CMPDI Invites Bids for 10 MW Solar Project at Mahanadi Coalfields

RERC Upholds Penalty for Failure to Comply with Renewable Energy Regulations

Hyundai to Source 118 MW Power from Fourth Partner’s Solar and Wind Projects

India Adds an Unprecedented 16 GW Solar Capacity in 9M 2024

Daily News Wrap-Up: UPNEDA Tenders 2 MW Rooftop Solar Projects

Maxeon Solar Modules Detained by US Customs Authority

Sungrow, TBEA, FIMER Dominate Solar Inverter Rankings in First Half of 2024

ReNew’s Revenue, Profit Up in Q2 FY25 as Commissioned Renewable Capacity Grows

MNRE Sets Terms for Real Estate Developers to Avail CFA Under PM Surya Ghar

ENGIE to Build 22 MW Solar Project for Saudi Cement Factory


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-lithium-tech-firm-element3-raises-seed-funding/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Element3, a company that specializes in extracting lithium from oil and gas wastewater, <a href="https://mercomcapital.com/element3-closes-seed-funding-lithium-from-oil-gas-wastewater/" target="_blank" rel="noopener">announced</a> that it has closed its seed investment round.</strong> The round was led by EIC Rose Rock and joined by leading oil and gas family offices and other strategic partners. The funding amount was undisclosed. The funding will enable Element3 to accelerate the development and testing of its patent-pending Direct Lithium Extraction technology, and plans to deploy its technology in field operations by early 2024.</p>
<p><strong>India-based solar module manufacturer Waaree Energies has </strong><a href="https://www.mercomindia.com/waaree-raise-%e2%82%b930-billion-ipo" target="_blank" rel="noopener"><strong>filed</strong></a><strong> draft papers with the market regulator to raise ₹30 billion (~$361 million) in an initial public offering (IPO)</strong>. The IPO will feature a fresh issue of 3.2 million shares and an offer for sale of 2.7 million shares by promoter shareholder Waaree Sustainable Finance, 450,000 shares by Chandurkar Investments, and 50,000 shares by Samir Surendra Shah, according to the draft red herring prospectus filed with Securities and Exchange Board of India. The shares have a face value of ₹10 (~$0.12).</p>
<p><strong>India-based digital lending platform Revfin has </strong><a href="https://www.mercomindia.com/revfin-funding-india-ev-ecosystem" target="_blank" rel="noopener"><strong>secured</strong></a><strong> ₹115 million (~$14 million) in the latest round of funding</strong> to expand financing for electric vehicles, charging systems, and batteries. Led by Omidyar Network’s $5 million investment, the Series B funding was joined by Asian Development Bank, Companion Capital, and existing investors Green Frontier Capital and Lighthouse Canton Nueva. This capital infusion is the company’s second significant investment in the last year. This funding brings Revfin’s total capital raised through debt and equity to ₹6.25 billion (~$75 million).</p>
<p><strong>SinglePoint, a holding company providing renewable energy solutions and energy-efficient applications, </strong><a href="https://singlepoint.com/singlepoint-announces-closing-of-4-million-public-offering-uplisting-to-cboe-global-markets-and-reverse-stock-split/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the closing of its underwritten public offering</strong> of 800,000 shares of common stock at a public offering price of $5 per share. The gross proceeds from the offering, before underwriting discounts and commissions, and estimated offering expenses payable by the company are expected to be $4 million. The shares began trading on the BZX Exchange, a division of Cboe Global Markets, under the ticker symbol “SING.” The company intends to use the net proceeds of the public offering for general corporate purposes.</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://mercomindia.com/funding-and-ma-roundup-exeger-secures-38-4-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Lithium Tech Firm Element3 Raises Seed Funding


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					</table><p><a href="https://www.mercomindia.com/sjvn-hinduja-avaada-blupine-guvnls-500-mw-solar-auction/" target="_blank" rel="noopener"><strong>SJVN Green Energy, Hinduja Renewables Energy, Avaada Energy, and Solarcraft Power India 5 (Blupine Energy) won Gujarat Urja Vikas Nigam’s auction to purchase power from 500 MW of grid-connected solar power projects (Phase XXII) to be set up anywhere in India,</strong></a> with a greenshoe option of an additional 500 MW. SJVN won 100 MW, quoting ₹2.63 (~$0.0316)/ kWh. Hinduja won 140 MW at ₹2.64 (~$0.0317)/ kWh. Avaada won 100 MW and Blupine 50 MW, respectively, both quoting ₹2.65 (~$0.0319)/ kWh. Only 390 MW out of the total tendered capacity was auctioned.</p>
<p><a href="https://www.mercomindia.com/cap-payments-critical-mineral-auctions/" target="_blank" rel="noopener"><strong>The Ministry of Mines has proposed changes to the Mineral (Auction) Rules, 2015, to cap the amount of performance security and upfront payments payable</strong></a> after winning the rights to extract minerals. The move addresses concerns regarding financial barriers that might impede bidder participation in auctions of critical minerals. Stakeholders must submit their comments by January 19, 2024. The ministry has identified certain mineral blocks, particularly those rich in critical and strategic minerals, with high value of estimated resources.</p>
<p><a href="https://www.mercomindia.com/rajasthan-invites-bids-from-land-solar-park/" target="_blank" rel="noopener"><strong>Saurya Urja Company of Rajasthan (SUCRL) has invited expressions of interest to empanel land aggregators or facilitators for acquiring private land on lease for a 700 MW solar park.</strong></a> The last date for the submission of bids is January 5, 2024. Bids will be opened on SUCRL, a joint venture between the Government of Rajasthan and IL&amp;FS Energy Development Company, which was established in 2015 to develop 5,000 MW of solar parks in Rajasthan. The company has already developed a 1,000 MW solar park in Bhadla III.</p>
<p><a href="https://www.mercomindia.com/indian-oil-tenders-solar-project-in-karnataka/" target="_blank" rel="noopener"><strong>Indian Oil Corporation has invited bids for the operation and maintenance (O&amp;M) of an existing 1.1 MW solar power project at Indane Bottling Plant, Devanagonthi village in Bengaluru Rural district in Karnataka.</strong></a> The project is valued at ₹1.3 million (~$16,172) for one year, including 18% GST. For a complete O&amp;M duration of three years, the total value is ₹4.03 million (~$48,449.2), including 18% GST. The last date for submission of bids is January 6, 2024. Bids will be opened on January 8.</p>
<p><a href="https://www.mercomindia.com/karnataka-regulator-upholds-group-wind-project/" target="_blank" rel="noopener"><strong>Karnataka Electricity Regulatory Commission (KERC) has approved the group captive status of a 38 MW wind power project for Four EF Renewables, a special purpose vehicle of Ampyr Energy.</strong></a> The petitioner can claim group captive status from May 24, 2021. The petitioner is entitled to a banking facility from August 24, 2021, confirmed by a supplemental agreement on May 23, 2022. However, KERC ruled that Four EF Renewables will not be entitled to compensation for power injected without open access from December 6, 2020, to February 23, 2021.</p>
<p><a href="https://www.mercomindia.com/revfin-funding-india-ev-ecosystem/" target="_blank" rel="noopener"><strong>India-based digital lending platform Revfin has secured ₹115 million (~$14 million) in the latest round of funding to expand financing for electric vehicles, charging systems, and batteries.</strong></a> Led by Omidyar Network’s $5 million investment, the Series B funding was joined by Asian Development Bank, Companion Capital, and existing investors Green Frontier Capital and Lighthouse Canton Nueva. This capital infusion is the company’s second significant investment in the last year. This funding brings Revfin’s total capital raised through debt and equity to ₹6.25 billion (~$75 million).</p>


Daily News Wrap-Up: GUVNL’s 500 MW Solar Auction Results


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					</table><p>India-based digital lending platform <a href="https://www.revfin.in/" target="_blank" rel="noopener">Revfin</a> has secured ₹115 million (~$14 million) in the latest round of funding to expand financing for electric vehicles, charging systems, and batteries.</p>
<p>Led by <a href="https://omidyar.com/" target="_blank" rel="noopener">Omidyar Network</a>’s $5 million investment, the Series B funding was joined by <a href="https://www.adb.org/" target="_blank" rel="noopener">Asian Development Bank</a>, Companion Capital, and existing investors <a href="https://www.greenfrontiercapital.com/" target="_blank" rel="noopener">Green Frontier Capital</a> and <a href="https://www.lighthouse-canton.com/our-businesses/asset-management/private-market-funds/lc-nueva-fund" target="_blank" rel="noopener">Lighthouse Canton Nueva</a>.</p>
<p>This capital infusion is the company’s second significant investment in the last year. This funding brings Revfin&#8217;s total capital raised through debt and equity to ₹6.25 billion (~$75 million).</p>
<p>Angel investors Dhiiraj Jain (Redcliffe Labs), Anuraag Jaipuria, Ruchi Rans Jaipuria, Rishi Kajaria, Let’s Venture Angel Fund, Harash Jain, and others have supported Revfin.</p>
<p>&#8220;I am delighted to announce that, with the backing of Omidyar Network and our esteemed investors, we have successfully raised $14 million. This funding will empower us to further enhance the EV ecosystem and contribute to the growth of all types of electric vehicles in India. Our unwavering commitment to revolutionize digital lending remains strong, and we look forward to the opportunities ahead,” said Sameer Aggarwal, founder and CEO.</p>
<p>In addition to financing electric two-wheelers (e2Ws), electric three-wheelers (e3Ws), and all other types of electric vehicles, the funds raised will also support other components of the EV ecosystem, such as charging stations and batteries.</p>
<p>Revfin makes financing accessible through non-traditional data such as biometrics, psychometrics, and gamification. Revfin has invested in over 34,921 EVs and aims to finance 2 million EVs in the next five years.</p>
<p>Revfin <a href="https://www.mercomindia.com/ev-financing-platform-revfin-10-million-expand-25-states" target="_blank" rel="noopener">closed</a> the Series A funding round of $10 million in October 2022, aiming to expand its footprint across 25 states and capture 10% of the national market share of financed electric three-wheelers.</p>
<p>In June 2023, the company <a href="https://www.mercomindia.com/us-based-dfc-invests-5-financing-platform-revfin" target="_blank" rel="noopener">received</a> a $5 million investment from the United States International Development Finance Corporation to promote inclusive financing for EV adoption across India.</p>


EV financing Platform Revfin Secures $14 Million Funding


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					</table><p><a href="https://www.mercomindia.com/fast-track-commissioning-pumped-storage-projects" target="_blank" rel="noopener"><strong>In a significant move to accelerate India’s renewable energy capacity, the government has introduced several initiatives to expedite pumped storage projects commissioning.</strong></a> To streamline the concurrence process for hydro pumped storage projects, Central Electricity Authority (CEA) has recently revamped the approval process for detailed project reports of these projects. Several key measures have been implemented to expedite clearances, including establishing a Single Window Clearance Cell by the CEA.</p>
<p><a href="https://www.mercomindia.com/us-based-dfc-invests-5-financing-platform-revfin" target="_blank" rel="noopener"><strong>Electric Vehicle financing platform for individuals, Revfin, raised $5 million in funding from the United States International Development Finance Corporation (DFC)</strong></a> intending to promote inclusive financing for EV adoption across India. The strategic investment, made under DFC’s portfolio for impact and innovation, will help Revfin finance two million electric vehicles over the next five years.</p>
<p><a href="https://www.mercomindia.com/smaller-solar-developers-collateral-free-loans-for-expansion" target="_blank" rel="noopener"><strong>Access to finance is vital for solar developers who fall under Micro, Small, and Medium Enterprises (MSME) to invest in infrastructure, technology, research, and development and expand their operations.</strong></a> While the government has tried to support MSMEs operating in the solar industry with certain initiatives, small developers are still beset by the challenge of demanding collateral prerequisites and lengthy loan processing timelines.</p>
<p><a href="https://www.mercomindia.com/eu-clean-energy-projects-member-states" target="_blank" rel="noopener"><strong>The Modernisation Fund of the European Union has disbursed €2.4 billion (~$2.6 billion) to finance 31 projects in seven beneficiary member countries to support the modernization of energy systems</strong>,</a> reduction of greenhouse gas emissions in energy, industry, and transport, and improvement of energy efficiency. The disbursement of funds was made possible through revenues generated by the European Emissions Trading System. The projects selected for funding showcase the diverse range of initiatives prioritized by the beneficiary countries.</p>
<p><a href="https://www.mercomindia.com/just-climate-industrial-climate-solutions-fund" target="_blank" rel="noopener"><strong>Net-zero investment firm Just Climate raised $1.5 billion for its debut Climate Assets Fund I, exceeding its $1 billion target, which will be invested in decarbonization solutions</strong></a> for industries across the globe. The fund is designed to pursue investments in growth-stage, asset-heavy companies globally which have the potential to deliver transformational climate impact across some of the highest-emitting, hard-to-abate industries— including energy, mobility, industry, and buildings.</p>
<p><a href="https://www.mercomindia.com/electric-vehicle-700-million-2040" target="_blank" rel="noopener"><strong>The number of electric vehicles is set to exceed 100 million by 2026 and reach 700 million by 2040, according to the latest report by BloombergNEF.</strong></a> These estimates represent a significant surge from the 27 million EVs registered at the beginning of this year. The electrification trend rapidly expands across all road transport sectors, encompassing vehicles ranging from rickshaws to heavy trucks. Notably, emerging economies such as India, Thailand, and Indonesia are witnessing a notable uptick in EV adoption.</p>
<p><a href="https://www.mercomindia.com/tata-steel-to-procure-966-mw-round-the-clock-renewable-power-from-tprel" target="_blank" rel="noopener"><strong>Tata Power Renewable Energy (TPREL), the renewable arm of Tata Power, has received a letter of award to set up 966 MW of round-the-clock (RTC) solar-wind hybrid power project for Tata Steel</strong></a> across select steel plants in India. The project, with 379 MW of solar and 587 MW of wind power, is scheduled to be commissioned on June 1, 2025. The RTC power purchase agreement will be executed under the group captive segment, with Tata Steel investing 26% equity in the project. TPREL will set up the project through its subsidiary TP Vardhaman Surya, the company said in a statement.</p>


Daily News Wrap-Up: Government Fast-tracks Commissioning of Pumped Storage Projects


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					</table><p>Electric Vehicle (EV) financing platform for individuals, <a href="https://www.revfin.in/" target="_blank" rel="noopener">Revfin</a><u>,</u> has raised $5 million in funding from the United States International Development Finance Corporation (<a href="https://www.dfc.gov/" target="_blank" rel="noopener">DFC</a>) with an aim to promote inclusive financing for EV adoption across India.</p>
<p>The strategic investment, made under DFC&#8217;s portfolio for impact and innovation, will help Revfin finance two million electric vehicles over the next five years.</p>
<p>With the support of funds from DFC, Revfin, which has invested significantly in over 21,800 electric three-wheelers, aims to solidify its position as a leader in India&#8217;s EV financing landscape.</p>
<p>Additionally, the company intends to diversify its offerings by venturing into financing two-wheelers for last-mile deliveries, four-wheelers for mid-mile cargo delivery, and ride-share taxis.</p>
<p>Sameer Aggarwal, Founder and CEO of Revfin, emphasized the immense potential of the EV industry in India and the employment opportunities it offers.</p>
<p>He noted that limited financing options hinder the industry&#8217;s growth. Aggarwal expressed gratitude for DFC&#8217;s forward-thinking investment in Revfin, believing it will significantly scale up EV adoption and enhance financial inclusion.</p>
<p>&#8220;The investment will enable Revfin to expand access to attractive financing solutions, playing a crucial role in driving EV demand and aiding India in achieving carbon neutrality,” Aggarwal said.</p>
<p>Jim Polan, Vice President of DFC&#8217;s Office of Development Credit, highlighted the partnership with Revfin as a means to support inclusive EV financing and promote EV adoption in India. Polan stated that this investment showcases DFC&#8217;s ability to mobilize capital to support Indian innovation while creating financial opportunities for underserved communities.</p>
<p>Revfin offers financing products for different types of EVs through original equipment manufacturers (OEMs) and fleets.</p>
<p>The company said it has facilitated more than 456 million kilometers of emission-free travel, reducing CO2 emissions by 43,650 tons, generating 21,800 employment opportunities, and directly or indirectly improving the lives of 7.6 million people.</p>
<p>In October last year, Revfin <a href="Revfin%20closed%20a%20Series%20A%20funding%20round%20of%20$10%20million%20in%20a%20combination%20of%20equity%20and%20debt.%20The%20funding%20round%20was%20led%20by%20Green%20Frontier%20Capital%20(GFC),%20a%20venture%20capital%20fund%20focusing%20specifically%20on%20climate%20investments,%20with%20participation%20from%20existing%20investors." target="_blank" rel="noopener">closed</a> a Series A funding round of $10 million in a combination of equity and debt. The funding round was led by Green Frontier Capital, a venture capital fund focusing specifically on climate investments, with participation from existing investors.</p>
<p>In September 2022, Revfin and a group of financiers, including Mufin Green Finance, Akasa Finance, Prest Loans, Vedika Fincorp, and Grip Invest, <a href="https://mercomindia.com/daily-news-wrap-up-amplus-solar/" target="_blank" rel="noopener">launched</a> the Electric Mobility Financiers Association of India. The association’s mission is to enable the fast adoption of electric mobility, shape policies, and guidelines, and mitigate risks associated with electric mobility.</p>


US-based DFC Invests $5 Million in EV Financing Platform Revfin


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					</table><p>Electric Vehicle (EV) financing platform for individuals <a href="https://www.revfin.in/" target="_blank" rel="noopener">Revfin</a> has closed a Series A funding round of $10 million in a combination of equity and debt. The funding round was led by <a href="https://www.greenfrontiercapital.com/" target="_blank" rel="noopener">Green Frontier Capital</a> (GFC), a venture capital fund focusing specifically on climate investments, with participation from existing investors.</p>
<p>Revfin intends to use the funds to expand its geographical footprint across 25 states and capture about 10% national market share of financed electric three-wheelers. The company also plans to utilize the funds to diversify into two-wheelers for last-mile deliveries and four-wheelers for mid-mile cargo delivery and rideshare taxis.</p>
<p>“With a high monthly growth rate of 15%, Revfin will continue to dominate the EV financing market. Our deep expertise in technology enables us to underwrite financially excluded customers in under 15 minutes. This fundraiser will help us accelerate EV adoption across the country and help India achieve its carbon objectives,” said Sameer Aggarwal, Founder and Chief Executive Officer of Revfin.</p>
<p>Revfin operates in 14 states with 400 dealerships and has been working with top original equipment manufacturers. It provides potential buyers of different types of EVs with financing products that verify the borrowers&#8217; identities and disburse loans to them digitally.</p>
<p>It has set an ambition of financing two million electric vehicles in the next five years and has financed over 10,000 electric three-wheelers over 14 states. The company claims to have enabled over 180 million zero-emission kilometers, saving 22,000+ tons of CO2 emissions and creating over 11,000 jobs in the industry.</p>
<p>Ajay Gupta, Senior Partner Emeritus at McKinsey, will join the board of Revfin.</p>
<p>The company is looking at disbursing over ₹400 billion ($4.8 billion) of loans over the next five years driven by high fuel prices; incentives rolled out by the central and state governments, and renewed emphasis by eCommerce companies to electrify their last-mile delivery fleets.</p>
<p>In September Revfin and a group of financiers, including Mufin Green Finance, Akasa Finance, Prest Loans, Vedika Fincorp, and Grip Invest, <a href="https://mercomindia.com/daily-news-wrap-up-amplus-solar/" target="_blank" rel="noopener">launched</a> the Electric Mobility Financiers Association of India. The association’s mission is to enable the fast adoption of electric mobility, shape policies and guidelines, and mitigate risks associated with electric mobility.</p>
<p>Indian states, through policies and attractive subsidies, are scaling the process toward the transition to EVs. Recently, <a href="https://mercomindia.com/chandigarh-ev-policy-targets-70-of-all-vehicles-to-be-electric-by-2027/" target="_blank" rel="noopener">Chandigarh</a>, in its EV Policy, targeted 70% of all new vehicle registrations to be EVs in the next five years, and Uttar Pradesh <a href="https://mercomindia.com/uttar-pradesh-announces-incentives-ev-battery-manufacturing/" target="_blank" rel="noopener">announced</a> a 30% base capital subsidy for the first two integrated EV projects.</p>


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