NTPC Renewables Tenders BoS Package for 200 MW Solar Project in Rajasthan

POWERGRID Wins PFC Consulting’s ISTS Tender to Evacuate 2.7 GW of Renewables

MNRE Floats Consultancy Tender for National Renewable Energy Portal Operations

Inox Clean Acquires Macquarie-Owned Vibrant Energy for ₹50 Billion

Himachal Pradesh Sets Levelized Tariffs for Distributed Solar Projects

CEA Notifies Rules on Safety Framework for Battery Energy Storage Systems

Bihar Expands Time-of-Day Tariffs Applicability in FY 2027

NTPC to Invest ₹58 Billion in 4.7 GWh Battery Energy Storage System

Montecarlo Wins PFC Consulting’s Auction to Evacuate 7 GW Solar Power

SECI Invites Bids for Short-Term Supply of 80 MW Firm Power Under Open Access

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-mga-thermal-secures-12-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
MGA Thermal, a provider of thermal energy-based long-duration energy storage systems, has<a href="https://mercomcapital.com/thermal-energy-storage-company-mga-thermal-secures-12-million/" target="_blank" rel="noopener"> secured</a> A$17 million (~$12 million) in funding. The latest round brings the total capital raised to more than A$50 million (~$35 million). The new investment will be used to accelerate the company’s transition from pilot deployments to full commercial rollout.
Amarenco, an independent power producer, <a href="https://mercomcapital.com/amarenco-secures-150-million-preferred-equity-tranche/" target="_blank" rel="noopener">secured</a> a €130 million (~$150 million) preferred equity tranche from its long-standing shareholder Arjun Infrastructure Partners. The facility will be used to accelerate its growth in European markets. The investment is expected to reinforce the company’s integrated independent power producer platform and support its trajectory towards structural autonomy
Doral Renewables, a utility-scale renewable energy project developer, has <a href="https://mercomcapital.com/doral-renewables-secures-525-million-in-letter-of-credit-financing/" target="_blank" rel="noopener">secured</a> approximately $525 million in letter of credit facilities. The first transaction is an approximately $385 million Deferred Equity Contribution Guarantee facility, and the second arrangement is an approximately $140 million all-purpose guarantee facility.
AmpliSi, a U.K.-based advanced materials company that develops silicon anodes for lithium-ion batteries, has <a href="https://mercomcapital.com/amplisi-secures-2-7-million-in-pre-seed-funding-round/" target="_blank" rel="noopener">secured</a> £2 million (~$2.7 million) in a pre-seed funding led by Northern Gritstone and Clean Growth Fund. The latest funding round will support AmpliSi’s transition from laboratory development toward industrial scale-up and early customer engagement.
A consortium of three investors led by LeapFrog Investments, Emerging Market Climate Action Fund, and Carlyle AlpInvest has <a href="https://www.mercomindia.com/renew-offloads-11-stake-in-ci-arm-for-95-million" target="_blank" rel="noopener">picked</a> up a combined stake of approximately 11.3% in ReNew Green Energy Solutions, the commercial and industrial platform of ReNew Energy Global. LeapFrog led the investment round, committing $50 million.
Swift Solar, a company that designs and manufactures Perovskite-based photovoltaic cells, has <a href="https://mercomcapital.com/swift-solar-acquires-meyer-burgers-manufacturing-assets-and-ip/" target="_blank" rel="noopener">acquired</a> the core manufacturing assets and intellectual property of Meyer Burger, a manufacturer of solar cells and modules. With this acquisition, Swift Solar plans to build a GW-scale HJT cell and module manufacturing facility in the U.S. The company also plans to add perovskite tandems to the same factory.
Alternative credit platform BlackSoil has <a href="https://www.mercomindia.com/blacksoil-invests-%E2%82%B9750-million-in-euler-motors-to-support-ev-growth" target="_blank" rel="noopener">invested</a> ₹750 million (~$8.1 million) in electric vehicle manufacturer Euler Motors as part of a funding round following the company’s Series D raise completed in May 2025. The round was led by BlackSoil with participation from several other investors. The capital will primarily support Euler Motors’ operational requirements and expansion plans.
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>.
Read last week’s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-heliup-raises-19-million" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: MGA Thermal Secures $12 Million

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					</table>A consortium of three investors led by <a href="https://leapfroginvest.com/" target="_blank" rel="noopener">LeapFrog Investments</a>, <a href="https://emcaf.allianzgi.com/" target="_blank" rel="noopener">Emerging Market Climate Action Fund,</a> and <a href="https://www.carlyle.com/our-firm/carlyle-alpinvest" target="_blank" rel="noopener">Carlyle AlpInvest</a> has picked up a combined stake of approximately 11.3% in ReNew Green Energy Solutions, the commercial and industrial (C&amp;I) platform of <a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew Energy Global</a>.
LeapFrog led the investment round, committing $50 million.
Sumant Sinha, Founder, Chairman, and CEO at ReNew, said, “This partnership (with LeapFrog) helps us scale solutions that reduce emissions and strengthen energy security.”
ReNew Green’s portfolio includes 2.5 GW of committed renewable energy capacity across multiple states, with 2 GW already commissioned. The company has long-term energy supply agreements of approximately 1.3 GW with major global technology corporations. It has an additional 200 MW, which does not form part of this transaction.
As of February 2026, ReNew Energy has a clean energy portfolio of approximately 19.2 GW, including 1.5 GW of battery energy storage systems (BESS). The company has a solar module and cell manufacturing capacity of 6.5 GW and 2.5 GW, respectively. It is expanding its solar cell manufacturing capacity by 4 GW.
Last December, ReNew <a href="https://www.mercomindia.com/renew-signs-deal-with-google-for-150-mw-solar-project-in-rajasthan" target="_blank" rel="noopener">signed</a> a long-term agreement with Google to enable the development of a 150 MW solar project in Rajasthan. Google will procure the project’s energy attributes from ReNew. The solar project is scheduled for commissioning in 2026. It is expected to generate approximately 425,000 MWh of clean electricity annually.
In November, ReNew <a href="https://www.mercomindia.com/renew-to-invest-%E2%82%B9600-billion-in-clean-energy-projects-in-andhra-pradesh" target="_blank" rel="noopener">announced</a> plans to invest approximately ₹600 billion (~$6.76 billion) to set up multiple green energy projects in Andhra Pradesh, including a 6 GW solar ingot-wafer manufacturing plant, a 2 GW pumped hydro project, a 3,000 kilotons-per-annum green ammonia facility, and 5 GW of hybrid renewable energy projects, comprising wind, solar, and solar-BESS.
The company <a href="https://www.mercomindia.com/renew-secures-331-million-from-adb-for-hybrid-renewable-energy-project" target="_blank" rel="noopener">secured</a> $331 million in debt financing from the Asian Development Bank that same month to support the development of a large-scale clean energy project in Andhra Pradesh.
ReNew <a href="https://www.mercomindia.com/renew-narrows-loss-in-q3-revenue-up-48-on-higher-solar-module-and-cell-sales" target="_blank" rel="noopener">posted</a> a total revenue of ₹31.37 billion (~$345.79 million) in the third quarter of the financial year 2026, a 48% year-over-year increase from ₹21.19 billion (~$233.57 million).

ReNew Offloads 11% Stake in C&I Arm for $95 Million

<a href="https://www.grasim.com/" target="_blank" rel="noopener">Grasim Industries Limited</a>, a textile company of the Aditya Birla Group, signed a shareholders’ agreement with ReNew Green Energy Solutions and ReNew Surya Uday to procure renewable energy from its solar-wind hybrid open access power project as a captive consumer. It has also signed a power purchase agreement with ReNew Surya Uday.
The company has announced that it would invest ₹153.1 million (~$2.06 million) for a 26% stake in ReNew Green Energy Solutions to procure power from its solar-wind hybrid open access project.
ReNew Green Energy Solutions would invest ₹435.8 million (~$5.87 million) to develop the 17.6 MW solar-wind hybrid project in Gujarat for captive consumption by Grasim through the open access mechanism.
ReNew Green Energy Solutions is a subsidiary of <a href="https://renewpower.in/" target="_blank" rel="noopener">Renew Power</a>, an independent renewable power producer.
Last month, Mahindra &amp; Mahindra<a href="https://mercomindia.com/mahindra-mahindra-to-buy-solar-renew/" target="_blank" rel="noopener"> signed</a> a power purchase agreement with ReNew Sunlight Energy, a subsidiary of ReNew Green Energy Solutions, to procure solar power from its open access project as a captive consumer. As per the agreement, the company acquired 31.2% equity shares for ₹160.7 million (~$2.15 million) through the subscription of 16.07 million shares valued at ₹10 (~$0.13).
According to Mercom India Research’s <a href="https://mercomindia.com/product/india-open-access-solar-market-update-q1-2021" target="_blank" rel="noopener">India Open Access Solar Market Update Q1 2021</a>, open access solar installations in India totaled 419 MW in the first quarter (Q1) of 2021, while the cumulative solar installations in the open access market have reached 4.3 GW as of March 2021. The pipeline of projects under development and in the pre-construction phase under open access is estimated to be over 1 GW.
Commercial and industrial units for whom energy constitutes around 65% to 70% of operating expenditure, are moving towards <a href="https://mercomindia.com/group-captive-solar-market-2019/" target="_blank" rel="noopener">procuring</a> power from open access solar projects. Factors such as commitment to 100% clean energy goals by large corporates and meeting renewable purchase obligations are pushing for power procurement through short-term open access. Multinational companies (MNCs) with the strategy to go green are choosing the group captive model.
Mercom recently <a href="https://mercomindia.com/uniform-stable-policies-open-access/" target="_blank" rel="noopener">hosted</a> a webinar to examine the policy framework and consumer feedback on the open access solar market in India. The speakers were in consensus that uniform regulations across states, long-term policies without retrospective changes, and charges are necessary for the open access market.

Grasim to Procure Power from ReNew’s Captive Solar-Wind Hybrid Project

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