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Haryana Hikes Additional Surcharge for Open Access Consumers for 2H FY 2026


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					</table><p>Inox Solar Americas, a renewable energy platform of <a href="https://inoxclean.com/" target="_blank" rel="noopener">Inox Clean Energy</a>, is set to acquire 100% equity in <a href="https://bovietsolar.com/" target="_blank" rel="noopener">Boviet Solar Technology</a> (North Carolina), the U.S.-based solar module manufacturing subsidiary of <a href="https://www.en.bowaygroup.com/about/abstract.htm" target="_blank" rel="noopener">Ningbo Boway Alloy Material</a>.</p>
<p>The transaction is subject to regulatory approvals, according to the company.</p>
<p>The North Carolina facility has an annual solar module manufacturing capacity of approximately 3 GW. The agreement includes the full transfer of ownership of the entity.</p>
<p>Last September, Boviet Solar Technology <a href="https://www.mercomindia.com/boviet-adds-third-solar-module-manufacturing-line-in-north-carolina" target="_blank" rel="noopener">added</a> a third module manufacturing line at its Greenville, North Carolina, facility, expanding its production capacity from 2 GW to 3 GW.</p>
<p>Ningbo Boway said the transaction is not expected to disrupt existing operations at the facility.</p>
<p>The company stated that ongoing contracts, deliveries, and project timelines will remain unchanged. It added that supply continuity will be maintained and that existing product warranties and service commitments will remain valid.</p>
<p>The company said the decision is linked to evolving regulatory frameworks in the United States, including considerations related to Foreign Entity of Concern requirements.</p>
<p>Ningbo Boway stated that the move is intended to align with compliance requirements and support long-term business stability.</p>
<p>No financial details of the transaction have been disclosed. The company also did not specify a timeline for completion, stating only that it is subject to approvals and standard closing conditions.</p>
<p>The announcement comes amid increased regulatory scrutiny in the U.S. solar manufacturing sector, particularly around supply chains and foreign ownership.</p>
<p>Recently, Inox Clean Energy <a href="https://www.mercomindia.com/inox-clean-acquires-macquarie-owned-vibrant-energy-for-%E2%82%B950-billion" target="_blank" rel="noopener">completed</a> the acquisition of Vibrant Energy, a renewable energy platform owned by Macquarie and other shareholders, for approximately ₹50 billion (~$536.28 million). The transaction added a renewable energy portfolio of about 1.34 GW to Inox Clean’s assets.</p>
<p>Earlier, the INOXGFL Group <a href="https://www.mercomindia.com/inox-to-acquire-wind-world-indias-600-mw-ipp-4-5-gw-om-portfolio" target="_blank" rel="noopener">acquired</a> 600 MW of power-producing business and 4.5 GW of operations and maintenance business of wind energy developer Wind World India.</p>


Inox Clean Energy to Acquire Ningbo Boway’s US Solar Unit


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					</table><p><strong>From: <a href="https://mercomcapital.com/project-finance-brief-dimension-closes-650m-solar-project-financing/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Dimension Energy, a community solar developer, owner, and operator, </strong><a href="https://mercomcapital.com/dimension-energy-closes-650-m-community-solar-project-financing/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $650 million in construction and term financing</strong> to support a portfolio of 25 community solar projects with a combined capacity of 132 MW in Pennsylvania, New York, New Jersey, and Illinois. First Citizens Bank, Mitsubishi UFJ Financial Group, ING Capital, and National Bank of Canada provided $415 million in debt financing, with Franklin Park contributing $235 million in tax equity.</p>
<p><strong>Boralex, an independent renewable energy producer in North America and Europe, and Six Nations of the Grand River Development Corporation, a community development corporation, </strong><a href="https://mercomcapital.com/boralex-secures-202-million-for-500-mwh-energy-storage-project/" target="_blank" rel="noopener"><strong>closed</strong></a> a $202 million financing for the 125 MW/500 MWh Oxford Battery Energy Storage Project, located in the township of South-West Oxford, Oxford County, Ontario, Canada. Canadian Imperial Bank of Commerce and National Bank of Canada provided the funding, with both acting as lead arrangers.</p>
<p><strong>AXIAN Energy, a renewable energy project developer, </strong><a href="https://mercomcapital.com/axian-energy-closes-financing-for-solarstorage-project-in-senegal/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> €72 million (~$83 million) financing for the NEA Kolda photovoltaic project in the Casamance region of Senegal.</strong> The financing was structured by the Emerging Africa and Asia Infrastructure Fund and the Netherlands’ Entrepreneurial Development Bank, acting as arrangers, alongside the DEG-Deutsche Investitions- und Entwicklungsgesellschaft.</p>
<p><strong>Münch Energie, a German-based decentralized energy supplier, </strong><a href="https://mercomcapital.com/munch-energie-secures-financing-for-250-mw-500-mwh-energy-storage-projects/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> three long‑term undisclosed project financings for its battery energy storage projects in Saxony‑Anhalt, Germany.</strong> The financing package comprises three separate transactions. A 100 MW/200 MWh project was arranged with a regional lender that remains undisclosed. Another 100 MW/200 MWh project was financed in partnership with DAL, as announced in January 2026. Additionally, a 50 MW/100 MWh project financing was secured with IKB Deutsche Industriebank AG.</p>
<p><strong>Inox Clean Energy completed the <a href="https://www.mercomindia.com/inox-clean-acquires-macquarie-owned-vibrant-energy-for-%E2%82%B950-billion" target="_blank" rel="noopener">acquisition</a></strong><strong> of Vibrant Energy, a renewable energy platform owned by Macquarie and other shareholders</strong>, for approximately ₹50 billion (~$536.28 million). The transaction adds a renewable energy portfolio of about 1.34 GW to Inox Clean’s assets. Inox Clean Energy had reached an agreement to acquire Vibrant Energy in December last year. Vibrant Energy’s portfolio includes renewable assets across Madhya Pradesh, Maharashtra, Karnataka, Telangana, and Andhra Pradesh.</p>
<p><strong>European Energy, a renewable energy project developer, </strong><a href="https://mercomcapital.com/european-energy-divests-470-mw-jonava-hybrid-project/" target="_blank" rel="noopener"><strong>completed</strong></a><strong> the divestment of the 470 MW Jonava renewable energy project in Lithuania to Energix – Renewable Energies</strong>, an independent power producer that develops and operates renewable energy projects. The Jonava hybrid project comprises around 330 MWp of solar capacity, 140 MW of onshore wind capacity, and 320 MWh of energy storage. Construction is expected to commence shortly, with full commercial operation targeted for 2027.</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’s project finance <a href="https://www.mercomindia.com/project-finance-brief-doral-secures-900-million-for-solar-storage-project" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Dimension Energy Closes $650 Million Financing


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-aspen-power-secures-200-million-enhance-pipeline/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Aspen Power, a distributed energy generation platform, </strong><a href="https://mercomcapital.com/aspen-power-secures-200-million-from-deutsche-bank/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the closing of a $200 million capital raise</strong> <strong>provided by Deutsche Bank.</strong> Aspen is said to partner with businesses, communities, and other industry participants to develop, construct, own, and operate renewable energy assets. According to the company, this financial commitment enhances its ability to execute its pipeline, attract greater vendor engagement, and accelerate project delivery.</p>
<p><strong>Inox Clean Energy, the renewable arm of the INOXGFL Group, along with its subsidiary, Inox Solar, </strong><a href="https://www.mercomindia.com/inox-clean-secures-%E2%82%B931-billion-equity-to-scale-ipp-and-solar-manufacturing" target="_blank" rel="noopener"><strong>raised</strong></a><strong> equity totaling ₹31 billion (~$342.83 million)</strong>, valuing the company at ₹500 billion (~$5.54 billion) on a pre-money basis. The equity round attracted participation from foreign and domestic investors, including the California Public Employees’ Retirement System, a U.S. pension fund; SUN Group Global; Authum Investment; Akash Bhansali; other family investors; and high-net-worth individuals.</p>
<p><strong>KOREALFP, a manufacturer of lithium iron phosphate battery cells and modules for e-mobility, energy storage, and industrial power applications, </strong><a href="https://mercomcapital.com/korealfp-secures-3-million-in-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> 4.35 billion KRW (~$3 million) </strong>in funding from Korinvest Group, a U.S. investment firm focused on backing Korean startups and venture companies. This follows an investment of approximately $200,000 that the company received in October last year. KOREALFP secured this investment in connection with CES 2026, where it showcased its battery safety technologies.</p>
<p><strong>Electric vehicle charging infrastructure company ROADGRID </strong><a href="https://www.mercomindia.com/ev-charging-firm-roadgrid-raises-%E2%82%B9120-million-in-pre-series-a-round" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹120 million (~$1.44 million) in a Pre-Series A funding round</strong> <strong>led by Venture Catalysts. </strong>The round also saw participation from a mix of strategic and angel investors, including the Skyline Group of Companies, IPV, FAAD Network, Let’s Venture, Pace Group, Arthanomics, and Alpha Value. ROADGRID has raised a total of $1.33 million in funding, including the latest Pre-Series A round.</p>
<p><strong>Otovo, a home energy service provider, entered into a definitive agreement to </strong><a href="https://mercomcapital.com/otovo-acquires-solar-service-professionals/" target="_blank" rel="noopener"><strong>acquire</strong></a><strong> Solar Service Professionals (SSP)</strong>, a California-based solar service provider. SSP provides solar service business with an installed customer base of 38,000 customers since 2017. The acquisition of SSP marks Otovo’s strategic entry into California’s residential solar plus storage market. The company plans to convert the existing California base of SSP customers to its subscription service, expecting this initiative to be accretive to net income in 2026.</p>
<p><strong>Pattern Energy, a company that develops and operates clean energy and transmission infrastructure, entered into a definitive agreement to </strong><a href="https://mercomcapital.com/pattern-energy-to-acquire-clean-energy-company-cordelio-power/" target="_blank" rel="noopener"><strong>acquire</strong></a><strong> Cordelio Power</strong>, an independent power producer in Canada and the U.S. According to Pattern Energy, the acquisition will help it grow its energy portfolio in the U.S. and Canada. Cordelio Power is wholly owned by CPP Investments, the majority shareholder of Pattern Energy.</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 funding <a href="https://mercomcapital.com/funding-and-ma-roundup-okovate-acquires-assets-of-fundusol/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Aspen Power Secures $200 Million


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					</table><p><a href="https://inoxclean.com/" target="_blank" rel="noopener">Inox Clean Energy</a>, the renewable arm of the <a href="https://www.inoxgfl.com/" target="_blank" rel="noopener">INOXGFL Group</a>, along with its subsidiary, Inox Solar, has raised equity totaling ₹31 billion (~$342.83 million), valuing the company at ₹500 billion (~$5.54 billion) pre-money.</p>
<p>The equity round attracted participation from foreign and domestic investors, including the California Public Employees’ Retirement System (CalPERS), a U.S. pension fund, SUN Group Global, Authum Investment, Akash Bhansali, other family investors and high net-worth individuals.</p>
<p>The company said it will use the proceeds to expand capacity across its renewable independent power production (IPP) and solar manufacturing verticals.</p>
<p>Inox Clean Energy had recently <a href="https://www.mercomindia.com/inox-clean-to-acquire-macquarie-owned-vibrant-energy" target="_blank" rel="noopener">acquired</a> the Indian renewable IPP portfolios of Vibrant Energy, a Macquarie-owned IPP platform.</p>
<p>It is also in advanced stages of acquisition of a multi-gigawatt IPP portfolio and an integrated solar manufacturing facility based outside India.</p>
<p>Inox aims to install 10 GW of IPP capacity and 11 GW of integrated solar module manufacturing capacity by the financial year 2028, with expected consolidated annual revenues of ~₹300 billion (~$3.33 billion).</p>
<p>Commenting on the development, Devansh Jain, Executive Director at INOXGFL, said,  Inox Clean has large-scale, diversified growth opportunities over the next decade, backed by a business model that minimizes balance-sheet and execution risks, maximizes returns, and optimizes the utilization of excess cash to further growth.</p>
<p>Inox Clean operates across the renewable IPP business (under its subsidiary, Inox Neo) and the solar manufacturing business (under its subsidiary, Inox Solar).</p>
<p>Recently, <strong> </strong>Inox Neo Energies <a href="https://www.mercomindia.com/inox-neo-energies-acquires-sunsources-300-mw-solar-projects" target="_blank" rel="noopener">acquired</a> around 300 MW of operational solar projects from SunSource Energy. The company is also in the process of acquiring an estimated 50 MW of solar projects pending approvals from SunSource Energy. The projects are located across 13 states, including Uttar Pradesh, Karnataka, Tamil Nadu, and Maharashtra.</p>
<p>In September 2025, Inox Neo Energies <a href="https://www.mercomindia.com/inox-neo-energies-to-acquire-640-mw-renewable-hybrid-portfolio-from-evergreen" target="_blank" rel="noopener">executed</a> definitive agreements with Evergreen Power Mauritius and Evergreen Renewables to acquire their 640 MW wind-solar hybrid projects.</p>


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