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Potentia Energy, a renewable energy developer co-owned by Enel Green Power and INPEX, <a href="https://cms.mercomindia.com/potentia-energy-acquires-over-1-gw-of-renewable-energy-projects/" target="_blank" rel="noopener">completed</a> the acquisition of controlling stakes in a renewable energy portfolio exceeding 1 GW across Australia. The assets were acquired from infrastructure investor CVC DIF and superannuation fund Cbus Super. The acquisition also includes shares in Bright Energy Investments, a joint venture with Synergy, owned by the Western Australian state government.
AIP Management, a Nordic-based investment manager in diversified decarbonization infrastructure, <a href="https://cms.mercomindia.com/aip-management-to-acquire-49-99-stake-in-solar-and-storage-project/" target="_blank" rel="noopener">agreed</a> to acquire a 49.99% equity stake in the 300 MW solar with a co-located 200 MW/400 MWh battery energy storage Pine Forest project from Clearway Energy Group, a utility-scale renewable energy and storage project developer. The project is in the ERCOT North market region in Texas. The total investment is approximately $200 million. The project is currently under construction and is expected to commence operations in the fourth quarter of 2025.
Greenalia, a renewable energy project developer, has <a href="https://cms.mercomindia.com/greenalia-secures-financing-misae-ii-solar-project/" target="_blank" rel="noopener">secured</a> a $295 million construction-to-term loan and $93 million letter of credit facility from Mitsubishi UFJ Financial Group and Nomura Securities International for developing the 430 MWdc/331.6 MWac Misae II solar project in Texas. The project has completed 72% of its construction, with commercial operations expected to begin in the third quarter of 2025.
Electricity and heat producer and supplier PGE Energia Ciepła, a PGE Group unit, <a href="https://cms.mercomindia.com/pge-energia-ciepla-secures-13-m-financing-solar-projects/" target="_blank" rel="noopener">secured</a> PLN 48.7 million (~$12.61 million) in the form of a preferential loan from the National Fund for Environmental Protection and Water Management for the construction of seven solar projects with a cumulative capacity of 10.54 MW. The projects are to be built at the company’s six combined heat and power projects in Rzeszów, Kielce, Lublin, Zgierz, Bydgoszcz, and Gorzów Wielkopolski in Poland.
India-based ACME Solar Holdings <a href="https://www.mercomindia.com/acme-solar-secures-%E2%82%B924-91-billion-refinancing-to-cut-debt-costs" target="_blank" rel="noopener">secured</a> a ₹24.91 billion (~$298.92 million) long-term refinancing facility for 18 to 20 years from the State Bank of India and REC at a reduced weighted average interest rate of 8.8%. ACME Solar will use the funds to reduce debt costs for its 490 MW renewable energy projects in Andhra Pradesh, Rajasthan, and Punjab.
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-renewable-power-capital-solar-wind-projects/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Potentia Energy Acquires 1 GW of Renewable Energy Projects

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-potentia-energy-acquires-renewable-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
Potentia Energy, a renewable energy developer co-owned by Enel Green Power and INPEX, <a href="https://mercomcapital.com/potentia-energy-acquires-over-1-gw-of-renewable-energy-projects/" target="_blank" rel="noopener">completed</a> the acquisition of controlling stakes in a renewable energy portfolio exceeding 1 GW across Australia. The assets were acquired from infrastructure investor CVC DIF and superannuation fund Cbus Super. The acquisition also includes shares in Bright Energy Investments, a joint venture with Synergy, owned by the Western Australian state government.
AIP Management, a Nordic-based investment manager in diversified decarbonization infrastructure, <a href="https://mercomcapital.com/aip-management-to-acquire-49-99-stake-in-solar-and-storage-project/" target="_blank" rel="noopener">agreed</a> to acquire a 49.99% equity stake in the 300 MW solar with a co-located 200 MW/400 MWh battery energy storage Pine Forest project from Clearway Energy Group, a utility-scale renewable energy and storage project developer. The project is in the ERCOT North market region in Texas. The total investment is approximately $200 million. The project is currently under construction and is expected to commence operations in the fourth quarter of 2025.
Greenalia, a renewable energy project developer, has <a href="https://mercomcapital.com/greenalia-secures-financing-misae-ii-solar-project/" target="_blank" rel="noopener">secured</a> a $295 million construction-to-term loan and $93 million letter of credit facility from Mitsubishi UFJ Financial Group and Nomura Securities International for developing the 430 MWdc/331.6 MWac Misae II solar project in Texas. The project has completed 72% of its construction, with commercial operations expected to begin in the third quarter of 2025.
Electricity and heat producer and supplier PGE Energia Ciepła, a PGE Group unit, <a href="https://mercomcapital.com/pge-energia-ciepla-secures-13-m-financing-solar-projects/" target="_blank" rel="noopener">secured</a> PLN 48.7 million (~$12.61 million) in the form of a preferential loan from the National Fund for Environmental Protection and Water Management for the construction of seven solar projects with a cumulative capacity of 10.54 MW. The projects are to be built at the company’s six combined heat and power projects in Rzeszów, Kielce, Lublin, Zgierz, Bydgoszcz, and Gorzów Wielkopolski in Poland.
India-based ACME Solar Holdings <a href="https://www.mercomindia.com/acme-solar-secures-%E2%82%B924-91-billion-refinancing-to-cut-debt-costs" target="_blank" rel="noopener">secured</a> a ₹24.91 billion (~$298.92 million) long-term refinancing facility for 18 to 20 years from the State Bank of India and REC at a reduced weighted average interest rate of 8.8%. ACME Solar will use the funds to reduce debt costs for its 490 MW renewable energy projects in Andhra Pradesh, Rajasthan, and Punjab.
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-renewable-power-capital-solar-wind-projects/" target="_blank" rel="noopener">brief</a>.

<a href="https://greenalia.es/en/" target="_blank" rel="noopener">Greenalia</a>, a renewable energy project developer, has secured a $295 million construction-to-term loan and $93 million letter of credit facility from Mitsubishi UFJ Financial Group (MUFG) and Nomura Securities International for the 430 MWdc/331.6 MWac Misae II solar project in Texas.
The project is currently under construction and has already completed 72% of its construction, with commercial operation expected in the third quarter of 2025.
MUFG and Nomura both acted as coordinating lead arranger and bookrunner, with MUFG also acting as administrative agent.
The solar project benefits from two ERCOT West-settled power purchase agreements for 65% of its energy output and renewable energy certificates. The remaining 35% of the electricity produced will be sold into the merchant ERCOT market. Additionally, Misae II has executed a fixed-price Production Tax Credit Transfer Agreement and a separate fixed-price agreement for 40% of the project&#8217;s renewable energy certificates.
&#8220;This transaction is a major step for Greenalia&#8217;s US expansion,&#8221; said Manuel Garcia, CEO of Greenalia S.A. &#8220;With the help of MUFG and Nomura, we are on track to reach 1 GW of operational projects by 2026.&#8221;
Alain Halimi, Managing Director of Nomura IPB, added, &#8220;Nomura is pleased to once again support Greenalia, this time for their inaugural Misae II solar project in Texas.&#8221; Our partnership with Greenalia demonstrates Nomura&#8217;s commitment to providing tailored strategic financing solutions to leading renewable energy developers.&#8221;
In February, the company also closed a €97 million (~$100.89 million) financing transaction to support its existing portfolio of projects and to develop its pipeline of renewable energy projects in Spain.
According to Mercom&#8217;s Annual and Q4 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-and-q4-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">Report</a>, large-scale project funding in 2024 increased 21% year-over-year.
Last week, PGE Energia Ciepła, a producer and supplier of electricity and heat and a unit of PGE Group, <a href="https://cms.mercomindia.com/pge-energia-ciepla-secures-13-m-financing-solar-projects/" target="_blank" rel="noopener">secured</a> PLN 48.7 million (~$12.61 million) in the form of a preferential loan from the National Fund for Environmental Protection and Water Management for the construction of 7 solar projects totaling 10.54 MW.

Greenalia Secures $388 Million Financing for Misae II Solar Project

Camus Energy, a grid orchestration platform, <a href="https://cms.mercomindia.com/camus-energy-secures-25-million-series-a-funding/" target="_blank" rel="noopener">secured</a> over $25 million in Series A funding after closing its $10 million extension. The round was co-led by climate firm Congruent Ventures and marketplace investor Wave Capital, with participation from Align Impact, Remarkable Ventures Climate Fund, and Groundswell Ventures, alongside Congruent and Wave’s Limited Partners.
Fever, a provider of an Application Programing Interface (API)-centric platform for virtual power plants, <a href="https://cms.mercomindia.com/grid-tech-company-fever-raises-10-7-million-seed-funding/" target="_blank" rel="noopener">raised</a> €10 million (~$10.7 million) in a seed funding round led by General Catalyst, with participation from previous investors, including La Famiglia and Norrsken VC. The funding will be used to accelerate Fever’s expansion plans, deepen product development, and expand collaborations across Europe. This round brings the company’s total amount of funding to €11.6 million (~$12.4 million).
Greenalia, a Spain-based developer of renewable power projects, <a href="https://cms.mercomindia.com/greenalia-secures-three-year-credit-facilities/" target="_blank" rel="noopener">announced</a> the close of $200 million of three-year credit facilities to support the development of its solar and wind project pipeline in the U.S. The funding will be used to finance project equipment, as well as other development and construction expenses. Nomura Securities International, Inc. led the financing and acted as the Sole Underwriter, Lead Arranger, and Bookrunner of the Facilities. PEI Global Partners served as Exclusive Financial Advisor to the Company. Holland &amp; Knight acted as Borrower&#8217;s Counsel. Norton Rose Fulbright acted as the lender&#8217;s counsel.
Daze, a provider of EV charging solutions, <a href="https://cms.mercomindia.com/daze-secures-16-million-series-a-funding/" target="_blank" rel="noopener">secured</a> €15 million (~$16.1 million) in Series A funding led by CDP Venture Capital through the EnergyTech compartment of the Corporate Partners I fund and the Green Transition fund, which utilizes resources allocated by the European Union through the NextGeneration EU initiative.
Rooftop solar company SolarSquare has <a href="https://www.mercomindia.com/solarsquare-consultancy-firm-pv-diagnostics" target="_blank" rel="noopener">acquired</a> PV Diagnostics, a company with expertise in the utility-scale solar power sector, to enhance the quality and efficiency of its residential solar installations throughout India. PV Diagnostics is a consultancy solutions provider in the solar industry, offering a range of services across the photovoltaic value chain.
Natural gas company Mahanagar Gas Limited has <a href="https://www.mercomindia.com/mahanagar-gas-forays-into-ev-sector" target="_blank" rel="noopener">announced</a> the acquisition of 30.97% shareholding in 3ev Industries, a three-wheeler electric vehicle manufacturer, for ₹960 million (~$11.56 million). The equity infusion, which is a part of the share subscription agreement between the companies, will be made in tranches, with the first tranche expected before the end of this month.
Hyderabad-based electric vehicle manufacturer Pure EV has <a href="https://www.mercomindia.com/pure-ev-raises-funding-to-expand-sales-india" target="_blank" rel="noopener">secured</a> $8 million in the latest round of funding to help the company expand its sales network in India from 140 to 300 dealers in the next six months. The funding was led by Benett Coleman and Company, Hindustan Times Media Ventures, Ushodaya Enterprises, existing investors, and high net-worth individuals.
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-lithium-extraction-firm-lilac-solutions-secures/" target="_blank" rel="noopener">roundup</a>

Funding and M&A Roundup: Camus Energy Secures Over $25 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-camus-energy-secures/" target="_blank" rel="noopener">Mercom Capital Group</a>
Camus Energy, a grid orchestration platform, <a href="https://mercomcapital.com/camus-energy-secures-25-million-series-a-funding/" target="_blank" rel="noopener">secured</a> over $25 million in Series A funding after closing its $10 million extension. The round was co-led by climate firm Congruent Ventures and marketplace investor Wave Capital, with participation from Align Impact, Remarkable Ventures Climate Fund, and Groundswell Ventures, alongside Congruent and Wave’s Limited Partners.
Fever, a provider of an Application Programming Interface (API)- centric platform for virtual power plants, <a href="https://mercomcapital.com/grid-tech-company-fever-raises-10-7-million-seed-funding/" target="_blank" rel="noopener">raised</a> €10 million (~$10.7 million) in a seed funding round led by General Catalyst, with participation from previous investors, including La Famiglia and Norrsken VC. The funding will be used to accelerate Fever’s expansion plans, deepen product development, and expand collaborations across Europe. This round brings the company’s total amount of funding to €11.6 million (~$12.4 million).
Greenalia, a Spain-based developer of renewable power projects, <a href="https://mercomcapital.com/greenalia-secures-three-year-credit-facilities/" target="_blank" rel="noopener">announced</a> the close of $200 million of three-year credit facilities to support the development of its solar and wind project pipeline in the U.S. The funding will be used to finance project equipment, as well as other development and construction expenses. Nomura Securities International, Inc. led the financing and acted as the Sole Underwriter, Lead Arranger, and Bookrunner of the Facilities. PEI Global Partners served as Exclusive Financial Advisor to the Company. Holland &amp; Knight acted as Borrower&#8217;s Counsel. Norton Rose Fulbright acted as the lender&#8217;s counsel.
Daze, a provider of EV charging solutions, <a href="https://mercomcapital.com/daze-secures-16-million-series-a-funding/" target="_blank" rel="noopener">secured</a> €15 million (~$16.1 million) in Series A funding led by CDP Venture Capital through the EnergyTech compartment of the Corporate Partners I fund and the Green Transition fund, which utilizes resources allocated by the European Union through the NextGeneration EU initiative.
Rooftop solar company SolarSquare has <a href="https://www.mercomindia.com/solarsquare-consultancy-firm-pv-diagnostics" target="_blank" rel="noopener">acquired</a> PV Diagnostics, a company with expertise in the utility-scale solar power sector, to enhance the quality and efficiency of its residential solar installations throughout India. PV Diagnostics is a consultancy solutions provider in the solar industry, offering a range of services across the photovoltaic value chain.
Natural gas company Mahanagar Gas Limited has <a href="https://www.mercomindia.com/mahanagar-gas-forays-into-ev-sector" target="_blank" rel="noopener">announced</a> the acquisition of 30.97% shareholding in 3ev Industries, a three-wheeler electric vehicle manufacturer, for ₹960 million (~$11.56 million). The equity infusion, which is a part of the share subscription agreement between the companies, will be made in tranches, with the first tranche expected before the end of this month.
Hyderabad-based electric vehicle manufacturer Pure EV has <a href="https://www.mercomindia.com/pure-ev-raises-funding-to-expand-sales-india" target="_blank" rel="noopener">secured</a> $8 million in the latest round of funding to help the company expand its sales network in India from 140 to 300 dealers in the next six months. The funding was led by Benett Coleman and Company, Hindustan Times Media Ventures, Ushodaya Enterprises, existing investors, and high net-worth individuals.
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://mercomindia.com/funding-and-ma-roundup-lilac-solutions-secures-145-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://greenalia.es/en/" target="_blank" rel="noopener">Greenalia</a>, a Spanish developer of renewable power projects, secured $200 million of three-year credit facilities to support the development of its 1.9 GW solar and wind ERCOT renewables pipeline in the U.S.  Greenalia Power US (the &#8220;Borrower&#8221;) is a subsidiary of Greenalia that acquires, develops, constructs and operates utility-scale solar, wind and energy storage projects in the U.S.
The funding will be used to finance project equipment, as well as other development and construction expenses.
&#8220;This operation represents an important milestone for the company&#8217;s U.S. expansion, where we are currently developing a 3 GW portfolio diversified through projects in three technologies -solar, wind, and batteries,&#8221; said Antonio Fernández-Montells, CFO of Greenalia S.A.
Nomura Securities International led the financing and acted as the Sole Underwriter, Lead Arranger, and Bookrunner of the Facilities. PEI Global Partners served as Exclusive Financial Advisor to the Company. Holland &amp; Knight acted as Borrower&#8217;s Counsel. Norton Rose Fulbright acted as the lender&#8217;s counsel.
&#8220;We are excited to partner with Greenalia and believe this partnership will help unlock the full potential of Greenalia&#8217;s impressive renewable energy project development platform in the US. This financing is emblematic of our strategy of providing customized financing to leading renewable power generation assets and transition-enabling infrastructure,&#8221; said Vinod Mukani, Head of Nomura Infrastructure &amp; Power Business.
Recently, BrightNight, an independent power producer, <a href="https://cms.mercomindia.com/power-producer-brightnight-secures-375-million/" target="_blank" rel="noopener">announced</a> the completion of a $375 million corporate credit facility to expand its ~31 GW renewable energy portfolio in the U.S. BrightNight&#8217;s project portfolio in the country includes solar, energy storage, and integrated technologies.
According to Mercom&#8217;s Q4 and Annual Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2023-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, In 2023, announced debt financing came to $20 billion, 67% higher compared to $12 billion in 2022 and the highest amount raised since 2010. Securitization activity was a key contributor, with $3.4 billion in 11 deals.
Last Year, Enviromena, a clean energy solutions company, <a href="https://cms.mercomindia.com/enviromena-secures-342-million-debt-facility/" target="_blank" rel="noopener">secured</a> £270 million (~$342 million) in funding to expand its solar portfolio. The company has agreed to a £200 million (~$253 million) debt and construction facility with Close Brothers, a UK-based merchant banking group, to fund its target of building 500 MW of generating assets by 2025.

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