&#8217; strengths in green hydrogen and its derivatives domain, including green steel and green ammonia.</p>


Gensol-Matrix Gas Consortium Wins 237 MW Hydrogen Electrolyzer Bid


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-matrix-renewables-secures-debt-funding/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Matrix Renewables, a global renewable energy company, and Santander Corporate &amp; Investment Banking </strong><a href="https://mercomcapital.com/matrix-renewables-secures-322-million-debt-financing/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a €300 million (~$322 million)</strong> corporate debt financing deal. Matrix secured this financing as Green and Sustainability-Linked, aligning it with the Green and Sustainability-Linked Loan Principles. The financing will allow Matrix to expedite the growth of its platform by allocating funds toward the construction of its advanced development portfolio.</p>
<p><strong>TI Clean Mobility, a wholly-owned subsidiary of Tube Investments of India, a Murugappa Group company, has </strong><a href="https://www.mercomindia.com/gef-invests-%e2%82%b95-8-billion-ti-clean-mobility-%e2%82%b930-billion-ev" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹5.8 billion (~$69.5 million)</strong> in equity and convertible preference shares from South Asia Growth Invest III LLC and South Asia EBT Trust III (collectively GEF Capital Partners). TICMPL had first ventured into last-mile mobility with an electric three-wheeler portfolio under the brand ‘Montra Electric.’</p>
<p><strong>Li Industries, a battery recycling company, </strong><a href="https://mercomcapital.com/li-industries-secures-series-b-funding-battery-recycling/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $36 million in Series B funding to advance lithium-ion battery recycling solutions. </strong>Bosch Ventures, Khosla Ventures, and LG Tech Ventures have co-led the round, with new investments from Formosa Smart Energy Tech Corp., Anglo American Decarbonization Ventures, and Chevron Technology Ventures. These new investors are joining existing backers, Shell Ventures and Myriad Ventures.</p>
<p><strong>Relux Electric, an India-based electric vehicle (EV) charging infrastructure firm, has </strong><a href="https://www.mercomindia.com/relux-funding-expand-hyper-ev-charging-south-india" target="_blank" rel="noopener"><strong>secured</strong></a><strong> ₹2.5 billion (~$29.93 million) in project financing</strong> from a group of real estate and infrastructure investors. The company plans to use the funds to expand its hyper-charging station network across the highways in South India. Relux Electric plans to install 20 new hyper-EV charging stations in the next eight months. The hypercharging stations can allow up to ten small to medium-sized cars, ten high-end cars, two buses, and one truck to charge simultaneously.</p>
<p><strong>Electric mobility company GreenCell Mobility has </strong><a href="https://www.mercomindia.com/greencell-mobility-secures-%e2%82%b93-billion" target="_blank" rel="noopener"><strong>secured</strong></a><strong> ₹3.07 billion (~$37 million) in green financing from Japan-based bank Sumitomo Mitsui Banking Corporation </strong>to deploy a fleet of 350 electric buses across eight cities in the state of Uttar Pradesh. The deal represents the first time a Japan-based bank has provided project financing for an electric mobility project in India, the company claimed.</p>
<p><strong>Princeton NuEnergy, a lithium-ion battery recycling company, <a href="https://mercomcapital.com/princeton-nuenergy-raises-additional-10-3-million-in-series-a-funding/" target="_blank" rel="noopener">announced</a> an additional $10.3 million </strong>in Series A Funding. Last year, the company also raised $16 million in its Series A funding round, bringing its total funding to over $26 million. This additional funding will support the company in constructing an Advanced Black Mass and Cathode Manufacturing Center in the southeastern U.S.</p>
<p><strong>Active Surfaces, a U.S.-based flexible solar panel startup, <a href="https://mercomcapital.com/flexible-solar-panel-startup-active-surfaces-secures-5-6-million/" target="_blank" rel="noopener">secured</a> $5.6 million in an oversubscribed pre-seed funding round. </strong>Safar Partners, a deep tech venture capital fund, led the funding round. Spun out of MIT, the company is developing lightweight, flexible solar panels can be integrated into virtually any surface, having applications from small consumer products to large commercial, office, and industrial buildings.</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://www.mercomindia.com/funding-and-ma-roundup-scout-clean-energy-100-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Matrix Renewables Secures $322 Million Debt Funding


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					</table><p><strong>From: <a href="https://mercomcapital.com/project-finance-brief-strata-clean-energy-secures-storage-project/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Strata Clean Energy, a developer, owner, and operator of renewable energy projects, <a href="https://www.businesswire.com/news/home/20240221070832/en/Strata-Clean-Energy-Secures-559-Million-Financing-for-1GWh-Battery-Energy-Storage-Project-in-Arizona" target="_blank" rel="noopener">secured</a> $559 million in financing for a 255 MW/1,020 MWh</strong> Scatter Wash energy storage complex. The energy storage project construction began on January 18 and is expected to be operational by April 2025. A consortium of financial institutions collaborated to secure the necessary funding for this project. J.P. Morgan and Nomura acted as Coordinating Lead Arrangers and Joint Bookrunners.</p>
<p><strong>Matrix Renewables, the TPG Rise-backed renewable energy platform, <a href="https://mercomcapital.com/matrix-renewables-secures-283-million-project-financing/" target="_blank" rel="noopener">secured</a> construction to term loan financing of $283 million</strong> for a 260 MW solar project in Idaho. The company also executed a production tax credit transfer agreement for this project. The debt transaction led by MUFG as a coordinated lead arranger includes a construction loan, term loan, and Letter of Credit support. HSBC, SMBC, National Bank of Canada, Commonwealth Bank of Australia, and Mizuho acted as Mandated Lead Arrangers.</p>
<p><strong>Arevon Energy</strong><strong>, a solar and storage project developer, <a href="https://mercomcapital.com/arevon-renewables-secures-funding-for-solar-plus-storage-project/" target="_blank" rel="noopener">secured</a> more than $1 billion in aggregate funding commitments</strong> for its Eland 2 Solar-plus-Storage Project in Kern County, California. The 374 MW<sub>dc </sub>solar project coupled with 150 MW/600 MWh of energy storage system is under early-stage construction, and the commercial operations are scheduled for the first quarter of 2025. The company obtained a $431 million tax equity commitment from Wells Fargo and $654 million of debt funding, including a construction-to-term loan, a tax equity bridge loan, and a letter of credit facilities.</p>
<p><strong>TagEnergy, a clean energy company investing in competitive generation and storage assets,</strong><a href="https://mercomcapital.com/tagenergy-reaches-financial-close-energy-storage-project/" target="_blank" rel="noopener"><strong> secured</strong></a><strong> financial closure on the 49.9 MW/ 99.8 MWh</strong> Pitkevy facility in Fife, Scotland. The energy storage project was financed under a non-recourse green loan package of up to £70 million (~$88.35 million), provided by lenders Santander UK, Rabobank, and Triple Point on a full merchant basis (except for Capacity Market revenues).</p>
<p><strong>NorthRenew Energy, a U.S.-based renewable and sustainable project developer, </strong><a href="https://mercomcapital.com/northrenew-energy-sells-300-mw-hybrid-projects/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the sale of its Arco wind and solar project in Idaho</strong> to PacifiCorp, a grid operator in the western United States. The Arco Wind and Solar project is located in Bingham and Bonneville counties in Idaho and has a total capacity of over 300 MW. Construction on the project is expected to commence in 2025, with commercial operations planned for late 2026.</p>
<p><strong>Highfield Solar, a solar project developer, <a href="https://mercomcapital.com/highfield-solar-secures-70-million-in-financing-for-ireland-solar-project/" target="_blank" rel="noopener">secured</a> a €65 million (~$70.45 million) debt facility for the construction and operation of the 93 MW Gaskinstown solar photovoltaic power project</strong> in Ireland. The project is financed by the Coöperatieve Rabobank U.A., which also financed the Rathnaskilloge 106 MW project developed by Highfield Solar in December 2023. The Gaskinstown solar project will be built on an area of 81 hectares near the Duleek village in Meath County.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s project finance <a href="https://www.mercomindia.com/project-finance-brief-enerpac-financing-solar-hybrid-projects" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Strata Clean Energy Secures $559 Million for Storage Project

<p><a href="https://therisefund.com/" target="_blank" rel="noopener noreferrer">The Rise Fund</a>, a global impact investment fund managed by TPG (formerly Texas Pacific Group), announced that it had acquired about 1 GW of solar projects from Chinese solar module manufacturer <a href="https://www.trinasolar.com/us" target="_blank" rel="noopener noreferrer">Trina Solar</a>.</p>
<p>According to The Rise Fund’s press statement, the solar projects include ones that are currently operational, under construction, and in late stages of development nearing ready-to-build status across Spain, Chile, Colombia, and Mexico. The statement did not release any other details of the transaction.</p>
<p>These projects will become part of the portfolio of the newly created entity &#8211; Matrix Renewables – that will be based in Madrid, Spain, the statement added. Through the new company, and with their combined resources, TPG and The Rise Fund intend to develop and acquire new solar projects globally.</p>
<p>“With the establishment of Matrix Renewables and the leadership of a seasoned management team, we are actively looking for additional strategic opportunities to grow our global portfolio and build out the platform,” said Ed Beckley, a Partner at TPG who leads the firm’s infrastructure investing efforts.</p>
<p>“Solar PV development is one of the many ways The Rise Fund is tackling climate change and addressing the climate, energy, and responsible consumption-focused United Nations Sustainable Development Goals. We look forward to growing the Matrix Renewables portfolio to accelerate positive environmental impact well-beyond this initial 1GW of clean energy generation,” added Steve Ellis, Co-Managing Partner of The Rise Fund.</p>
<p>Mercom India Research’s <a href="https://mercomindia.com/product/mercom-india-solar-market-leaderboard-2020-market-shares-profiles/" target="_blank" rel="noopener noreferrer">India Solar Market Leaderboard 2020</a> showed that Trina Solar was one of the top three suppliers of solar modules to India in terms of cumulative shipments as of December 2019. The other two companies were Canadian Solar and JA Solar. Recently, it also <a href="https://mercomindia.com/trina-solar-achieves-23-39-percent-efficiency-perc-cells/" target="_blank" rel="noopener noreferrer">fabricated</a> passivated emitter rear cells (PERC) with a 23.39% power conversion efficiency rate by using only standard manufacturing equipment. The China-based solar cell and module manufacturer said that to the best of their knowledge, this was the highest conversion efficiency confirmed by ISO/IEC 17025 certified calibration laboratory for such an industrial cell.</p>
<p>Previously, Trina also <a href="https://mercomindia.com/trina-solar-aquires-spanish-nclave/" target="_blank" rel="noopener noreferrer">acquired</a> Nclave Renewable S.L., a Spanish solar tracker system manufacturer.</p>
<p>In June 2018, Fourth Partner Energy, a distributed energy management company, <a href="https://mercomindia.com/fourth-partner-energy-tpg-growths-rise-fund/" target="_blank" rel="noopener noreferrer">said</a> it raised a $70 million investment from The Rise Fund.</p>


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