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Daily News Wrap-Up: APTEL Criticizes MERC for Denying Petitioner Relief


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					</table><p><a href="https://www.mercomindia.com/ntpc-invites-bids-to-solar-projects-in-telangana" target="_blank" rel="noopener"><strong>NTPC has invited bids for the implementation of a 120 MW ground-mounted and a 56 MW floating solar project at NTPC Ramagundam Super Thermal Power Plant in Telangana.</strong></a> The scope of work encompasses the construction of both ground-mounted and floating solar installations, as well as the establishment of a power evacuation system, which includes the procurement and installation of PV modules within the specified area. The last date for the submission of bids is October 20, 2023. Bids will be opened on the same day.</p>
<p><a href="https://www.mercomindia.com/government-to-sell-stake-in-sjvn" target="_blank" rel="noopener"><strong>The Indian government is set to divest up to 4.92% of its stake in the state-owned power company SJVN through an Offer for Sale (OFS).</strong></a> The floor price for this stake has been set at ₹69 (~$0.83)/share. This OFS plan involves the government’s sale of a base offer comprising 2.46% of the company’s equity, with an additional 2.46% retained as an oversubscription option. The offering will commence on September 21, targeting non-retail investors, followed by retail investors on September 22.</p>
<p><a href="https://www.mercomindia.com/voyants-solutions-wins-consultancy-auction-600-mw-projects" target="_blank" rel="noopener"><strong>Voyants Solutions, a consulting firm, has been declared the winner in the auction conducted by TUSCO, a joint venture company of THDC India and the Uttar Pradesh New and Renewable Energy</strong></a> Development Agency, to select an environmental and social impact assessment consultant for the development of 600 MW of solar power projects in the Jhansi district of Uttar Pradesh. Voyants Solutions quoted a price of ₹2.53 million (~$30,437) in the auction.</p>
<p><strong><a href="https://www.mercomindia.com/pfc-consulting-ists-connected-solar-projects" target="_blank" rel="noopener">PFC Consulting, a wholly-owned subsidiary of Power Finance Corporation, has invited bids to commission 1,250 MW interstate transmission system -connected solar projects under the</a></strong> program for flexibility in generating and scheduling of thermal-hydro power stations through bundling with renewable energy and storage. The last day to submit the bids is October 12, 2023. Bids will be opened on the same day. Bidders must submit an earnest money deposit of ₹464,000 (~$5,579)/MW of quoted capacity.</p>
<p><a href="https://www.mercomindia.com/webinar-solar-module-inverter-pairing" target="_blank" rel="noopener"><strong>The solar industry is rapidly evolving, with larger solar modules that generate over 600 W+ becoming the new standard.</strong></a> Project designs are being upgraded to harness the increased power of these larger modules, which necessitates the upgradation of all the associated equipment, especially inverters. Mercom’s webinar ‘Cutting Edge PV Inverters Optimizing Generation from Advanced Technology Modules’ will shed light on the technical and financial implications for solar PV projects on September 26, 2023, at 11 AM.</p>
<p><a href="https://www.mercomindia.com/energy-storage-vital-renewable-energy-viable-interview" target="_blank" rel="noopener"><strong>In an exclusive interview with Mercom India, Sushain Sharma, Managing Director, Stem India, talks about the company’s energy storage offerings and plans for India.</strong></a> He also shares his thoughts on the Indian government’s policies to promote energy storage. Stem offers integrated solutions to improve returns and maximize the economic, environmental, and resiliency value across energy assets, including storage, solar, and electric vehicle charging.</p>
<p><strong><a href="https://www.mercomindia.com/silfab-to-build-1-2-gw-solar-module-manufacturing-facility-in-york-county" target="_blank" rel="noopener">Silfab Solar, a North America-based solar panel manufacturer, is expanding its presence in the United States by setting up operations in York County, Pennsylvania.</a></strong> With a $150 million investment, the company is setting up a facility to produce 1 GW of cells and 1.2 GW of modules annually. The company has secured a 785,000-square-foot lease in Fort Mill, South Carolina, to serve as the foundation for its upcoming operations, which is expected in the third quarter of 2024.</p>
<p><strong><a href="https://www.mercomindia.com/fraunhofer-study-perovskite-triple-junction-solar-cells" target="_blank" rel="noopener">A recent study by the Fraunhofer Institute for Solar Energy Systems has demonstrated the immense potential of triple-junction solar cells composed of perovskite-</a></strong>perovskite-silicon subcells. The Fraunhofer ISE research team, led by Juliane Borchert, Group Leader for Perovskite-Silicon Technologies, has achieved an open-circuit voltage exceeding 2.8 volts in their perovskite-perovskite-silicon solar cell.</p>


Daily News-Wrap Up: NTPC Invites Bids to Develop 176 MW Solar Projects


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-navisun-raises-235-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Navisun, an independent power producer, announced it has </strong><a href="https://mercomcapital.com/navisun-secures-debt-solar-and-storage-projects-us/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> up to $235 million in debt financing through two facilities. </strong>The funding will support the company’s growth strategy, allowing it to execute its project pipeline of distributed and small utility-scale solar and storage projects across the United States. The funding was led by MUFG, which acted as an administrative agent, issuing bank, and coordinating lead arranger. Export Development Canada served as the mandated lead arranger for both facilities.</p>
<p><strong>Scale Microgrids, a commercial-scale distributed energy developer, announced </strong><a href="https://mercomcapital.com/scale-microgrids-raises-225-million/" target="_blank" rel="noopener"><strong>closing</strong></a><strong> its $225 million debt facility</strong> to help the company build and operate future projects. The new debt facility will be used to construct and operate a portfolio of future microgrids, and other distributed energy projects across the U.S. Warburg Pincus initially seeded Scale Microgrids with a $300 million line of equity commitment in late 2019. The startup has since delivered multiple distributed energy resources projects across industries in the U.S.</p>
<p><strong>Canada-based solar module manufacturer Silfab Solar has </strong><a href="https://mercomindia.com/silfab-raises-125-million-arc-financial/" target="_blank" rel="noopener"><strong>completed</strong></a><strong> the second investment round of $125 million</strong> led by ARC Financial Corp, an energy-focused private equity fund manager. The capital infusion will allow Silfab to embark on its next phase of expansion, which includes establishing a third manufacturing facility in the United States.</p>
<p><strong>Indra, an electric vehicle charging and energy technology company, has announced that it has </strong><a href="https://mercomcapital.com/ev-charging-provider-indra-raises-21-million/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> over £20 million (~$21 million) in Series B Funding</strong>. The lead investor was Gulf Oil International, which significantly increased its equity stake in Indra. The new funding will help Indra accelerate the development and deployment of its bidirectional charging technology and will also enable the company to expand its customer base, increase its revenue stream and grow its presence in domestic and international markets.</p>
<p><strong>itselectric, a curbside electric vehicle charging provider in Brooklyn, </strong><a href="https://mercomcapital.com/itselectric-raises-2-2-million-to-deploy-curbside-ev-charging/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $2.2 million in Seed funding</strong>. Brooklyn Bridge Ventures led the investment round with participation from The Helm, XFactor, Graham &amp; Walker, Clean Energy Venture Group, and Pericles. The funding will be used to install the company’s curbside EV chargers pilot chargers across major cities in the U.S. in 2023.</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&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-palmetto-raises-150-million/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Navisun Raises $235 Million for Solar Projects


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					</table><p>Canada-based solar module manufacturer <a href="https://silfabsolar.com/" target="_blank" rel="noopener">Silfab Solar</a> has completed the second investment round of $125 million led by <a href="https://arcfinancial.com/" target="_blank" rel="noopener">ARC Financial Corp</a>, an energy-focused private equity fund manager.</p>
<p>The capital infusion will allow Silfab to embark on its next phase of expansion, which includes establishing a third manufacturing facility in the United States. With this new facility, Silfab will be able to expand its operations to include the production of solar cells and modules, all made in America.</p>
<p>The investment from ARC&#8217;s Energy Fund 9 includes co-investments from several prominent investors, including Manulife Financial Corporation, Ontario Power Generation Inc. Pension Plan, CF Private Equity, and BDC Capital&#8217;s Cleantech Practice.</p>
<p>&#8220;Silfab is ideally situated to meet North America&#8217;s growing appetite for domestically manufactured cutting-edge solar products. ARC remains confident that Silfab will drive clean tech manufacturing and U.S.-engineered product innovation. Silfab continues to implement an impressive growth plan built around its unwavering commitment to manufacturing high-quality products and decades of innovation and experience,&#8221; said Brian Boulanger, CEO of ARC.</p>
<p>Silfab Solar&#8217;s upcoming third solar manufacturing facility in the United States is expected to be fully operational by 2024. The facility will initially have an annual capacity of producing 1 GW of solar cells and an additional 1.2 GW of solar module assembly.</p>
<p>According to Silfab, investing in U.S.-made solar cells is a critical component in a clean supply chain to support the manufacturing of solar panels for North American customers. The new facility is expected to generate more than 800 new domestic jobs.</p>
<p>Silfab Solar operates two solar module manufacturing facilities, one in Washington in the U.S. and the other in Toronto, Canada.</p>
<p>In September 2021, ARC Financial Corp <a href="https://mercomindia.com/funding-and-ma-roundup-bidgely-raises-26-million/" target="_blank" rel="noopener">led</a> Silfab Solar&#8217;s first investment round, which enabled the company to enhance its production lines at its existing manufacturing facility in Washington. These enhancements allowed Silfab to deploy next-generation solar modules to North America&#8217;s consumer, business, and institutional markets.</p>
<p>Since the launch of its private equity business in 1997, ARC has raised $6 billion across nine energy-focused funds, having invested capital in more than 180 companies across the energy landscape.</p>
<p>Total corporate funding worldwide in the solar sector, including venture capital and private equity (VC), debt financing, and public market financing, came to $24.1 billion in 2022, a decline of 13% compared to the $27.8 billion raised in 2021, according to Mercom&#8217;s <a href="https://mercomcapital.com/product/annual-q4-2022-solar-funding-ma-report/" target="_blank" rel="noopener">Annual and Q4 2022 Solar Funding and M&amp;A Report</a>. The total deal count, however, was up by over 20% year-over-year.</p>


Solar Module Maker Silfab Raises $125 Million from ARC Financial

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