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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

<a href="https://ampup.io/" target="_blank" rel="noopener">AmpUp</a>, an electric vehicle charging platform company, has secured $15 million in Series A funding. Touchdown Ventures led the funding round. Additional new investors included Autotech Ventures (Autotech) and MUUS Climate Partners (MUUS), with participation from Holman, Goodyear, Foothill Ventures, WEX Venture Capital, TechNexus Venture Collaborative, Powerhouse Ventures, and Connecticut Innovations, among others. According to the company, the funding will be used to expand its services across the U.S. market and develop energy management solutions in the EV charging sector.
Octopus Energy Generation, a British renewable energy group, has <a href="https://cms.mercomindia.com/octopus-energy-fully-acquires-renewables-developer-exagen/" target="_blank" rel="noopener">acquired</a> renewables developer Exagen through its Octopus Energy Development Partnership (OEDP) fund. This acquisition comes after Octopus acquired an initial 24% stake in Exagen through this OEPD fund in August 2022, which includes an option to purchase a 500 MW/1 GWh battery project located in the Midlands. Octopus manages nearly £7 billion (~$9.4 billion) in renewable energy projects globally, and this acquisition is expected to further accelerate the UK’s progress toward meeting its renewable energy targets by 2035.
Energy Storage Industries – Asia Pacific (ESI), an iron flow battery manufacturer and energy storage project developer, has <a href="https://cms.mercomindia.com/energy-storage-industries-raises-40-million-funding-iron-flow-batteries/" target="_blank" rel="noopener">received</a> a total investment of AU$65 million (~$40 million) in funding; AU$25 million (~$17 million) from the Queensland Government, and AU$40 million (~$23 million) of private capital from an undisclosed international firm. With the investment, ESI will continue constructing a manufacturing facility in Maryborough, Queensland, Australia, where it will assemble long-duration iron flow battery systems.
Electronics manufacturer  Kaynes Technology has <a href="https://www.mercomindia.com/kaynes-acquires-smart-meter-company-iskraemeco-india-for-%E2%82%B9430-million" target="_blank" rel="noopener">acquired</a> 100% of smart meter company Iskraemeco India, previously held by Iskraemeco Switzerland and Iskraemeco Merjenje, for ₹430 million (~$5.13 million). Iskraemeco India is engaged in supplying, installing, operating, and maintaining smart meters. The company’s total turnover in 2024 is ₹654.2 million (~$7.81 million). Kaynes Technology said in a regulatory filing that the acquisition will increase the company’s product line and service offerings.
Aditya Birla Renewables, the Aditya Birla Group’s renewable energy arm, has <a href="https://www.mercomindia.com/aditya-birla-renewables-raises-%E2%82%B925-billion-via-debenture-sale" target="_blank" rel="noopener">raised</a> ₹25 billion (~$299.26 million) through a private placement of non-convertible debentures. These include 2.5 million unsecured, listed, rated, redeemable, and non-convertible debentures with a face value of ₹0.1 million (~$1,197.03). The base issue size is up to ₹20 billion (~$239.4 million), with a greenshoe option to retain oversubscription of up to ₹5 billion (~$59.85 million). The debentures will mature on September 24, 2027.
Macquarie Asset Management (MAM), a global asset manager, has <a href="https://cms.mercomindia.com/macquarie-acquire-stake-developer-de-shaw-renewable-investments/" target="_blank" rel="noopener">agreed</a> to acquire a minority stake worth $1.725 billion in renewables developer D. E. Shaw Renewable Investments (DESRI) via several MAM-managed funds. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm. MAM’s acquisition, according to the company, is expected to enable DESRI to continue its growth and strengthen its position in the energy transition market.
Solutions30, a provider of support services related to new digital technologies, has <a href="https://cms.mercomindia.com/solutions30-acquires-solar-construction-firm-xperal/" target="_blank" rel="noopener">announced</a> the acquisition of Xperal, a company that offers design, engineering, procurement, commissioning, and maintenance services for solar projects. In 2023, Xperal achieved revenues of €15 million (~$16.8 million). The acquisition will expand Solutions30’s services into the Benelux region and increase its market share.
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-return-acquires-stake-in-jp-batterie-projekte/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: EV Charging Platform AmpUp Raises $15 Million

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-ev-charging-platform-ampup-raises-15-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
AmpUp, an electric vehicle charging platform company, has <a href="https://mercomcapital.com/ev-charging-platform-ampup-raises-15-million-series-a-funding/" target="_blank" rel="noopener">secured</a> $15 million in Series A funding. Touchdown Ventures led the funding round. Additional new investors included Autotech Ventures (Autotech) and MUUS Climate Partners (MUUS), with participation from Holman, Goodyear, Foothill Ventures, WEX Venture Capital, TechNexus Venture Collaborative, Powerhouse Ventures, and Connecticut Innovations, among others. According to the company, the funding will be used to expand its services across the U.S. market and develop energy management solutions in the EV charging sector.
Octopus Energy Generation, a British renewable energy group, has <a href="https://mercomcapital.com/octopus-energy-fully-acquires-renewables-developer-exagen/">acquired</a> renewables developer Exagen through its Octopus Energy Development Partnership (OEDP) fund. This acquisition comes after Octopus acquired an initial 24% stake in Exagen through this OEPD fund in August 2022, which includes an option to purchase a 500 MW/1 GWh battery project located in the Midlands. Octopus manages nearly £7 billion (~$9.4 billion) in renewable energy projects globally, and this acquisition is expected to further accelerate the UK’s progress toward meeting its renewable energy targets by 2035.
Energy Storage Industries – Asia Pacific (ESI), an iron flow battery manufacturer and energy storage project developer, has <a href="https://mercomcapital.com/energy-storage-industries-raises-40-million-funding-iron-flow-batteries/" target="_blank" rel="noopener">received</a> a total investment of AU$65 million (~$40 million) in funding; AU$25 million (~$17 million) from the Queensland Government, and AU$40 million (~$23 million) of private capital from an undisclosed international firm. With the investment, ESI will continue constructing a manufacturing facility in Maryborough, Queensland, Australia, where it will assemble long-duration iron flow battery systems.
Electronics manufacturer  Kaynes Technology has <a href="https://www.mercomindia.com/kaynes-acquires-smart-meter-company-iskraemeco-india-for-%E2%82%B9430-million" target="_blank" rel="noopener">acquired</a> 100% of smart meter company Iskraemeco India, previously held by Iskraemeco Switzerland and Iskraemeco Merjenje, for ₹430 million (~$5.13 million). Iskraemeco India is engaged in supplying, installing, operating, and maintaining smart meters. The company’s total turnover in 2024 is ₹654.2 million (~$7.81 million). Kaynes Technology said in a regulatory filing that the acquisition will increase the company’s product line and service offerings.
Aditya Birla Renewables, the Aditya Birla Group’s renewable energy arm, has <a href="https://www.mercomindia.com/aditya-birla-renewables-raises-%E2%82%B925-billion-via-debenture-sale" target="_blank" rel="noopener">raised</a> ₹25 billion (~$299.26 million) through a private placement of non-convertible debentures. These include 2.5 million unsecured, listed, rated, redeemable, and non-convertible debentures with a face value of ₹0.1 million (~$1,197.03). The base issue size is up to ₹20 billion (~$239.4 million), with a greenshoe option to retain oversubscription of up to ₹5 billion (~$59.85 million). The debentures will mature on September 24, 2027.
Macquarie Asset Management (MAM), a global asset manager, has <a href="https://mercomcapital.com/macquarie-acquire-stake-developer-de-shaw-renewable-investments/" target="_blank" rel="noopener">agreed</a> to acquire a minority stake worth $1.725 billion in renewables developer D. E. Shaw Renewable Investments (DESRI) via several MAM-managed funds. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm. MAM’s acquisition, according to the company, is expected to enable DESRI to continue its growth and strengthen its position in the energy transition market.
Solutions30, a provider of support services related to new digital technologies, has <a href="https://mercomcapital.com/solutions30-acquires-solar-construction-firm-xperal/" target="_blank" rel="noopener">announced</a> the acquisition of Xperal, a company that offers design, engineering, procurement, commissioning, and maintenance services for solar projects. In 2023, Xperal achieved revenues of €15 million (~$16.8 million). The acquisition will expand Solutions30’s services into the Benelux region and increase its market share.
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-return-acquires-jp-batterie-projekte" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.octopusenergygeneration.com/" target="_blank" rel="noopener">Octopus Energy Generation</a>, a British renewable energy group, has acquired renewables developer <a href="https://exagen.co.uk/" target="_blank" rel="noopener">Exagen</a> through its Octopus Energy Development Partnership (OEDP) fund.
This acquisition comes after Octopus <a href="https://cms.mercomindia.com/octopus-energy-acquires-exagen-oedp-fund/" target="_blank" rel="noopener">acquired</a> an initial 24% stake in Exagen through this OEPD fund in August 2022, which includes an option to purchase a 500 MW/1 GWh Battery Project located in the Midlands.
In the past year, Exagen has secured planning consent for 520MW of standalone battery storage projects at sites in Leicestershire and Gloucestershire, according to the company. Additionally, the company has 260 MW of solar and 268 MW of battery storage in planning or is poised to enter planning in the coming year.
Octopus manages nearly £7 billion (~$9.4 billion) in renewable energy projects globally, and this acquisition is expected to further accelerate the U.K.&#8217;s progress toward meeting its renewable energy targets by 2035.
&#8220;We first invested in Exagen two years ago, and we&#8217;ve been impressed by their strong development pipeline of solar and storage projects that will help boost British energy security. By increasing our investment, we&#8217;re going to turbocharge the build-out of new green energy and rapidly grow the U.K.&#8217;s energy storage capacity,&#8221; said Alex Brierley, Co-head of Octopus Energy Generation&#8217;s fund management team.
According to Mercom&#8217;s 1H and Q2 2024 funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-q2-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">report</a> for Energy Storage and Smart Grid, In the first half of 2024, there were 14 Energy Storage M&amp;A transactions, up from eight in the first half of 2023.
This September, Return, an energy transition investment and development platform, <a href="https://cms.mercomindia.com/energy-transition-platform-return-acquires-stake-in-jp-batterie-projekte/" target="_blank" rel="noopener">acquired</a> a majority stake in J&amp;P Batterie Projekte, an energy storage system developer, through a €50 million (~$56 million) investment and commitment. The companies said this partnership will expand Return&#8217;s current position in Germany and the European energy storage market in the coming years.

Octopus Energy Fully Acquires Renewables Developer Exagen

Octopus Energy Group, a British renewable energy group specializing in sustainable energy, has acquired a 24% stake in renewables developer Exagen through their new Octopus Energy Development Partnership (OEDP) fund.
The deal includes an option to purchase a 500 MW / 1 GWh Battery Project located in the Midlands, England, which is currently in development and is scheduled to be operational by 2027.
As part of the agreement, OEDP has also acquired three solar farms with batteries on-site in the Midlands and Northeast of England, which Exagen is currently developing, with a combined capacity of approximately 400 MW.
Exagen has over 2 GW of solar and battery storage projects in their pipeline, which Octopus will be able to invest in once they’re ready to build.
“All of us at Exagen are thrilled by this ground-breaking deal with Octopus, which will support us in our mission to build smarter, flexible renewable generation projects across the grid, enabling communities access to cleaner, cheaper energy. I believe our commitment to our staff, our technology-focused approach to operations, and above all our passion for local communities and the environment has aligned us with the Octopus team, and we’re all looking forward to delivering on our promise together,” said Jeremy Littman, founder, and CEO of Exagen.
The €220 million (~$218 million) OEDP targets solar, onshore wind, and energy storage projects in the UK and the rest of Europe.
“This fund is helping to unlock huge amounts of new renewable energy across Europe, turbocharging the journey to greater energy security. The more new green power we can build, the faster we can reduce our dependence on gas imports and drive down energy bills for people in the UK and the rest of Europe,” comments Zoisa North-Bond, CEO of Octopus Energy Generation.
Last year, Octopus Energy Group <a href="https://mercomindia.com/generation-investment-acquires-stake-octopus-energy/" target="_blank" rel="noopener">announced</a> a strategic partnership with Generation Investment Management, a firm founded in 2004 to invest in businesses that promote sustainability and the fight against climate change. The deal valued the United Kingdom’s leading electricity generator at $4 billion pre-deal and up to $4.6 billion post-deal.
According to Mercom’s 1H and Q2 2022 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-q2-2022-funding-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">Report</a> for Storage, Grid &amp; Efficiency. In 1H 2022, there were a total of 13 (six disclosed) Energy Storage M&amp;A transactions compared to nine transactions (two undisclosed) in 1H 2021.

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