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Apricus Generation, a distributed solar and battery development platform and independent power producer, <a href="https://cms.mercomindia.com/apricus-generation-secures-30-million-revolving-credit-facility/" target="_blank" rel="noopener">announced</a> that it has secured a $30 million revolving credit facility with Atlantic Union Bank. The funding is expected to provide the company with capital flexibility to accelerate project development. This funding is anticipated to further strengthen the company’s business model.
Independent power producer AMPIN Energy Transition <a href="https://www.mercomindia.com/ampin-energy-secures-50-million-investment-from-siemens-financial-services" target="_blank" rel="noopener">secured</a> an investment of $50 million (~₹4.28 billion) from Siemens Financial Services, the financing arm of Siemens AG. The investment will strengthen AMPIN’s position in India’s renewable energy transition. It will also fuel the company’s growth in commercial and industrial, and utility-scale renewable energy projects.
BluPine Energy has <a href="https://www.mercomindia.com/blupine-energy-secures-%E2%82%B917-87-billion-from-nabfid-for-renewables-expansion" target="_blank" rel="noopener">secured</a> ₹17.87 billion (~$210 million) in structured financing from the National Bank for Financing Infrastructure and Development. BluPine Energy aims to use the funds to optimize its financial structuring, enhance operational efficiency, and drive long-term portfolio expansion. The company will deploy the funds toward repowering existing solar assets to improve their efficiency and operational effectiveness.
Non-banking financial services company Shriram Finance has <a href="https://www.mercomindia.com/shriram-finance-secures-150-million-from-adb-for-ev-financing" target="_blank" rel="noopener">secured</a> a $150 million loan from the Asian Development Bank to enhance access to electric vehicle finance and low-emission commercial vehicles in India. The funding is part of a larger $306 million financing package, which includes an additional $150 million from the Japan International Cooperation Agency and ₹500 million (~$5.83 million) from the Export-Import Bank in India.
Ardian, a private equity firm, has reached an agreement to <a href="https://cms.mercomindia.com/ardian-to-acquire-renewables-company-akuo/" target="_blank" rel="noopener">acquire</a> Akuo, a leading independent power producer specializing in renewable energy. This acquisition is expected to help Ardian gain expertise in the renewable energy sector and support Akuo in its next growth phase. Ardian also plans to provide the necessary financial capacity for Akuo’s various renewable energy projects.
ONGC has approved an <a href="https://www.mercomindia.com/ongc-approves-%E2%82%B933-billion-investment-for-ayana-acquisition" target="_blank" rel="noopener">investment</a> of ₹33 billion (~$384.84 million) in ONGC Green to part-fund the acquisition of a 100% stake in Ayana Renewable Power. The company will subscribe to the rights offer of equity shares issued by ONGC Green. The transaction for the acquisition was signed with the National Investment and Infrastructure Fund, British International Investment and its subsidiaries, and Eversource Capital.
Global alternative asset management firm TPG <a href="https://www.mercomindia.com/tpg-acquires-siemens-gamesas-india-and-sri-lanka-wind-businesses" target="_blank" rel="noopener">acquired</a> a majority stake in Siemens Gamesa’s onshore wind turbine manufacturing business in India and Sri Lanka. Following the transaction, a new independent company will be established to build a business to manufacture, install, and service onshore wind turbines to capitalize on India’s wind market potential. Siemens Gamesa will divest 90% of its wind business in India and Sri Lanka, retaining a 10% stake in the transferred business.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-trende-secures-7-2-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Apricus Generation Secures $30 Million

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-apricus-generation-secures-30-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Apricus Generation, a distributed solar and battery development platform and independent power producer, <a href="https://mercomcapital.com/apricus-generation-secures-30-million-revolving-credit-facility/" target="_blank" rel="noopener">announced</a> that it has secured a $30 million revolving credit facility with Atlantic Union Bank. The funding is expected to provide the company with capital flexibility to accelerate project development. This funding is anticipated to further strengthen the company’s business model.
Independent power producer AMPIN Energy Transition <a href="https://www.mercomindia.com/ampin-energy-secures-50-million-investment-from-siemens-financial-services" target="_blank" rel="noopener">secured</a> an investment of $50 million (~₹4.28 billion) from Siemens Financial Services, the financing arm of Siemens AG. The investment will strengthen AMPIN’s position in India’s renewable energy transition. It will also fuel the company’s growth in commercial and industrial, and utility-scale renewable energy projects.
BluPine Energy has <a href="https://www.mercomindia.com/blupine-energy-secures-%E2%82%B917-87-billion-from-nabfid-for-renewables-expansion" target="_blank" rel="noopener">secured</a> ₹17.87 billion (~$210 million) in structured financing from the National Bank for Financing Infrastructure and Development. BluPine Energy aims to use the funds to optimize its financial structuring, enhance operational efficiency, and drive long-term portfolio expansion. The company will deploy the funds toward repowering existing solar assets to improve their efficiency and operational effectiveness.
Non-banking financial services company Shriram Finance has <a href="https://www.mercomindia.com/shriram-finance-secures-150-million-from-adb-for-ev-financing" target="_blank" rel="noopener">secured</a> a $150 million loan from the Asian Development Bank to enhance access to electric vehicle finance and low-emission commercial vehicles in India. The funding is part of a larger $306 million financing package, which includes an additional $150 million from the Japan International Cooperation Agency and ₹500 million (~$5.83 million) from the Export-Import Bank in India.
Ardian, a private equity firm, has reached an agreement to <a href="https://mercomcapital.com/ardian-to-acquire-renewables-company-akuo/" target="_blank" rel="noopener">acquire</a> Akuo, a leading independent power producer specializing in renewable energy. This acquisition is expected to help Ardian gain expertise in the renewable energy sector and support Akuo in its next growth phase. Ardian also plans to provide the necessary financial capacity for Akuo’s various renewable energy projects.
ONGC has approved an <a href="https://www.mercomindia.com/ongc-approves-%E2%82%B933-billion-investment-for-ayana-acquisition" target="_blank" rel="noopener">investment</a> of ₹33 billion (~$384.84 million) in ONGC Green to part-fund the acquisition of a 100% stake in Ayana Renewable Power. The company will subscribe to the rights offer of equity shares issued by ONGC Green. The transaction for the acquisition was signed with the National Investment and Infrastructure Fund, British International Investment and its subsidiaries, and Eversource Capital.
Global alternative asset management firm TPG <a href="https://www.mercomindia.com/tpg-acquires-siemens-gamesas-india-and-sri-lanka-wind-businesses" target="_blank" rel="noopener">acquired</a> a majority stake in Siemens Gamesa’s onshore wind turbine manufacturing business in India and Sri Lanka. Following the transaction, a new independent company will be established to build a business to manufacture, install, and service onshore wind turbines to capitalize on India’s wind market potential. Siemens Gamesa will divest 90% of its wind business in India and Sri Lanka, retaining a 10% stake in the transferred business.
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-trende-secures-7-2-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.apricus.energy/" target="_blank" rel="noopener">Apricus Generation</a>, a distributed solar and battery development platform and independent power producer, announced that it has secured a $30 million revolving credit facility with Atlantic Union Bank (AUB).
The funding is expected to provide the company with capital flexibility to accelerate project development.
The company recently acquired a controlling interest in Nexus Renewables, a U.S.-based developer of solar and energy storage projects. This funding is anticipated to further strengthen the company&#8217;s business model, which supports developers, streamlines project finance, and offers management expertise.
&#8220;This credit facility enhances our ability to rapidly respond to development opportunities with cost-effective capital. Working with Atlantic Union Bank gives us the financial agility needed in today&#8217;s dynamic clean energy market, allowing us to focus on accelerating project timelines and expanding our footprint across the country. This facility complements our equity capital base and positions us for continued growth and execution,&#8221; said Ravi Thuraisingham, CEO and co-founder of Apricus Generation.
Apricus Generation aims to create a nationwide platform for distributed solar and battery development, functioning as an independent power producer (IPP). According to the company, its platform enables consumers and businesses to participate in the energy transition by equipping developers with the management expertise and capital needed to advance their project pipeline to generation.
In September 2024, the company announced the <a href="https://cms.mercomindia.com/apricus-generation-raises-series-a-funding-to-support-growth/" target="_blank" rel="noopener">closing</a> of an undisclosed Series A funding round led by Blue Marlin Partners and Current Yield with Participation (CYwP) Fund.
According to Mercom&#8217;s Annual and Q4 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-and-q4-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">Report</a>, announced debt financing came to $18.8 billion, 6% lower compared to $20 billion in 2023. Securitization deals were a key contributor, with a record $5 billion in 16 deals.
In November 2024, Birch Creek Energy, a utility-scale solar and energy storage project developer, <a href="https://cms.mercomindia.com/project-developer-birch-creek-energy-closes-150-million-credit-facility/" target="_blank" rel="noopener">secured</a> a $150 million credit facility provided by KKR&#8217;s High-Grade Asset-Based Finance strategy via insurance accounts managed by KKR.

Apricus Generation Secures $30 Million Revolving Credit Facility

WATTALPS, a European lithium-based battery startup, has <a href="https://cms.mercomindia.com/lithium-ion-battery-startup-wattalps-secures-12-million/" target="_blank" rel="noopener">secured</a> €11 million (~$12 million) in Series A funding. New investors led this funding round, including Supernova Invest, Move Energy, Ring Capital, and CASRA Capital. Existing investors like EIT InnoEnergy, Eximium, and EIC Fund participated in this round. The funding will allow the company to expand its product range, improve its patented cooling technology to meet additional market needs, and extend its commercial coverage beyond Europe.
India Grid Trust (IndiGrid), a power infrastructure investment trust, has launched a preferential issue of shares priced at ₹136.43 (~$1.62) to <a href="https://www.mercomindia.com/indigrid-receives-%E2%82%B96-billion-from-aimco-and-hdfc" target="_blank" rel="noopener">raise</a> approximately ₹6.95 billion (~$82.7 million). This move follows the successful conclusion of an Offer-for-Sale managed by its sponsor, KKR, which saw substantial interest from existing and new long-term investors. The OFS, aimed at reducing KKR’s stake from 21.17% to 3.85%, was oversubscribed nearly two times, reflecting strong investor confidence. This attracted participation from prominent institutional investors such as L&amp;T, HSBC Global Asset Management, SBI Life Insurance, and Aditya Birla Mutual Fund.
Apricus Generation, a distributed solar and battery development platform and independent power producer, <a href="https://cms.mercomindia.com/apricus-generation-raises-series-a-funding-to-support-growth/" target="_blank" rel="noopener">announced</a> closing an undisclosed Series A funding round led by Blue Marlin Partners and Current Yield with Participation Fund. The funds will help the company expand its business plans and support the growth of its recent acquisition of a controlling stake in Nexus Renewables, a developer, owner, and operator of solar and energy storage projects under various stages of construction and development.
Inox Wind (IWL) has announced that the board of its subsidiary Resco Global Wind Services (Resco Global), an engineering, procurement, and construction solutions provider, has <a href="https://www.mercomindia.com/inoxs-epc-subsidiary-resco-to-raise-%E2%82%B93-5-billion-via-sale-of-shares" target="_blank" rel="noopener">approved</a> a proposal to raise ₹3.5 billion (~$41.7 million by selling a single-digit equity stake to marquee investors. The company will utilize the funds to scale up its business offerings and capitalize on large-scale opportunities in the Indian wind sector. Resco offers end-to-end services for wind projects from the conceptualization stage up to project commissioning and the construction of transmission infrastructure.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-ma-roundup-sibanye-stillwater-secures-559-million-green-financing/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Battery Startup WATTALPS Secures $12 Million

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-battery-startup-wattalps-secures-12-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
WATTALPS, a European lithium-based battery startup, has <a href="https://mercomcapital.com/lithium-ion-battery-startup-wattalps-secures-12-million/" target="_blank" rel="noopener">secured</a> €11 million (~$12 million) in Series A funding. New investors led this funding round, including Supernova Invest, Move Energy, Ring Capital, and CASRA Capital. Existing investors like EIT InnoEnergy, Eximium, and EIC Fund participated in this round. The funding will allow the company to expand its product range, improve its patented cooling technology to meet additional market needs and extend its commercial coverage beyond Europe.
India Grid Trust (IndiGrid), a power infrastructure investment trust, has launched a preferential issue of shares priced at ₹136.43 (~$1.62) to <a href="https://www.mercomindia.com/indigrid-receives-%E2%82%B96-billion-from-aimco-and-hdfc" target="_blank" rel="noopener">raise</a> approximately ₹6.95 billion (~$82.7 million). This move follows the successful conclusion of an Offer-for-Sale managed by its sponsor, KKR, which saw substantial interest from existing and new long-term investors. The OFS, aimed at reducing KKR’s stake from 21.17% to 3.85%, was oversubscribed nearly two times, reflecting strong investor confidence. This attracted participation from prominent institutional investors such as L&amp;T, HSBC Global Asset Management, SBI Life Insurance, and Aditya Birla Mutual Fund.
Apricus Generation, a distributed solar and battery development platform and independent power producer, <a href="https://mercomcapital.com/apricus-generation-raises-series-a-funding-to-support-growth/" target="_blank" rel="noopener">announced</a> closing an undisclosed Series A funding round led by Blue Marlin Partners and Current Yield with Participation Fund. The funds will help the company expand its business plans and support the growth of its recent acquisition of a controlling stake in Nexus Renewables, a developer, owner, and operator of solar and energy storage projects under various stages of construction and development.
Inox Wind (IWL) has announced that the board of its subsidiary Resco Global Wind Services (Resco Global), an engineering, procurement, and construction solutions provider, has <a href="https://www.mercomindia.com/inoxs-epc-subsidiary-resco-to-raise-%E2%82%B93-5-billion-via-sale-of-shares" target="_blank" rel="noopener">approved</a> a proposal to raise ₹3.5 billion (~$41.7 million by selling a single-digit equity stake to marquee investors. The company will utilize the funds to scale up its business offerings and capitalize on large-scale opportunities in the Indian wind sector. Resco offers end-to-end services for wind projects from the conceptualization stage up to project commissioning and the construction of transmission infrastructure.
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-sibanye-stillwater-secures-559-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.apricus.energy/" target="_blank" rel="noopener">Apricus Generation</a>, a distributed solar and battery development platform and independent power producer, announced closing an undisclosed Series A funding round led by Blue Marlin Partners and Current Yield with Participation (CYwP) Fund.
The funds will help the company expand its business plans and support the growth of its <a href="https://cms.mercomindia.com/apricus-generation-acquires-controlling-stake-nexus-renewables/" target="_blank" rel="noopener">recent</a> acquisition of a controlling stake in Nexus Renewables, a developer, owner, and operator of solar and energy storage projects under various stages of construction and development.
&#8220;CYwP Fund IV benefited recently from a highly successful exit with one of the Apricus founder&#8217;s previous ventures, and we are extremely pleased that CYwP Fund VII and CYWP Solar Energy I have the opportunity to participate again with the founders in their new venture in the exciting and fast-growing solar and battery storage sector,&#8221; remarked Ethan Assal, Founder and Managing Partner of CYwP Fund.
Apricus develops a platform that enables consumers and businesses to participate in the energy transition by providing solar and battery storage developers with management expertise and investing in their project pipeline to generation.
&#8220;We are excited to have Blue Marlin and CYwP Fund as the lead investors in our Series A round. Having previously worked with CywP Fund, we greatly value their continued confidence and partnership, and we are equally excited to welcome Blue Marlin as they venture into this space,&#8221; said Gautam Chandra, Executive Chairman and Co-Founder of Apricus Generation.
According to Mercom&#8217;s 1H and Q2 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-and-q2-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, VC funding activity decreased 29% YoY, with $2.7 billion raised in 29 deals compared to $3.8 billion from 33 deals in the first half of 2023. However, in Q2 2024, global VC funding activity rose 29% year over year (YoY), with $2.2 billion in 16 deals compared to $1.7 billion raised in 15 deals in Q2 2023.

Apricus Generation Raises Series A Funding to Support Growth

Apricus Generation, a holding company designed to build a national distributed solar and battery development platform and independent power producer (IPP), <a href="https://cms.mercomindia.com/apricus-generation-acquires-controlling-stake-nexus-renewables/" target="_blank" rel="noopener">acquired</a> a controlling stake in Nexus Renewables, a developer, owner, and operator of solar and energy storage projects under various stages of construction and development.
Energy Park, an EV charging solution provider, <a href="https://cms.mercomindia.com/ev-charging-solution-provider-energy-park-funding/" target="_blank" rel="noopener">secured</a> an initial £35 million (~$45 million) investment from Zouk Capital, manager of the UK Government’s Charging Infrastructure Investment Fund. With this funding, the company is set to accelerate its plans to provide charging facilities to residential sites across the UK.
Gireve, a France-based EV charging solutions provider, <a href="https://cms.mercomindia.com/ev-charging-firm-gireve-million-funding/" target="_blank" rel="noopener">raised</a> €20 Million (~$22 million) in a fresh funding round from the investor Partech through its impact fund. Existing shareholders like EDF Group, ENEDIS, the Banque des Territoires (Caisse des Dépôts), and Demeter also participated in this funding round. With this funding, the company plans to accelerate its platform expansion in Europe and internationally.
Jakson Green, the renewable energy arm of the Jakson Group, has <a href="https://www.mercomindia.com/jakson-green-sustainability-boost-from-hsbc" target="_blank" rel="noopener">obtained</a> a sustainable trade facility of ₹600 million (~$7.1 million) from HSBC India. The trade facility will help bolster the company’s operational needs within the renewable energy sector in India and overseas.
Electric vehicle company Euler Motors has <a href="https://www.mercomindia.com/ev-firm-euler-secures-series-c-funding-round" target="_blank" rel="noopener">closed</a> its Series C funding round, securing ₹2 billion (~$23.9 million) and taking the total funding raised so far to ₹5.7 million (~$68,358). The round was led by internal investors such as British International Investment, Blume Venture, and new investor Piramal Alternatives India Access Fund. The newly acquired funds will be used to expand its nationwide presence and service infrastructure. By 2025, the company plans to operate in over 40 cities.
Maxvolt Energy, a manufacturer of lithium battery packs, has <a href="https://www.mercomindia.com/maxvolt-energy-secures-1-5-million" target="_blank" rel="noopener">raised</a> $1.5 million from angel investors to introduce fast-charging lithium-ion batteries and build recycling plants. The company said that the capital injection will support Maxvolt’s research and development into lithium battery architectures for electric vehicles such as scooters and rickshaws, energy storage systems, and medical devices.
Zypp Electric, an electric vehicle (EV)-as-a-service platform, has <a href="https://www.mercomindia.com/zypp-bags-15-million-to-expand-ev-fleet-across-15-cities-in-india" target="_blank" rel="noopener">raised</a> $15 million in its Series C funding round, allowing the company to expand its fleet from 21,000 to 200,000 e-scooters across 15 Indian cities by 2026. The funding round, led by Japanese major ENEOS, comprised $15 million in equity as part of its ongoing $50 million round, which includes $40 million in equity and $10 million in debt.
Maxeon Solar Technologies, a Singapore-based solar solutions provider, has <a href="https://cms.mercomindia.com/maxeon-solar-technologies-secures-debt-financing/" target="_blank" rel="noopener">secured</a> a $97.5 million debt financing from the company’s largest shareholder, TCL Zhonghuan Renewable Energy Technology (TZE). TZE also committed to an additional $100 million equity investment, in each case subject to regulatory approvals. The transaction will substantially dilute existing public shareholders, with TZE ultimately becoming a controlling shareholder. The funding infused will be used as capital to support the company’s operations.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-recurrent-energy-secures-1-4-billion/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Apricus Acquires Controlling Stake in Nexus

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-apricus-acquires-controlling-stake-in-nexus/" target="_blank" rel="noopener">Mercom Capital Group</a>
Apricus Generation, a holding company designed to build a national distributed solar and battery development platform and independent power producer (IPP), <a href="https://mercomcapital.com/apricus-generation-acquires-controlling-stake-nexus-renewables/" target="_blank" rel="noopener">acquired</a> a controlling stake in Nexus Renewables, a developer, owner, and operator of solar and energy storage projects under various stages of construction and development.
Energy Park, an EV charging solution provider, <a href="https://mercomcapital.com/ev-charging-solution-provider-energy-park-funding/" target="_blank" rel="noopener">secured</a> an initial £35 million (~$45 million) investment from Zouk Capital, manager of the UK Government’s Charging Infrastructure Investment Fund. With this funding, the company is set to accelerate its plans to provide charging facilities to residential sites across the UK.
Gireve, a France-based EV charging solutions provider, <a href="https://mercomcapital.com/ev-charging-firm-gireve-million-funding/" target="_blank" rel="noopener">raised</a> €20 Million (~$22 million) in a fresh funding round from the investor Partech through its impact fund. Existing shareholders like EDF Group, ENEDIS, the Banque des Territoires (Caisse des Dépôts), and Demeter also participated in this funding round. With this funding, the company plans to accelerate its platform expansion in Europe and internationally.
Jakson Green, the renewable energy arm of the Jakson Group, has <a href="https://www.mercomindia.com/jakson-green-sustainability-boost-from-hsbc" target="_blank" rel="noopener">obtained</a> a sustainable trade facility of ₹600 million (~$7.1 million) from HSBC India. The trade facility will help bolster the company’s operational needs within the renewable energy sector in India and overseas.
Electric vehicle company Euler Motors has <a href="https://www.mercomindia.com/ev-firm-euler-secures-series-c-funding-round" target="_blank" rel="noopener">closed</a> its Series C funding round, securing ₹2 billion (~$23.9 million) and taking the total funding raised so far to ₹5.7 million (~$68,358). The round was led by internal investors such as British International Investment, Blume Venture, and new investor Piramal Alternatives India Access Fund. The newly acquired funds will be used to expand its nationwide presence and service infrastructure. By 2025, the company plans to operate in over 40 cities.
Maxvolt Energy, a manufacturer of lithium battery packs, has <a href="https://www.mercomindia.com/maxvolt-energy-secures-1-5-million" target="_blank" rel="noopener">raised</a> $1.5 million from angel investors to introduce fast-charging lithium-ion batteries and build recycling plants. The company said that the capital injection will support Maxvolt’s research and development into lithium battery architectures for electric vehicles such as scooters and rickshaws, energy storage systems, and medical devices.
Zypp Electric, an electric vehicle (EV)-as-a-service platform, has <a href="https://www.mercomindia.com/zypp-bags-15-million-to-expand-ev-fleet-across-15-cities-in-india" target="_blank" rel="noopener">raised</a> $15 million in its Series C funding round, allowing the company to expand its fleet from 21,000 to 200,000 e-scooters across 15 Indian cities by 2026. The funding round, led by Japanese major ENEOS, comprised $15 million in equity as part of its ongoing $50 million round, which includes $40 million in equity and $10 million in debt.
Maxeon Solar Technologies, a Singapore-based solar solutions provider, has <a href="https://mercomcapital.com/maxeon-solar-technologies-secures-debt-financing/" target="_blank" rel="noopener">secured</a> a $97.5 million debt financing from the company’s largest shareholder, TCL Zhonghuan Renewable Energy Technology (TZE). TZE also committed to an additional $100 million equity investment, in each case subject to regulatory approvals. The transaction will substantially dilute existing public shareholders, with TZE ultimately becoming a controlling shareholder. The funding infused will be used as capital to support the company’s operations.
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-recurrent-energy-secures-1-4-billion" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.apricus.energy/" target="_blank" rel="noopener">Apricus Generation</a>, a holding company designed to build a national distributed solar and battery development platform and independent power producer (IPP),  acquired a controlling stake in <a href="https://www.nexusrenewables.ca/" target="_blank" rel="noopener">Nexus Renewables</a>, a developer, owner, and operator of solar and energy storage projects under various stages of construction and development.
&#8220;The energy transition has created a market opportunity for a wide variety of participants ranging from well-capitalized utilities to entrepreneurial and self-funded developers. Nexus and Apricus are aligned on a common mandate to provide capital and resources to enable these developers to reach their full potential,&#8221; said Ravi Thuraisingham, CEO of Apricus Generation. &#8220;Apricus&#8217; investment will enable Nexus to effectively position itself as a solution provider and consolidator for this underserved market segment.&#8221;
The Apricus investment will enable Nexus to scale its in-house capabilities fully and propel the company to capture a meaningful share of the energy transition market opportunity.
&#8220;Apricus&#8217; founders bring deep experience in scaling businesses, corporate governance, operations, and capital markets. They have a proven track record in the energy industry and have enabled platform growth of companies like Nexus with successful exits in the recent past. Their experience and guidance will facilitate Nexus&#8217; ability to execute this mandate rapidly and efficiently.&#8221; said Keith Sandor, CEO of Nexus Renewables.
According to Mercom&#8217;s Q1 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">report</a> for Storage &amp; Smart Grid, In Q1 2024, there were eight mergers and acquisitions (M&amp;A) transactions in the Energy Storage sector, doubling from the four M&amp;A transactions recorded in Q1 2023.
Last year, EQT, a private equity firm, through its EQT Infrastructure VI fund, agreed to <a href="https://cms.mercomindia.com/eqt-to-acquire-battery-storage-developer-and-operator-statera/" target="_blank" rel="noopener">acquire</a> Statera Energy, a UK-based battery storage and flexible generation infrastructure developer and operator from InfraRed Capital Partners.

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