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					</table><p>From: <a href="https://mercomcapital.com/funding-ma-roundup-green-gravity-raises-6-million-series-a-funding/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Green Gravity, a gravity-based energy storage solutions developer, </strong><a href="https://mercomcapital.com/green-gravity-raises-6-million-in-series-a-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> AU$9 million (~$6 million) in a Series A funding</strong> to complete product development for its gravitational energy storage technology. The funding was led by HMC Capital, BlueScopeX, Pacific Channel, Sumisho Coal Australia Holdings, and other key institutional investors.</p>
<p><strong>BNZ, a solar project developer and an independent power produce, </strong><a href="https://mercomcapital.com/solar-project-developer-bnz-secures-over-744-million-in-funding/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that it has completed its first Total IPP Financing for over €680 million (~$744 million)</strong> in several countries. The funding includes a senior debt facility and ancillary credit facilities of €420 million (~$459 million), secured by Clean Energy Fund III of Nuveen’s portfolio from a group of financial institutions formed by the European Investment Bank, ABN AMRO, Intesa Sanpaolo, NatWest, SMBC, and Bankinter with Palmer acting as an agent.</p>
<p><strong>NW, an energy storage project developer and energy transition group, has <a href="https://mercomcapital.com/energy-storage-developer-nw-secures-466-million-in-debt-financing/" target="_blank" rel="noopener">secured</a> € 430 million (~$466 million) in non-recourse bank financing from Santander CIB and Rabobank</strong>. The funding will enable the company to develop and upgrade the JBox-distributed electricity storage unit and establish more than 2GWh of energy storage projects in Finland and France by the end of 2025.</p>
<p><strong>Roofsol Energy, a Maharashtra-based rooftop solar EPC services provider, has </strong><a href="https://www.mercomindia.com/roofsol-energy-raises-%E2%82%B9255-million-through-equity-funding" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹255 million (~$3.03 million) in its inaugural round of equity funding</strong>. The funds were raised through private placements from high net-worth individuals led by fund manager Equity4life IH Analytics. Roofsol Energy plans to utilize the funds to accelerate the development of OPEX business for developing solar assets in subsidiary companies.</p>
<p><strong>Multi-business conglomerate Adani Enterprises has </strong><a href="https://www.mercomindia.com/adani-42-billion-qip" target="_blank" rel="noopener"><strong>completed</strong></a><strong> a Qualified Institutional Placement (QIP) of equity shares, each with a face value of ₹1 (~$0.012), raising around ₹42 billion (~$500 million</strong>). A total of 14,179,608 equity shares were issued at a price of ₹2,962 (~$35) per share through the QIP. Proceeds from the QIP will be used to fund capital expenditures, repay debt, and support general corporate purposes.</p>
<p><strong>Karnataka-based solar project developer Ravindra Energy has </strong><a href="https://www.mercomindia.com/ravindra-energy-raises-%E2%82%B91-79-billion-through-sale-of-24-3-million-shares" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹1.79 billion (~$21.29 million) by selling 24.3 million equity shares</strong>. The Securities and Exchange Board of India approved the allotment of 24.3 equity million shares at a face value of ₹10 (~$0.11) per equity share and a premium of ₹64 (~$0.76) per equity share on a preferential basis.</p>
<p><strong>Azure Power Global has </strong><a href="https://www.mercomindia.com/azure-prepays-350-million-debt-after-refinancing-deal-with-rec" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the completion of its ₹24 billion (~$285.54 million) refinancing transaction, structured as a term loan underwritten by REC Limited</strong>. Following this transaction, the company has prepaid its green bonds, issued in 2019 for $350 million and backed by ten solar projects commissioned between 2016 and 2019.</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’s funding <a href="https://mercomcapital.com/funding-ma-roundup-form-energy-raises-405-million-series-f-funding/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Green Gravity Raises $6 Million in Series A Funding


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					</table><p><a href="https://www.mercomindia.com/mnre-aims-to-increase-rooftop-solar-vendors-under-pm-surya-ghar-to-25000" target="_blank" rel="noopener">The Ministry of New and Renewable Energy (MNRE) is enhancing the number of rooftop solar vendors under the PM Surya Ghar: Muft Bijli Yojana from 8,000 to 25,000. The government has</a> sought to exploit the untapped market potential in the northeastern states and Union Territories, in addition to the existing high-growth states like Gujarat, Maharashtra, Uttar Pradesh, Kerala, and Tamil Nadu. The PM Surya Ghar program aims to install rooftop solar systems in 10 million households by March 2027. The Central Financial Assistance under the program is up to ₹78,000 (~$927.94) per household. The government estimates the market size under the program at ₹1,450 billion (~$17.4 billion) based on a benchmark cost for 10 million rooftop solar systems of 3 kW.</p>
<p><a href="https://www.mercomindia.com/andhra-pradesh-clean-energy-policy-targets" target="_blank" rel="noopener">The Government of Andhra Pradesh has announced the Andhra Pradesh Integrated Clean Energy Policy 2024 to transform the state into a global clean energy hub. The state aims to</a> add over 160 GW of renewable energy capacity and attract investments worth approximately ₹10 trillion (~$118.95 billion). The policy remains applicable for five years from the date of issuance or until a new policy is introduced. The capacity additions have been planned for Andhra Pradesh Discoms’ procurement, power export to other states, green hydrogen production and its derivatives, and commercial and industrial consumption under the open access route.</p>
<p><a href="https://www.mercomindia.com/supreme-court-upholds-supremacy-of-electricity-regulators" target="_blank" rel="noopener">In a judgment with far-reaching consequences, the Supreme Court has upheld the supremacy of the electricity regulatory commissions, observing that the directions of the state and union</a> governments are not binding on them. Governments cannot impinge on the adjudicatory discretion vested in the regulators by issuing policy directives under Section 108 of the Electricity Act, 2003. The Court said the state commissions can only be ‘guided’ by the state governments in policy matters and are not automatically bound by them. It noted that the law in no way seeks to control the exercise of quasi-judicial power by the state commissions based on directions issued by the state government. A Supreme Court bench headed by Chief Justice D Y Chandrachud made these observations recently while disposing of an appeal by the Kerala government concerning the procurement of 865 MW of power by the Kerala State Electricity Board.</p>
<p><a href="https://www.mercomindia.com/mnre-approves-three-pilot-projects-for-green-hydrogen-use-in-steel-production" target="_blank" rel="noopener">The government has approved three pilot projects to use hydrogen in steel production under the National Green Hydrogen Mission. The government will provide ₹3.47 billion (~$41.28 million) as</a> financial support for these pilot projects, which will likely be commissioned in the next three years. The Ministry of New and Renewable Energy had issued guidelines for implementing pilot projects in the steel sector under this Mission. The program aims to identify advanced technologies to use green hydrogen in steelmaking through pilot projects, validate the technical feasibility and performance of green hydrogen and its derivatives, evaluate the performance of green hydrogen and its derivatives based on low-carbon iron and steel, support the deployment and demonstrate the safe operations of green hydrogen and its derivatives on low-carbon iron and steel.</p>
<p><a href="https://www.mercomindia.com/paradip-port-authority-solar-project" target="_blank" rel="noopener">Paradip Port Authority has issued a tender for the design, engineering, procurement, construction, installation, testing, commissioning, and comprehensive ten-year operation and</a> maintenance of a 10 MW grid-connected solar photovoltaic power project. The last date for the submission of bids is November 20, 2024. The project’s estimated cost is ₹876.3 million (~$10.4 million). Bidders must pay a tender fee of ₹15,000 (~$178.4) + 12% GST and an earnest money deposit of ₹9.76 million (~$116,105). The successful bidder must deposit a performance bank guarantee of 10% of the accepted tender value. Paradip Port Trust may organize a joint site visit and pre-bid and/or post-bid meetings. Bidders must participate in both. Bidders must have an average annual turnover of at least ₹262.9 million (~$3.1 million) over the last three financial years, ending on March 31, 2024.</p>
<p><a href="https://www.mercomindia.com/tata-power-bags-project-to-evacuate-power-for-green-hydrogen-projects" target="_blank" rel="noopener">REC Power Development and Consultancy has handed over ERES-XXXIX Power Transmission to Tata Power Company to develop transmission works to evacuate power for</a> green hydrogen projects in Odisha. The project will provide transmission services for 35 years from the scheduled commercial operation date of December 31, 2027. Tata Power must pay annual transmission charges of ₹2.9 billion (~$ 34.50 million). In addition to Tata Power Company, Grid Corporation of India, Sterlite Grid 32, and Adani Energy Solutions had qualified in the technical round. The project involves constructing 2 x 1500 MVA, 765/ 400 kV GIS substations at Gopalpur with associated bays at Angul and Gopalpur (OPTCL), ~190 km of 765 kV double-circuit transmission line from the existing Angul substation of PGCIL to the proposed 765 kV GIS substation at Gopalpur, and ~12 km of 400 kV line from the upcoming OPTCL substation at Gopalpur to the proposed 765 kV GIS substation at Gopalpur.</p>
<p><a href="https://www.mercomindia.com/recpdcl-invites-bids-for-power-evacuation-from-pumped-storage-projects" target="_blank" rel="noopener">REC Power Development and Consultancy, a wholly owned subsidiary of REC Limited, has issued a Request for Proposal (RfP) to select a transmission service provider for a</a> network expansion program in the western region to accommodate pumped hydro storage projects near Talegaon in Pune, Maharashtra. The project will cater to the evacuation of 1.5 GW of power from PSPs near Talegaon through the establishment of 2×1500 MVA, 765/400 kV substation to the south of Kalamb and LILO of Pune-III–Boisar-II 765 kV D/C line at the Kalamb substation. Tata Power Company has applied for connectivity for Bhivpuri (1,150 MW) PSP at Bhivpuri, Raigad in Maharashtra, for which CTUIL has granted in-principle approval. Tata Power is also planning Shirawata PSP of 1,980 MW in the same area. The last date to submit the bids is December 20, 2024. Bids will be opened the same day.</p>
<p><a href="https://www.mercomindia.com/sael-rays-ntpc-solar-auction" target="_blank" rel="noopener">SAEL Industries, Rays Power Infra, Refex Green, ReNew Solar, Illuminate Hybren (Mahindra Susten) have won NTPC’s auction to set up 1,200 MW interstate transmission system-</a>connected solar power projects. SEAL, Rays Power, and Refex Green were awarded 300 MW, 100 MW, and 100 MW, respectively, at a tariff of ₹2.50 (~$0.0297)/kWh. ReNew and Illuminate were awarded 300 MW and 176 MW at a tariff of ₹2.51 (~$0.0299)/kWh. The tender was issued in June this year. The projects must use only commercially established and operational technologies to mitigate technology risks and ensure timely commissioning. Solar modules used in the project must be included in List-I under the Approved Models and Manufacturers of Solar Photovoltaic Modules.</p>
<p><a href="https://www.mercomindia.com/ravindra-energy-raises-%E2%82%B91-79-billion-through-sale-of-24-3-million-shares" target="_blank" rel="noopener">Karnataka-based solar project developer Ravindra Energy has raised ₹1.79 billion (~$21.29 million) by selling 24.3 million equity shares. The Securities and Exchange Board of India (SEBI)</a> approved the allotment of 24.3 equity million shares at a face value of ₹10 (~$0.11) per equity share and a premium of ₹64 (~$0.76) per equity share on a preferential basis. The equity shares were allotted to 29 non-promoter entities. The largest allottees were COEUS Global Opportunities Fund (2.43 million), Quant Mutual Fund – Quant Manufacturing Fund (2.43 million), Mukul Mahavir Agrawal (2.16 million), and New Vernon India (1.68 million). The equity shares allotted on a preferential basis will rank pari passu with the company’s existing equity shares in all respects and will be subject to lock-in.</p>
<p><a href="https://www.mercomindia.com/azure-prepays-350-million-debt-after-refinancing-deal-with-rec" target="_blank" rel="noopener">Azure Power Global has announced the completion of its ₹24 billion (~$285.54 million) refinancing transaction, structured as a term loan underwritten by REC Limited. Following this</a> transaction, the company has prepaid its green bonds, issued in 2019 for $350 million and backed by ten solar projects commissioned between 2016 and 2019. The bonds were set to mature in December 2024. In September 2023, the company had announced that it was prepaying the green bonds. The $350 million green bonds were listed in Singapore. In March 2024, the company paid $40 million of the green bonds using its surplus cash flows. Azure has refinanced more than $500 million of debt in the current financial year.</p>
<p><a href="https://www.mercomindia.com/germany-solar-capacity-q3-2024" target="_blank" rel="noopener">Germany installed 3.4 GW of solar power capacity in the third quarter of 2024, a 17% year-over-year decrease from 4.1 GW, according to data published by the German Federal</a> Network Agency Bundesnetzagentur. The installations for July were 1,519 MW, August (906 MW), and September (960 MW). Mercom reported that Germany installed 3.4 GW of solar power in Q2 2024, which was later revised to 3.8 GW. At the end of September 2024, the country’s cumulative solar capacity stood at 94.3 GW. According to Germany’s Renewable Energy Sources Act program, the cumulative solar installation target by the end of 2024 is 88 GW, 128 GW by 2026, 172 GW by 2028, and 215 GW by 2030.</p>
<p><a href="https://www.mercomindia.com/solar-powers-52-of-new-us-power-capacity-additions-in-2023" target="_blank" rel="noopener">For the first time in 2023, solar energy accounted for more than half (52%) of new U.S. grid capacity, with 35% coming from utility-scale solar energy and 17% from distributed energy. The</a> findings were published in the Utility-Scale Solar 2024 report by Lawrence Berkeley National Laboratory. The Berkeley report considers projects of 5 MW and above as utility-scale solar. The US commissioned 221 new utility-scale solar projects in 2023, totaling 18.5 GW, a 78% increase from the 153 projects commissioned in 2022, which totaled 10.4 GW. Solar has accounted for more capacity since 2021 than any other power generation source. Contributing more than 40% of capacity additions each year, more than 30% in seven of the last eight years, and more than 20% in each of the previous 11 years. Battery storage continues to expand, with 6.9 GW of storage added to U.S. grids in 2023, up from 4.6 GW in 2022 to 3.9 GW in 2021.</p>


Daily News Wrap-Up: MNRE Plans to Increase Rooftop Solar Vendors to 25,000

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