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

Solar Module Capacity Under ALMM Grows to 215.5 GW

EQT, a private equity firm, announced that EQT Transition Infrastructure has <a href="https://cms.mercomindia.com/eqt-to-acquire-distributed-energy-company-scale-microgrids/" target="_blank" rel="noopener">agreed</a> to acquire Scale Microgrids. The transaction is subject to customary conditions and approvals. Scale Microgrids is a vertically integrated energy company that designs, builds, finances, owns, and operates microgrids and distributed energy assets in North America.
Solar module manufacturer Waaree Energies has entered into a share purchase agreement with Enel Green Power Development to <a href="https://www.mercomindia.com/waaree-energies-acquires-enel-india" target="_blank" rel="noopener">acquire</a> 100% of the share capital of Enel Green Power India for ₹7.92 billion (~$91.73 million). Enel Green Power India owns a solar and wind projects portfolio totalling 640 MWac (760 MWdc), including operational and projects under development in the country.
Electric tractor technology company Moonrider has <a href="https://www.mercomindia.com/e-tractor-company-moonrider-secures-2-2-million-in-seed-funding" target="_blank" rel="noopener">raised</a> $2.2 million (~₹182.6 million) in a seed funding round co-led by AdvantEdge Founders and Micelio Technology Fund. A group of angel investors also participated in the funding round. The company plans to use the funds to enhance its innovation capabilities in vehicle engineering, software development, and battery technology. The company has filed a patent for its in-house battery technology, which it considers a key feature of its electric tractors.
LS Power, a developer, owner, operator, and investor in power generation and electric transmission infrastructure, <a href="https://cms.mercomindia.com/ls-power-acquires-algonquin-powers-renewable-energy-business/" target="_blank" rel="noopener">announced</a> the acquisition of Algonquin Power &amp; Utilities renewable energy business. With this acquisition, LS Power will expand its renewable energy portfolio, adding more than 23 GW of renewable energy storage, flexible gas, and renewable fuels generation capacity, as well as a pipeline of projects in various stages of development.
Gridware, a power grid monitoring solution provider, <a href="https://www.gridware.io/post/release-gridware-powers-forward-with-26-4-million-series-a-round-led-by-sequoia-capital" target="_blank" rel="noopener">raised</a> $26.4 million in Series A funding. Sequoia Capital led the investment, alongside existing backers such as Fifty Years, Lowercarbon, True Ventures, and Convective Capital. This funding is expected to accelerate Gridware’s grid monitoring solutions. The company completed an initial pilot with PG&amp;E last year, the utility is stated to have since expanded to a large-scale deployment covering more than 1,000 miles of power lines and 10,000 poles.
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-greg-skinner-acquires-50-stake-in-ethical-power-group/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: EQT to Acquire Scale Microgrids

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-eqt-to-acquire-scale-microgrids/" target="_blank" rel="noopener">Mercom Capital Group</a>
EQT, a private equity firm, announced that EQT Transition Infrastructure has <a href="https://mercomcapital.com/eqt-to-acquire-distributed-energy-company-scale-microgrids/" target="_blank" rel="noopener">agreed</a> to acquire Scale Microgrids. The transaction is subject to customary conditions and approvals. Scale Microgrids is a vertically integrated energy company that designs, builds, finances, owns, and operates microgrids and distributed energy assets in North America.
Solar module manufacturer Waaree Energies has entered into a share purchase agreement with Enel Green Power Development to <a href="https://www.mercomindia.com/waaree-energies-acquires-enel-india" target="_blank" rel="noopener">acquire</a> 100% of the share capital of Enel Green Power India for ₹7.92 billion (~$91.73 million). Enel Green Power India owns a solar and wind projects portfolio totaling 640 MWac (760 MWdc), including operational and projects under development in the country.
Electric tractor technology company Moonrider has <a href="https://www.mercomindia.com/e-tractor-company-moonrider-secures-2-2-million-in-seed-funding" target="_blank" rel="noopener">raised</a> $2.2 million (~₹182.6 million) in a seed funding round co-led by AdvantEdge Founders and Micelio Technology Fund. A group of angel investors also participated in the funding round. The company plans to use the funds to enhance its innovation capabilities in vehicle engineering, software development, and battery technology. The company has filed a patent for its in-house battery technology, which it considers a key feature of its electric tractors.
LS Power, a developer, owner, operator, and investor in power generation and electric transmission infrastructure, <a href="https://mercomcapital.com/ls-power-acquires-algonquin-powers-renewable-energy-business/" target="_blank" rel="noopener">announced</a> the acquisition of Algonquin Power &amp; Utilities renewable energy business. With this acquisition, LS Power will expand its renewable energy portfolio, adding more than 23 GW of renewable energy storage, flexible gas, and renewable fuels generation capacity, as well as a pipeline of projects in various stages of development.
Gridware, a power grid monitoring solution provider, <a href="https://www.gridware.io/post/release-gridware-powers-forward-with-26-4-million-series-a-round-led-by-sequoia-capital" target="_blank" rel="noopener">raised</a> $26.4 million in Series A funding. Sequoia Capital led the investment, alongside existing backers such as Fifty Years, Lowercarbon, True Ventures, and Convective Capital. This funding is expected to accelerate Gridware’s grid monitoring solutions. The company completed an initial pilot with PG&amp;E last year, the utility is stated to have since expanded to a large-scale deployment covering more than 1,000 miles of power lines and 10,000 poles.
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://www.mercomindia.com/funding-and-ma-roundup-greg-skinner-acquires-ethical-power-group" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.lspower.com/" target="_blank" rel="noopener">LS Power</a>, a developer, owner, operator, and investor in power generation and electric transmission infrastructure, announced the acquisition of <a href="https://algonquinpower.com/" target="_blank" rel="noopener">Algonquin Power &amp; Utilities</a> renewable energy business.
With this acquisition, LS Power will expand its renewable energy portfolio, adding more than 23 GW of renewable energy storage, flexible gas, and renewable fuels generation capacity, as well as a pipeline of projects in various stages of development.
With the close of the transaction, LS Power formed a new company, Clearlight Energy, to manage and grow the acquired operating wind and solar assets. These assets are located throughout the U.S. and Canada and include 44 projects with more than 3,000 MW of generating capacity.
Algonquin&#8217;s renewable energy business includes an 8,000 MW development pipeline of renewable and storage projects throughout North America. Clearlight Energy is acquiring 1,800 MW of the development pipeline.
REV Renewables, a subsidiary of LS Power, will acquire the remaining 6,200 MW of development projects in the U.S.
“By substantially increasing our generation capacity and pipeline of new renewable projects, we will continue to help meet rising power demand while advancing the energy transition. We see a great opportunity to deliver renewable projects at scale across the country, and this transaction furthers our plan to execute this vision.”, said Paul Segal, CEO of LS Power.
Milbank LLP served as legal advisor, and Scotiabank and BMO Capital Markets Corp. served as financial advisors to LS Power during the acquisition.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-and-q3-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, there were 62 solar M&amp;A transactions in 9M 2024 compared to 75 in 9M 2023.
In January, Ethical Power Group, a solar and energy storage project developer, <a href="https://cms.mercomindia.com/investor-greg-skinner-acquires-50-stake-in-ethical-power-group/" target="_blank" rel="noopener">announced</a> that quant investor Greg Skinner acquired a 50% stake in the company from Hive Energy. Founder and CEO Thomas Kneen maintains 50% of the business.

LS Power Acquires Algonquin Power’s Renewable Energy Business

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