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

Terralayr, a developer, owner, and operator of battery energy storage assets, has <a href="https://cms.mercomindia.com/energy-storage-developer-terralayr-secures-223-million/" target="_blank" rel="noopener">raised</a> €192 million (~$223 million) in an equity round, including an €80 million (~$93 million) upsizing option. The funding was led by Eurazeo, a French private equity firm, through its Eurazeo Transition Infrastructure Fund (ETIF), alongside its existing investors RIVE Private Investment, Creandum, Norrsken, Earlybird Venture Capital, and Picus Capital.
Canadian Solar, a manufacturer of solar photovoltaic modules and silicon ingots, and a provider of solar energy and battery energy storage solutions, <a href="https://cms.mercomindia.com/canadian-solar-closes-230-million-convertible-senior-notes/" target="_blank" rel="noopener">announced</a> the closing of its previously announced offering of $230 million aggregate principal amount of 3.25% convertible senior notes due 2031. The offering includes the full exercise of the option by the initial purchasers to acquire an additional $30 million aggregate principal amount of the notes, bringing the total proceeds of the issuance to $230 million.
SunLib, a French solar-as-a-service company, has <a href="https://cms.mercomindia.com/solar-service-provider-sunlib-raises-29-million/" target="_blank" rel="noopener">secured</a> €25 million (~$29 million) from Épopée Gestion, which operates through its Infrastructure and Climate funds. The company provides customers with access to solar panel installations across France through a monthly subscription model. The funds raised will be used to finance equipment for new subscribers starting in 2026 and support the local installer network.
Himadri Speciality Chemical has <a href="https://www.mercomindia.com/himadri-steps-up-investment-in-australian-battery-firm-sicona" target="_blank" rel="noopener">announced</a> an additional capital injection of AU$10.49 million (~$7.01 million) in Australia-based Sicona Battery Technologies, a developer of materials for lithium-ion batteries. The investment is aimed at subscribing to 3.793 million compulsorily convertible notes (CCNs) with a face value of AU$1.00 (~$0.67) each. The remaining investment of 4.253 million CCNs will be made in agreed tranches.
Independent carbon credit standard and registry, RenewCred, has <a href="https://www.mercomindia.com/carbon-credits-platform-renewcred-secures-%E2%82%B942-5-million-in-seed-funding" target="_blank" rel="noopener">secured</a> equity and grants totalling ₹42.5 million (~$471,000) in a seed funding round. The funding will be used to develop a fully digital, science-led carbon credit standard and registry for the voluntary carbon market. The funding round was led by Campus Angels Network and included participation from Kairos Early Opportunity Fund, build3 Startup Studio, VentureStudio at Ahmedabad University.
GreenTech, an operations and maintenance (O&amp;M) company specializing in wind turbine asset management, has <a href="https://www.mercomindia.com/greentech-raises-%E2%82%B9300-million-to-scale-wind-turbine-asset-management" target="_blank" rel="noopener">raised</a> ₹300 million (~$3.3 million) in its first funding round, comprising a mix of equity and debt, led by Transition VC. The company plans to deploy the funding to expand its global infrastructure, upgrade its artificial intelligence and machine learning-based predictive maintenance platforms, strengthen its supervisory control and data acquisition (SCADA) analytics systems, and accelerate business development across India and key international wind markets.
Fortescue, a global green energy and metal mining company, has <a href="https://cms.mercomindia.com/fortescue-acquires-energy-storage-software-company-zitara/" target="_blank" rel="noopener">announced</a> the acquisition of Zitara, a U.S.-based company specializing in on-site energy storage precision control solutions. The acquisition is said to strengthen Elysia’s capabilities by combining its existing cloud-based products with on-site systems for battery energy storage. For customers, this provides a combination of cloud analytics and real-time on-premises controls to maximize trading revenue, extend asset life, and improve safety.
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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-aspen-power-secures-200-million-enhance-pipeline/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Terralayr Secures $223 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-terralayr-secures-223-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Terralayr, a developer, owner, and operator of battery energy storage assets, <a href="https://mercomcapital.com/energy-storage-developer-terralayr-secures-223-million/" target="_blank" rel="noopener">raised</a> €192 million (~$223 million) in an equity round, including an €80 million (~$93 million) upsizing option. The funding was led by Eurazeo, a French private equity firm, through its Eurazeo Transition Infrastructure Fund, alongside its existing investors RIVE Private Investment, Creandum, Norrsken, Earlybird Venture Capital, and Picus Capital.
Canadian Solar, a solar module and silicon ingot manufacturer, and a solar energy and battery energy storage solutions provider, <a href="https://mercomcapital.com/canadian-solar-closes-230-million-convertible-senior-notes/" target="_blank" rel="noopener">announced</a> the closing of its previously announced offering of $230 million aggregate principal amount of 3.25% convertible senior notes due 2031. The offering includes the full exercise of the option by the initial purchasers to acquire an additional $30 million aggregate principal amount of the notes, bringing the total proceeds of the issuance to $230 million.
SunLib, a French solar-as-a-service company, <a href="https://mercomcapital.com/solar-service-provider-sunlib-raises-29-million/" target="_blank" rel="noopener">secured</a> €25 million (~$29 million) from Épopée Gestion, which operates through its Infrastructure and Climate funds. The company provides customers with access to solar panel installations across France through a monthly subscription model. The funds raised will be used to finance equipment for new subscribers starting in 2026 and support the local installer network.
Himadri Speciality Chemical <a href="https://www.mercomindia.com/himadri-steps-up-investment-in-australian-battery-firm-sicona" target="_blank" rel="noopener">announced</a> an additional capital injection of AU$10.49 million (~$7.01 million) in Australia-based Sicona Battery Technologies, a developer of materials for lithium-ion batteries. The investment is aimed at subscribing to 3.793 million compulsorily convertible notes (CCNs) with a face value of AU$1.00 (~$0.67) each. The remaining investment of 4.253 million CCNs will be made in agreed tranches.
Independent carbon credit standard and registry, RenewCred, <a href="https://www.mercomindia.com/carbon-credits-platform-renewcred-secures-%E2%82%B942-5-million-in-seed-funding" target="_blank" rel="noopener">secured</a> equity and grants totalling ₹42.5 million (~$471,000) in a seed funding round. The funding will be used to develop a fully digital, science-led carbon credit standard and registry for the voluntary carbon market. The funding round was led by Campus Angels Network and included participation from Kairos Early Opportunity Fund, build3 Startup Studio, VentureStudio at Ahmedabad University.
GreenTech, an operations and maintenance company specializing in wind turbine asset management, <a href="https://www.mercomindia.com/greentech-raises-%E2%82%B9300-million-to-scale-wind-turbine-asset-management" target="_blank" rel="noopener">raised</a> ₹300 million (~$3.3 million) in its first funding round, comprising a mix of equity and debt, led by Transition VC. The company plans to deploy the funding to expand its global infrastructure, upgrade its artificial intelligence and machine learning-based predictive maintenance platforms, strengthen its supervisory control and data acquisition analytics systems, and accelerate business development across India and key international wind markets.
Fortescue, a global green energy and metal mining company, <a href="https://mercomcapital.com/fortescue-acquires-energy-storage-software-company-zitara/" target="_blank" rel="noopener">announced</a> the acquisition of Zitara, a U.S.-based company specializing in on-site energy storage precision control solutions. The acquisition aims to strengthen the capabilities of Elysia, Fortescue’s software-based battery intelligence platform, by combining its existing cloud-based products with on-site systems for battery energy storage.
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://mercomcapital.com/funding-ma-roundup-aspen-power-secures-200-million-enhance-pipeline/">roundup</a>.

Funding and M&A Roundup: Terralayr Secures $223 Million in Equity Round

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					</table><a href="https://greentechmw.com/" target="_blank" rel="noopener">GreenTech</a>, an operations and maintenance (O&amp;M) company specializing in wind turbine asset management, has raised ₹300 million (~$3.3 million) in its first funding round, comprising a mix of equity and debt, led by <a href="https://www.transitionventurecapital.com/" target="_blank" rel="noopener">Transition VC</a>.
The company plans to deploy the funding to expand its global infrastructure, upgrade its artificial intelligence and machine learning-based predictive maintenance platforms, strengthen its supervisory control and data acquisition (SCADA) analytics systems, and accelerate business development across India and key international wind markets.
The company also plans to expand its repair and refurbishment facility into a multi-disciplinary hub covering mechanical, electrical, generator, gearbox, and electronic card repairs, deepen its analytics engine, and scale AI-driven predictive maintenance algorithms. The company is targeting a multifold increase in revenues over the next 24 months.
GreenTech operates a global control center from Coimbatore and leverages advanced SCADA systems and artificial intelligence (AI)/machine learning (ML)-enabled models to improve turbine uptime, reduce downtime, and optimize energy generation across wind farms.
Its services are designed to manage multi-brand turbine fleets, addressing a market traditionally dominated by original equipment manufacturers that rely on manual, reactive maintenance practices.
According to the company, conventional O&amp;M models in India often lead to delayed fault detection, higher operational costs, and underperformance of assets. GreenTech claims its technology-led architecture enables real-time anomaly detection, failure forecasting using AI and machine learning, remote performance monitoring, and advanced blade inspection technologies.
The company operates more than 400 MW of wind projects across India and Asia, including Vietnam and Sri Lanka, and is expanding into additional Southeast Asia and Middle East, and North Africa markets. Its supply-chain ecosystem includes more than 100 suppliers, over 20 repair loops, seven major component partners, and an inventory of over 6,000 components.
India <a href="https://www.mercomindia.com/india-reclaims-third-position-behind-china-us-in-global-wind-installations" target="_blank" rel="noopener">reclaimed</a> the third position behind China and the U.S. in the global wind market in 2025 after record additions, according to BloombergNEF.
India <a href="https://www.mercomindia.com/indias-wind-energy-installations-up-105-yoy-in-q3-2025" target="_blank" rel="noopener">added</a> 1.4 GW of wind energy capacity in the third quarter (Q3) of 2025, a 105% year-over-year increase from 706.5 MW, according to Mercom India Research. Capacity additions, however, fell 11% compared to Q2 2025.

GreenTech Raises ₹300 Million to Scale Wind Turbine Asset Management

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