MENA Weekly Round-Up: Oman Tenders 1 GW of Solar Projects

Silver Demand Forecast to Drop 19% in 2026 on Lower Solar Cell Loadings

Midwest Energy Starts Production at 1.2 GWh Battery Storage Plant

Maharashtra Road Corporation Seeks 115 MW Solar Open Access Power

DCM Shriram to Procure 58 MW of Power from Serentica’s Hybrid Project

Bihar Regulator Approves Generic Renewable Energy Tariffs for FY 2027

Grid Software Solutions Provider Piq Energy Raises $5 Million in Funding

Sonnedix Acquires 260 MW Battery Storage Portfolio in Italy

Fidra Secures $312 Million Debt for West Burton Battery Project

POWERGRID Tenders 500 MW/1,000 MWh Battery Energy Storage Projects


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					</table><p><a href="https://fidraenergy.com/" target="_blank" rel="noopener">Fidra Energy</a>, a U.K.-based battery energy storage project developer, has reached financial close on its 500 MW/1.1 GWh West Burton C battery storage project in Nottinghamshire, England.</p>
<p>EIG and the National Wealth Fund will invest in the West Burton C project. In addition, the company has also secured £231 million (~$312 million) in new loan facilities. The debt package includes a term loan and ancillary facilities provided by a club of banks, including ABN Amro, China Minsheng Banking Corporation’s London branch, Mizuho, MUFG Bank, and Siemens Financial Services through Siemens Bank. Nomura Greentech and EIG served as Fidra’s financial advisers for the debt raise.</p>
<p>Fidra will build the project at the site of the former West Burton coal power station. Construction is scheduled to begin later in 2026, and the facility is expected to become fully operational in 2028.</p>
<p>Sungrow will supply the project’s battery systems. H&amp;MV Engineering will serve as the principal designer and contractor for the 400 kV grid connection and electrical systems. Its scope also covers the installation and commissioning of the Sungrow battery systems.</p>
<p>Fidra has signed a long-term offtake agreement with Drax Group covering 50% of the project’s capacity. West Burton C secured a 15-year capacity market agreement in March 2025. The agreement will commence in October 2028.</p>
<p>The project forms part of Fidra’s battery storage development pipeline in the United Kingdom, which exceeds 4 GW. The company is also constructing the Thorpe Marsh battery storage project in South Yorkshire.</p>
<p>idra recently acquired the 1 GW Enderby battery storage project in Leicestershire and secured planning approval for the 1.2 GW Bicker Fen project in Lincolnshire.</p>
<p>According to Mercom’s recently <a href="https://mercomcapital.com/product/q1-2026-funding-ma-report-energy-storage/">released</a> Q1 2026 Energy Storage Funding and M&amp;A report, announced Energy Storage project funding increased 115% YoY in Q1 2026, compared to $8 billion raised in the same period in 2025.</p>
<p>In June, Spearmint Energy, a U.S.-based energy storage company, <a href="https://mercomcapital.com/spearmint-energy-secures-325-million-for-battery-storage-portfolio/" target="_blank" rel="noopener">secured</a> an expanded $325 million debt facility from Nuveen Energy Infrastructure Credit, Elda River Capital Management, Harrison Street Asset Management, and Aiga Capital Partners.</p>



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					</table><p><strong>From: <a href="https://mercomcapital.com/project-finance-brief-esvolta-secures-450-million-upsized-credit-facility/" target="_blank" rel="noopener"><span style="text-decoration: underline;">Mercom Capital Group</span></a></strong></p>
<p><strong>esVolta, a developer, owner, and operator of utility-scale battery energy storage projects, has <a href="https://mercomcapital.com/esvolta-secures-450-million-upsized-credit-facility-for-energy-storage-portfolio/" target="_blank" rel="noopener">expanded</a> its corporate credit facility to up to $450 million to</strong> support new energy storage projects across North America. Nomura Securities International, a global investment bank in the energy and infrastructure sectors, led the transaction, which increases esVolta’s existing $200 million facility, which closed in March 2024.</p>
<p><strong>Maxwell Power, formerly known as HDM Renewable Finance, a company that provides financing for residential solar and battery storage systems, has <a href="https://mercomcapital.com/maxwell-power-secures-750-million-investment-from-fairtide-partners/" target="_blank" rel="noopener">announced</a> that it has closed a $750 million investment commitment from</strong> Fairtide Partners to finance battery storage and solar power projects. The company said the rebrand reflects its shift from a residential solar and battery storage finance provider to a full-service consumer-facing power brand.</p>
<p><strong>Sabanci Renewables, a renewable energy project developer, has <a href="https://mercomcapital.com/sabanci-renewables-secures-533-million-texas-solar-projects/" target="_blank" rel="noopener">secured</a> $533 million in financing for two solar projects in Texas, totaling 286 MW.</strong> The financing includes $382 million in project financing and $151 million in tax equity financing for the Pepper Solar Power Project in McLennan County and the Lucky 7 Solar Power Project in Hopkins County. Pepper Solar has a capacity of 156 MW, while Lucky 7 has 130 MW. Both projects are expected to achieve commercial operation in the second half of 2027, according to the company.</p>
<p><strong>Svea Solar Utility, an independent renewable power producer, has <a href="https://mercomcapital.com/svea-solar-utility-secures-216-million-solar-storage-projects/" target="_blank" rel="noopener">secured</a> a holding company (HoldCo) financing facility of up to €185 million (~$216 million) from</strong> Eiffel Investment Group and Arkéa Asset Management to expand its solar and energy storage portfolio in Sweden. The HoldCo facility will provide flexible capital to fund the platform’s investment requirements across the project lifecycle. The company said the funding will support the development, construction, and operation of utility-scale solar photovoltaic and energy storage assets.</p>
<p><strong>Aukera Energy, a renewable energy and battery storage developer, has <a href="https://mercomcapital.com/aukera-energy-secures-106-million-debt-for-battery-storage-project-in-belgium/" target="_blank" rel="noopener">reached</a> financial close of €97.5 million (~$106 million) on Project Volt, a 170 MW/340 MWh battery energy storage project</strong> in La Louvière, Belgium. ABN AMRO Bank and Triodos Bank are providing senior debt for the project as co-lead arrangers and bookrunners. ABN AMRO is also acting as a structuring bank, hedging bank, account bank, and agent. Belgian institutional investors are providing junior debt. I4B acted as lead junior lender, alongside Wallonie Entreprendre and SOCOFE.</p>
<p><strong>Fidra Energy, a battery storage project developer backed by EIG and the National Wealth Fund, has <a href="https://mercomcapital.com/fidra-energy-acquires-1gw-battery-storage-project-uk/" target="_blank" rel="noopener">acquired</a> the 1,025 MW Enderby battery storage project in Leicestershire, U.K.,</strong> from Innova, an independent developer of renewable energy projects and data centers. Innova received planning consent for the project in May 2025. The regulator is expected to decide on the project’s application under the scheme in the summer of 2026. Fidra expects to make a final investment decision in 2027, with operations beginning in 2029.</p>
<p><strong>Qualitas Energy, an investment firm specializing in renewable energy, energy transition, and sustainable infrastructure, has <a href="https://mercomcapital.com/qualitas-energy-acquires-164-mw-solar-project-in-us/" target="_blank" rel="noopener">acquired</a> a development-stage solar project in Illinois, U.S.,</strong> with a planned capacity of 164 MW from Bechtel Enterprises. The transaction was carried out through Qualitas Energy Fund VI, which was launched at the end of 2025. The company said it will use its investment, development, and asset management capabilities to advance the project through its next phases, including offtake strategy, procurement, construction planning, and financing.</p>
<p><strong> </strong></p>
<p>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>.</p>
<p>Read last week&#8217;s project finance <a href="https://www.mercomindia.com/project-finance-brief-bankinter-and-plenium-secure-617-million-for-solar-portfolio" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: esVolta Secures $450 Million Upsized Credit Facility


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					</table><p><a href="https://fidraenergy.com/" target="_blank" rel="noopener">Fidra Energy</a>, a battery storage project developer backed by EIG and the National Wealth Fund, has acquired the 1,025 MW Enderby battery storage project in Leicestershire, U.K., from Innova, an independent developer of renewable energy projects and data centers.</p>
<p>Innova received planning consent for the project in May 2025. The regulator is expected to decide on the project’s application under the scheme in the summer of 2026. Fidra expects to make a final investment decision in 2027, with operations beginning in 2029.</p>
<p>According to Fidra, the project has also been confirmed as eligible for the first long-duration energy storage cap-and-floor scheme application.</p>
<p>The acquisition expands Fidra Energy’s U.K. battery storage pipeline to more than 4 GW. The company is also developing the Thorpe Marsh battery storage project in Yorkshire, where construction has begun. The project has a capacity of 1.4 GW/3.1 GWh.</p>
<p>Morris Van Looy, Chief Growth &amp; Strategy Officer of Fidra Energy, said, “The acquisition of the Enderby battery storage project marks another major milestone in the expansion of our U.K. portfolio and demonstrates our ambition to deliver large-scale battery storage infrastructure at pace to support the U.K. Government’s Clean Power 2030 Action Plan.  We are delighted to be working with Innova, leveraging their experience of working successfully with local stakeholders and communities to develop, build, and operate an exciting project that will help to strengthen the resilience of the U.K.’s electricity system.”</p>
<p>A total of 7.2 GW of energy storage projects were acquired in Q1 2026, a 227% increase compared to the 2.2 GW in Q1 2025, according to Mercom’s recently released Q1 2026 Energy Storage Funding and M&amp;A <a href="https://mercomcapital.com/product/q1-2026-funding-ma-report-energy-storage/" target="_blank" rel="noopener">report</a>. A growing share of acquisitions included standalone battery storage and hybrid solar-plus-storage projects.</p>
<p>In May 2026, GridStor, a developer and operator of utility-scale battery energy storage projects, <a href="https://mercomcapital.com/gridstor-acquires-199-mw-colorado-battery-storage-project-from-accelergen/" target="_blank" rel="noopener">acquired</a> the 199 MW/796 MWh Birdseye battery storage project in Adams County, Colorado, from Accelergen.</p>


Fidra Energy Acquires 1 GW Battery Storage Project in the UK

<p><a href="https://fidraenergy.com/">Fidra Energy</a>, a battery energy storage project developer, secured up to £445 million (~$603 million) of new equity investment from EIG and the National Wealth Fund (NWF).</p>
<p>The funding will be used for the development of its 1,400 MW/3,100 MWh Thorpe Marsh battery energy storage project located in Doncaster, South Yorkshire.</p>
<p>In addition to the investment from EIG and NWF, the construction will be funded by new loan facilities of £594 million (~$805 million) from international lenders.</p>
<p>The project construction is scheduled to begin immediately and is expected to reach commercial operation in mid-2027. Once operational, the battery storage system is estimated to have the potential to export more than 2 million MWh of electricity per year.</p>
<p>Santander CIB, New End, and EIG Global Energy Partners Capital Markets acted as financial advisors to EIG and Fidra Energy on the transaction.</p>
<p>Sungrow, an energy storage technology solutions provider, will supply its Power Titan 2.0 batteries for the project. H&amp;MV Engineering will be the principal designer and contractor of the 400kV grid connection, electrical, and mechanical scheme, as well as for the erection and commissioning of the Sungrow battery systems.</p>
<p>Fidra has signed long-term offtake agreements with EDF, Octopus Energy, and Statkraft for around 80% of the Thorpe Marsh project’s capacity. In March 2025, the project secured a fifteen-year capacity market award from the UK Government commencing in October 2028.</p>
<p>According to Mercom&#8217;s 1H and Q2 2025 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-2025-funding-ma-report-energy-storage/">Report</a> for Energy Storage report, announced Energy Storage project financing increased 168% year-over-year in 2025.</p>
<p>In September, Grenergy, an independent solar and wind power producer, <a href="https://cms.mercomindia.com/grenergy-secures-270m-for-3-5gwh-bess-in-oasis-de-atacama-phase-6/">raised</a> $270 million in senior non-recourse financing, including a term loan and letters of credit. The facility will be used to deploy 3.5 GWh of battery energy storage capacity for the sixth phase of the Oasis de Atacama project, known as Elena.</p>


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