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

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					</table><a href="https://greenvolt.com/" target="_blank" rel="noopener">Greenvolt Power</a>, a developer of wind, solar, and battery energy storage projects, and part of the Greenvolt Group, has signed an agreement to sell a 57.47 MW solar project in Hungary to <a href="https://www.ppcgroup.com/en/ppc-group/" target="_blank" rel="noopener">PPC Group</a>, a Greece-based electric power and natural gas company, for a total consideration of €64.2 million (~$73 million).
The Kira solar project is located in Királyegyháza in southern Hungary, approximately 180 km from Budapest. The project began commercial operations in July 2024. Greenvolt expects the transaction to close by the end of 2026.
The project has secured a 25-year feed-in tariff under Hungary&#8217;s KÁT program. It is also supported by a €35.5 million (~$40 million) project finance facility.
&#8220;Hungary has become a particularly active market for us, and this sale illustrates the strength of our platform in the country and our commitment to accelerating the energy transition in Central and Eastern Europe. Furthermore, this sale shows Greenvolt&#8217;s ability to develop and deliver high-quality renewable energy assets across Europe,&#8221; said João Manso Neto, CEO of Greenvolt Group.
Under the agreement, PPC will have an option to acquire a battery storage project planned at the same location. The proposed facility will have a power capacity of 49.1 MW/196.2 MWh. PPC can exercise the option after the battery storage project reaches ready-to-build status.
The transaction follows Greenvolt&#8217;s commissioning of the Buj battery energy storage project in Hungary. The standalone facility has a power capacity of 99.8 MW/288.6 MWh.
In May 2026, Greenvolt Group <a href="https://mercomcapital.com/greenvolt-raises-81-million-through-additional-green-bond-issue/" target="_blank" rel="noopener">completed</a> an additional €70 million (~$81.4 million) issuance of its Green Bonds 2029, increasing the total size of the issue to €170 million (~$197.9 million) to support its growth strategy and the expansion of its international renewable energy business.
In 2025, the company <a href="https://mercomcapital.com/greenvolt-secures-41-million-financing-for-150-mw-hybrid-project/" target="_blank" rel="noopener">signed</a> a €35 million (~$41 million) project finance agreement with Ringkjøbing Landbobank to construct and operate a large-scale hybrid project in Høegholm, Denmark, combining solar and battery energy storage systems.
According to Mercom&#8217;s Q1 2026 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/q1-2026-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, approximately 18.4 GW of solar projects were acquired in the first quarter of 2026, compared to 13.6 GW in Q1 2025.

Greenvolt to Sell 57.47 MW Hungary Solar Project for $73 Million

<a href="https://molgroup.info/en/" target="_blank" rel="noopener">MOL</a>, an integrated Central-Eastern European oil and gas company headquartered in Hungary, entered into a sale and purchase agreement to acquire Polsolar Kft, holding a portfolio of solar projects with a total capacity of 304 MW in Hungary.
The portfolio, located near Mezőcsát in Eastern Hungary, comprises five fully operational solar projects. These projects operate under the KÁT feed-in tariff system in Hungary, with KÁT licenses in place until 2048.
The enterprise value of the transaction amounts to HUF 118 billion (~$355 million). Net debt and other adjustments result in a HUF 64 billion (~$193 million) cash payment to the seller (for the shares and shareholder loan of Polsolar Kft. combined), assuming year-end closing. The company estimates an internal rate of return of 10% for the acquisition.
The transaction is expected to close in the first quarter of 2026, subject to regulatory approval.
Dr. György Bacsa, Group Chief Strategic Officer, commented, &#8220;The acquisition of the photovoltaic park in Mezőcsát almost quadruples the Group’s solar capacity and thus represents an important milestone in our ambition to grow our footprint in renewables. It is well-aligned with MOL’s strategic ‘smart transition’ approach as it supports our low-carbon agenda while it is also value accretive for our shareholders from day one.”
Previously, in December 2024, MOL acquired 100% of Naperőmű Farm Kft, which includes a 66 MWp solar project, from Optimum Vogt, a subsidiary of ib vogt. Naperőmű Farm Kft will oversee the construction of the project, located in Ballószög, Hungary.
In the first nine months of 2025, approximately 29 GW of solar projects were acquired compared to 28.3 GW in 9M 2024, according to Mercom’s 9M and Q3 2025 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2025-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>.
In November 2025, Capital Dynamics, a private asset management firm, <a href="https://cms.mercomindia.com/capital-dynamics-acquires-121-mw-solar-project-portfolio/" target="_blank" rel="noopener">acquired</a> a portfolio of two solar projects totaling an installed capacity of at least 121 MW in the U.K. from BayWa r.e. and Grune Energien.

MOL Acquires 304 MW Solar Project Portfolio

<a href="https://goldenpeakscapital.com/#top" target="_blank" rel="noopener">GoldenPeaks Capital</a> (GPC), an independent renewable energy power producer, closed financing for 64.5 MW solar projects located in northeast Hungary. Erste Group and Erste Bank Hungary provided the senior financing. The junior financing package was backed by a fund managed by Schelcher Prince Gestion(&#8220;SPG&#8221;), a French asset manager. Capcora served as the financial advisor to GPC on securing the mezzanine financing.
The portfolio comprises two solar projects and are currently under construction. The projects are expected to enter into long-term Power Purchase Agreements (PPAs).
The senior loan (whose financing was split evenly between Erste Group and Erste Bank Hungary) was secured at the SPV level. The junior financing was obtained structurally subordinated at the HoldCo level.
Dentons acted as the legal advisor to GPC, while Erste Bank worked with CMS and SPG with DLA Piper and Ganado Advocates. DNV provided technical advice to the lenders.
Daniel Tain, President of GPC said, &#8220;We&#8217;re delighted to have secured both senior and junior facilities for our projects in Hungary marking another milestone in our history. Concurrently, we&#8217;re welcoming two new strategic lenders to our network, crucial for our mission to be a leading Independent Power Producer (&#8220;IPP&#8221;) in the Central Eastern European (&#8220;CEE&#8221;) market.&#8221;
&#8220;We are pleased to help engineering a tailor-made and unique financing scheme for GPC. This transaction combines both upsizing and downsizing elements and addresses the need to combine merchant and PPA financing schemes in one transaction,&#8221; said Bernhard Hofman Director at Capcora.
According to Mercom&#8217;s Q1 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, large-scale project funding announced in Q1 2024 came to $13 billion in 62 deals, a decrease of 24% QoQ compared to $17.1 billion in 60 deals in Q4 2023.
Sol Systems, a solar finance and development company, <a href="https://cms.mercomindia.com/sol-systems-secures-debt-financing-utility-scale-solar-projects/" target="_blank" rel="noopener">secured</a> $85 million in debt financing from Macquarie Asset Management, a global asset manager for the construction and development of five utility-scale solar projects in Illinois and Ohio.

GoldenPeaks Capital Secures Financing for 64.5 MW Solar Project Portfolio

<a href="https://greenvolt.com/greenvolt-successfully-completed-the-placement-of-e100-million-in-green-bonds-2024-2029-with-over-2900-retail-investors/" target="_blank" rel="noopener">Greenvolt</a>, a solar and wind project developer, through its subsidiary Greenvolt Power, signed a €36 million (~$39.34 million) project finance with UniCredit Bank Hungary for the construction, operation, and maintenance of a 57 MW solar project in Hungary.
The solar project, which is expected to have an installed capacity of 57 MW with an annual generation capacity of 87 GWh, is currently under construction, and with the aid of Project Finance, it is anticipated to achieve commercial operation by the end of the first half of 2024. There is already an agreement to connect the solar park to the electricity grid, with the energy generated being sold under the feed-in-tariff support scheme currently applied in Hungary.
“With this financing, we are prepared to quickly put another solar park into operation, this time in Hungary, which will allow us in the short term to generate more green energy that will be consumed by everyone,” highlights João Manso Neto, CEO of the Greenvolt Group.
In February, the company <a href="https://greenvolt.com/greenvolt-successfully-completed-the-placement-of-e100-million-in-green-bonds-2024-2029-with-over-2900-retail-investors/" target="_blank" rel="noopener">completed</a> €100 million (~109.27 million) placements in green bonds aimed at retail investors. The issuance of Greenvolt 2029 Green Bonds registered strong demand, surpassing the bonds available for subscription, amounting to 112% of the total bonds on offer after the upward revision of the amount to be issued.
According to Mercom’s Q4 and Annual Global 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>, large-scale project funding deals announced in 2023 came to $44.5 billion in 229 deals, of which 196 were disclosed.
AXS Energia, a solar energy company, this week <a href="https://cms.mercomindia.com/axs-energia-secures-project-financing-for-39-7-mw-solar-projects/" target="_blank" rel="noopener">secured</a> a $5 million senior debt facility from Triodos Emerging Markets Renewable Energy Fund and Triodos Groenfonds for the construction of 14 ground-mounted solar projects in Brazil with a combined capacity of 39.7 MW. CIFI Services is the lead arranger of this $54 million project. All the solar projects are currently under construction and are expected to start operations in the second quarter of 2024.

Greenvolt Secures $39 Million Project Finance

<a href="https://ir.emeren.com/" target="_blank" rel="noopener">Emeren</a>, a solar project developer, announced the sale of a 53.6 MW solar project portfolio in Hungary to Kronospan / Douglas Renewables, a manufacturer of wood-based panels. The portfolio encompasses six projects at various stages of advanced development. Four of them are already operational. One more power plant is scheduled to commence operations at the end of Q4 2023, with the final project expected to come online by mid-2024.
All the projects are located in the municipalities of Törökszentmiklós, Békésszentandrás, Mezőtúr, Szolnok, in the eastern part of Hungary. Combined, the power plants will provide energy to about 9,500 households. The transaction was completed by the end of November after securing the final government approval. Pontes Budapest was chosen as Emeren&#8217;s legal counsel.
Yumin Liu, CEO of Emeren Group, commented, &#8220;These six new projects represent a substantial contribution to the growing photovoltaics capacity in Hungary. We are glad that the operation has been successfully closed. We are equally excited to have partnered up with such a renowned player as Kronospan / Douglas Renewables. Their vision of sustainable energy production strategically aligns with our mission to strengthen the solar energy infrastructure.&#8221;
According to Mercom’s 9M and Q3 2023 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2023-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, in the first nine months (9M) of 2023, there were 166 project acquisitions for 31.6 GW compared to 207 projects for 52.1 GW in 9M 2022.
Germany-based independent power producer Encavis <a href="https://cms.mercomindia.com/encavis-acquires-30-mw-solar-project-italy/" target="_blank" rel="noopener">recently</a> acquired 30 MW of ready-to-build Pozzolo solar project in Italy. The value of the transaction and the vendor&#8217;s name were not disclosed. The solar project generates an average of around 42 GWh of electricity per year and will be connected to the grid in the second quarter of 2025. The revenue from the project will be secured by a long-term power purchase agreement (PPA) with a pay-as-produced structure for ten years based on 75% of the solar park&#8217;s generation capacity.

Emeren Group Sells 53.6 MW Solar Project Portfolio in Hungary

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					</table>The <a href="https://commission.europa.eu/index_en" target="_blank" rel="noopener">European Commission</a> has approved Hungary&#8217;s €1.1 billion (~$1.2 billion) program to support electricity storage facilities, aiming to accelerate the country&#8217;s transition into a net-zero economy.
Under the program, Hungary plans to install a minimum of 800 MW/1,600 MWh of new electricity storage facilities, enhancing the flexibility of its electricity-generating system. The support will facilitate the seamless integration of a high capacity of variable renewable energy sources into the grid.
The program will be open to energy sector companies in Hungary, excluding financial institutions, and will allow cross-border participation, enabling storage facilities in the neighboring Member States.
Selection of storage projects will be made through a competitive bidding process, with grant contracts expected to be awarded by the end of 2024.
The aid will be provided in two forms: an investment grant, disbursed during the construction phase of the supported projects, and a two-way contract for difference (CfD), providing support annually during the initial ten years of operation.
The investment grant will be financed partly by the Recovery and Resilience Facility and partly by the Modernization Fund, while the 10-year annual support will be funded through a levy.
&#8220;This Hungarian measure will facilitate the development of electricity storage capacity. The Hungarian electricity system will be more flexible. The preparation for higher integration of renewables into the electricity mix is in line with EU climate and energy targets,&#8221; said Margrethe Vestager, Executive Vice-President in charge of competition policy at the Commission.
The approved funding comes under the State Aid Temporary Crisis and Transition Framework, <a href="https://www.mercomindia.com/eu-transition-towards-net-zero-economy" target="_blank" rel="noopener">adopted</a> by the Commission in March 2023, to aid sectors crucial for promoting the green transition and reducing fuel dependencies, particularly in Russia&#8217;s conflict with Ukraine.
The European Commission concluded that the Hungarian program aligns with the conditions outlined in the Temporary Crisis and Transition Framework. It ensures openness to all storage technologies, grants aid through a competitive process and requires completion of storage facilities within 36 months of contract signing by the end of 2025.
The approved program is considered necessary, appropriate, and proportionate to expedite the green transition and foster the development of key economic activities that align with the REPower EU Plan and the Green Deal Industrial Plan.
The Commission in February <a href="https://mercomindia.com/eu-e250-billion-green-industrial-plan/" target="_blank" rel="noopener">presented</a> the Green Deal Industrial Plan to enhance the competitiveness of Europe&#8217;s net-zero industry and support the fast transition to climate neutrality.
In December last year, the European Union’s Modernisation Fund <a href="https://www.mercomindia.com/eu-disbursed-e4-billion-green-energy-transition-eight-countries" target="_blank" rel="noopener">disbursed</a> €74.3 million (~$78.87 million) to Hungary to modernize energy systems, reduce greenhouse gas emissions and improve energy efficiency.

European Commission Okays $1.2 Billion Aid for Hungary’s Energy Storage Program

The second renewable energy tender issued by the Hungarian Energy and Public Utilities Regulatory Authority (<a href="http://www.mekh.hu/" target="_blank" rel="noopener noreferrer">MEKH</a>) has received a phenomenal response. The 390 GWh tender was oversubscribed by 1,755 GWh, receiving bids for 2,145 GWh.
According to a government statement, the tender was oversubscribed by 5.5 times, and the vast majority of the applicants plan to build solar power projects. The total capacity offered for solar projects was 1.34 GW. The government also received bids for a power project utilizing geothermal and landfill gas.
The tender was floated in July, and the last date for submitting the bids was October 15, 2020.
The bid prices offered by the bidders were aggressive despite the ongoing COVID-19 pandemic and the weak foreign exchange rates. The lowest bid submitted was Hungarian Forint (HUF) 16.18 (~$0.05)/kWh, and the highest bid was HUF 26.65 (~$0.08)/kWh. The average bid price was HUF 21.69 (~$0.07)/kWh.
Earlier in 2019, the tender floated by the Hungarian Renewable Energy Support System (METAR) saw the average bid price offered of HUF 23.58 (~$0.08)/kWh and the average bidding price of the winning bidders ended up as HUF 24.81 (~$0.08)/kWh in the small category and HUF 21.69 (~$0.07)/kWh in the large category.
The government expects the bids for the 2020 tender to decrease significantly when compared to last year.  The results of this tender and the names of the successful bidders will be announced in January 2021.
European countries are eyeing major renewable expansion in the coming decade. Recently, the European Commission <a href="https://mercomindia.com/ec-fund-promote-sustainable-projects/" target="_blank" rel="noopener noreferrer">announced</a> that it would launch a €1 billion (~$ 1.16 billion) European Green Deal call for research and innovation projects to tackle the climate crisis and safeguard Europe’s ecosystem and biodiversity.
Also, the European Investment Bank recently <a href="https://mercomindia.com/eib-3-55-billion-for-renewable-expansion-in-europe/" target="_blank" rel="noopener noreferrer">said</a> that it would provide €3 billion (~$3.55 billion) for renewable energy projects across Europe. This would be a part of EIB’s €12.6 billion (~$14.93 billion) plan for new funding for transport, clean energy, and urban development.

Solar the Most Popular Choice in Hungary’s 1.3 GW Second Renewable Tender

Solar developer <a href="http://www.renesolapower.com/" target="_blank" rel="noopener noreferrer">ReneSola Power</a> announced that it had raised €10.64 million (~$12 million) through bridge funding from <a href="https://www.eib.org/en/products/equity/funds/eiffel_energy_transition_fund" target="_blank" rel="noopener noreferrer">Eiffel Energy Transition Fund</a> to construct 19 MW of solar projects in Poland.
ReneSola Power said that this was the second bridge financing that Eiffel Energy Transition Fund had provided the company. The funds would be used to expand its project development and execution efforts in Hungary and Poland, according to the company’s statement.
“Despite ongoing challenging macro conditions related to COVID-19, we have begun the construction of the 19 MW solar projects in Poland. We are very pleased with our progress and look forward to further supporting solar development in the years ahead,” said Yumin Liu, ReneSola Power Chief Executive Officer.
ReneSola Power has pipeline projects with a total capacity of 29 MW and 26.7 MW in Poland and Hungary, respectively. The company set the target to have pipeline capacities of 150 MW in Poland and 100 MW in Hungary by the end of 2020.
“We have successfully developed solar projects in Poland and have sold over 81 MW of projects in the last four years. Poland remains a key market for ReneSola Power, and we are committed to our strategy to expand our business further and become a major player in Poland and other European markets,” said Josef Kastner, CEO of ReneSola Power Europe.
Eiffel Energy Transition Fund is a dedicated fund that grants flexible bridge financing for renewable energy projects across Europe. The European Union Bank sponsored the fund, which was managed by France-based asset management firm <a href="https://www.eiffel-ig.com/" target="_blank" rel="noopener noreferrer">Eiffel Investment Group</a>.
In April 2020, ReneSola <a href="https://mercomindia.com/renesola-investment-solar-module-manufacturing/" target="_blank" rel="noopener noreferrer">had announced</a> that it signed a $100 million strategic investment agreement with the Zhongnan Industry, a subsidiary of Zhongnan Holding Group. Both companies are headquartered in China. According to the agreement, Zhongnan Industry would invest $100 million to strengthen ReneSola’s solar module manufacturing supply chain.
Notably, total corporate funding for solar – including venture capital funding, public market, and debt financing – <a href="https://mercomindia.com/corporate-funding-solar-slid-globally/" target="_blank" rel="noopener noreferrer">dipped</a> 25% to $4.5 billion (~₹336.1 billion) in the first half of 2020 from $6 billion (~₹448.1 billion) in the same period last year. The findings were revealed in Mercom Capital Group’s recently released <a href="https://mercomcapital.com/product/1h-q2-2020-solar-funding-ma-report/" target="_blank" rel="noopener noreferrer">1H and Q2 2020 Solar Funding and M&amp;A Report</a>. The report explained that even though there was a considerable fall in funding activity, things were not as bad as it could have been given the ongoing coronavirus crisis, which has put the global economy in turmoil. The report covered 203 companies and investors from around the world.

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