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

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-alphabet-acquire-intersect-4-7-billion/" target="_blank" rel="noopener">Mercom Capital Group</a>
Alphabet, the parent company of Google, entered into a definitive agreement to <a href="https://mercomcapital.com/googles-parent-company-alphabet-to-acquire-intersect-for-4-7-billion/" target="_blank" rel="noopener">acquire</a> Intersect, a data center and energy infrastructure solutions provider, for $4.75 billion in cash, plus the assumption of debt. The acquisition will allow more data center and generation capacity to come online faster. Google already owns a minority stake in Intersect from a previously announced funding round.
Fuse Energy, a renewable energy and EV charging solutions provider, has <a href="https://mercomcapital.com/fuse-energy-secures-70-million-in-series-b-funding/" target="_blank" rel="noopener">secured</a> $70 million in Series B funding led by Balderton and Lowercarbon Capital. The investment has increased the company’s valuation to $5 billion and is expected to accelerate the expansion of the energy network, scaling grids across global markets and launching supply operations in countries such as the U.S., Ireland, and Spain.
Guoxia Technology, a China-based company that provides AI-driven energy storage products and renewable energy solutions, has <a href="https://mercomcapital.com/energy-storage-company-guoxia-technology-announces-hong-kong-ipo-listing/" target="_blank" rel="noopener">announced</a> its listing on the main board of the Hong Kong Stock Exchange (HKEX) under the stock code 02655.HK, raising approximately $78 million.  According to the company, the funds raised will primarily be used to advance research and development of core AI-based smart energy storage technologies, establish an overseas operations and service network, and increase product production capacity.
Otovo, a home energy service provider in the U.S. and Europe, has <a href="https://mercomcapital.com/otovo-acquires-select-assets-of-soly-holding/" target="_blank" rel="noopener">entered</a> into a definitive agreement to acquire select assets of Soly Holding, a Netherlands-based residential solar company with operations across the Netherlands, Belgium, Germany, Austria, Italy, and the U.K. The transaction is expected to close in December 2025, subject to final documentation, with no regulatory approvals required.
Inox Clean Energy has announced it is acquiring renewable energy platform Vibrant Energy from Macquarie Corporate Holdings and its other shareholders. Inox has <a href="https://www.mercomindia.com/inox-clean-to-acquire-macquarie-owned-vibrant-energy" target="_blank" rel="noopener">signed</a> definitive agreements for the acquisition. Standard Chartered Bank was the exclusive advisor to Macquarie Group on this transaction. The companies did not disclose the deal value. Vibrant Energy has a portfolio of 1.3 GW of renewable energy projects out of which 800 MW is operational.
Waaree Energies’ subsidiary, Waaree Solar Americas, will <a href="https://www.mercomindia.com/waaree-to-buy-stake-in-polysilicon-manufacturer-united-solar-for-30-million" target="_blank" rel="noopener">buy</a> 53,68,551 Series B shares of polysilicon manufacturer United Solar Holding for $30 million. The proposed investment, for which the two companies signed a binding term sheet, will help strengthen Waaree’s long-term, secure, and fully traceable polysilicon supply chain to support its expanding U.S. and global manufacturing footprint.
Module manufacturer Alpex Solar’s board of directors has approved <a href="https://www.mercomindia.com/alpex-solar-to-raise-%E2%82%B91-25-billion-through-issue-of-debentures" target="_blank" rel="noopener">raising</a> ₹1.25 billion (~$13.8 million) through the issuance of secured, redeemable, unlisted, unrated, and non-convertible debentures (NCDs). Alpex will issue 12,500 NCDs, each with a face value of ₹100,000 (~$1,107.83). The NCDs will carry a coupon rate of 14.75% per annum, payable monthly. The NCDs carry an extra layer of security in the form of subservient charges.
The board of directors of renewable energy solutions provider KPI Green Energy has approved a proposal to <a href="https://www.mercomindia.com/kpi-green-to-raise-%E2%82%B94-75-billion-from-promoter-group-quyosh-energia" target="_blank" rel="noopener">raise</a> ₹4.75 billion (~$52.99 million) by issuing 10.1 million fully convertible equity warrants to the promoter group entity Quyosh Energia. Quyosh Energia holds 500 shares of KPI Green Energy, and after the full conversion of warrants, its shareholding in KPI Green would rise to 4.87%.
Waste management agency GEM Enviro Management’s board of directors has <a href="https://www.mercomindia.com/gem-enviro-acquire-majority-stake-solluz-energy-50-million" target="_blank" rel="noopener">approved</a> the acquisition of a 50.10% equity stake in Solluz Energy for a cash consideration of ₹50 million (~$550,087). The acquisition will be executed through a share subscription agreement and is expected to be completed on or before January 31, 2026, subject to customary approvals and conditions. GEM Enviro plans to expand its footprint in the renewable energy segment with this acquisition.
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’s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-sun-king-secures-40-million" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Alphabet to Acquire Intersect for $4.7 Billion

Alphabet, the parent company of Google, entered into a definitive agreement to <a href="https://cms.mercomindia.com/googles-parent-company-alphabet-to-acquire-intersect-for-4-7-billion/" target="_blank" rel="noopener">acquire</a> Intersect, a data center and energy infrastructure solutions provider, for $4.75 billion in cash, plus the assumption of debt. The acquisition will allow more data center and generation capacity to come online faster. Google already owns a minority stake in Intersect from a previously announced funding round.
Fuse Energy, a renewable energy and EV charging solutions provider, has <a href="https://cms.mercomindia.com/fuse-energy-secures-70-million-in-series-b-funding/" target="_blank" rel="noopener">secured</a> $70 million in Series B funding led by Balderton and Lowercarbon Capital. The investment has increased the company’s valuation to $5 billion and is expected to accelerate the expansion of the energy network, scaling grids across global markets and launching supply operations in countries such as the U.S., Ireland, and Spain.
Guoxia Technology, a China-based company that provides AI-driven energy storage products and renewable energy solutions, has <a href="https://cms.mercomindia.com/energy-storage-company-guoxia-technology-announces-hong-kong-ipo-listing/" target="_blank" rel="noopener">announced</a> its listing on the main board of the Hong Kong Stock Exchange (HKEX) under the stock code 02655.HK, raising approximately $78 million.  According to the company, the funds raised will primarily be used to advance research and development of core AI-based smart energy storage technologies, establish an overseas operations and service network, and increase product production capacity.
Otovo, a home energy service provider in the U.S. and Europe, has <a href="https://cms.mercomindia.com/otovo-acquires-select-assets-of-soly-holding/" target="_blank" rel="noopener">entered</a> into a definitive agreement to acquire select assets of Soly Holding, a Netherlands-based residential solar company with operations across the Netherlands, Belgium, Germany, Austria, Italy, and the U.K. The transaction is expected to close in December 2025, subject to final documentation, with no regulatory approvals required.
Inox Clean Energy has announced it is acquiring renewable energy platform Vibrant Energy from Macquarie Corporate Holdings and its other shareholders. Inox has <a href="https://www.mercomindia.com/inox-clean-to-acquire-macquarie-owned-vibrant-energy" target="_blank" rel="noopener">signed</a> definitive agreements for the acquisition. Standard Chartered Bank was the exclusive advisor to Macquarie Group on this transaction. The companies did not disclose the deal value. Vibrant Energy has a portfolio of 1.3 GW of renewable energy projects out of which 800 MW is operational.
Waaree Energies’ subsidiary, Waaree Solar Americas, will <a href="https://www.mercomindia.com/waaree-to-buy-stake-in-polysilicon-manufacturer-united-solar-for-30-million" target="_blank" rel="noopener">buy</a> 53,68,551 Series B shares of polysilicon manufacturer United Solar Holding for $30 million. The proposed investment, for which the two companies signed a binding term sheet, will help strengthen Waaree’s long-term, secure, and fully traceable polysilicon supply chain to support its expanding U.S. and global manufacturing footprint.
Module manufacturer Alpex Solar’s board of directors has approved <a href="https://www.mercomindia.com/alpex-solar-to-raise-%E2%82%B91-25-billion-through-issue-of-debentures" target="_blank" rel="noopener">raising</a> ₹1.25 billion (~$13.8 million) through the issuance of secured, redeemable, unlisted, unrated, and non-convertible debentures (NCDs). Alpex will issue 12,500 NCDs, each with a face value of ₹100,000 (~$1,107.83). The NCDs will carry a coupon rate of 14.75% per annum, payable monthly. The NCDs carry an extra layer of security in the form of subservient charges.
The board of directors of renewable energy solutions provider KPI Green Energy has approved a proposal to <a href="https://www.mercomindia.com/kpi-green-to-raise-%E2%82%B94-75-billion-from-promoter-group-quyosh-energia" target="_blank" rel="noopener">raise</a> ₹4.75 billion (~$52.99 million) by issuing 10.1 million fully convertible equity warrants to the promoter group entity Quyosh Energia. Quyosh Energia holds 500 shares of KPI Green Energy, and after the full conversion of warrants, its shareholding in KPI Green would rise to 4.87%.
Waste management agency GEM Enviro Management’s board of directors has <a href="https://www.mercomindia.com/gem-enviro-acquire-majority-stake-solluz-energy-50-million" target="_blank" rel="noopener">approved</a> the acquisition of a 50.10% equity stake in Solluz Energy for a cash consideration of ₹50 million (~$550,087). The acquisition will be executed through a share subscription agreement and is expected to be completed on or before January 31, 2026, subject to customary approvals and conditions. GEM Enviro plans to expand its footprint in the renewable energy segment with this acquisition.
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-and-ma-roundup-sun-king-secures-40-million/" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.guoxiatech.com/" target="_blank" rel="noopener">Guoxia Technology</a>, a China-based company that provides AI-driven energy storage products and renewable energy solutions, has announced its listing on the main board of the Hong Kong Stock Exchange (HKEX) under the stock code 02655.HK, raising approximately $78 million.
The company offered 33,852,900 shares globally at an issue price of HK$20.1 (~$2.58) per share, raising net funds of approximately HK$605.6 million (~$78 million), assuming that the offering volume adjustment right and overallotment option are not exercised, after deducting underwriting commissions, fees payable for the global offering, and other expenses.
According to the company, the funds raised will primarily be used to advance research and development of core AI-based smart energy storage technologies, establish an overseas operations and service network, and increase product production capacity.
The company plans to apply AI robots to edge intelligent decision-making and assisted operation and maintenance, and expects to achieve autonomous inspection and anomaly detection of energy storage systems.
Domestically, with “Guoxia Technology&#8221; as the main entity, the company participates in building large-scale energy storage projects on the grid side, addressing the needs of new power systems with system-level capabilities. Overseas, under the &#8220;HANCHU ESS&#8221; brand, the company&#8217;s residential and commercial energy storage products are said to have entered many mature markets, serving households and businesses worldwide.
According to Mercom’s 9M and Q3 2025 Funding and M&amp;A for Energy Storage <a href="https://cms.mercomindia.com/product/9m-and-q3-2025-funding-and-ma-report-for-storage/" target="_blank" rel="noopener">report</a>, announced debt and public market financing for Energy Storage technology companies decreased 44% YoY, with $8.4 billion in 29 deals in 9M 2025, compared to $15 billion raised in 22 deals in 9M 2024.
In May, Contemporary Amperex Technology, a China-based battery manufacturing and technology company, <a href="https://cms.mercomindia.com/battery-manufacturer-catl-announces-ipo-listing-hong-kong-stock-exchange/" target="_blank" rel="noopener">announced</a> the listing on the Main Board of the Hong Kong Stock Exchange under the stock code 3750, raising $4.6 billion. The offering is said to have attracted investors from 15 countries and regions worldwide, including sovereign wealth funds, industrial capital, long-term institutions, insurance capital, and multi-strategy funds.

Energy Storage Company Guoxia Technology Announces Hong Kong IPO Listing

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