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

Solar Module Capacity Under ALMM Grows to 215.5 GW

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

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

Daily News Wrap-Up: MNRE Proposes Uniform Solar Cell Nomenclature

MENA Weekly Round-Up: Egypt Signs PPA with Alcazar for 407 MW Wind Project

Solar Tender and Auction Activity Declines in Q2 2026

MNRE Proposes Standardized Nomenclature for Solar Cells Under ALMM List II

India Can Build a Complete Solar Manufacturing Ecosystem Within Five Years: Interview

Green Hydrogen and Storage Key to Curbing Renewables Curtailment: Interview

energyRe, an independent solar, wind, and energy storage project developer, <a href="https://cms.mercomindia.com/energyre-secures-funding-solar-storage-project-south-carolina/" target="_blank" rel="noopener">secured</a> $155 million in project financing and an $85 million tax equity commitment for a 108 MW Lone Star solar project and a 198 MWh energy storage project in South Carolina. The Lone Star Solar project is under construction and is expected to be operational by Fall 2024. The $155 million project financing includes construction debt, a tax equity bridge facility, and a letter of credit facility. The funding was secured with Santander acting as the Coordinating Lead Arranger.
Dynamic Sun Energy, a unit of Paramount Textile, <a href="https://cms.mercomindia.com/dynamic-sun-energy-secures-funding-100-mw-solar-project-bangladesh/" target="_blank" rel="noopener">secured</a> a financial package to build and operate a 100 MW grid-connected solar power project in Pabna, Bangladesh. The Asian Development Bank led the financing package for the solar project. The plant is the country’s first private-sector utility-scale solar facility to secure support from global financiers. ADB arranged, structured, and syndicated the debt package as the sole mandated lead arranger and book runner.
Avaada Energy, the renewable energy division of Avaada Group, has <a href="https://www.mercomindia.com/avaada-secures-for-400-mw-solar-project" target="_blank" rel="noopener">secured</a> green financing of ₹11.9 billion (~$143 million) from the State Bank of India, a public sector lender. The 20-year-old financing facility will facilitate the development of a 400 MW utility-scale solar power project in the Surendra Nagar district of Gujarat. Gujarat Urja Vikas Nigam, a government of Gujarat agency involved in electricity bulk procurement and distribution, will procure all the electricity generated by the project.
Adani Green Energy has <a href="https://www.mercomindia.com/adani-green-secures-400-million-in-rajasthan-and-gujarat" target="_blank" rel="noopener">secured</a> a $400 million green loan for its under-construction 750 MW solar power projects in Rajasthan and Gujarat from a consortium of five international banks. The consortium will provide financing for projects that will come online by November this year. The 500 MW project being developed in Rajasthan has a long-term power purchase agreement with the Solar Energy Corporation of India. The second project, with a capacity of 250 MW, is a standalone merchant power project implemented at Gujarat’s Khavda renewable energy cluster.
Finland-based energy company Fortum said it is exiting the Indian solar power market after signing an <a href="https://www.mercomindia.com/fortum-exits-indian-solar-market" target="_blank" rel="noopener">agreement</a> to sell its remaining 43.75% stake in a 185 MW solar portfolio to Gentari Renewables India, a subsidiary of Malaysia-based clean energy firm Gentari. The portfolio consists of four solar projects with a total capacity of 185 MW – a 5 MW Amrit project and 70 MW Bhadla project in Rajasthan, a 10 MW Kapeli project in Madhya Pradesh, and a 100 MW Pavagada plant in Karnataka.
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-enfinity-secures-195-million-for-70-mw-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: energyRe Secures $240 Million for Solar and Storage Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-energyre-secures-solar-storage-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
energyRe, an independent solar, wind, and energy storage project developer, <a href="https://mercomcapital.com/energyre-secures-funding-solar-storage-project-south-carolina/" target="_blank" rel="noopener">secured</a> $155 million in project financing and an $85 million tax equity commitment for a 108 MW Lone Star solar project and a 198 MWh energy storage project in South Carolina. The Lone Star Solar project is under construction and is expected to be operational by Fall 2024. The $155 million project financing includes construction debt, a tax equity bridge facility, and a letter of credit facility. The funding was secured with Santander acting as the Coordinating Lead Arranger.
Dynamic Sun Energy, a unit of Paramount Textile, <a href="https://mercomcapital.com/dynamic-sun-energy-secures-funding-100-mw-solar-project-bangladesh/" target="_blank" rel="noopener">secured</a> a financial package to build and operate a 100 MW grid-connected solar power project in Pabna, Bangladesh. The Asian Development Bank led the financing package for the solar project. The plant is the country’s first private-sector utility-scale solar facility to secure support from global financiers. ADB arranged, structured, and syndicated the debt package as the sole mandated lead arranger and book runner.
Avaada Energy, the renewable energy division of Avaada Group, has <a href="https://www.mercomindia.com/avaada-secures-for-400-mw-solar-project" target="_blank" rel="noopener">secured</a> green financing of ₹11.9 billion (~$143 million) from the State Bank of India, a public sector lender. The 20-year-old financing facility will facilitate the development of a 400 MW utility-scale solar power project in the Surendra Nagar district of Gujarat. Gujarat Urja Vikas Nigam, a government of Gujarat agency involved in electricity bulk procurement and distribution, will procure all the electricity generated by the project.
Adani Green Energy has <a href="https://www.mercomindia.com/adani-green-secures-400-million-in-rajasthan-and-gujarat" target="_blank" rel="noopener">secured</a> a $400 million green loan for its under-construction 750 MW solar power projects in Rajasthan and Gujarat from a consortium of five international banks. The consortium will provide financing for projects that will come online by November this year. The 500 MW project being developed in Rajasthan has a long-term power purchase agreement with the Solar Energy Corporation of India. The second project, with a capacity of 250 MW, is a standalone merchant power project implemented at Gujarat’s Khavda renewable energy cluster.
Finland-based energy company Fortum said it is exiting the Indian solar power market after signing an <a href="https://www.mercomindia.com/fortum-exits-indian-solar-market" target="_blank" rel="noopener">agreement</a> to sell its remaining 43.75% stake in a 185 MW solar portfolio to Gentari Renewables India, a subsidiary of Malaysia-based clean energy firm Gentari. The portfolio consists of four solar projects with a total capacity of 185 MW – a 5 MW Amrit project and 70 MW Bhadla project in Rajasthan, a 10 MW Kapeli project in Madhya Pradesh, and a 100 MW Pavagada plant in Karnataka.
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-enfinity-secures-195-million-for-70-mw-solar-project/" target="_blank" rel="noopener">brief</a>.

<a href="https://www.energyre.com/" target="_blank" rel="noopener">energyRe</a>, an independent solar, wind, and energy storage project developer, secured $155 million in project financing and an $85 million tax equity commitment for a 108 MW Lone Star solar project and a 198 MWh energy storage project in South Carolina.
The Lone Star Solar project is currently under construction and is expected to be operational by Fal 2024. The $155 million project financing includes construction debt, a tax equity bridge facility, and a letter of credit facility too. The financing was secured with Santander acting as the Coordinating Lead Arranger. Bank of America has committed $85 million in tax equity. The project qualifies for Investment Tax Credits (ITCs) under the Inflation Reduction Act (IRA).
In January 2023, energyRe announced a 10-year power purchase agreement with Dominion Energy South Carolina (DESC) for Lone Star Solar. Over the life of the project, Lone Star Solar is expected to generate more than $10 million in local property taxes and create approximately 185 jobs during construction.
Syensqo, formerly part of the Solvay Group, will purchase 100 percent of the renewable energy certificates (RECs) generated by Lone Star Solar; the clean power generated by Lone Star Solar will help Syensqo reduce carbon emissions for approximately 35 percent of its U.S. electricity purchases and decrease greenhouse gas emissions of its operations by 73,000 metric tons annually.
&#8220;Lone Star Solar reflects energyRe&#8217;s commitment to accelerating the U.S. energy transition with reliable, clean power,&#8221; said Miguel Prado, CEO of energyRe, &#8220;We are grateful to our financial partners for supporting Lone Star Solar, which will be one of the largest solar and storage facilities in the Southeastern United States. Today&#8217;s announcement underscores energyRe&#8217;s market leadership and our proven track record of delivering results for our communities.&#8221;
According to Mercom&#8217;s Q1 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, large-scale project funding announced in Q1 2024 came to $13 billion in 62 deals, a decrease of 24% QoQ compared to $17.1 billion in 60 deals in Q4 2023.
Recurrent Energy, a solar project developer and a wholly owned subsidiary of Canadian Solar, recently <a href="https://cms.mercomindia.com/recurrent-energy-secures-financing-solar-project-brazil/" target="_blank" rel="noopener">secured</a> 343 million Brazilian Reais (~$70 million) of non-recourse project financing from Banco do Nordeste do Brasil (BNB) for the Jaiba III solar project in Brazil.

energyRe Secures Funding for Solar and Storage Project in South Carolina

energyRe, a renewable energy developer, <a href="https://cms.mercomindia.com/energyre-announces-capital-raise/" target="_blank" rel="noopener">raised</a> $1.2 billion to support the expansion of its large-scale renewable energy portfolio comprising utility-scale transmission and storage, onshore wind and solar generation, and offshore wind. The round includes committed capital investments from Glentra Capital alongside co-investors Novo Holdings and Denmark-based pension fund PKA. The capital package also includes a mandated corporate debt facility to be arranged by Santander and Deutsche Bank.
Global energy conglomerate bp will <a href="https://www.mercomindia.com/bp-to-fully-acquire-bp-for-320-million" target="_blank" rel="noopener">acquire</a> an additional 50.3% interest in Lightsource bp for a base equity value of £254 million (~$320 million), taking full ownership of the global utility-scale solar and battery storage asset developer. The acquisition allows for both parties to scale up Lightsource bp’s operations and leverage the former’s finance and trading capabilities to target double-digit equity.
AM Batteries, a lithium-ion dry-electrode technology firm, <a href="https://cms.mercomindia.com/am-batteries-raises-series-b-funding/" target="_blank" rel="noopener">closed</a> a $30 million Series B in an oversubscribed funding round led by Toyota Ventures. The investment combines strategic corporate support from Porsche Ventures and Asahi Kasei with financial investment from RA Capital Management – Planetary Health, Wilson Sonsini, and Industry Ventures. The round also includes existing investors such as Anzu Partners, TDK Ventures, Creative Ventures, Doral Energy-Tech Ventures, Foothill Ventures, and Zeon Ventures. The company has raised over $60 million to date.
Monterra, an electric vehicle (EV) charging software company, <a href="https://cms.mercomindia.com/ev-charging-tech-firm-monterra-raises/" target="_blank" rel="noopener">secured</a> $2.5 million in a pre-seed funding round led by Base10 Partners, and with participation from Future Climate Venture Studio, Very Serious Ventures, and other angel investors, including some of Monterra’s early customers. The funding is expected to help the company grow its team and accelerate product development. The company plans to streamline installers’ workflows across various stages of EV charging projects, from initial design and planning to post-installation maintenance.
Modo Energy, a London-based energy storage data and research software platform, has <a href="https://cms.mercomindia.com/battery-saas-platform-modo-energy-secures/" target="_blank" rel="noopener">secured</a> $15 million in Series A funding led by MMC Ventures along with existing investors Triple Point Ventures and Fred Olsen Limited. The funding will be used for expanding the business, product enhancement, and global expansion plans. Modo aims to cater to this growing demand for batteries to manage intermittent renewable sources like solar and wind.
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-energy-storage-company-fluence-raises/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: energyRe Raises $1.2 Billion for Renewable Expansion

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-energyre-raises-renewable-expansion/" target="_blank" rel="noopener">Mercom Capital Group</a>
energyRe, a renewable energy developer, <a href="https://mercomcapital.com/energyre-announces-capital-raise/" target="_blank" rel="noopener">raised</a> $1.2 billion to support the expansion of its large-scale renewable energy portfolio comprising utility-scale transmission and storage, onshore wind and solar generation, and offshore wind. The round includes committed capital investments from Glentra Capital alongside co-investors Novo Holdings and Denmark-based pension fund PKA. The capital package also includes a mandated corporate debt facility to be arranged by Santander and Deutsche Bank.
Global energy conglomerate bp will <a href="https://www.mercomindia.com/bp-to-fully-acquire-bp-for-320-million" target="_blank" rel="noopener">acquire</a> an additional 50.3% interest in Lightsource bp for a base equity value of £254 million (~$320 million), taking full ownership of the global utility-scale solar and battery storage asset developer. The acquisition allows for both parties to scale up Lightsource bp’s operations and leverage the former’s finance and trading capabilities to target double-digit equity.
AM Batteries, a lithium-ion dry-electrode technology firm, <a href="https://mercomcapital.com/am-batteries-raises-series-b-funding/" target="_blank" rel="noopener">closed</a> a $30 million Series B in an oversubscribed funding round led by Toyota Ventures. The investment combines strategic corporate support from Porsche Ventures and Asahi Kasei with financial investment from RA Capital Management – Planetary Health, Wilson Sonsini, and Industry Ventures. The round also includes existing investors such as Anzu Partners, TDK Ventures, Creative Ventures, Doral Energy-Tech Ventures, Foothill Ventures, and Zeon Ventures. The company has raised over $60 million to date.
Monterra, an electric vehicle (EV) charging software company, <a href="https://mercomcapital.com/ev-charging-tech-firm-monterra-raises/" target="_blank" rel="noopener">secured</a> $2.5 million in a pre-seed funding round led by Base10 Partners, and with participation from Future Climate Venture Studio, Very Serious Ventures, and other angel investors, including some of Monterra’s early customers. The funding is expected to help the company grow its team and accelerate product development. The company plans to streamline installers’ workflows across various stages of EV charging projects, from initial design and planning to post-installation maintenance.
Modo Energy, a London-based energy storage data and research software platform, has <a href="https://mercomcapital.com/battery-saas-platform-modo-energy-secures/" target="_blank" rel="noopener">secured</a> $15 million in Series A funding led by MMC Ventures along with existing investors Triple Point Ventures and Fred Olsen Limited. The funding will be used for expanding the business, product enhancement, and global expansion plans. Modo aims to cater to this growing demand for batteries to manage intermittent renewable sources like solar and wind.
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-fluence-raises-400-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.energyre.com/" target="_blank" rel="noopener">energyRe</a>, a renewable energy developer, raised a $1.2 billion capital package to support the expansion of its large-scale renewable energy portfolio comprising utility-scale transmission and storage, onshore wind and solar generation, and offshore wind.
The announced raise comprises committed capital investments from Glentra Capital alongside co-investors Novo Holdings and Denmark-based pension fund PKA. The capital package also includes a mandated corporate debt facility to be arranged by Santander and Deutsche Bank.
“We are uniquely focused on decarbonizing U.S. cities and hard-to-abate energy load centers with state-of-the-art electric grids that unlock new sources of clean power across the country. These investments, as well as strategic synergies with our new and current partners, will support energyRe’s robust development pipeline as well as further innovation and expansion in our portfolio,” said Miguel Prado, Chief Executive Officer of energyRe.
In addition, an agreement has been reached with Elia Group, a European transmission system operator, for the acquisition of a stake in a subsidiary of energyRe &#8211; energyRe Giga, marking Elia Group’s entry into the U.S. market for the development, construction, operation, and maintenance of offshore transmission infrastructure; HVDC technology; transmission planning; and congestion management to the partnership.
BofA Securities served as placement agent and Lazard Frères &amp; Co. LLC. served as financial advisor to energyRe.
According to Mercom’s 9M and Q3 2023 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, total corporate funding, including venture capital (VC) funding, public market, and debt financing, in 9M 2023 stood at $28.9 billion, 55% higher than $18.7 billion raised in 9M 2022.
Recently, Summit Ridge Energy, a community solar project owner and operator, <a href="https://cms.mercomindia.com/community-solar-firm-summit-ridge-energy-secures-275-million/" target="_blank" rel="noopener">secured</a> $275 million from the global financial services company Mitsubishi and United Financial of Japan Group (MUFG).

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