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					</table><p>The <a href="http://www.house.gov/" target="_blank" rel="noopener">United States House of Representatives</a> has passed the Senate’s version of the budget reconciliation bill without any changes by a vote of 218 to 214. President Trump is expected to sign the bill into law on Friday.</p>
<p>The Senate had <a href="https://www.mercomindia.com/senate-passes-budget-bill-without-excise-tax-on-wind-and-solar-projects" target="_blank" rel="noopener">removed</a> the excise tax on wind and solar projects. The bill’s previous version included a tax of 50% on solar and 30% on wind projects commissioned after December 31, 2027, if they were constructed after the date of enactment and received material assistance from prohibited foreign entities.</p>
<p>Material assistance restrictions would still apply for projects beginning construction after December 31, 2025.</p>
<p>The final Senate version includes a key revision, wherein solar and wind utility-scale projects breaking ground within 12 months of the bill’s passage will still qualify for the full Section 48E Investment Tax Credit (ITC) and the Section 45Y Production Tax Credit (PTC).</p>
<p>However, projects that begin construction after the 12-month grace period must be placed in service by 2027 to remain eligible.</p>
<p>The bill also proposes phasing out the manufacturing production credit for critical minerals. In 2031, the credit for critical minerals would be limited to 75%. It would drop to 50% in 2032, 25% in 2033, and end entirely in 2034. The credit for wind components would phase out earlier, ending for items produced and sold after December 31, 2027.</p>
<p>The bill passed in the Senate by a vote of 51 to 50, with Vice President Vance casting the tie-breaking vote.</p>
<p>The clean energy industry voiced disappointment with the passage of the bill.</p>
<p>Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association (SEIA), said: “The bill being sent to the President’s desk today is a significant step backwards for our nation’s energy economy at a time when we can least afford it. In the face of rising energy costs, global instability, and growing demand for power, Congress has turned its back on the very industries that are adding the majority of the new electricity generating capacity to the grid.</p>
<p>“Regardless of what happens in Washington in the coming months and years, markets will continue to drive outcomes.”</p>
<p>Trade association, the Coalition for Community Solar Access (CCSA), called the House’s final passage of the reconciliation bill an “irrational and punitive choice.” It said, “By voting for this bill, Congress chose to raise energy prices, put at risk thousands of energy projects already under development, destabilize investor confidence in energy markets, and put hundreds of thousands of American jobs at risk.</p>
<p>Donald Trump has <a href="https://www.mercomindia.com/trump-pauses-clean-energy-spending/" target="_blank" rel="noopener">issued</a> a raft of executive orders seeking to reverse his predecessor’s climate and energy agenda soon after assuming office as U.S. president. One of his first orders directed federal agencies to immediately pause the disbursement of funds through the IRA, which <a href="https://www.mercomindia.com/inflation-reduction-act-faster-transition-clean-energy-u-s" target="_blank" rel="noopener">proposed</a> spending millions of dollars to promote clean energy.</p>



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					</table><p>The <a href="https://www.senate.gov/" target="_blank" rel="noopener">United States Senate</a> has passed the budget reconciliation bill that removes the proposed excise tax on wind and solar projects. The bill’s previous version <a href="https://www.mercomindia.com/senate-bill-end-solar-wind-incentives-2028" target="_blank" rel="noopener">included</a> a tax of 50% on solar and 30% on wind projects commissioned after December 31, 2027, if they were constructed after the date of enactment and received material assistance from prohibited foreign entities.</p>
<p>Material assistance restrictions would still apply for projects beginning construction after December 31, 2025.</p>
<p>The final Senate version includes a key revision, wherein solar and wind utility-scale projects breaking ground within 12 months of the bill’s passage will still qualify for the full Section 48E Investment Tax Credit (ITC) and the Section 45Y Production Tax Credit (PTC).</p>
<p>However, projects that begin construction after the 12-month grace period must be placed in service by 2027 to remain eligible.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Changes-to-Specific-Energy-and-Manufacturing-Credits-as-of-July-01-2025.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-81507 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Changes-to-Specific-Energy-and-Manufacturing-Credits-as-of-July-01-2025.png" alt="Changes to Specific Energy and Manufacturing Credits as of July 01, 2025" width="1281" height="1622" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Changes-to-Specific-Energy-and-Manufacturing-Credits-as-of-July-01-2025.png 1281w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Changes-to-Specific-Energy-and-Manufacturing-Credits-as-of-July-01-2025-237x300.png 237w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Changes-to-Specific-Energy-and-Manufacturing-Credits-as-of-July-01-2025-768x972.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Changes-to-Specific-Energy-and-Manufacturing-Credits-as-of-July-01-2025-1213x1536.png 1213w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Changes-to-Specific-Energy-and-Manufacturing-Credits-as-of-July-01-2025-650x823.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Changes-to-Specific-Energy-and-Manufacturing-Credits-as-of-July-01-2025-624x790.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/07/Changes-to-Specific-Energy-and-Manufacturing-Credits-as-of-July-01-2025-600x760.png 600w" sizes="(max-width: 1281px) 100vw, 1281px" /></a></p>
<p>The bill also proposes phasing out the manufacturing production credit for critical minerals. In 2031, the credit for critical minerals would be limited to 75%. It would drop to 50% in 2032, 25% in 2033, and end entirely in 2034. The credit for wind components would phase out earlier, ending for items produced and sold after December 31, 2027.</p>
<p>The bill passed in the Senate by a vote of 51 to 50, with Vice President Vance casting the tie-breaking vote. The bill now returns to the House of Representatives. If the House approves the Senate’s version without changes, the legislation will move directly to President Trump’s desk for signing into law.</p>
<p>Donald Trump has <a href="https://www.mercomindia.com/trump-pauses-clean-energy-spending/" target="_blank" rel="noopener">issued</a> a raft of executive orders seeking to reverse his predecessor’s climate and energy agenda soon after assuming office as U.S. president. One of his first orders directed federal agencies to immediately pause the disbursement of funds through the IRA, which <a href="https://www.mercomindia.com/inflation-reduction-act-faster-transition-clean-energy-u-s" target="_blank" rel="noopener">proposed</a> spending millions of dollars to promote clean energy.</p>


Senate Passes Budget Bill Without Excise Tax on Wind and Solar Projects


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					</table><p>The U.S. <a href="https://waysandmeans.house.gov/" target="_blank" rel="noopener">House Ways &amp; Means Committee</a> has issued the initial draft of the 2025 budget reconciliation bill, proposing sweeping revisions to clean energy tax incentives established under the Inflation Reduction Act (IRA).</p>
<p>The draft legislation outlines a fundamental realignment of the tax policy that favors utility-scale solar development and domestic manufacturing while eliminating or curtailing several benefits for individual consumers and companies with foreign supply chain dependencies.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Proposed-Changes-to-Specific-Energy-and-Manufacturing-Credits.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-79572 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Proposed-Changes-to-Specific-Energy-and-Manufacturing-Credits.png" alt="Proposed Changes to Specific Energy and Manufacturing Credits" width="936" height="879" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Proposed-Changes-to-Specific-Energy-and-Manufacturing-Credits.png 936w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Proposed-Changes-to-Specific-Energy-and-Manufacturing-Credits-300x282.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Proposed-Changes-to-Specific-Energy-and-Manufacturing-Credits-768x721.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Proposed-Changes-to-Specific-Energy-and-Manufacturing-Credits-650x610.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Proposed-Changes-to-Specific-Energy-and-Manufacturing-Credits-624x586.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2025/05/Proposed-Changes-to-Specific-Energy-and-Manufacturing-Credits-600x563.png 600w" sizes="(max-width: 936px) 100vw, 936px" /></a></p>
<p>At the center of the proposed changes is the extended phaseout schedule for the Investment Tax Credit (ITC) under Section 48E and the Production Tax Credit (PTC) under Section 45Y. Contrary to earlier expectations of a more abrupt phase-down beginning in 2026, the bill maintains the full value of these credits through 2028. After this time, the credits would decline gradually, dropping to 80% in 2029, 60% in 2030, 40% in 2031, and expiring by 2032.</p>
<p>While utility-scale players stand to benefit from the added clarity and extended runway for credit eligibility, the residential solar sector faces a setback. The proposed bill eliminates Section 25D of the residential clean energy credit at the end of 2025. This 30% tax credit has been a cornerstone of homeowner solar adoption, especially for middle-class families financing rooftop installations through cash or loans. Its removal would disproportionately impact companies that have built their models around direct-to-consumer equipment sales.</p>
<p>In a broader crackdown on foreign involvement in the clean energy supply chain, the bill introduces stringent new Foreign Entity of Concern (FEOC) provisions that could dramatically alter global sourcing dynamics. Modeled after the National Defense Authorization Act of 2021, the FEOC rules prohibit tax credit eligibility for projects using materials, components, or intellectual property linked to adversarial nations.</p>
<p>These restrictions apply to the 45X manufacturing credit and the 45Y and 48E credits and define “material assistance” broadly encompassing any critical minerals, subcomponents, recycling processes, or even design elements tied to an FEOC. Specific thresholds restrict ownership, board control, and financial influence from such entities, potentially excluding a large portion of Chinese-manufactured solar components even when final assembly occurs elsewhere.</p>
<p>This policy positions domestic manufacturers for a competitive advantage while creating obstacles for firms that maintain significant operations in or ties to China. The bill also outlines that wind products will be excluded from the 45X manufacturing credit starting in 2028 and that the credit itself would remain in full effect until 2031 before being eliminated without a phase-down in 2032.</p>
<p>Adding to the complexity of clean energy financing, the bill proposes eliminating ITC and PTC credit transferability two years after enactment. This rollback of a key IRA financing provision could hinder project economics for smaller or less capitalized developers who rely on credit transfers to monetize incentives. The loss of transferability would likely increase dependence on traditional tax equity financing structures, which can be more restrictive and less accessible to newer market entrants.</p>
<p>Beyond solar and manufacturing, the draft bill also calls for the removal of other clean energy incentives at the end of 2025, including tax credits for new and used electric vehicles (Sections 30D and 25E), commercial clean vehicles (45W), alternative fuel infrastructure, energy-efficient home improvements (25C), and new energy-efficient home construction (45L). These eliminations reflect a broader trend in the draft toward removing clean energy benefits for individuals while maintaining or adjusting them for large-scale projects.</p>
<p>If passed as written, the bill would represent one of the most significant rewrites of U.S. clean energy tax policy since the IRA’s passage.</p>
<p>Soon after assuming office as U.S. president, Donald Trump <a href="https://www.mercomindia.com/trump-pauses-clean-energy-spending/" target="_blank" rel="noopener">issued</a> a raft of executive orders seeking to reverse his predecessor’s climate and energy agenda. One order directed federal agencies to immediately pause the disbursement of funds through the IRA, which <a href="https://www.mercomindia.com/inflation-reduction-act-faster-transition-clean-energy-u-s" target="_blank" rel="noopener">proposed</a> spending millions of dollars to promote clean energy.</p>


US Draft Budget Proposes Sweeping Changes to Clean Energy Incentives


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-ev-charging-erapid-raises-32-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Erapid, an electric vehicle (EV) charging solutions provider, <a href="https://mercomcapital.com/ev-charging-firm-erapid-raises-32-million/" target="_blank" rel="noopener">raised</a> €30 million (~$32 million) from Aviva Investors, the global asset management business of Aviva</strong>. The phased investment by Aviva Investors, as part of its Climate Transition Real Assets strategy, will enable Erapid to expand its operational capabilities and network of chargers across Ireland. Erapid trades in Ireland as EasyGo and CarCharger EV and currently manages over 4,000 charging points in 1,500 locations across the country. In addition, and as part of the transaction, Rubicon Capital Advisors, an Irish-based merchant banking boutique and one of Erapid’s largest shareholders, will also increase its stake in the company to further assist with the growth of the business.</p>
<p><strong>Cosmos Innovation, a solar AI tech solutions firm, has <a href="https://mercomcapital.com/solar-ai-startup-cosmos-innovation-raises-19-7-million/" target="_blank" rel="noopener">raised</a> $19.7 million in Series A funding</strong> led by Xora Innovation, an early-stage, deep-tech investment platform of Temasek, a global investment company headquartered in Singapore. The funding will help support the company’s AI-driven approach to developing perovskite silicon tandem solar cell technology. The round also saw investments from Endeavors, which led the seed round; Two Sigma Ventures; DeepMind CEO Demis Hassabis; MIT professor Tomaso Poggio; Richard Socher, natural language processing researcher, CEO of You.com and managing partner at AIX Ventures; and Western Technology Investments, a venture debt fund in Silicon Valley.</p>
<p><strong>Oil and Natural Gas Corporation is set to acquire PTC Energy Limited (PEL), a wholly-owned subsidiary of PTC India, at a transaction </strong><a href="https://www.mercomindia.com/ongc-acquire-ptc-renewable-subsidiary-%e2%82%b99-25-billion" target="_blank" rel="noopener"><strong>valued</strong></a><strong> at ₹9.25 billion (~$111.18 million)</strong>. Through PEL, its subsidiary formed in 2008, PTC has commissioned seven wind power projects spread across Andhra Pradesh, Karnataka, and Madhya Pradesh with a generation capacity of 288.8 MW. This transaction is subject to the fulfillment of conditions precedent and other terms and conditions per the share purchase agreement to be executed between the parties.</p>
<p><strong>Ampacimon, a grid monitoring solutions provider, </strong><a href="https://mercomcapital.com/ampacimon-grid-monitoring-raises-series-c-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> €10 million (~$11 million) in Series C funding</strong> from Junction Growth Investors along with existing investors Korys, Noshaq, Creos, and Gesval. The company provides dynamic line rating, partial discharge monitoring, and fault detection solutions, which they claim can enhance power transmission capacity by an average of 30%. Simultaneously, they strengthen operational reliability by enabling early detection, diagnosis, and pinpointing of potential failures. The company harnesses data from advanced sensors deployed on grids to optimize its customer’s T&amp;D assets.</p>
<p><strong>Fastned, a provider of EV Charging solutions, </strong><a href="https://fastnedcharging.com/hq/fastned-raises-more-than-30-million-in-new-bonds-to-further-grow-its-network-across-europe/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> €30.4 million (~$32.3 million) through the issue of new bonds</strong>. In addition, investors have extended €3.5 million (~$3.7 million) worth of investments from earlier issues, bringing the total issued amount in this round to €33.9 million (~$36 million). The bonds have a 6% coupon and a five-year maturity. This 13th round in the bond program brings the total outstanding investments raised with retail investors to more than €163 million (~$173 million).</p>
<p><strong>Canadian Solar announced the successful </strong><a href="https://investors.canadiansolar.com/news-releases/news-release-details/canadian-solar-successfully-issues-jpy-185-billion-green-samurai" target="_blank" rel="noopener"><strong>placement</strong></a><strong> of a JPY18.5 billion (~$120 million) green samurai private placement to help fund the company&#8217;s growth strategy.</strong> Goldman Sachs Japan was the lead arranger and sole book runner with the domestic bond investors. The private placement has a three-year tenor with a mix of both semi-annual fixed (1.82% p.a.) and floating (circa 1.49% p.a.) coupons.</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-skeleton-technologies-raises-114-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: EV Charging Company Erapid Raises $32 Million

<p>The Central Electricity Regulatory Commission (<a href="http://www.cercind.gov.in/" target="_blank" rel="noopener">CERC</a>) has granted Pranurja Solution Limited (<a href="https://www.pranurja.com/" target="_blank" rel="noopener">PSL</a>) registration right to establish and operate a power exchange.</p>
<p>It would make PSL the third power exchange in India after India Energy Exchange (IEX) and Power Exchange India (PXIL).</p>
<p>PSL was incorporated in 2018 as a consortium of PTC India (PTC), BSE Investments, and ICICI Bank. In 2018, The Bombay Stock Exchange (BSE), ICICI Bank, and PTC <a href="https://mercomindia.com/bse-icici-ptc-appeal-cerc-power-exchange/" target="_blank" rel="noopener">filed</a> a petition with the CERC for a license grant to set up a new power exchange.</p>
<p>In February this year, the Commission <a href="https://mercomindia.com/india-another-power-exchange/" target="_blank" rel="noopener">proposed</a> granting registration to PSL to establish and operate a power exchange. The Commission said that it would invite suggestions and comments on its proposal.</p>
<p>PSL had earlier filed a petition for a grant of registration to establish and operate a power exchange under Regulation 16 of the CERC (Power Market) Regulations 2010. In the interim period, it had requested the Commission to grant provisional registration to align its structure, management, and activities per CERC Regulations, 2010.</p>
<p>The Commission observed that the company had fulfilled the net-worth requirement of ₹250 million (~$3.4 million) and that its net worth was ₹500 million (~$6.86 million). The promoter companies, i.e., PTC, BSE Investments, and ICICI Bank, were 25%, 25%, and 9.99% of shares. Also, there were 11 other shareholders, each of whom had a shareholding of 5% or less.</p>
<p>The Commission is satisfied that PSL, as an applicant, has complied with the shareholding pattern under Regulation 19 of the PMR 2010.</p>
<p>Meanwhile, in a hearing on April 4, 2021, IEX had raised PSL’s compliance issues with the provisions of Power Market Regulations 2021. IEX argued that PSL’s registration as a power exchange should be considered under the Power Market Regulations 2021 and not 2010. Similarly, PXIL submitted that the software of PSL’s proposed power exchange should allow seamless integration regarding market coupling as envisaged in the Power Market Regulations 2021.</p>
<p>However, the Commission noted that since the Power Market Regulations 2021 is still not in force,  the argument put forth by IEX and PXIL has no merit.</p>
<p>Under Regulation 21(i) and Regulation 16(vii) of the Power Market Regulations 2010, the Commission granted registration to PSL to establish and operate a power exchange subject to complying with the conditions within three months from the issuance of this order.</p>
<p>PSL’s power exchange will operate for 25 years from the date of commencement of operation.</p>
<p>Meanwhile, the IEX <a href="https://mercomindia.com/trade-volume-of-solar-in-iexs-green-term-ahead-market-soars-in-april-2021/" target="_blank" rel="noopener">traded</a> a record 78 MU of solar power in April, a 272% surge from the 21 MU traded in March 2021. The exchange’s real-time power market registered a trading volume of 7,707 MU in April 2021, achieving a 90.2% year-over-year (YoY) growth.</p>


CERC Approves Registration of India’s Third Power Exchange

<p>Power project financier <a href="https://www.ptcfinancial.com/" target="_blank" rel="noopener noreferrer">PTC Financial Services</a> (PFS) has announced its FY 2019 results which indicate a good year for the company.</p>
<p>The total revenue for PFS for FY 2019 was ₹13.36 billion ($192.5 million) compared to ₹11.85 billion ($170.8 million) in FY 2018, an increase of almost 12.7%. Profit before Tax (PBT) and profit after tax (PAT) for the year ended March 31, 2019, stood at ₹2.81 billion ($40.5 million) and at ₹1.84 billion ($26.5 million) respectively. Interest income for the year was ₹12.85 billion ($185.2 million).</p>
<p>On a quarterly basis, the company declared that its total revenue for Q4 FY 2019 stood at ₹3.31 billion ($47.68 million), compared to ₹2.96 billion ($42.6 million) in Q4 FY 2018, representing an increase of almost 11.55%. PBT for Q4 FY 2019 stood at ₹572 million ($8.24 million) as compared to a loss of ₹4.02 billion ($57.9 million) in Q4 FY 2018.</p>
<p>Commenting on the performance for the quarter and year, Pawan Singh, the managing director and CEO of PFS said, “Last year was a challenging year for the financial sector as a whole and for NBFCs in particular. Our position continued to focus on improving our consolidated portfolio quality, to execute better yields structured finance to corporates of good credit standings and to explore new areas for generation of fee-based income.</p>
<p>“We will continue to grow in the renewable sector in which we are having negligible stress and having huge growth opportunities in future. We will also be tapping the growth opportunities in new similar areas of businesses like SBG city gas distribution, annuity-based sewage treatment plants, electrical transportation and charging stations, last mile energy efficiency solutions. We tied over the liquidity challenges, and our strategy is to work on all possible dimensions simultaneously to strengthen our credit standing and to generate more value to our stakeholders, the result of our efforts is expected in coming quarters. Our dedicated efforts have cultivated a way to achieve our intention of being perceived as one of the valuable NBFC of the country,” Singh added.</p>
<p>The company’s gross non-performing assets (NPA) of PFS were reduced to 6.04 % as on March 31, 2019, from 6.85% as on December 31, 2018. Net NPAs were reduced to 3.12% as on March 31, 2019, from 3.29% as on December 31, 2018, on account of higher provisioning.</p>
<p>Recently, Mercom <a href="https://mercomindia.com/pfs-usicef-partner-finance-distributed-solar-india/" target="_blank" rel="noopener noreferrer">reported</a> on PFS partnering with the <a href="https://www.usicef.org/" target="_blank" rel="noopener noreferrer">U.S.-India Clean Energy Finance</a> (USICEF) to mobilize debt financing for distributed solar energy projects in India. This was good news as financing distributed solar projects has been a major <a href="https://mercomindia.com/small-rooftop-solar-companies-struggle-viable-financing/" target="_blank" rel="noopener noreferrer">challenge</a> in India and one of the primary reasons why the country has only installed 3 GW of rooftop solar to date.</p>


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