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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-rabobank-invests-in-battery-energy-storage-project-developer/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Rabo Investments has </strong><a href="https://giga-storage.com/en/news/rabo-investments-acquires-a-participation-in-giga-storage/" target="_blank" rel="noopener"><strong>infused</strong></a><strong> an undisclosed amount in GIGA Storage</strong>, a large-scale battery energy storage project developer. The investment will enable GIGA Storage to expand its network of large-scale energy storage. GIGA Storage has 420 MWh of projects in the pipeline.</p>
<p><strong>India-based automobile conglomerate and the parent company of Royal Enfield, Eicher Motors, said it would </strong><a href="https://mercomindia.com/eicher-motors-to-acquire-in-e-motorcycle-firm-for-million/" target="_blank" rel="noopener"><strong>acquire</strong></a><strong> a 10.35% stake in European electric motorcycle manufacturer Stark Future</strong> with an initial equity investment of €50 million (~$53.2 million). Both Royal Enfield and Stark Future will use the investment for the electrification of motorcycles. The investment will help Enfield enter the electric mobility segment.</p>
<p><strong>GCL Optoelectronic Material, a subsidiary of Hong Kong-listed GCL Technology Holdings, one of China’s largest photovoltaic materials makers, has </strong><a href="https://www.dealstreetasia.com/stories/gcl-optoelectronic-material-series-b-321514" target="_blank" rel="noopener"><strong>secured</strong></a><strong> 500 million yuan (~</strong><strong>$72 million) in a Series B </strong>extension round led by Temasek Holdings, Sequoia Capital China, and IDG Capital. The company will use the proceeds to upgrade the craftsmanship and equipment of its 100 MW large–area perovskite solar module assembly lines.</p>
<p><strong>Suryanesia a clean energy startup that provides a SaaS platform for commercial and industrial clients to access renewable energy </strong><a href="https://www.finsmes.com/2022/12/suryanesia-raises-us2m-in-seed-funding.html" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $2 million in seed funding.</strong> The round was led by Intudo Ventures with participation from several angel investors. The company intends to use the funds to grow its team to accelerate marketing efforts and project delivery. With its Solar-as-a-Service solution, the company finances, installs, operates, and maintains solar power systems on its clients’ rooftops, and the clean energy generated helps clients save on electricity bills and reduce their carbon footprint.</p>
<p><strong>Samara, a provider of solar energy-based solutions, </strong><a href="https://www.eu-startups.com/2022/12/madrid-based-samara-scores-e4-5-million-to-help-households-transition-to-solar-energy/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> €4.5 million (~$4.7 million) in seed funding</strong> led by Seaya and included participation from Pelion Green Future bringing the total funding raised by the company to €6.5 million (~$6.9 million). The funding will help in the company’s expansion efforts.</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’s funding <a href="https://mercomindia.com/funding-and-ma-roundup-eqt-acquires-renewable-developer-madison-energy/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Rabobank Invests in Battery Energy Storage Project Developer


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					</table><p>India-based independent power producer <a href="https://renewpower.in/" target="_blank" rel="noopener">ReNew Power</a> announced a partnership with twelve international lenders for what is deemed to be the largest External Commercial Borrowings (ECB) project finance loan totaling $1.1 billion in India’s renewables sector for any single project.</p>
<p>Led by Netherlands-based Dutch multinational bank <a href="https://www.rabobank.com/en/home/index.html" target="_blank" rel="noopener">Rabobank</a>, the loan has been tied through the creation of a special purpose vehicle (SPV) and will be used for ReNew’s hybrid round-the-clock (RTC) battery-enabled renewable project.</p>
<p>The company aims to expand its total renewable portfolio by availing the loan. The interest rate, after hedging, is expected to be lower than ReNew’s current average cost of debt on its balance sheet.</p>
<p>The RTC project will supply day and night power and compete against the baseload of fossil-fuel energy providers, such as coal. In April 2022, global trading and investment firm Mitsui &amp; Co announced the acquisition of a 49% stake in ReNew Power’s round-the-clock utility-scale renewable energy project <a href="https://mercomindia.com/mitsui-acquire-stake-renew-round-the-clock-project/" target="_blank" rel="noopener">comprising</a> 900 MW of three wind farms and a 400 MW solar project with 100 MWh battery storage capacity.</p>
<p>The project will <a href="https://mercomindia.com/renew-power-seci-round-clock-renewable-tender/" target="_blank" rel="noopener">provide</a> power to SECI at the rate of ₹2.90/(~$ 0.038)/kWh to begin with, which will increase 3% annually for 15 years and then stabilize for the remaining 10 years of the 25-year PPA.</p>
<p>ReNew’s subsidiary ReNew Surya Roshni will develop the RTC hybrid project across Rajasthan, Maharashtra, and Karnataka.</p>
<p>ReNew’s Founder, and CEO Sumant Sinha said, “This loan &#8212; the single-largest project finance in India’s renewable sector— highlights the interest of global lenders in ReNew as it helps spearhead India’s historic clean energy shift and shows its continued ability to access financing at much lower rates than several years ago, despite the current volatility in the currency markets and a rising interest rate environment.”</p>
<p>Recently, ReNew Power became the first Indian clean energy company to <a href="https://mercomindia.com/renew-energy-refinances-dollar-denominated-bonds/" target="_blank" rel="noopener">refinance</a> its 2024 maturity dollar-denominated bonds with amortizing project loans from an Indian non-banking financial company. The ECB loan follows ReNew’s refinancing measures.</p>


ReNew Power Ties Up $1.1 Billion Loan for 1.3 GW Round-the-Clock Renewable Power Project

<p>Lightsource BP, a global renewable energy development firm, has completed its first utility scale solar project in India. The project has been developed in Wagdari, located in the state of Maharashtra.</p>
<p>The 60 MW project, spread across 240 acres, is among the first Solar Energy Corporation India (SECI) tenders to be completed and can power around 20,000 homes.</p>
<p>The Wagdari solar power project has been financed in partnership with UK Climate Investments (UKCI). It is a joint venture between the Green Investment Group and the UK Government’s Department for Business Energy and Industrial Strategy (BEIS).</p>
<p>“The success of this project is a testament to Lightsource BP’s ability to deliver. The project was developed in-house, and required the support of both our central and local teams working together in close partnership to bring it to fruition,” said Nick Boyle, Chief Executive Officer of Lightsource BP.</p>
<p>Lightsource BP had won the offtake contract through a <a href="https://mercomindia.com/lightsource-uk-climate-investments-establish-partnership-fund-indian-solar-projects/" target="_blank" rel="noopener">450 MW tender by SECI</a>. The construction, photovoltaic modules, and technical expertise for the project were provided by Sterling &amp; Wilson and LONGi Solar while the project finance was provided by Rabobank, the company said in its media release.</p>
<p>According to Mercom’s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">India Solar Project Tracker</a>, Lightsource won the 450 MW tender by quoting a VGF of ₹1.96 million (~$30,142) along with the fixed tariff of ₹4.43 (~$0.068)/kWh under NSM Phase-II, Batch 4 VGF program.</p>
<p>The company has not yet revealed any details on the cost of the project.</p>
<p>In <a href="https://mercomindia.com/lightsourcebp-everstone-joint-venture-india/" target="_blank" rel="noopener">April 2018</a>, Mercom reported that Lighsource BP and investment firm <a href="http://www.everstonecapital.com/">Everstone Group</a> have teamed up to create a major fund management platform called EverSource Capital for the development of green energy infrastructure in India.</p>
<p>Earlier in 2017, <a href="https://mercomindia.com/lightsource-uk-climate-investments-establish-partnership-fund-indian-solar-projects/" target="_blank" rel="noopener">Mercom reported</a> that <a href="https://us.lightsource-re.com/" target="_blank" rel="noopener">Lightsource Renewable Energy</a> and UK Climate Investments, part of the <a href="http://greeninvestmentgroup.com/" target="_blank" rel="noopener">Green Investment Group</a> within Macquarie Infrastructure and Real Assets (<a href="http://www.mirafunds.com/" target="_blank" rel="noopener">MIRA</a>), entered an agreement to form a partnership platform to fund the development, acquisition, and ownership of large scale solar power generation assets in India.</p>
<p>Image credit: Flickr</p>


Lightsource BP Completes 60 MW Solar Project in India Financed by Rabobank

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