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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-aditya-birla-renewables-to-acquire-sprng-energy/" target="_blank" rel="noopener">Mercom Capital Group</a>
Aditya Birla Renewables (ABRen), the renewable energy subsidiary of Grasim Industries, has <a href="https://www.mercomindia.com/aditya-birla-renewables-to-acquire-sprng-energy-for-1-8-billion" target="_blank" rel="noopener">signed</a> a definitive agreement to acquire Sprng Energy from Shell Overseas Investment for an enterprise value of ₹172 billion (~$1.8 billion). ABRen will acquire all equity shares and securities of Solenergi Power, which owns the Sprng Energy group of companies. This transaction adds a contracted portfolio of ~5 GW of capacity, along with a strong pipeline of connectivity and development.
Energy Exploration Technologies (EnergyX), a U.S.-based energy technology company focused on lithium production and critical-mineral supply chain infrastructure, has <a href="https://mercomcapital.com/energyx-secures-225-million-investment-for-chile-lithium-project/" target="_blank" rel="noopener">secured</a> a $225 million strategic investment from the Italian energy company Eni. The investment is for a minority stake in Project Black Giant, a lithium resource project in the Antofagasta region of northern Chile.
Otovo, a distributed energy services provider, has <a href="https://mercomcapital.com/otovo-raises-7-25m-fund-green-panel-solar-acquisition/" target="_blank" rel="noopener">raised</a> $7.25 million through a private placement to help finance its proposed acquisition of Israel-based solar energy services company Green Panel Solar Energy Systems. Otovo plans to use the proceeds to fund the acquisition, provide working capital, strengthen its balance sheet, and continue investing in its Endurance artificial intelligence platform. The funds may also support additional acquisitions.
Indian-based electric-vehicle mobility platform  Milo Drive has <a href="https://www.mercomindia.com/ev-platform-milo-drive-raises-2-4-million-in-seed-funding-round" target="_blank" rel="noopener">raised</a> $2.4 million (~₹228.59 million) in a seed funding round led by Caret Capital. Antler, Alteria Capital, IAN Capital, Climate Angels, and Aureolis Capital were among the other investors who participated in the round. The company said it will use the funds to strengthen its multi-channel ride demand network, onboard independent fleet operators, and expand the capabilities of its automated charging intelligence software.
Swiss energy company Alpiq has agreed to <a href="https://mercomcapital.com/alpiq-acquire-90-stake-battery-storage-developer-harmony-energy/" target="_blank" rel="noopener">acquire</a> a 90% stake in Harmony Energy, a developer and operator of grid-scale battery energy storage projects across Europe. The acquisition will expand Alpiq’s battery storage portfolio and provide access to Harmony Energy’s project development, construction, operations, and asset management capabilities. The companies did not disclose the financial terms or expected completion date.
Alternative credit platform BlackSoil has <a href="https://www.mercomindia.com/blacksoil-to-acquire-credit-fairs-solar-financing-business" target="_blank" rel="noopener">announced</a> it will acquire Credit Fair’s solar financing business, marking its entry into India’s renewable energy financing sector. As part of the transaction, BlackSoil will acquire the solar financing business, including its management team, technology platform, brand, and operating infrastructure. Credit Fair’s solar financing assets under management stand at ₹1.53 billion (~$16.04 million).
InstaVolt, an electric vehicle charging network operator, has <a href="https://mercomcapital.com/instavolt-sells-iberian-ev-charging-business-to-powerdot/" target="_blank" rel="noopener">sold</a> its Iberian business operations in Spain and Portugal to European electric vehicle charging provider Powerdot. The transaction includes InstaVolt’s charging network and associated employees across the two countries. InstaVolt said the sale is part of its plan to focus investment on its core markets in the UK and Ireland.
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&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-eos-energy-secures-75-million" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Aditya Birla Renewables to Acquire Sprng Energy

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					</table>Swiss energy company <a href="https://www.alpiq.com/" target="_blank" rel="noopener">Alpiq</a> has agreed to acquire a 90% stake in <a href="https://harmonyenergy.co.uk/" target="_blank" rel="noopener">Harmony Energy</a>, a developer and operator of grid-scale battery energy storage projects across Europe.
The acquisition will expand Alpiq’s battery storage portfolio and provide access to Harmony Energy’s project development, construction, operations, and asset management capabilities. The companies did not disclose the financial terms or expected completion date.
Post the transaction’s completion, Harmony Energy will continue operating independently under its existing brand. It will retain its employees, organizational structure, and operating model.
Harmony Energy has a multi-gigawatt pipeline of battery storage projects across the U.K., Germany, France, and Poland. The acquisition will add approximately 400 MW of projects under construction to Alpiq’s European battery storage portfolio. The assets include a project in the U.K. that is expected to connect to the grid as early as the third quarter of 2026.
“Partnering with Alpiq marks an exciting new chapter for Harmony Energy. With Alpiq’s financial strength, market expertise and pan-European footprint, we are well positioned to scale our project pipeline while ensuring continuity for our team and partners,” Peter Kavanagh, co-founder and CEO of Harmony Energy. 
Alpiq said the transaction supports its strategy to expand its flexible energy assets and commercial capabilities as European power systems integrate more renewable energy. Battery storage systems absorb electricity when supply exceeds demand and discharge it when additional power is needed.
Alpiq had earlier acquired two battery storage projects from Harmony Energy, including the 100 MW Cheviré project in France.
Harmony Energy has delivered 18 grid-scale battery storage projects with a combined power capacity of more than 700 MW. The company has capabilities in project development, construction, and operating asset management.
Harmony Energy may also continue selling selected projects or operating assets to third-party investors, a model it has used for some projects.
Alpiq said the projects under construction and Harmony Energy’s development pipeline would support its plans to build and operate a multi-gigawatt battery storage portfolio in Europe.
According to Mercom’s Q1 2026 Funding and M&amp;A for Energy Storage <a href="https://mercomcapital.com/product/q1-2026-funding-ma-report-energy-storage/" target="_blank" rel="noopener">report</a>, corporate M&amp;A activity increased, with seven companies acquired in the first quarter of 2026 compared to only one in Q1 2025.
In July 2026, Royal Vopak, a company that owns and operates infrastructure for the storage and handling of liquids and gases, <a href="https://mercomcapital.com/royal-vopak-acquires-majority-stake-in-green-energy-storage/" target="_blank" rel="noopener">acquired</a> a 79% stake in Green Energy Storage and took a final investment decision for a 200 MW/800 MWh battery energy storage project in Oosterhout, The Netherlands.

Alpiq to Acquire 90% Stake in Battery Storage Developer Harmony Energy

<a href="https://www.alpiq.com/" target="_blank" rel="noopener">Alpiq</a>, a Switzerland-based electricity producer and energy service provider, acquired the Cheviré operational battery energy storage project located at the port of Nantes Saint-Nazaire in western France from <a href="https://harmonyenergy.co.uk/" target="_blank" rel="noopener">Harmony Energy</a>, a European developer of battery energy storage systems (BESS).
The project, with an output capacity of 100 MW/200 MWh, was commissioned in December 2025 and is currently the largest in the country.
Harmony Energy developed and commissioned the Cheviré project, which is built on the site of the former Cheviré fossil-fuel-fired power plant. This is Alpiq&#8217;s second acquisition in France. Previously, it <a href="https://cms.mercomindia.com/alpiq-acquires-100-mw-200-mwh-battery-storage-project-in-france/" target="_blank" rel="noopener">acquired</a> a 100 MW/200 MWh battery energy storage project in the Oise department, north of Paris, France, from Harmony Energy in November 2024.
Alpiq currently has another 100 MW of battery storage under construction in La Corne-en-Vexin, with operations scheduled for 2027. Overall, the company has secured a BESS portfolio of over 750 MW in France, Germany, and the Nordics, with nearly half of it operational or under construction. Alpiq is also planning further investments in BESS and other storage systems in key markets across Europe.
&#8220;The acquisition of the Cheviré battery storage facility marks a milestone in the implementation of our growth strategy in the area of flexible plants and for ensuring a sustainable, secure energy supply,&#8221; says Amédée Murisier, Head of Business Division Assets and member of the Alpiq Executive Board. &#8220;Flexibility is key to integrating renewable energy and ensuring the stability of electricity grids. We are investing specifically in flexible power plants and storage facilities that help strengthen the security of supply and deliver sustainable solutions for our customers. France is a strategic market in this regard, and Cheviré represents a milestone on our path to strengthening and further expanding our position as a provider of flexibility solutions in Europe.&#8221;
According to Mercom&#8217;s 9M and Q3 2025 Funding and M&amp;A Report for Energy Storage <a href="https://cms.mercomindia.com/product/9m-and-q3-2025-funding-and-ma-report-for-storage/" target="_blank" rel="noopener">report</a>, there were 45 energy storage project M&amp;A transactions in the first nine months of 2025 compared to 22 transactions in the same period of 2024.
In January 2026, Aquila Clean Energy, a developer of integrated and hybrid clean energy solutions, <a href="https://cms.mercomindia.com/aquila-clean-energy-sells-100-mwh-battery-storage-project/" target="_blank" rel="noopener">sold</a> a ready-to-build 50 MW/100 MWh battery energy storage project in Lithuania to Energy Gates, an investment management firm focused on developing large-scale renewable energy projects across the Baltic countries.

Alpiq Acquires 100 MW/200 MWh Battery Storage Project

CEE Group, a Hamburg-based renewable energy asset management firm, <a href="https://cms.mercomindia.com/cee-group-acquires-102-mw-solar-project-in-germany/" target="_blank" rel="noopener">announced</a> the acquisition of the 102 MW Klüden solar project in the Börde district in Saxony-Anhalt, Germany  from Sunovis, a Germany-based solar project developer. The construction of the solar project already began in September 2024, with commercial operation expected in April 2025.
Gulf Renewable Energy, a subsidiary of Gulf Energy Development Public Company, <a href="https://cms.mercomindia.com/gulf-renewable-energy-secures-820-million-loan-for-solar-and-storage-projects/" target="_blank" rel="noopener">announced</a> the closing of a $820 million loan to support the construction of a portfolio of 12 renewable energy projects across Thailand. The portfolio includes eight ground-mounted solar projects totaling 393 MW and four ground-mounted solar projects with battery energy storage systems totaling 256 MW and 396 MWh of energy storage.
Spruce Power, an owner and operator of distributed residential solar systems, <a href="https://cms.mercomindia.com/spruce-power-acquires-residential-solar-portfolio-in-new-jersey/" target="_blank" rel="noopener">announced</a> the acquisition of a residential solar portfolio from NJR Clean Energy Ventures (CEV), a subsidiary of New Jersey Resources for $132.5 million. The acquired portfolio, known as Spruce Power 5 Portfolio, includes approximately 9,800 solar systems in New Jersey, which were installed under a CEV residential solar program between 2010 and 2024.
Alpiq, a Switzerland-based electricity producer, announced the <a href="https://cms.mercomindia.com/alpiq-acquires-100-mw-200-mwh-battery-storage-project-in-france/" target="_blank" rel="noopener">acquisition</a> of the 100 MW/200 MWh battery energy storage project located in the department of Oise, north of Paris, France from Harmony Energy, a renewable energy project developer. The project is expected to be commissioned in autumn 2026.
Yinson Renewables, an independent renewable power producer, <a href="https://cms.mercomindia.com/yinson-renewables-secures-59-million-financing-for-solar-project/" target="_blank" rel="noopener">secured</a> a $59 million senior secured green financing for the 97 MWp Matarani solar project located near Arequipa, Peru. IDB Invest and Natixis Corporate &amp; Investment Banking provided the funding. The project achieved full commercial operations in September 2024 and is backed by a long-term Power Purchase Agreement (PPA) with Orygen, a Peru-based renewable energy supplier and generator.
TSE, a French solar developer specializing in agrivoltaics projects, <a href="https://cms.mercomindia.com/agrivoltaics-project-developer-tse-secures-68-5-million-financing/" target="_blank" rel="noopener">secured</a> a bond debt funding of €65 million (~$68.5 million) from the Eiffel Investment Group Fund. The debt funding will enable TSE to develop and construct new solar projects with a combined capacity of 800 MW. Astris Finance advised TSE as financial advisor and Gibson Dunn as legal advisor. Clifford Chance advised Eiffel Investment Group as legal counsel.
Click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s project finance <a href="https://cms.mercomindia.com/project-finance-brief-baywa-r-e-sells-solar-projects/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: CEE Group Acquires 102 MW Solar Project in Germany

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-cee-group-solar-project-germany/" target="_blank" rel="noopener">Mercom Capital Group</a>
CEE Group, a Hamburg-based renewable energy asset management firm, <a href="https://mercomcapital.com/cee-group-acquires-102-mw-solar-project-in-germany/" target="_blank" rel="noopener">announced</a> the acquisition of the 102 MW Klüden solar project in the Börde district in Saxony-Anhalt, Germany  from Sunovis, a Germany-based solar project developer. The construction of the solar project already began in September 2024, with commercial operation expected in April 2025.
Gulf Renewable Energy, a subsidiary of Gulf Energy Development Public Company, <a href="https://mercomcapital.com/gulf-renewable-energy-secures-820-million-loan-for-solar-and-storage-projects/" target="_blank" rel="noopener">announced</a> the closing of a $820 million loan to support the construction of a portfolio of 12 renewable energy projects across Thailand. The portfolio includes eight ground-mounted solar projects totaling 393 MW and four ground-mounted solar projects with battery energy storage systems totaling 256 MW and 396 MWh of energy storage.
Spruce Power, an owner and operator of distributed residential solar systems, <a href="https://mercomcapital.com/spruce-power-acquires-residential-solar-portfolio-in-new-jersey/" target="_blank" rel="noopener">announced</a> the acquisition of a residential solar portfolio from NJR Clean Energy Ventures (CEV), a subsidiary of New Jersey Resources for $132.5 million. The acquired portfolio, known as Spruce Power 5 Portfolio, includes approximately 9,800 solar systems in New Jersey, which were installed under a CEV residential solar program between 2010 and 2024.
Alpiq, a Switzerland-based electricity producer, announced the <a href="https://mercomcapital.com/alpiq-acquires-100-mw-200-mwh-battery-storage-project-in-france/" target="_blank" rel="noopener">acquisition</a> of the 100 MW/200 MWh battery energy storage project located in the department of Oise, north of Paris, France from Harmony Energy, a renewable energy project developer. The project is expected to be commissioned in autumn 2026.
Yinson Renewables, an independent renewable power producer, <a href="https://mercomcapital.com/yinson-renewables-secures-59-million-financing-for-solar-project/" target="_blank" rel="noopener">secured</a> a $59 million senior secured green financing for the 97 MWp Matarani solar project located near Arequipa, Peru. IDB Invest and Natixis Corporate &amp; Investment Banking provided the funding. The project achieved full commercial operations in September 2024 and is backed by a long-term Power Purchase Agreement (PPA) with Orygen, a Peru-based renewable energy supplier and generator.
TSE, a French solar developer specializing in agrivoltaics projects, <a href="https://mercomcapital.com/agrivoltaics-project-developer-tse-secures-68-5-million-financing/" target="_blank" rel="noopener">secured</a> a bond debt funding of €65 million (~$68.5 million) from the Eiffel Investment Group Fund. The debt funding will enable TSE to develop and construct new solar projects with a combined capacity of 800 MW. Astris Finance advised TSE as financial advisor and Gibson Dunn as legal advisor. Clifford Chance advised Eiffel Investment Group as legal counsel.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-baywa-r-e-sells-solar-projects/" target="_blank" rel="noopener">brief</a>.

<a href="https://www.alpiq.com/" target="_blank" rel="noopener">Alpiq</a>, a Switzerland-based electricity producer, announced the acquisition of the 100 MW/200 MWh battery energy storage project located in the department of Oise, north of Paris, France from Harmony Energy, a renewable energy project developer.
The project is expected to be commissioned in autumn 2026. Once operational, it will supply electricity to 1,70,000 households for two hours. The financial details of the acquisition were not disclosed.
The company is expanding its portfolio in its core markets as part of its strategy and plans further investments in battery storage. In June, the company also announced the acquisition of a 30 MW battery energy storage project in Valkeakoski in southern Finland, which is scheduled to commence operation in the summer of 2025.
Alpiq is planning further acquisitions of battery storage projects in France, Switzerland, Germany, and the Nordics.
&#8220;The investment in this battery energy storage system in France signals a clear commitment from Alpiq. On the one hand, it underlines the strategy of expanding our flexible asset portfolio in our core markets to enable the integration of variable renewable energy and through that the energy transition,&#8221; said Lukas Gresnigt, Head of International and Member of the Executive Board of Alpiq. &#8220;On the other hand, the investment is a further commitment to expansion of our position in France, a core market for Alpiq where we have a strong position in supplying energy to commercial and industrial customers,&#8221; he added.
According to Mercom’s 9M and Q3 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-and-q3-2024-funding-and-ma-report-for-storage-and-grid/" target="_blank" rel="noopener">Report</a> for Energy Storage and Smart Grid, in 9M 2024, there were 22 energy storage project M&amp;A transactions (one disclosed) compared to 22 transactions (four disclosed) in 9M 2023.
Earlier in November, Field, an energy storage project developer, announced the <a href="https://cms.mercomindia.com/field-acquires-200-mw-800-mwh-battery-storage-project-in-the-uk/" target="_blank" rel="noopener">acquisition</a> of the 200 MW/800 MWh Hartmoor battery storage project near Hartlepool, England, U.K., from independent project developer Clearstone Energy.

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