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


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-ambient-photonics-secures-30-million-2/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Ambient Photonics, a low-light solar photovoltaic cells company, </strong><a href="https://mercomcapital.com/ambient-photonics-secures-30-million-series-a2-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $30 million in a series A2 funding round</strong>. The round was led by Fine Structure Ventures, affiliated with the parent company of Fidelity Investments, and included new investors Helios Climate Ventures, Regeneration.VC, and Sustainable Future Ventures. Existing investors I Squared Capital, Ecosystem Integrity Fund, and Cthulhu Ventures also joined the round.</p>
<p><strong>REC Limited, a public infrastructure finance company, </strong><a href="https://www.mercomindia.com/rec-1-25-billion-finance-power-infrastructure-logistics" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $1.25 billion</strong> in August and September 2023 from a consortium of six banks and through a Foreign Currency Term Loan Agreement. The company raised $1.15 billion in two tranches from a consortium of six banks. The financing proceeds are expected to go towards funding power, infrastructure, and logistics sector projects as permitted under the External Commercial Borrowings guidelines of the Reserve Bank of India.</p>
<p><strong>Zenobē, a global fleet electrification and battery storage solutions company, has </strong><a href="https://www.mercomindia.com/zenobe-secures-fleet-and-battery-storage-expansion" target="_blank" rel="noopener"><strong>secured</strong></a><strong> approximately £600 million (~$643.9 million) in funding</strong> from KKR, an international investment firm. The company also received an additional infusion of around £270 million (~$289 million) in equity, which has been contributed by Infracapital, an existing shareholder. Pending the fulfillment of standard closing requirements and regulatory authorizations, KKR and Infracapital are set to become co-majority stakeholders in Zenobē.</p>
<p><strong>Ascend Elements, a lithium-ion battery recycling and engineered materials company has </strong><a href="https://www.mercomindia.com/ascend-elements-battery-materials-production-in-us" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $542 million</strong> in new equity investments. The funding includes $460 million from its Series D investments and an additional $82 million from earlier this year. The Series D round was led by entities such as Decarbonization Partners, Temasek, and the Qatar Investment Authority. The newly acquired funds are expected to drive the construction of Ascend Elements’ Apex 1 facility in Hopkinsville, Kentucky.</p>
<p><strong>florrent, a company developing high-energy density ultracapacitor technology, </strong><a href="https://mercomcapital.com/ultracapacitor-startup-florrent-raises/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $2.1 million in a pre-seed round</strong> led by MassVentures, with participation from MassMutual Catalyst Fund, AIN Ventures, Tale Venture Partners, NextFab Ventures, Boston Impact Initiative, and others. The company plans to use this investment to validate performance improvement in commercial form factor cylindrical cells and scale material production capacity.</p>
<p><strong>Ostrom, an energy management solution provider, </strong><a href="https://mercomcapital.com/energy-management-startup-ostrom-gets-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $8 million in funding in an investment round </strong>led by SE Ventures along with existing investors Union Square Ventures, Adjacent, J12, and Übermorgen. The funding round extends the company’s Series A funding to $18 million, bringing the company’s total funding to over $23 million. The additional funding will be used to further expand the company’s product offerings, most notably in home storage and solar solutions.</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/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-urbanvolt-raises-28-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Ambient Photonics Secures $30 Million Series A2 Funding


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					</table><p><a href="https://www.mercomindia.com/sjvn-18-mw-solar-project-himachal-pradesh-ppa" target="_blank" rel="noopener"><strong>SJVN Green Energy signed a power purchase agreement (PPA) with the Bhakra Beas Management Board (BBMB) for 18 MW solar projects at a tariff of ₹2.63 (~$0.032)/kWh.</strong></a> The projects will be developed on four identified land parcels of BBMB in Himachal Pradesh and Punjab and are scheduled to be commissioned by August 2024. The projects will generate 39.42 MU of electricity in the first year of operation and 917 MU of cumulative energy generation over 25 years. Over the 25-year PPA period, the projects are expected to reduce 44,923 tons of carbon emissions.</p>
<p><a href="https://www.mercomindia.com/seci-disbursements-generators-see-19-6-yoy-rise" target="_blank" rel="noopener"><strong>The Solar Energy Corporation of India paid solar and wind power producers ₹11.45 billion (~$138 million) for the energy purchased in July 2023.</strong></a> The payment reflected a slight 0.23% decrease from the June disbursements. The payments, when compared to the corresponding period in the previous year, surged by 19.6% from ₹9.57 billion (~$115.5 million). In July, disbursements to solar and wind developers constituted approximately 79.61% of the total payments made by the nodal agency.</p>
<p><a href="https://www.mercomindia.com/gujarat-consultancy-tender-pumped-storage" target="_blank" rel="noopener"><strong>Gujarat Urja Vikas Nigam invited bids from consultants to help prepare tender documents and carry out the bidding process to procure energy storage capacity from pumped storage projects on a long-term basis.</strong></a> The last day to submit the bids is October 7, 2023. Bids will be opened on October 11. Bidders must submit a tender processing fee of ₹15,000 (~$181) and an earnest money deposit of ₹50,000 (~$603). The selected consultant must submit a security deposit of 10% of the total contract value within ten days of issuance of the work order.</p>
<p><a href="https://www.mercomindia.com/rajasthan-aims-to-energy-capacity-by-2030" target="_blank" rel="noopener"><strong>Rajasthan unveiled its draft for “Rajasthan Energy Policy 2050,” seeking to transition the state towards a sustainable and eco-friendly economy.</strong></a> One of the policy’s targets is to deploy a combined 90 GW of solar and wind capacity by 2030. This leap in renewable energy capacity is expected to generate employment opportunities for approximately 110,000 individuals, spanning various skill sets required for business development, project design, construction, commissioning, and maintenance. The state also plans to expand its rooftop solar capacity.</p>
<p><a href="https://www.mercomindia.com/g20-tripling-clean-energy-capacity-2030" target="_blank" rel="noopener"><strong>The recently concluded G20 Leaders’ Summit in Delhi called for a dedicated fund for the energy transition efforts of developing countries, phasing down unabated coal power and rationalizing inefficient fossil fuel subsidies.</strong></a> The declaration reaffirmed the commitment of G20 nations to take significant action in increasing sustainable finance. It stressed the vital role of financial support for green and sustainable projects. However, the declaration did not provide a specific roadmap for achieving the necessary $4 trillion annually for a green energy transition by 2030 to reach net zero by 2050.</p>
<p><strong><a href="https://www.mercomindia.com/oriana-epc-29-mw-solar-open-access-karnataka" target="_blank" rel="noopener">Oriana Power, a Noida-based renewable energy company, secured a ₹1 billion (~$12.08 million) contract for the turnkey engineering, procurement, and construction of a 29 MW captive open access solar project for a renowned steel manufacturer in Karnataka.</a> </strong>The project is expected to be commissioned in five months. Oriana Power will oversee all aspects of the project’s lifecycle, from design and engineering to supply and installation. Additionally, the company will provide operation and maintenance services for an entire year after the commissioning of the project. Winning this contract comes on the heels of another recent order worth ₹343.90 million (~$4.14 million) for a 7 MWdc solar power project for a cement company based in Rajasthan.</p>
<p><a href="https://www.mercomindia.com/tata-power-425-million-solar-manufacturing" target="_blank" rel="noopener"><strong>The U.S. International Development Finance Corporation approved $425 million in financing for Tata Power Renewable Energy’s (TPREL) upcoming 4.3 GW greenfield solar cell and module manufacturing facility in Tamil Nadu.</strong></a> The facility, located in the Tirunelveli district, is expected to begin module production by the end of 2023 and cell production by the first quarter of the financial year 2024. TPREL will implement industry 4.0 standards for smart manufacturing in the facility, integrating advanced technologies to enable the production of high-wattage solar modules and cells with higher efficiencies.</p>
<p><a href="https://www.mercomindia.com/ministry-amends-safety-compliance-evs-pli-fame-ii" target="_blank" rel="noopener"><strong>The Ministry of Heavy Industries amended the testing parameters for enhancing the human safety of electric vehicles, incentivized under the production-linked incentive program for automobiles and auto components and the Faster Adoption and Manufacturing of Electric and Hybrid Vehicles (FAME) II program.</strong></a> The new safety measures will be made mandatory from October 1, 2023, for claiming incentives under the PLI and FAME II programs. The rechargeable electric energy storage system with 100% state of charge will be tested for ingress protection IP X7 as per IEC 60529.</p>
<p><a href="https://www.mercomindia.com/zenobe-secures-fleet-and-battery-storage-expansion" target="_blank" rel="noopener"><strong>Zenobē, a global fleet electrification and battery storage solutions company, secured approximately £600 million (~$643.9 million) in funding from KKR, an international investment firm.</strong></a> The company also received an additional infusion of around £270 million (~$289 million) in equity, which has been contributed by Infracapital, an existing shareholder. Pending the fulfillment of standard closing requirements and regulatory authorizations, KKR and Infracapital are set to become co-majority stakeholders in Zenobē. Meanwhile, Jera and TEPCO Power Grid will continue to hold their positions as minority strategic investors.</p>
<p><a href="https://www.mercomindia.com/uk-cfd-clean-energy-fifth-round" target="_blank" rel="noopener"><strong>The United Kingdom announced the allocation of Contracts for Difference (CfDs) to 95 new renewable energy projects, securing a substantial 3.7 GW of clean energy capacity in its fifth allocation round.</strong></a> In the previous round, 93 projects received CfDs. These projects encompass renewable sources, including onshore wind, solar, and tidal energy developments. For the first time, geothermal projects harnessing natural underground heat sources have secured support through the CfD program. However, offshore and floating offshore wind do not feature in this year’s allocation, aligning with trends seen in countries like Germany and Spain.</p>
<p><a href="https://www.mercomindia.com/energy-major-repsol-wind-firm-connectgen-for-million" target="_blank" rel="noopener"><strong>Madrid-based energy and petrochemical company Repsol acquired ConnectGen, a U.S.-based renewable energy development company, for $768 million from Quantum Capital Group‘s global renewable energy development platform, 547 Energy.</strong></a> ConnectGen’s expertise primarily lies in U.S. onshore wind projects, and its development pipeline encompasses 20,000 MW of onshore wind, solar, and energy storage projects across various stages of maturity. The pipeline represents Repsol’s entry into the U.S. onshore wind industry.</p>


Daily News Wrap-Up: SJVN Bags 18 MW Solar Projects in Himachal Pradesh


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					</table><p><a href="https://www.zenobe.com/" target="_blank" rel="noopener">Zenobē</a>, a global fleet electrification and battery storage solutions company, has secured approximately £600 million (~$643.9 million) in funding from <a href="https://www.kkr.com/" target="_blank" rel="noopener">KKR</a>, an international investment firm. The company also received an additional infusion of around £270 million (~$289 million) in equity, which has been contributed by <a href="https://www.infracapital.co.uk/" target="_blank" rel="noopener">Infracapital</a>, an existing shareholder.</p>
<p>Pending the fulfillment of standard closing requirements and regulatory authorizations, KKR and Infracapital are set to become co-majority stakeholders in Zenobē.</p>
<p>Meanwhile, <a href="https://www.jera.co.jp/en" target="_blank" rel="noopener">Jera</a> and <a href="https://www.tepco.co.jp/en/pg/index-e.html" target="_blank" rel="noopener">TEPCO Power Grid</a> will continue to hold their positions as minority strategic investors.</p>
<p>Zenobē supports over 1,000 electric buses, trucks, and commercial vehicles worldwide. It has deployed vehicles in over 75 depots, spanning locations from Glasgow and Coventry in the UK to Sydney and Melbourne in Australia.</p>
<p>The equity investment is expected to bolster Zenobē&#8217;s capacity to support electric vehicles (EVs) and charging infrastructure. By 2026, the company aims to have 4,000 electric buses, trucks, and commercial vehicles on the road.</p>
<p>Zenobē also offers Electric Transport-as-a-Service (ETaaS), a comprehensive solution that includes battery replacement, charging infrastructure, and energy optimization software.</p>
<p>As renewable energy continues to play a pivotal role in the global energy landscape, grid-scale battery storage solutions are essential to ensure this power&#8217;s efficient use.</p>
<p>Zenobē operates approximately 430 MW of contracted grid-scale battery storage in the UK, including the 100 MW battery storage asset in Capenhurst, Cheshire.</p>
<p>The equity investment will enable Zenobē to construct two additional battery storage sites in Scotland and extend the capacity of its Blackhillock storage asset. These developments will facilitate the integration of wind power into the grid, contributing to Zenobē&#8217;s goal of commissioning approximately 1.2 GW of storage in the UK by 2026.</p>
<p>Furthermore, Zenobē is set to develop an additional 2.5 GW of battery energy storage assets in North America and Australia by 2030, aligning with the growing demand for grid-balancing solutions.</p>
<p>In February this year, Zenobe Energy <a href="https://www.mercomindia.com/funding-and-ma-roundup-zenobe-secures" target="_blank" rel="noopener">secured</a> a multi-source debt structure of £241 million (~$326.2 million) to accelerate the expansion of the electric vehicle fleet sector. The funding platform advised by NatWest takes total debt support from financial institutions in the UK to over £300 million (~$406.1 million).</p>
<p>According to Mercom Capital Group’s <a href="https://mercomcapital.com/product/1h-q2-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">1H and Q2 2023 Funding and M&amp;A Report Storage and Grid Report</a>, in the first half of 2023, corporate funding for energy storage companies reached an impressive $7.1 billion across 59 deals.</p>


Zenobē Secures £870 Million for Global EV Fleet and Battery Storage Expansion

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