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

Solar Module Capacity Under ALMM Grows to 215.5 GW

Naked Energy, a provider of solar thermal and solar PVT solutions, <a href="https://cms.mercomindia.com/naked-energy-raises-series-b-funding/" target="_blank" rel="noopener">secured</a> £17 million (~$22.06 million) in a Series B funding round led by E.ON Energy Infrastructure Solutions (E.ON EIS), a provider of integrated, sustainable energy solutions for cities and industries. The series was supported by co-investment from existing investor Barclays through its Sustainable Impact Capital. The partnership between E.ON and Naked Energy is expected to facilitate the provision of Naked Energy’s technology through a “Heat-As-A-Service” model to a global client base.
Canada-based Brookfield Asset Management has <a href="https://www.mercomindia.com/brookfield-investment-leap-green-energy" target="_blank" rel="noopener">announced</a> an equity investment in Leap Green Energy, a renewable energy company based in Tamil Nadu, India. The initial commitment includes an equity investment of over $200 million, comprising the subscription of new shares and the acquisition of shares from existing shareholders. Under the terms of the definitive strategic investment agreements, Brookfield has acquired a majority controlling stake in Leap Green. This partnership aims to enhance Leap Green’s capabilities and expand the platform’s capacity to over 3 GW within the next four to five years.
Jupiter International, a manufacturer of photovoltaic solar cells and provider of solar power solutions in India, has <a href="https://www.mercomindia.com/jupiter-3-billion-valuequest" target="_blank" rel="noopener">received</a> an investment of ₹3 billion (~$35.89 million) from ValueQuest S.C.A.L.E. private equity fund. Jupiter aims to establish a 1.8 GW solar cell and 1.2 GW solar module manufacturing facility with this funding. The company has formed a joint venture with AmpIn Energy to develop an integrated solar cell and module capacity of 1.2 GW each
epilot, a software-based smart grid solutions provider, <a href="https://cms.mercomindia.com/smart-grid-cloud-solutions-startup-epilot-raises-11-million/" target="_blank" rel="noopener">secured</a> €10 million (~$11 million) from Expedition Growth Capital, a London-based venture Capital Firm. The company will use the funding to expand its team. epilot provides software that utilities can use to standardize and automate sales processes for new renewable energy products. According to the company, grid operators can also use the software to reduce bottlenecks in workflows and connect more customers to renewable energy systems at home.
Galileo, a European platform focused on renewable energy development and investment, has <a href="https://cms.mercomindia.com/galileo-acquires-solar-developer-pagra/" target="_blank" rel="noopener">announced</a> the acquisition of an additional 65% stake in Pagra, a company specializing in solar PV rooftop installations. Having initially secured a 35% minority stake in July 2022, Galileo now fully owns Pagra, aiming to accelerate the company&#8217;s growth strategy.
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-liontown-resources-secures-250-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Naked Energy Raises $22 Million

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-liontown-resources-secures-250-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Naked Energy, a provider of solar thermal and solar PVT solutions, <a href="https://mercomcapital.com/naked-energy-raises-series-b-funding/">secured</a> £17 million (~$22.06 million) in a Series B funding round led by E.ON Energy Infrastructure Solutions (E.ON EIS), a provider of integrated, sustainable energy solutions for cities and industries. The series was supported by co-investment from existing investor Barclays through its Sustainable Impact Capital. The partnership between E.ON and Naked Energy is expected to facilitate the provision of Naked Energy’s technology through a “Heat-As-A-Service” model to a global client base.
Canada-based Brookfield Asset Management has <a href="https://www.mercomindia.com/brookfield-investment-leap-green-energy">announced</a> an equity investment in Leap Green Energy, a renewable energy company based in Tamil Nadu, India. The initial commitment includes an equity investment of over $200 million, comprising the subscription of new shares and the acquisition of shares from existing shareholders. Under the terms of the definitive strategic investment agreements, Brookfield has acquired a majority controlling stake in Leap Green. This partnership aims to enhance Leap Green’s capabilities and expand the platform’s capacity to over 3 GW within the next four to five years.
Jupiter International, a manufacturer of photovoltaic solar cells and provider of solar power solutions in India, has <a href="https://www.mercomindia.com/jupiter-3-billion-valuequest">received</a> an investment of ₹3 billion (~$35.89 million) from ValueQuest S.C.A.L.E. private equity fund. Jupiter aims to establish a 1.8 GW solar cell and 1.2 GW solar module manufacturing facility with this funding. The company has formed a joint venture with AmpIn Energy to develop an integrated solar cell and module capacity of 1.2 GW each
epilot, a software-based smart grid solutions provider, <a href="https://mercomcapital.com/smart-grid-cloud-solutions-startup-epilot-raises-11-million/">secured</a> €10 million (~$11 million) from Expedition Growth Capital, a London-based venture Capital Firm. The company will use the funding to expand its team. epilot provides software that utilities can use to standardize and automate sales processes for new renewable energy products. According to the company, grid operators can also use the software to reduce bottlenecks in workflows and connect more customers to renewable energy systems at home.
GALILEO, a European platform focused on renewable energy development and investment, has <a href="https://mercomcapital.com/galileo-acquires-solar-developer-pagra/">announced</a> the acquisition of an additional 65% stake in PAGRA, a company specializing in solar PV rooftop installations. Having initially secured a 35% minority stake in July 2022, GALILEO now fully owns PAGRA, aiming to accelerate the company&#8217;s growth strategy.
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/">here</a>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-liontown-resources-secures-250-million">roundup</a>.

<a href="https://epilot.cloud/" target="_blank" rel="noopener">epilot</a>, a software-based smart grid solutions provider, secured €10 million (~$11 million) from Expedition Growth Capital, a London-based venture Capital Firm.
The company will use the funding to expand its team.
Michel Nicolai, CEO and co-founder of epilot, said, “Our mission at epilot is to accelerate the energy transition. Whilst we didn’t need to raise this funding as we have been growing sustainably, today’s announcement is a major milestone on our journey and will enable us to execute even faster on our platform roadmap and expansion plans. We are excited to welcome Expedition as our growth investor based on their thesis in our industry and deep experience in supporting vertically focused SaaS companies in achieving scalability.”
epilot provides software that utilities can use to standardize and automate sales processes for new renewable energy products. According to the company, grid operators can also use the software to reduce bottlenecks in workflows and connect more customers to renewable energy systems at home.
According to Mercom’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, Smart Grid VC funding increased 134% in Q1 2024, with $656 million raised in 12 deals compared to $280 million in 14 deals in Q1 2023. In a quarter-over-quarter comparison, funding in Q1 2024 was 197% higher compared to Q4 2023, when $221 million was raised in 10 deals.
Recently, Eneida, a provider of smart grid solutions, <a href="https://cms.mercomindia.com/eneida-secures-11-4-million-in-series-b-funding/" target="_blank" rel="noopener">secured</a> €10.5 million (~$11.4 million) in a Series B funding round. The funding was provided by Junction Growth Investors (who also led the round) and Santander Alternative Investments. Existing investor Korys increased its stake alongside participation from current investor HCapital and the company’s founders.
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Smart Grid Cloud Solutions Startup epilot Raises $11 Million

epilot

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