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Month in a Minute: Top Headlines from the Indian Renewable Sector in July 2026

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PFC Awards Project to Evacuate 3 GW of Renewables in Andhra Pradesh

Storage, Engineering, and Service Become Distributed Solar’s Growth Drivers

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.ardian.com/" target="_blank" rel="noopener">Ardian</a>, a private equity firm, has reached an agreement to acquire <a href="https://www.akuoenergy.com/en" target="_blank" rel="noopener">Akuo</a>, a leading independent power producer specializing in renewable energy.
This acquisition is expected to help Ardian gain expertise in the renewable energy sector, supporting Akuo in its next phase of growth. Ardian also plans to provide the necessary financial capacity for Akuo&#8217;s various renewable energy projects.
&#8220;We are proud to be able to support Akuo in the next phase of its development. This transaction reflects our commitment to supporting high-potential entrepreneurial infrastructure platforms on their journey to industrialization and growth as part of the energy transition.&#8221; Benoît Gaillochet, Co-Head of Infrastructure Europe, Ardian.
Akuo&#8217;s production and storage capacity is expected to reach 1.9 GW by the end of 2024, with an aim to reach 5 GW by 2030.
&#8220;We are delighted to have been able to contribute to the success of Akuo and its teams in recent years. Akuo has demonstrated its pioneering position in the development of renewable energy. We are convinced that Ardian will provide the necessary resources to further strengthen the group&#8217;s positions and accelerate its growth.&#8221; Pénélope Dietsch, Managing Director, ICG Infrastructure Strategy.
The transaction is still subject to the legal information and consultation process with the relevant employee representative bodies, as well as the authorization of the appropriate regulatory authorities.
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>, M&amp;A activity was 15% lower year-over-year in 2024, with 82 corporate M&amp;A transactions compared to 96 in 2023.
Recently, Altus Power, an independent developer, owner, and operator of commercial-scale solar facilities, <a href="https://cms.mercomindia.com/tpg-to-acquire-solar-project-developer-altus-power/" target="_blank" rel="noopener">announced</a> it has entered into a definitive agreement to be acquired by TPG, a global alternative asset management firm, through its TPG Rise Climate transition infrastructure strategy for $5 per share of its Class A common stock. The all-cash transaction values the company at approximately $2.2 billion.

Ardian to Acquire Renewables Company Akuo

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					</table>Global private investment firm <a href="https://www.ardian.com/" target="_blank" rel="noopener">Ardian</a> has agreed to sell its renewable portfolio, comprising 12 wind farms of 422 MW and hybrid photovoltaic projects of 435 MW, to Spain-based energy group <a href="https://www.naturgy.com/en/home" target="_blank" rel="noopener">Naturgy</a>.
The wind farms were commissioned between 2005 and 2012 in different regions across Spain.
The hybrid photovoltaic farms are currently being developed as part of a project in Spain, maximizing the quality of connection points and stabilizing the energy production of the assets once hybridized.
The company used the ASR Wind platform to manage other renewable energy projects of 1 GW capacity spread across Spain and Italy, which are not a part of this transaction.
Co-Head of Infrastructure Europe, Ardian, Juan Angoitia, said, “This transaction marks a milestone moment for Ardian’s Infrastructure strategy. Our team is now a pioneer in Spain in developing wind-solar hybrid systems, optimizing their production capacity, and improving their industrial value. Furthermore, we will continue to develop our remaining 1GW portfolio with AGR-AM and continue to create value.”
Ardian will drive several other value-creating initiatives in Spain, including hybridizing wind assets with solar photovoltaic power generation systems led by AGR-AM, the renewable asset manager dedicated exclusively to Ardian&#8217;s portfolio in Spain and Latin America.
Ardian acquired 95% of the ASR Wind portfolio in 2019, representing the first investment of its fifth-generation fund, Ardian Infrastructure Fund V. The remaining percentage is held by Exus Management Partners, which will also exit the company&#8217;s ownership following the transaction.
The transaction&#8217;s closing is scheduled for the end of July, subject to Naturgy receiving approval from relevant authorities.
In July last year, Ardian Clean Energy Evergreen Fund <a href="https://www.mercomindia.com/project-finance-brief-opdenergy-secures-financing-solar-projects" target="_blank" rel="noopener">acquired</a> a 100 MW solar portfolio under development in Sardinia, Italy, from Atlas and Heron Advisory.
In October 2022, Ardian and FiveT Hydrogen’s joint venture company Hy24 <a href="https://www.mercomindia.com/hy24-e2-billion-scale-hydrogen-technologies" target="_blank" rel="noopener">announced</a> closing its first impact fund — Clean H2 Infra Fund — at €2 billion (~$2.18 billion) of allocations, aiming to help scale proven hydrogen technologies.
Over 2.6 GW of rooftop solar capacity was <a href="https://www.mercomindia.com/spain-rooftop-solar-capacity-2022" target="_blank" rel="noopener">installed</a> in Spain last year, according to the annual report published by Spain&#8217;s Association of Renewable Energy Companies.
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Investment Firm Ardian to Sell 857 MW Renewable Portfolio to Naturgy

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					</table><a href="https://www.hy24partners.com/" target="_blank" rel="noopener">Hy24</a>, a joint venture between clean hydrogen (H2)-enabling investment company <a href="https://fivet.com/pages/fivet-hydrogen" target="_blank" rel="noopener">FiveT Hydrogen</a> and global private-investment house <a href="https://www.ardian.com/" target="_blank" rel="noopener">Ardian</a>, announced the closing of its first impact fund — Clean H2 Infra Fund &#8212; at €2 billion (~$1.93 billion) of allocations.
Hy24 aims to mobilize up to €20 billion (~$19.3 billion) of investments until 2028.
Clean H2 Infra Fund, with 50% of its commitments coming from industrial investors, is focused on scaling proven hydrogen technologies for mature infrastructure assets. Launched last year, it was created to play a major role in decarbonizing the global economy while the capital raised through the fund is already being allocated.
The fund has participated in the €110 million (~$106.5 million) fundraising round of H2 MOBILITY Deutschland, the operator of Europe&#8217;s largest network of hydrogen stations.
It also <a href="https://mercomindia.com/daily-news-wrap-up-azure-refinances-solar-project/" target="_blank" rel="noopener">participated</a> in the €200 million (~$193.7 million) financing round of Hy2Gen, an operator of production sites for decarbonized hydrogen and its derivatives, with CDPQ as a co-investor.
Clean H2 Infra Fund <a href="https://mercomindia.com/daily-news-wrap-up-azure-commissions-assams-solar-project/" target="_blank" rel="noopener">acquired</a> a 30% stake in Enagás Renovable, a leading developer of renewable hydrogen projects and a subsidiary of the Spanish Transmission System operator Enagás.
The fund closes with a new key industrial investor, CMA CGM Group, and financial investors Border to Coast Pensions Partnership, Nuveen, ERAFP, Groupama, Société Générale Assurances, BBVA, and Norinchukin.
Hy24 said it is estimated that clean hydrogen solutions could represent up to 20% of the final energy demand within the 2050 net-zero agenda. From the Inflation Reduction Act in the U.S. to the European Union&#8217;s RePowerEU, governments worldwide have realized the need to deploy clean hydrogen at a scale and pace to achieve their respective net-zero ambitions.
Air Liquide, VINCI Concessions, TotalEnergies, Plug Power, Chart Industries, and Baker Hughes are the founding anchor investors who supported the fund&#8217;s creation. It has also attracted over 50 prominent investors from 13 countries in America, Europe, and Asia. The investors include major industrial companies, corporations, banks, pension funds, and insurance firms like CDPQ, Airbus, Snam, and Enagás.

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