Funding and M&A Roundup: Solar Energy Startup Arnergy Raises $15 Million

Delhi’s Uttara Guruvayurappan Temple Turns Green with 80 kW Rooftop Solar System

Project Finance Brief: Spearmint Energy Secures $250 Million for BESS Projects

UPERC Approves Tariff for 5 MW of Bagasse-based RTC Power Procurement

GAIL Invites Bids for 17.5 MW Floating Solar Project in Uttar Pradesh

Santosh Kumar Sarangi Appointed as the New MNRE Secretary

MNRE Adds 14,670 MW Solar Module Capacity Under ALMM

Daily News Wrap-Up: Corporate Solar Funding Reaches $4.8 Billion in Q1 2025

Damodar Valley Corporation Invites Bids for 250 MW/500 MWh BESS Project

Religious Institutions are Cutting Electricity Costs with Solar Installations


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-pine-gate-renewables-secures-funding/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Scout Clean Energy, a Colorado-based renewable energy developer, owner, and operator, <a href="https://mercomcapital.com/scout-clean-energy-secures-loan/" target="_blank" rel="noopener">announced</a> the closing of a $100 million</strong> equipment supply loan with Rabobank. The facility will be used to fund Scout equipment down payments. The company intends to upsize the facility to $200 million and bring in additional banks later in the year to secure equipment supply for Scout’s near-term advanced-stage pipeline of wind, solar, and storage projects.</p>
<p><strong>EnviroSpark, a provider of electric vehicle (EV) charging solutions, </strong><a href="https://mercomcapital.com/ev-charging-firm-envirospark-secures-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a $50 million investment from funds</strong> that will help the company expand its EV charging landscape, which is owned and operated across the U.S. The funding round was advised by Basalt Infrastructure Partners, a U.S.-based equity investment firm focusing on investments in Europe and North America.</p>
<p><strong>Independent power producer AMPIN Energy Transition has </strong><a href="https://www.mercomindia.com/ampin-energy-secures-to-fund-expansion-plans" target="_blank" rel="noopener"><strong>secured</strong></a><strong> funding of up to $35 million from responsAbility</strong>, an investor focusing on private markets, to help AMPIN expand its clean energy projects across India. The investment is part of responsAbility’s $500 million plan to fight climate change in Asia and is the company’s biggest climate investment yet and will. This aligns with the responsAbility’s investor goal of funding solutions that benefit both society and the environment in developing countries.</p>
<p><strong>Charge Zone, an India-based EV charging network firm, has </strong><a href="https://www.mercomindia.com/charge-zone-secures-19-million" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a commitment of $19 million</strong> from British International Investment (BII), the United Kingdom’s development finance institution, to accelerate the expansion of EV charging infrastructure in India. This is BII’s second investment in India’s EV market since 2022 when the impact investor invested $250 million in Mahindra &amp; Mahindra’s passenger EV venture.</p>
<p><strong>LiNova Energy, a developer of polymer cathode-based batteries, </strong><a href="https://mercomcapital.com/polymer-battery-maker-linova-energy-raises-in-series-a-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $15.8 million in a Series A funding round</strong> led by Catalus Capital. Saft, a subsidiary of Total Energies, Chevron Technology Ventures, and a syndicate of investors, also participated in the round. This funding will help accelerate the company in research, development, and expansion of its high-energy polymer cathode battery technology.</p>
<p><strong>Lithium battery startup PointO has </strong><a href="https://www.mercomindia.com/pointo-raises-62-million-lithium-battery-ecosystem" target="_blank" rel="noopener"><strong>secured</strong></a><strong> ₹62 million (~$743,236) in seed funding, with Equirus InnovateX Fund (EIF)</strong> leading the round with an investment of ₹50 million ($599,364). The funds are expected to enable the company to build a full-stack lithium battery ecosystem, including manufacturing, financing, and servicing lithium batteries. Led by IIT-Guwahati alumni, PointO plans to expand its physical centers to more than ten cities in the next 12 months.</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-pine-gate-renewables-secures-650-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Scout Clean Energy Secures $100 Million


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					</table><p><strong><a href="https://www.mercomindia.com/sjvn-1-2-gw-ists-connected-solar-projects" target="_blank" rel="noopener">SJVN has invited bids from developers to set up 1.2 GW interstate transmission system-connected solar power projects anywhere in India</a> </strong>under tariff-based competitive bidding. The last day to submit the bids is June 17, 2024. Bids will be opened on June 21. The minimum project capacity that a bidder can offer is 50 MW, and the maximum is 600 MW. Bidders can offer projects at multiple locations, given each project has a minimum capacity of 50 MW. Bidders should also submit a tender fee of ₹29,500 (~$353). They must also remit a bid processing fee of ₹1.5 million (~$17,967)/ MW for each project.</p>
<p><strong><a href="https://www.mercomindia.com/gujarat-tenders-solar-project-at-khavda" target="_blank" rel="noopener">Gujarat Industries Power Company (GIPCL) has invited bids for a balance of system package for a 500 MW solar power project at Great Rann of Kutch, Khavda,</a></strong> Gujarat. The last date for the submission of bids is June 13, 2024. GIPCL has been allotted land for a renewable energy park with a capacity of 2,375 MW in Khavda. A solar project with a 600 MW capacity is under development at the park.</p>
<p><strong><a href="https://www.mercomindia.com/pointo-raises-62-million-lithium-battery-ecosystem" target="_blank" rel="noopener">Lithium battery startup PointO has secured ₹62 million (~$743,236) in seed funding, with Equirus InnovateX Fund leading the round</a> </strong>with an investment of <a href="https://www.bing.com/ck/a?!&amp;&amp;p=62e885aae8384370JmltdHM9MTcxNDYwODAwMCZpZ3VpZD0yMTgwYTA5Mi1jYzVmLTZkYjAtMTcyZS1iNGNhY2RlZDZjYWYmaW5zaWQ9NTU0OA&amp;ptn=3&amp;ver=2&amp;hsh=3&amp;fclid=2180a092-cc5f-6db0-172e-b4cacded6caf&amp;u=a1L3NlYXJjaD9xPUluZGlhbitydXBlZSZGT1JNPVNOQVBTVCZmaWx0ZXJzPXNpZDoiOWNiOWY4YWQtYjhmNS01OGRkLTE2MjAtZjgyZDY1MzZkNjg0Ig&amp;ntb=1">₹</a>50 million (~$599,364). The funds are expected to enable the company to build a full-stack lithium battery ecosystem, including manufacturing, financing, and servicing lithium batteries. Led by IIT-Guwahati alumni, PointO plans to expand its physical centers to more than ten cities in the next 12 months.</p>
<p><strong><a href="https://www.mercomindia.com/rec-q4-net-profit-up" target="_blank" rel="noopener">Public infrastructure finance company REC Limited recorded a total income ₹127.07 billion (~$1.52 billion) for the fourth quarter of the financial year 2023-24</a>,</strong> a 24% year-over-year (YoY) increase. REC’s net profit for the quarter rose 33% YoY to <a href="https://www.bing.com/ck/a?!&amp;&amp;p=62e885aae8384370JmltdHM9MTcxNDYwODAwMCZpZ3VpZD0yMTgwYTA5Mi1jYzVmLTZkYjAtMTcyZS1iNGNhY2RlZDZjYWYmaW5zaWQ9NTU0OA&amp;ptn=3&amp;ver=2&amp;hsh=3&amp;fclid=2180a092-cc5f-6db0-172e-b4cacded6caf&amp;u=a1L3NlYXJjaD9xPUluZGlhbitydXBlZSZGT1JNPVNOQVBTVCZmaWx0ZXJzPXNpZDoiOWNiOWY4YWQtYjhmNS01OGRkLTE2MjAtZjgyZDY1MzZkNjg0Ig&amp;ntb=1">₹</a>40.79 billion (~$488.86 million). REC loan approvals for the quarter totaled <a href="https://www.bing.com/ck/a?!&amp;&amp;p=62e885aae8384370JmltdHM9MTcxNDYwODAwMCZpZ3VpZD0yMTgwYTA5Mi1jYzVmLTZkYjAtMTcyZS1iNGNhY2RlZDZjYWYmaW5zaWQ9NTU0OA&amp;ptn=3&amp;ver=2&amp;hsh=3&amp;fclid=2180a092-cc5f-6db0-172e-b4cacded6caf&amp;u=a1L3NlYXJjaD9xPUluZGlhbitydXBlZSZGT1JNPVNOQVBTVCZmaWx0ZXJzPXNpZDoiOWNiOWY4YWQtYjhmNS01OGRkLTE2MjAtZjgyZDY1MzZkNjg0Ig&amp;ntb=1">₹</a>328.75 billion (~$3.94 billion), a 57% YoY decrease. The disbursements grew 34% YoY to <a href="https://www.bing.com/ck/a?!&amp;&amp;p=62e885aae8384370JmltdHM9MTcxNDYwODAwMCZpZ3VpZD0yMTgwYTA5Mi1jYzVmLTZkYjAtMTcyZS1iNGNhY2RlZDZjYWYmaW5zaWQ9NTU0OA&amp;ptn=3&amp;ver=2&amp;hsh=3&amp;fclid=2180a092-cc5f-6db0-172e-b4cacded6caf&amp;u=a1L3NlYXJjaD9xPUluZGlhbitydXBlZSZGT1JNPVNOQVBTVCZmaWx0ZXJzPXNpZDoiOWNiOWY4YWQtYjhmNS01OGRkLTE2MjAtZjgyZDY1MzZkNjg0Ig&amp;ntb=1">₹</a>393.7 billion (~$4.71 billion).</p>
<p><strong><a href="https://www.mercomindia.com/indian-oil-consultancy-tender-renewable-projects" target="_blank" rel="noopener">Indian Oil Corporation has invited bids from technical consultants for project management consultancy services to set up renewable energy projects</a> </strong>at various locations across India. The contract period will be for three years, with an estimated value of <a href="https://www.bing.com/ck/a?!&amp;&amp;p=62e885aae8384370JmltdHM9MTcxNDYwODAwMCZpZ3VpZD0yMTgwYTA5Mi1jYzVmLTZkYjAtMTcyZS1iNGNhY2RlZDZjYWYmaW5zaWQ9NTU0OA&amp;ptn=3&amp;ver=2&amp;hsh=3&amp;fclid=2180a092-cc5f-6db0-172e-b4cacded6caf&amp;u=a1L3NlYXJjaD9xPUluZGlhbitydXBlZSZGT1JNPVNOQVBTVCZmaWx0ZXJzPXNpZDoiOWNiOWY4YWQtYjhmNS01OGRkLTE2MjAtZjgyZDY1MzZkNjg0Ig&amp;ntb=1">₹</a>198.6 million (~$2.38 million). The last day to submit the bids is May 21, 2024. Bids will be opened on the same day.</p>
<p><strong><a href="https://www.mercomindia.com/cerc-approves-to-ntpc-due-to-change-in-law" target="_blank" rel="noopener">The Central Electricity Regulatory Commission has recognized the Change in Law event and mandated compensation</a>, </strong>agreeing with NTPC and Telangana distribution companies that any impact should be recovered through usage charges for two solar projects. The Commission outlined a methodology for compensation payments, setting a normative interest rate and annuity term. It directed reconciling additional expenditure and carrying costs, subject to the Supreme Court’s orders in relevant matters.</p>
<p><strong><a href="https://www.mercomindia.com/charge-zone-secures-19-million" target="_blank" rel="noopener">Charge Zone, an India-based electric vehicle charging network firm, has secured a commitment of $19 million from British International Investment</a>,</strong> the United Kingdom’s development finance institution, to accelerate the expansion of EV charging infrastructure in India. The investment would enable Charge Zone to expedite the expansion of its high-speed charging network for electric cars, buses, and trucks across key cities and highways in India. The company also plans to roll out more than 1,500 super-charging stations over the next 18 months.</p>
<p><strong><a href="https://www.mercomindia.com/avaada-secures-for-400-mw-solar-project" target="_blank" rel="noopener">Avaada Energy, the renewable energy division of Avaada Group, has secured green financing of ₹11.9 billion (~$143 million) from the State Bank of India</a>, </strong>a public sector lender. The 20-year-old financing facility will facilitate the development of a 400 MW utility-scale solar power project located in the Surendra Nagar district of Gujarat. Gujarat Urja Vikas Nigam, a government of Gujarat agency involved in bulk electricity procurement and distribution, will procure all the electricity generated by the project.</p>
<p><strong><a href="https://www.mercomindia.com/hpcl-100-mw-solar-andhra-pradesh" target="_blank" rel="noopener">Hindustan Petroleum Corporation (HPCL) has invited bids on behalf of its subsidiary HPCL Renewable &amp; Green Energy for the engineering, procurement, and construction package</a></strong> of a 100 MW solar power project at Galiveedu, Annamayya district, Andhra Pradesh. Approximately 500 acres at the Galiveedu Solar Park has been identified for the plant’s construction. The deadline to submit the bids is May 17, 2024. Bids will be opened the same day.</p>
<p><strong><a href="https://www.mercomindia.com/eu-approves-net-zero-industry-act" target="_blank" rel="noopener">The European Parliament has approved the Net Zero Industry Act to enhance net-zero technology production within the European Union</a>.</strong> The Act targets Europe to produce 40% of its net-zero technology needs by 2030 and capture 15% of the global market for these technologies. The Act supports various technologies crucial for the EU’s climate and energy goals, including all renewable technologies, nuclear, industrial decarbonization, grid, energy storage technologies, and biotech.</p>
<p><strong><a href="https://www.mercomindia.com/global-renewable-capacity-2028-iea" target="_blank" rel="noopener">Under current policies and market conditions, the global renewable capacity is projected to hit 7,300 GW by 2028</a>.</strong> However, this trajectory falls short of the goal to triple global renewable energy capacity by 2030, as advocated by the International Energy Agency in alignment with its Net Zero Emissions by 2050 scenario. Governments must address existing challenges and expedite policy implementation to bridge this gap and surpass 11,000 GW by 2030. These challenges encompass policy uncertainties, insufficient investment in grid infrastructure, administrative hurdles, and financing constraints, with solutions tailored to each country’s context.</p>
<p><strong><a href="https://www.mercomindia.com/nrel-roadmap-tandem-solar-cells" target="_blank" rel="noopener">Researchers at the U.S. Department of Energy’s National Renewable Energy Laboratory have proposed enhancing cell and module efficiency</a></strong> to record levels, scale manufacturing, address reliability and durability issues, and figure out the design of hybrid tandem solar modules to better commercialize them.</p>
<p><strong><a href="https://www.mercomindia.com/first-solar-q1-profit-soars" target="_blank" rel="noopener">U.S.-based First Solar’s net income for the first quarter of 2024 surged by 455% to $236.6 million from $42.6 million in the same quarter last year</a>, </strong>with the solar module manufacturer benefitting from the higher sales volume and gross margins. The company’s net sales in the same period rose by 45%, reaching $794.1 million, up from $548.3 million last year, primarily driven by increased demand for First Solar’s thin-film photovoltaic modules.</p>
<p><strong><a href="https://www.mercomindia.com/scatecs-q1-net-loss-from-new-projects-increase" target="_blank" rel="noopener">Norway-based independent power producer Scatec reported a net loss of NOK 26 million (~$2.3 million) during the first quarter of 2024</a>, </strong>marking an improvement of 73% on a YoY basis from a net loss of NOK 98 million (~$8.8 million). While the company got a tax benefit of NOK 12 million (~$1.08 million) during the quarter, the overall profit for the quarter was still negative.</p>


Daily News Wrap-Up: SJVN’s Tender for 1.2 GW Solar Projects Across India


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					</table><p>Lithium battery startup <a href="https://www.pointo.in/" target="_blank" rel="noopener">PointO</a> has secured ₹62 million (~$743,236) in seed funding, with Equirus InnovateX Fund (<a href="https://www.equirus.com/" target="_blank" rel="noopener">EIF</a>) leading the round with an investment of ₹50 million ($599,364).</p>
<p>The funds are expected to enable the company to build a full-stack lithium battery ecosystem, including manufacturing, financing, and servicing lithium batteries. Led by IIT-Guwahati alumni, PointO plans to expand its physical centers to more than ten cities in the next 12 months.</p>
<p>While the initial focus is on financing lithium batteries for e-rickshaw owners in Tier-II cities, PointO is tackling the low adoption problem in this segment due to operational and financial complexities.</p>
<p>“In the last decade, e-rickshaws have created opportunities for millions by doubling their livelihoods, replacing traditional rickshaws. At Pointo, we strive to replicate this impact with the introduction of lithium-ion batteries. By offering higher mileage and reducing the cost of capital, we aim to potentially triple or quadruple e-rickshaw drivers&#8217; take-home income,&#8221; said Riki Biswas, Founder and CEO of PointO.</p>
<p>According to PointO, India’s rapid transition to e-rickshaws, mainly for last-mile connectivity, has led to over 2.4 million e-rickshaws currently operating and replacing their traditional counterparts.</p>
<p>The market for e-rickshaws is projected to deliver a staggering 32% Compound Annual Growth Rate (CAGR) between 2021 and 2032, reaching a value of $27.5 billion. With lithium batteries comprising 60-70% of the total cost of ownership and sustainability concerns driving a shift from lead-acid to lithium batteries, PointO is strategically positioned to capture significant market share and drive industry-wide transformation, the release said.</p>
<p>&#8220;PointO&#8217;s innovative approach and strong execution capabilities align perfectly with EIF&#8217;s vision of supporting visionary founders and catalyzing innovation,&#8221; said Sunder Nookala, Early-Stage VC and Head of Tech and Digital at Equirus.</p>
<p>EVs have <a href="https://www.mercomindia.com/energy-storage-must-expand-six-fold-enable-renewables" target="_blank" rel="noopener">dominated</a> the use of lithium-ion batteries, driving 90% of the increase in demand from 2015 to 2023, the International Energy Agency said.</p>
<p>In a report released by NITI Ayog last August, the cumulative capacity of lithium-ion batteries in India across sectors is <a href="https://www.google.com/search?q=battery+ecosystem+india+mercom+india&amp;sca_esv=245dc9e7f862aecc&amp;rlz=1C9BKJA_enIN1089IN1090&amp;hl=en-GB&amp;sxsrf=ACQVn091jGlPJPao7XSLxFHJZzO5jcjQpw:1714637901349&amp;ei=TUwzZqnRFKrVseMP7vWUuAs&amp;oq=battery+ecosystem+india+mercom+india&amp;gs_lp=EhNtb2JpbGUtZ3dzLXdpei1zZXJwIiRiYXR0ZXJ5IGVjb3N5c3RlbSBpbmRpYSBtZXJjb20gaW5kaWEyBRAhGKABSPIZUI4GWOQScAB4AJABAJgBswGgAagPqgEEMC4xNbgBA8gBAPgBAZgCDqACmg7CAgsQABiABBiwAxiiBMICCxAAGLADGKIEGIkFwgIFECEYnwXCAgcQIRigARgKmAMAiAYBkAYEkgcEMC4xNKAHoyU&amp;sclient=mobile-gws-wiz-serp" target="_blank" rel="noopener">estimated</a> to reach nearly 600 GWh by 2030.</p>
<p>According to Mercom Capital’s recently released <a href="https://mercomcapital.com/product/q1-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Q1 2024 Funding and M&amp;A Report for Storage and Grid</a>, the global energy storage sector witnessed a 432% increase year-over-year in corporate funding, totaling $11.7 billion across 29 transactions, from $2.2 billion in 27 deals.</p>


PointO Raises ₹62 Million to Build Full-Stack Lithium Battery Ecosystem in India

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