SECI Seeks Trading Partner to Sell Renewable Energy

PM Surya Ghar Powers 5 Million Homes, Total Capacity Hits 15 GW

Nextpower Raises Guidance for FY 2027 on Strong Q1 Performance

Avantus Closes $1 Billion Credit Facility to Expand Project Portfolio

Tandem PV Acquires nexTC to Bring Thin-Film Coating Technology In-House

Base Power Raises $1 Billion in Series D Funding Round

TotalEnergies Acquires Shell’s 4 GW European Renewables Portfolio

CERC Rescinds Revocation of Renewable Projects’ Grid Connectivity

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

Solar Module Capacity Under ALMM Grows to 215.5 GW

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					</table><a href="https://www.basepowercompany.com/" target="_blank" rel="noopener">Base Power</a>, a distributed energy storage solutions provider, has raised $1 billion in Series D financing at a post-money valuation of $13 billion and started producing Base Core, the company’s new residential battery, at its manufacturing facility in Austin, Texas.
Ribbit, Addition, Valor Equity Partners, and JPMorganChase’s Strategic Investment Group led the funding round. The Strategic Investment Group is part of JPMorganChase’s Security and Resiliency Initiative.
Altimeter, D1 Capital Partners, Sands Capital, Coatue, Layer Global, and Energy Impact Partners also participated. Existing investors, including Thrive Capital, a16z, Lightspeed, Trust Ventures, and CapitalG, reinvested in the company.
According to the release, the company has raised over $2.5 billion in capital to date. This new capital will go toward bringing Base Core to more homes, expanding nationally, and recruiting employees.
&#8220;We brought together the best hardware and software engineers in the world to build Core &#8211; a battery designed to protect American homes while supporting the grid,&#8221; said Zach Dell, CEO and co-founder of Base Power. &#8220;It installs in under an hour, switches over seamlessly, is built to handle extreme weather, and delivers extended outage protection at a price Americans can afford.&#8221;
The Base Core is said to have a capacity of 39.2 kWh / 78.4 kWh. The company said that its residential battery fleet has surpassed 500 MWh, entered Illinois after initially operating in Texas, and established partnerships with utilities including El Paso Electric, Austin Energy, and CoServ, covering more than 200 MW of capacity.
In October 2025, Base Power <a href="https://mercomcapital.com/base-power-raises-1-billion-in-series-c-funding/" target="_blank" rel="noopener">raised</a> $1 billion in Series C funding led by Addition. The company also <a href="https://mercomcapital.com/base-power-raises-200-million-in-series-b-funding/" target="_blank" rel="noopener">raised</a> $200 million in Series B funding in April 2025.
According to Mercom’s recently <a href="https://mercomcapital.com/product/1h-2026-funding-ma-report-energy-storage/" target="_blank" rel="noopener">released</a> 1H 2026 Funding and M&amp;A for Energy Storage report, VC funding for energy storage companies in 1H 2026 totaled $1.6 billion across 51 deals, representing a 6% YoY decline compared to the $1.7 billion raised across 36 deals in 1H 2025.

Texas-based Base Power has <a href="https://cms.mercomindia.com/base-power-raises-1-billion-in-series-c-funding/" target="_blank" rel="noopener">raised</a> $1 billion in Series C funding, led by Addition, to accelerate the deployment of its home battery storage solutions. Existing backers, such as Trust Ventures, Valor Equity Partners, Thrive Capital, Lightspeed, Andreessen Horowitz, Altimeter, StepStone, Elad Gil, 137 Ventures, Terrain, and Waybury, returned for the round. New investors include Ribbit, CapitalG, Spark, BOND, Lowercarbon, Avenir, Glade Brook, Positive Sum, and 1789.
NineDot Energy, a community-scale battery energy storage systems developer, <a href="https://cms.mercomindia.com/ninedot-energy-secures-175-million-corporate-debt-facility/" target="_blank" rel="noopener">closed</a> a $175 million revolving debt facility with Deutsche Bank. The financing will support NineDot’s full development cycle, from grid interconnection deposits to equipment procurement and project construction. This new facility also enabled the company to repay its existing revolving credit facility, which had previously been used to fund interconnection deposits with NY Green Bank.
Enurgen, a developer of software solutions for assessing solar energy yield performance, <a href="https://cms.mercomindia.com/enurgen-raises-4-1-million-in-seed-funding/" target="_blank" rel="noopener">raised</a> $4.1 million in seed funding. The round was co-led by Business Development Bank of Canada, Brightspark, and Diagram, with participation from MaRS IAF. The company’s yield modeling software leverages physics-based models across the lifecycle of solar assets, and the investment is expected to accelerate the global expansion of Enurgen’s flagship software platform.
Glance Finance has announced an investment of ₹3.17 million (~$35,770.19) in the power transformer solutions company, Kotsons, through the <a href="https://www.mercomindia.com/glance-finance-to-acquire-62400-shares-in-kotsons-for-%E2%82%B93-17-million" target="_blank" rel="noopener">acquisition</a> of 62,400 equity shares. Each share carries a face value of ₹10 (~$0.11) and has been acquired at a price of ₹50.85 (~$0.57)/share. Following this transaction, Glance Finance’s total shareholding in KPL will increase from 719,656 shares, representing 5.14% of KPL’s equity, to 782,056 shares, equivalent to 5.59%. The acquisition is being carried out through the secondary market and is expected to be completed by October 31, 2025.
T1 Energy, a solar and battery manufacturing company, has <a href="https://cms.mercomindia.com/t1-energy-acquires-minority-stake-in-talon-pv/" target="_blank" rel="noopener">announced</a> the acquisition of a minority stake in Talon PV, a solar cell manufacturer.Agreement for Future Equity (SAFE), with both companies continuing discussions to potentially expand their strategic partnership. Both Texas-based companies aim to utilize advanced manufacturing technologies to produce TOPCon solar cells in the U.S.
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-opensolar-raises-20m-equity-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Base Power Raises $1 Billion

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-base-power-raises-1-billion/" target="_blank" rel="noopener">Mercom Capital Group</a>
Texas-based Base Power has <a href="https://mercomcapital.com/base-power-raises-1-billion-in-series-c-funding/" target="_blank" rel="noopener">raised</a> $1 billion in Series C funding, led by Addition, to accelerate the deployment of its home battery storage solutions. Existing backers, such as Trust Ventures, Valor Equity Partners, Thrive Capital, Lightspeed, Andreessen Horowitz, Altimeter, StepStone, Elad Gil, 137 Ventures, Terrain, and Waybury, returned for the round. New investors include Ribbit, CapitalG, Spark, BOND, Lowercarbon, Avenir, Glade Brook, Positive Sum, and 1789.
NineDot Energy, a community-scale battery energy storage systems developer, <a href="https://mercomcapital.com/ninedot-energy-secures-175-million-corporate-debt-facility/" target="_blank" rel="noopener">closed</a> a $175 million revolving debt facility with Deutsche Bank. The financing will support NineDot’s full development cycle, from grid interconnection deposits to equipment procurement and project construction. This new facility also enabled the company to repay its existing revolving credit facility, which had previously been used to fund interconnection deposits with NY Green Bank.
Enurgen, a developer of software solutions for assessing solar energy yield performance, <a href="https://mercomcapital.com/enurgen-raises-4-1-million-in-seed-funding/" target="_blank" rel="noopener">raised</a> $4.1 million in seed funding. The round was co-led by Business Development Bank of Canada, Brightspark, and Diagram, with participation from MaRS IAF. The company’s yield modeling software leverages physics-based models across the lifecycle of solar assets, and the investment is expected to accelerate the global expansion of Enurgen’s flagship software platform.
Glance Finance has announced an investment of ₹3.17 million (~$35,770.19) in the power transformer solutions company, Kotsons, through the <a href="https://www.mercomindia.com/glance-finance-to-acquire-62400-shares-in-kotsons-for-%E2%82%B93-17-million" target="_blank" rel="noopener">acquisition</a> of 62,400 equity shares. Each share carries a face value of ₹10 (~$0.11) and has been acquired at a price of ₹50.85 (~$0.57)/share. Following this transaction, Glance Finance’s total shareholding in KPL will increase from 719,656 shares, representing 5.14% of KPL’s equity, to 782,056 shares, equivalent to 5.59%. The acquisition is being carried out through the secondary market and is expected to be completed by October 31, 2025.
T1 Energy, a solar and battery manufacturing company, has <a href="https://mercomcapital.com/t1-energy-acquires-minority-stake-in-talon-pv/" target="_blank" rel="noopener">announced</a> the acquisition of a minority stake in Talon PV, a solar cell manufacturer. The investment was made through a Simple Agreement for Future Equity (SAFE), with both companies continuing to discuss the potential expansion of their strategic partnership in the future. Both Texas-based companies aim to utilize advanced manufacturing technologies to produce TOPCon solar cells in the U.S.
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://mercomindia.com/funding-and-ma-roundup-opensolar-raises-20-million-equity-funding" target="_blank" rel="noopener">roundup</a>.

From: <a href="https://www.mercomindia.com/base-power-raises-1-billion-in-series-c-funding" target="_blank" rel="noopener">Mercom India</a>
Texas-based <a href="https://www.basepowercompany.com/" target="_blank" rel="noopener">Base Power </a>has raised $1 billion in Series C funding, led by Addition, to accelerate the deployment of its home battery storage solutions.
Existing backers, such as Trust Ventures, Valor Equity Partners, Thrive Capital, Lightspeed, Andreessen Horowitz, Altimeter, StepStone, Elad Gil, 137 Ventures, Terrain, and Waybury, returned for the round. New investors include Ribbit, CapitalG, Spark, BOND, Lowercarbon, Avenir, Glade Brook, Positive Sum, and 1789.
“The chance to reinvent our power system comes once in a generation,” said Zach Dell, CEO and Co-founder at Base Power. “The challenge ahead requires the best engineers and operators to solve it, and we’re scaling the team to make our abundant energy future a reality.”
Base Power leases home batteries, charging an upfront installation fee of $695 for a single 25 kWh unit or $995 for two units totaling 50 kWh. The company said the 50 kWh setup can power a household for up to 48 hours. Customers also pay a monthly membership fee of $19 or $29 and commit to purchasing electricity from Base for three years at $0.085/kWh, plus delivery fees.
Since launching in 2023, Base has deployed more than 100 MWh of residential battery capacity. The company currently serves homeowners across the Dallas–Fort Worth metroplex, Greater Houston, and the Austin region, with plans to expand nationally.
Base recently qualified for Texas’s Aggregated Distributed Energy Resource program, enabling it to pool distributed batteries and bid directly into the grid. This approach, according to Base, will enhance statewide reliability, generate grid revenue, and help lower homeowner costs, while demonstrating that distributed assets can operate at a utility-scale level.
In April this year, Base Power secured $200 million in a Series B funding round.
Corporate funding for energy storage companies fell sharply in the first half (1H) of 2025 to $9.1 billion across 55 deals, according to Mercom Capital Group’s <a href="https://cms.mercomindia.com/product/1h-2025-funding-ma-report-energy-storage/" target="_blank" rel="noopener">1H and Q2 2025 Funding and M&amp;A Report for Energy Storage</a>. This represents a 41% year-over-year (YoY) decline from $15.4 billion, resulting from 64 deals, in the same period of 2024.

Base Power Raises $1 Billion in Series C Funding

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					</table>Texas-based <a href="https://www.basepowercompany.com/" target="_blank" rel="noopener">Base Power </a>has raised $1 billion in Series C funding, led by Addition, to accelerate the deployment of its home battery storage solutions.
Existing backers, such as Trust Ventures, Valor Equity Partners, Thrive Capital, Lightspeed, Andreessen Horowitz, Altimeter, StepStone, Elad Gil, 137 Ventures, Terrain, and Waybury, returned for the round. New investors include Ribbit, CapitalG, Spark, BOND, Lowercarbon, Avenir, Glade Brook, Positive Sum, and 1789.
“The chance to reinvent our power system comes once in a generation,” said Zach Dell, CEO and Co-founder at Base Power. “The challenge ahead requires the best engineers and operators to solve it, and we’re scaling the team to make our abundant energy future a reality.”
Base Power leases home batteries, charging an upfront installation fee of $695 for a single 25 kWh unit or $995 for two units totaling 50 kWh. The company said the 50 kWh setup can power a household for up to 48 hours. Customers also pay a monthly membership fee of $19 or $29 and commit to purchasing electricity from Base for three years at $0.085/kWh, plus delivery fees.
Since launching in 2023, Base has deployed more than 100 MWh of residential battery capacity. The company currently serves homeowners across the Dallas–Fort Worth metroplex, Greater Houston, and the Austin region, with plans to expand nationally.
Base recently qualified for Texas’s Aggregated Distributed Energy Resource program, enabling it to pool distributed batteries and bid directly into the grid. This approach, according to Base, will enhance statewide reliability, generate grid revenue, and help lower homeowner costs, while demonstrating that distributed assets can operate at a utility-scale level.
In April this year, Base Power secured $200 million in a Series B funding round.
Corporate funding for energy storage companies fell sharply in the first half (1H) of 2025 to $9.1 billion across 55 deals, according to Mercom Capital Group’s <a href="https://mercomcapital.com/product/1h-2025-funding-ma-report-energy-storage/" target="_blank" rel="noopener">1H and Q2 2025 Funding and M&amp;A Report for Energy Storage</a>. This represents a 41% year-over-year (YoY) decline from $15.4 billion, resulting from 64 deals, in the same period of 2024.

Base Power, a distributed energy storage solutions provider, <a href="https://cms.mercomindia.com/base-power-raises-200-million-in-series-b-funding/" target="_blank" rel="noopener">secured</a> $200 million in a Series B funding round. Addition, a16z, Lightspeed, and Valor led the funding round, which was supported by existing investors Thrive, Altimeter, Trust Ventures, and Terrain. The company plans to use the funding in its R&amp;D, scaling production with a Texas factory, forging utility partnerships for cost-efficient renewable integration, and expanding the team.
RayGen Resources, a developer of utility-scale solar and long-duration energy storage, <a href="https://cms.mercomindia.com/raygen-raises-76-million-in-series-d-funding/" target="_blank" rel="noopener">raised</a> A$127 million (~$76 million) in a Series D funding round. The funding round was led by a technology company, SLB, with A$31 million (~$19 million) follow-on investment along with the execution of a RayGen-SLB Strategic Deployment Agreement, designed to accelerate the technology’s path to the global energy market.
Electrical equipment manufacturer Havells has announced it will <a href="https://www.mercomindia.com/havells-invests-%E2%82%B96-billion-in-module-manufacturer-goldi-solar" target="_blank" rel="noopener">invest</a> ₹6 billion (~$69.9 million) for an equity stake of between 8.9% and 9.24% in solar component manufacturer Goldi Solar. The investment will help Havells source solar modules and cells from Goldi Solar, Havells said in a BSE filing. The transaction is expected to be completed by June 30, 2025. The transaction will have to be approved by the Competition Commission of India.
Solar cell manufacturer and solar solutions provider Jupiter International has <a href="https://www.mercomindia.com/jupiter-secures-%E2%82%B95-billion-for-solar-cell-and-module-manufacturing-expansion" target="_blank" rel="noopener">secured</a> a ₹5 billion (~$58.07 million) investment from ValueQuest SCALE Fund. The investment will be utilized to expand its manufacturing capacity. The company has a 1 GW facility in Baddi, Himachal Pradesh. It plans to expand its total manufacturing capacity to 5.6 GW of solar cells and 2.4 GW of solar modules. The present funding round and internal accruals will support its ongoing capital expenditure program.
ILOS New Energy, an Independent Power Producer, and Omnes Capital, a private equity firm, <a href="https://cms.mercomindia.com/axa-im-alts-to-acquire-majority-stake-in-ilos/" target="_blank" rel="noopener">entered</a> into an agreement to sell a 60% stake in ILOS Projects (ILOS) to AXA IM Alts, an alternative investment company, acting on behalf of clients. The transaction is subject to customary approvals and is likely to be completed towards the end of H1 2025.
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-zero-industrial-raises-10-million-in-series-a-funding/" target="_blank" rel="noopener">roundup</a>.
&nbsp;

Funding and M&A Roundup: Base Power Raises $200 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-base-power-raises-200-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Base Power, a distributed energy storage solutions provider, <a href="https://mercomcapital.com/base-power-raises-200-million-in-series-b-funding/" target="_blank" rel="noopener">secured</a> $200 million in a Series B funding round. Addition, a16z, Lightspeed, and Valor led the funding round, which was supported by existing investors Thrive, Altimeter, Trust Ventures, and Terrain. The company plans to use the funding in its R&amp;D, scaling production with a Texas factory, forging utility partnerships for cost-efficient renewable integration, and expanding the team.
RayGen Resources, a developer of utility-scale solar and long-duration energy storage, <a href="https://mercomcapital.com/raygen-raises-76-million-in-series-d-funding/" target="_blank" rel="noopener">raised</a> A$127 million (~$76 million) in a Series D funding round. The funding round was led by a technology company, SLB, with A$31 million (~$19 million) follow-on investment along with the execution of a RayGen-SLB Strategic Deployment Agreement, designed to accelerate the technology’s path to the global energy market.
Electrical equipment manufacturer Havells has <a href="https://www.mercomindia.com/havells-invests-%E2%82%B96-billion-in-module-manufacturer-goldi-solar#:~:text=Electrical%20equipment%20manufacturer%20Havells%20has,said%20in%20a%20BSE%20filing." target="_blank" rel="noopener">announced</a> it will invest ₹6 billion (~$69.9 million) for an equity stake of between 8.9% and 9.24% in solar component manufacturer Goldi Solar. The investment will help Havells source solar modules and cells from Goldi Solar, Havells said in a BSE filing. The transaction is expected to be completed by June 30, 2025. The transaction will have to be approved by the Competition Commission of India.
Solar cell manufacturer and solar solutions provider Jupiter International has <a href="https://www.mercomindia.com/jupiter-secures-%E2%82%B95-billion-for-solar-cell-and-module-manufacturing-expansion#:~:text=Kolkata%2Dbased%20solar%20cell%20manufacturer,to%20expand%20its%20manufacturing%20capacity." target="_blank" rel="noopener">secured</a> a ₹5 billion (~$58.07 million) investment from ValueQuest SCALE Fund. The investment will be utilized to expand its manufacturing capacity. The company has a 1 GW facility in Baddi, Himachal Pradesh. It plans to expand its total manufacturing capacity to 5.6 GW of solar cells and 2.4 GW of solar modules. The present funding round and internal accruals will support its ongoing capital expenditure program.
ILOS New Energy, an Independent Power Producer, and Omnes Capital, a private equity firm, together have <a href="https://mercomcapital.com/axa-im-alts-to-acquire-majority-stake-in-ilos/" target="_blank" rel="noopener">agreed</a> to sell a 60% stake in ILOS Projects (ILOS) to AXA IM Alts, an alternative investment company. The transaction is subject to customary approvals and is likely to be completed towards the end of H1 2025.  As part of this agreement, Omnes will now fully exit the 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-zero-industrial-raises-10-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=4376678-1&amp;h=656415586&amp;u=https%3A%2F%2Fwww.basepowercompany.com%2F&amp;a=Base+Power" target="_blank" rel="noopener">Base Power</a>, a distributed energy storage solutions provider, secured $200 million in a Series B funding round. Addition, a16z, Lightspeed, and Valor led the funding round, which was supported by existing investors Thrive, Altimeter, Trust Ventures, and Terrain.
Base Power provides home energy storage solutions with a capacity of 50 kWh, which is stated to provide up to 3 days of power backup in case of an outage. The company then operates these batteries as a fleet of distributed storage devices similar to a utility-scale battery. These batteries enhance grid stability during normal operations and provide backup power to customers in the event of grid failure.
The company plans to use the funding in its R&amp;D, scaling production with a Texas factory, forging utility partnerships for cost-efficient renewable integration, and expanding the team.
“Base Power is committed to making energy more reliable and affordable &#8211; in the last year, we&#8217;ve demonstrated meaningful progress on that mission. Our rapid expansion has allowed us to power up thousands of Texans in just a few months, while driving their energy costs down and power reliability up. With this investment, we will continue to innovate on new grid solutions, establish our domestic manufacturing capabilities, and accelerate adoption nationally,” said Zach Dell, CEO and Co-Founder of Base Power.
In March, Base Power partnered with Bandera Electric Cooperative, a member-owned Texas cooperative, to support BEC&#8217;s innovative home battery program. The program provides homeowners with affordable whole-home battery backup systems and equips the cooperative with a network of distributed energy storage systems that it can operate in real time.
According to Mercom’s Annual and Q4 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a> for Energy Storage and Smart Grid, Venture Capital funding in the Energy Storage sector in 2024 decreased 60% year-over-year, with $3.7 billion in 84 deals compared to $9.2 billion in 86 deals in 2023.
In February, Scale Energy, a developer of industrial battery storage systems, <a href="https://cms.mercomindia.com/scale-energy-raises-2-million-in-seed-funding/" target="_blank" rel="noopener">secured</a> €2 million (~$2.1 million) in an oversubscribed seed funding round led by Climentum Capital, an early-stage climate tech investor, with participation from Vireo Ventures and existing shareholders Antler and P3A.

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