CEA Allows Type Testing of Power Equipment at Manufacturer’s NABL Labs

CERC Approves Tariffs for NHPC’s 1.2 GW Wind-Solar Hybrid Power Projects

MHI Invites Bids to Set Up Rare Earth Permanent Magnets Manufacturing

ILJIN Electronics to Raise ₹2.96 Billion from Amber Group Through Rights Issue

PFC to Raise ₹1.6 Trillion from Indian and Global Markets

SWELECT-FortifyGrid JV to Set Up Solar-Battery Storage Platform in Singapore

GAIL Invests ₹130 Million in JV with TruAlt to Develop Biogas Plants

Bluspring Acquires STEAG India Unit to Strengthen Energy Services

Rajasthan Invites Bids to Install 4.5 MW Rooftop Solar Systems at Thermal Plants

CPWD Tenders 2.3 MW of Solar Projects in Andhra Pradesh

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-mga-thermal-secures-12-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
MGA Thermal, a provider of thermal energy-based long-duration energy storage systems, has<a href="https://mercomcapital.com/thermal-energy-storage-company-mga-thermal-secures-12-million/" target="_blank" rel="noopener"> secured</a> A$17 million (~$12 million) in funding. The latest round brings the total capital raised to more than A$50 million (~$35 million). The new investment will be used to accelerate the company’s transition from pilot deployments to full commercial rollout.
Amarenco, an independent power producer, <a href="https://mercomcapital.com/amarenco-secures-150-million-preferred-equity-tranche/" target="_blank" rel="noopener">secured</a> a €130 million (~$150 million) preferred equity tranche from its long-standing shareholder Arjun Infrastructure Partners. The facility will be used to accelerate its growth in European markets. The investment is expected to reinforce the company’s integrated independent power producer platform and support its trajectory towards structural autonomy
Doral Renewables, a utility-scale renewable energy project developer, has <a href="https://mercomcapital.com/doral-renewables-secures-525-million-in-letter-of-credit-financing/" target="_blank" rel="noopener">secured</a> approximately $525 million in letter of credit facilities. The first transaction is an approximately $385 million Deferred Equity Contribution Guarantee facility, and the second arrangement is an approximately $140 million all-purpose guarantee facility.
AmpliSi, a U.K.-based advanced materials company that develops silicon anodes for lithium-ion batteries, has <a href="https://mercomcapital.com/amplisi-secures-2-7-million-in-pre-seed-funding-round/" target="_blank" rel="noopener">secured</a> £2 million (~$2.7 million) in a pre-seed funding led by Northern Gritstone and Clean Growth Fund. The latest funding round will support AmpliSi’s transition from laboratory development toward industrial scale-up and early customer engagement.
A consortium of three investors led by LeapFrog Investments, Emerging Market Climate Action Fund, and Carlyle AlpInvest has <a href="https://www.mercomindia.com/renew-offloads-11-stake-in-ci-arm-for-95-million" target="_blank" rel="noopener">picked</a> up a combined stake of approximately 11.3% in ReNew Green Energy Solutions, the commercial and industrial platform of ReNew Energy Global. LeapFrog led the investment round, committing $50 million.
Swift Solar, a company that designs and manufactures Perovskite-based photovoltaic cells, has <a href="https://mercomcapital.com/swift-solar-acquires-meyer-burgers-manufacturing-assets-and-ip/" target="_blank" rel="noopener">acquired</a> the core manufacturing assets and intellectual property of Meyer Burger, a manufacturer of solar cells and modules. With this acquisition, Swift Solar plans to build a GW-scale HJT cell and module manufacturing facility in the U.S. The company also plans to add perovskite tandems to the same factory.
Alternative credit platform BlackSoil has <a href="https://www.mercomindia.com/blacksoil-invests-%E2%82%B9750-million-in-euler-motors-to-support-ev-growth" target="_blank" rel="noopener">invested</a> ₹750 million (~$8.1 million) in electric vehicle manufacturer Euler Motors as part of a funding round following the company’s Series D raise completed in May 2025. The round was led by BlackSoil with participation from several other investors. The capital will primarily support Euler Motors’ operational requirements and expansion plans.
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’s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-heliup-raises-19-million" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: MGA Thermal Secures $12 Million

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-doral-renewables-secures-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Doral Renewables, a utility-scale renewable energy project developer, <a href="https://mercomcapital.com/doral-renewables-secures-1-5-billion-debt-tax-equity-financing/" target="_blank" rel="noopener">secured</a> $1.5 billion in construction project financing for the Mammoth South, Mammoth Central I, and Mammoth Central II solar projects in Pulaski County, Indiana. All three projects have a generation capacity of 300 MWac each and form part of the larger 1.3 GW Mammoth Solar project. The projects are ground-mounted single-axis PV systems, under construction, and expected to begin commercial operation in Q4 2026.
Deriva Energy (formerly Duke Energy Renewables), a clean power generation and a portfolio company of Brookfield, <a href="https://mercomcapital.com/deriva-energy-secures-127-m-financing-solar-and-wind-projects/" target="_blank" rel="noopener">announced</a> the completion of a $127 million debt financing for a portfolio of operational solar and wind projects. The Ledyard wind is a 207 MW wind project in Kossuth County, Iowa, and the Pisgah Ridge is a 250 MW solar project in Navarro County, Texas. Both projects began commercial operations in 2022 and sell power under long-term power purchase agreements.
Solaria, a Europe-based renewable energy project developer, has <a href="https://mercomcapital.com/solaria-secures-project-finance-oliva-solar-project/" target="_blank" rel="noopener">entered</a> into an agreement in principle with Banco Sabadell for the long-term financing of a 175 MW solar project in Spain. The financing will be used for the development of the 175 MW Oliva solar project, which will be developed in the province of Guadalajara, Spain.
India-based rooftop solar engineering, procurement, and construction services provider Roofsol Energy has <a href="https://www.mercomindia.com/roofsol-raises-2-billion-from-aseem-infra" target="_blank" rel="noopener">secured</a> ₹2.1 billion (~$24.67 million) in funding from Aseem Infrastructure Finance. The funding will be used to develop 92.66 MWp of rooftop and group captive solar projects across multiple locations in India. This funding round follows Roofsol Energy’s earlier funding in October last year, when the company raised ₹255 million (~$3.03 million) through its inaugural equity funding round.
BW ESS, an energy storage project developer and operator, <a href="https://mercomcapital.com/bw-ess-secures-debt-financing-bramley-battery-energy-storage-project/" target="_blank" rel="noopener">secured</a> debt financing from Westpac, an Australian bank, and United Overseas Bank (UOB) based in Singapore. The company will use the funding to operate its 100 MW/331 MWh Bramley Battery Energy Storage project in Hampshire, U.K. According to the agreement, Westpac and UOB will each contribute 50% to the debt facility.
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-solar-landscape-financing-rooftop-projects/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Doral Renewables Secures $1.5 Billion for Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-doral-renewables-funding-bend-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Doral Renewables, a utility-scale renewable energy project developer, <a href="https://mercomcapital.com/doral-renewables-secures-funding-for-the-great-bend-solar-project/" target="_blank" rel="noopener">closed</a> tax equity funding for its Great Bend solar project. Fifth Third Bank committed to investing up to $30 million of tax equity into the project. Located in Meigs County, Ohio, the 48 MWac project features a ground-mounted, single-axis PV system and is expected to be operational by Q4 2025. Doral Renewables and Fifth Third are also set to receive proceeds from a tax credit transfer transaction that will be finalized later this year.
Stonepeak, an alternative investment firm focused on infrastructure and real assets, has <a href="https://mercomcapital.com/stonepeak-to-acquire-46-3-stake-in-777-mw-solar-and-storage-project-portfolio/" target="_blank" rel="noopener">agreed</a> to acquire a 46.3% stake in Repsol’s 777 MW operating solar and storage portfolio in New Mexico and Texas for $340 million. Repsol is a Spanish energy and petrochemical company. The portfolio comprises the Fyre solar project and the Jicarilla solar and storage project. The transaction is expected to close during the third quarter of 2025, subject to customary regulatory approvals.
Cypress Creek Renewables, a solar and energy storage project developer, <a href="https://mercomcapital.com/cypress-creek-secures-150-million-financing-for-ostrea-solar-project/" target="_blank" rel="noopener">closed</a> $150 million in financing to support the development and construction of the 104 MW Ostrea solar project in Yakima County, Washington. The company also announced the beginning of construction of the project. The project is expected to reach commercial operation by mid-2026.
Indian Oil Corporation’s board of directors has <a href="https://www.mercomindia.com/indian-oil-invest-subsidiary-renewables-portfolio" target="_blank" rel="noopener">approved</a> an additional equity investment of ₹10.86 billion (~$129.44 million) in its wholly owned subsidiary, Terra Clean, to develop 4.3 GW renewable energy capacity. This decision adds to the previously approved 1 GW capacity. Terra Clean was incorporated on March 15, 2023. In April 2024, it received an initial equity investment of ₹13.03 billion (~$155.28 million) to develop its first 1 GW renewable energy capacity.
Voltalia, a renewable energy power producer, <a href="https://mercomcapital.com/voltalia-secures-over-26-million-financing-for-34-mw-solar-project/" target="_blank" rel="noopener">secured</a> £20 million (~$26.6 million) in debt financing for the 34 MW Eastgate solar project from Triodos Bank UK. The funding will support the construction and development of the project. The financial package comprises a senior debt loan of up to £18.9 million (~$25.11 million) and a Debt Service Reserve Facility (DSRF) of £1.1 million (~$1.46 million), which will provide crucial support during the project’s construction phase.
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-zelestra-secures-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Doral Renewables Closes Funding for the Great Bend Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-recurrent-energy-acquires-420-mw-solar-portfolio-in-spain/" target="_blank" rel="noopener">Mercom Capital Group</a>
Recurrent Energy, a global developer, owner, and operator of solar and energy storage and a subsidiary of Canadian Solar, <a href="https://mercomcapital.com/recurrent-energy-acquires-420-mw-solar-portfolio-in-spain/" target="_blank" rel="noopener">announced</a> the acquisition of a solar PV portfolio with more than 420 MW capacity in South Spain. The portfolio, located in Carmona, consists of a cluster of four projects, Rey I, II, III, and IV, which are under construction and will feature Canadian Solar’s TopBiHiKu7 N-type bifacial TOPCon technology modules.
Invenergy, a developer of renewable energy projects, has <a href="https://mercomcapital.com/invenergy-secures-1-3-billion-to-develop-renewable-energy-projects/" target="_blank" rel="noopener">secured</a> $1.27 billion in financing. The funding round of funding was led by Natixis Corporate and Investment Banking and is earmarked for the development and construction of Invenergy’s renewable energy initiatives located in Kansas and Texas. The four projects together represent a total capacity of 677MW.
Doral Renewables, a utility-scale renewable energy project developer, <a href="https://mercomcapital.com/doral-renewables-secures-debt-financing-solar-project/" target="_blank" rel="noopener">closed</a> a construction debt facility for its Great Bend solar project. The company secured $114 million in financing from the sole lender, HSBC, for the project, which consists of a $36 million construction-to-term loan facility, a $57 million tax equity bridge loan, and a $21 million letter of credit facility.
Solarpack, a solar project developer, has <a href="https://mercomcapital.com/solarpack-secures-176-million-financing-for-san-martin-solar-project/" target="_blank" rel="noopener">secured</a> a $176.6 million senior financing package for the 300 MW San Martin solar project in Peru. The financing has been secured from Crédit Agricole Corporate and Investment Bank, Natixis Corporate &amp; Investment Baking, BBVA, and BNP Paribas using a project finance structure, being the first renewable project financed in Peru based on a power purchase agreement  between private parties.
Greenvolt, a solar and wind project developer, through its subsidiary Greenvolt Power, <a href="https://mercomcapital.com/greenvolt-secures-39-million-project-finance/" target="_blank" rel="noopener">signed</a> a €36 million (~$39.34 million) project finance with UniCredit Bank Hungary for the construction, operation, and maintenance of a 57 MW solar project in Hungary.
AXS Energia, a solar energy company, <a href="https://mercomcapital.com/axs-energia-secures-project-financing-for-39-7-mw-solar-projects/" target="_blank" rel="noopener">secured</a> a $5 million senior debt facility from Triodos Emerging Markets Renewable Energy Fund and Triodos Groenfonds for the construction of 14 ground-mounted solar projects in Brazil with a combined capacity of 39.7 MW. CIFI Services is the lead arranger of this $54 million project.
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://www.mercomindia.com/project-finance-brief-primergy-secures-solar-project" target="_blank" rel="noopener">brief</a>.

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