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SECI Seeks Trading Partner to Sell Renewable Energy

PM Surya Ghar Powers 5 Million Homes, Total Capacity Hits 15 GW

Nextpower Raises Guidance for FY 2027 on Strong Q1 Performance

Avantus Closes $1 Billion Credit Facility to Expand Project Portfolio

Tandem PV Acquires nexTC to Bring Thin-Film Coating Technology In-House

Base Power Raises $1 Billion in Series D Funding Round

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-sila-raises-300-million-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
Battery materials company Sila has <a href="https://mercomcapital.com/battery-material-company-sila-raises-300-million-in-funding/" target="_blank" rel="noopener">raised</a> $300 million in a private equity funding round to expand U.S. production of its silicon-carbon anode material and support the planned second phase of its manufacturing facility in Moses Lake, Washington. Sila plans to use the capital to accelerate production of Titan Silicon, its silicon-carbon anode technology, and fund the planned Phase 2 expansion of its Moses Lake plant. The company completed construction of the facility and began operations in the fall of 2025. It is now ramping up production.
AMPYR Distributed Energy, a distributed energy solutions provider backed by AGP Group, has <a href="https://mercomcapital.com/ampyr-distributed-energy-secures-194-million-for-european-expansion/" target="_blank" rel="noopener">secured</a> €170 million (~$194 million) in debt facilities from existing partners Crédit Agricole Corporate and Investment Bank and Benefit Street Partners, Franklin Templeton’s private credit manager. The company said it will use the expanded facilities to acquire and develop distributed renewable energy assets across key European markets.
Sofab Inks, a materials company focused on perovskite solar technology, has <a href="https://mercomcapital.com/sofab-inks-raises-6-million-to-scale-perovskite-solar-cell-materials/" target="_blank" rel="noopener">raised</a> $6 million in a seed funding round, led by strategic investor Cloudberry Ventures. Sofab Inks was spun out of the University of Louisville’s Conn Center for Renewable Energy Research and received support from the U.S. Department of Energy. The company develops novel, nanostructured materials for solar applications.
Brookfield Asset Management, a New York-headquartered global investment firm focused on infrastructure, renewable energy, private equity, real estate, and credit, has agreed to <a href="https://mercomcapital.com/brookfield-to-acquire-battery-storage-platform-aypa-power-for-7-billion/" target="_blank" rel="noopener">acquire</a> North American battery storage platform Aypa Power from funds managed by Blackstone Energy Transition Partners. The transaction, which is subject to customary regulatory approvals, values Aypa at approximately $7 billion on an enterprise value basis at closing and $3 billion on an equity value basis.
MN8 Energy, a power platform developing, owning, and operating energy assets, has <a href="https://mercomcapital.com/mn8-acquire-greenbacker-deal-valued-up-to-375-million/" target="_blank" rel="noopener">entered</a> into a definitive agreement to acquire independent power producer Greenbacker Renewable Energy Company in a cash-and-equity transaction valued at up to approximately $375 million. MN8 will pay $350 million at closing, with up to $25 million in additional cash payments contingent on Greenbacker achieving specified commercial milestones.
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&#8217;s funding <a href="https://www.mercomindia.com/funding-ma-roundup-puresky-62-million-financing" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Sila Raises $300 Million in Funding

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					</table><a href="https://mn8.com/" target="_blank" rel="noopener">MN8 Energy</a>, a power platform developing, owning, and operating energy assets, has entered into a definitive agreement to acquire independent power producer Greenbacker Renewable Energy Company in a cash-and-equity transaction valued at up to approximately $375 million.
MN8 will pay $350 million at closing, with up to $25 million in additional cash payments contingent on Greenbacker achieving specified commercial milestones.
MN8 has more than 4.3 GW of operating and under-construction renewable energy capacity across 29 states. Greenbacker owns approximately 1.9 GW of operating and under-construction renewable energy assets across 22 states.
Following the transaction, the combined company will have more than 6 GW of operating and under-construction capacity across 33 states. The acquisition will add Greenbacker’s wind, battery storage, distributed generation, and utility-scale solar assets to MN8’s portfolio. It will also expand MN8’s presence in the Midwest and Northeast.
The companies said approximately 94% of the combined capacity is under contract. The portfolio has a weighted average solar power purchase agreement term of approximately 14 years and a funded development pipeline of about 9.3 GW.
MN8 plans to extend its project development, engineering, asset management, and in-house operations and maintenance across the combined fleet, driving cost efficiency and asset performance at scale.
The boards of directors of MN8 and Greenbacker unanimously approved the transaction. The companies expect to complete the acquisition in the fourth quarter of 2026, subject to approval from Greenbacker shareholders and MN8 members, regulatory clearances, and other closing conditions.
MN8 President and Chief Executive Officer Jon Yoder will continue to lead the combined company after the transaction closes.
In May 2026, MN8 Energy <a href="https://mercomcapital.com/mn8-energy-expands-corporate-credit-facility-to-650-million/" target="_blank" rel="noopener">closed</a> an upsizing and extension of its corporate credit facility to $650 million from $350 million. The maturity of the facility has been extended from the first quarter of 2028 to the third quarter of 2030.
According to Mercom’s recently <a href="https://mercomcapital.com/product/q1-2026-solar-funding-ma-report/" target="_blank" rel="noopener">released</a> Q1 2026 Solar Funding and M&amp;A report, Corporate M&amp;A activity in the solar sector was 47% higher YoY in the first quarter of 2026, with 28 corporate M&amp;A transactions compared to 19 in Q1 2025.

MN8 to Acquire Greenbacker in Deal Valued at Up to $375 Million

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-crux-secures-500-million-debt-facility/" target="_blank" rel="noopener">Mercom Capital Group</a>
Crux, a clean energy finance platform, has <a href="https://mercomcapital.com/crux-secures-500m-debt-facility-clean-energy-tax-investments/" target="_blank" rel="noopener">closed</a> a $500 million debt financing facility with Nuveen Energy Infrastructure Credit, Nuveen’s infrastructure credit investment platform. Skadden, Arps, Slate, Meagher &amp; Flom served as Crux’s legal adviser. Milbank served as legal adviser to Nuveen. Crux said it will use the facility to finance Crux-led tax-driven investments. These investments include hybrid tax equity transactions. The financing expands Crux’s role as a general partner in tax-driven investment strategies.
MN8 Energy, a U.S.-based renewable independent power producer, <a href="https://mercomcapital.com/mn8-energy-expands-corporate-credit-facility-to-650-million/" target="_blank" rel="noopener">closed</a> an upsizing and extension of its corporate credit facility, increasing it from $350 million to $650 million. The maturity of the facility has been extended from the first quarter of 2028 to the third quarter of 2030. The upsized facility provides up to $550 million in revolving borrowing capacity and an additional $100 million in new capacity for performance letters of credit. MN8 said the letters of credit will support development-stage requirements, including power purchase agreements and interconnection security deposits.
Elong Power Holding, a company that provides lithium-ion battery solutions for energy storage systems and EVs, announced the <a href="https://mercomcapital.com/elong-power-holding-closes-6-million-public-offering/" target="_blank" rel="noopener">closing</a> of its $6 million underwritten public offering. The company issued 4,615,500 units at $1.30 per unit. Each unit consisted of one Class A ordinary share, or a pre-funded warrant instead of a share, and one common warrant to purchase one Class A ordinary share, carrying a par value of $0.0128 per share.
Nextpower, a solar PV solutions provider, has entered into a definitive agreement to <a href="https://mercomcapital.com/nextpower-to-acquire-zigors-power-conversion-assets-and-apex-power/" target="_blank" rel="noopener">acquire</a> complementary assets of Zigor Corporation’s power-conversion business and its U.S.-based subsidiary, Apex Power. The transaction is expected to expand Nextpower’s product portfolio and capabilities in utility-scale solar power conversion. It would also support its entry into the battery energy storage and data center markets. Nextpower said the transaction is expected to support the scale-up of inverter manufacturing capacity in the U.S., with production expected to ramp in 2027.
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&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-nyobolt-raises-60-million" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Crux Secures $500 Million Debt Facility

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					</table><a href="https://mn8.com/" target="_blank" rel="noopener">MN8 Energy</a>, a U.S.-based renewable independent power producer, has closed an upsizing and extension of its corporate credit facility to $650 million from $350 million.
The maturity of the facility has been extended from the first quarter of 2028 to the third quarter of 2030.
The upsized facility provides up to $550 million in revolving borrowing capacity and an additional $100 million in new capacity for performance letters of credit. MN8 said the letters of credit will support development-stage requirements, including power purchase agreements and interconnection security deposits. The facility also includes a $300 million accordion feature that allows MN8 to increase loan capacity as its portfolio grows.
MN8 said the transaction received strong demand. Existing lenders to the company’s prior facility participated in the upsized facility, with several increasing their commitments. The lender group also expanded with the addition of new participants.
J.P. Morgan led the syndication as lead arranger and bookrunner. Wells Fargo served as joint lead arranger. Bank of America, Société Générale, MUFG, and Crédit Agricole CIB acted as co-syndication agents.
MN8 said it will use the proceeds for general corporate purposes, including funding continued growth investments and providing letters of credit to support the development of new generation and storage capacity.
The company said the facility positions it to meet growing electricity demand across the U.S. economy, driven by data center buildouts, manufacturing investment, and broader electrification.
Previously, in February 2025, MN8 Energy <a href="https://mercomcapital.com/mn8-energy-secures-612-million-financing-for-517-mw-solar-projects/" target="_blank" rel="noopener">closed</a> $612 million in construction bridge financing with Natixis Corporate &amp; Investment Banking to support the development and construction of three solar projects totaling 517 MW across North Carolina, Kentucky, and Illinois.
The company, headquartered in New York, has approximately 4 GW of operational and under-construction solar projects, 1.1 GWh of battery storage capacity, and over 100 high-power EV charging stations in the U.S., as per the release.
Announced debt financing in the solar sector came to $8.9 billion in the first quarter of 2026, 154% higher compared to $3.5 billion in Q1 2025, according to Mercom’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>.

MN8 Energy Expands Corporate Credit Facility to $650 Million

<a href="https://mn8energy.com/" target="_blank" rel="noopener">MN8 Energy</a>, an independent renewable energy power producer, closed $612 million in construction bridge financing with Natixis Corporate &amp; Investment Banking acting as the sole bookrunner and administrative agent for this financing. The debt financing will support the development and construction of three solar projects with a total capacity of 517 MWdc across North Carolina, Kentucky, and Illinois.
The debt financing consists of a construction bridge facility, including a tax-credit-transferability-linked bridge loan and a letter of credit facility. The financing structure provides MN8 optionality to refinance the loan in the U.S. Private Placement market, a growing source of long-term debt for renewable energy projects.
Currently, the projects are under construction at various stages of development and are expected to reach commercial operations by the end of 2025.
The company did not mention further details of the projects supported under the financing.
“This $612 million construction bridge financing package demonstrates the strength of our development pipeline and represents a significant milestone in bringing these three solar projects to fruition,” said Jon Yoder, President and CEO of MN8 Energy. “We value Natixis’ partnership in structuring an innovative financing solution that continues our mission to bring decarbonization solutions to enterprise customers while supporting our continued growth as a leading independent power producer in the U.S.”
Last year, in April, MN8 Energy <a href="https://mercomcapital.com/mn8-energy-announces-closing-private-placement/" target="_blank" rel="noopener">announced</a> the closing of its private placement, raising $325 million through the issuance and sale of shares of the company’s convertible preferred stock.
The company has approximately 4 GW of solar projects in operations and under construction and 1.1 GWh of battery energy storage systems across 28 states in the U.S.
According to Mercom’s Annual and Q4 2024 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/annual-and-q4-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, large-scale project funding deals in 2024 totaled $53.8 billion in 259 deals, up from $44.5 billion raised in 229 deals in 2023.
This week, Invenergy, a solar, wind, and energy storage project developer, announced <a href="https://mercomcapital.com/invenergy-secures-1-1-billion-financing-for-three-solar-projects/" target="_blank" rel="noopener">closing</a> $1.1 billion in debt financing to support the development and construction of three utility-scale solar projects totaling 590 MW in Ohio, Indiana, and Tennessee. The debt financing comprises a construction/bridge loan facility and a letter of credit facility.

MN8 Energy Secures $612 Million Financing for 517 MW Solar Projects

Invenergy, a developer of renewable energy projects, <a href="https://cms.mercomindia.com/invenergy-secured-additional-900-million-from-natixis-cib/" target="_blank" rel="noopener">secured</a> a $900 million Green Letter of Credit facility to support the development of Invenergy Renewables Finance North America’s project pipeline. The funding will also support Invenergy’s development pipeline of large-scale renewable and other clean energy generation and storage facilities in the Americas. Natixis Corporate &amp; Investment Banking (Natixis CIB) acted as Sole Bookrunner, Syndication Agent, Administrative Agent, Documentation Agent, and Green Loan Coordinator.
The Japan Bank for International Cooperation (JBIC) has <a href="https://www.mercomindia.com/ntpc-nhpc-loan-jbic-renewable-projects" target="_blank" rel="noopener">entered</a> into strategic loan agreements with NTPC Renewable Energy and NHPC to help develop renewable energy projects across India. The loans for the public sector undertakings are co-financed with Sumitomo Mitsui Banking Corporation and the Bank of Fukuoka, with JBIC providing 60% of the total financing. NTPC Renewable Energy has secured a loan of JPY15 billion (~$99.11 million) to fund its renewable energy projects, with JBIC contributing JPY9 billion (~$59.46 million).
Energy storage developer Lightshift Energy (formerly Delorean Power) <a href="https://cms.mercomindia.com/lightshift-energy-secures-financing-energy-storage-projects/" target="_blank" rel="noopener">secured</a> $100 million from Greenbacker Capital Management (GCM), a renewable energy asset manager. Of the total funds secured, $20 million originated from a GCM-affiliated investment vehicle focused on equity investments in sustainable infrastructure development platforms. These funds will be used to expand Lightshift’s team, accelerate sales, and enhance its project pipeline. Lightshift secured $80 million from a second GCM-affiliated investment vehicle specialized in sustainable infrastructure assets.
Independent power producer AmpIn Energy Transition has <a href="https://www.mercomindia.com/ampin-energy-secures-manufacturing-facility-in-odisha" target="_blank" rel="noopener">secured</a> an investment from Oesterreichische Entwicklungsbank (OeEB), the Development Bank of Austria, totaling €25 million (~$26.9 million) in long-term financing. The capital infusion is expected to aid AmpIn Energy Transition in establishing a 1 GW domestic solar cell and module production facility in Odisha and expanding its renewable energy portfolio. The company has a diverse portfolio spanning 3 GW across 21 states in India and plans to expand it to 10 GW by 2030.
Ionobell, a silicon battery technology company, <a href="https://cms.mercomindia.com/silicon-battery-technology-startup-ionobell-raises-3-9-million-financing/" target="_blank" rel="noopener">raised</a> $3.9 million in a recent seed extension round led by Dynamo Ventures and Trucks VC, bringing the total funding amount to $7.3 million in seed investment fundraising. The initial equity round was led by Trucks VC, with participation from Dynamo Ventures and Alumni Ventures. The company claims its silicon material is 500% more energy-dense than Graphite. With this funding, Ionobell plans to expand its production across the U.S.
MN8 Energy, an independent power producer, has announced the completion of its private placement, <a href="https://cms.mercomindia.com/mn8-energy-announces-closing-private-placement/" target="_blank" rel="noopener">raising</a> $325 million through the issuance and sale of convertible preferred stock. The funds obtained from the private placement will be allocated towards supporting the company&#8217;s expanded operations and facilitating its growth. The $325 million private placement comprises a $200 million investment from Mercuria Energy Group, an independent energy and commodity group, and $125 million from Ridgewood Infrastructure.
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-enapi-raises-2-7-million-in-pre-seed-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Invenergy Secures $900 Million Green Loan

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-invenergy-secures-900-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Invenergy, a developer of renewable energy projects, <a href="https://mercomcapital.com/invenergy-secured-additional-900-million-from-natixis-cib/" target="_blank" rel="noopener">secured</a> a $900 million Green Letter of Credit facility to support the development of Invenergy Renewables Finance North America’s project pipeline. The funding will also support Invenergy’s development pipeline of large-scale renewable and other clean energy generation and storage facilities in the Americas. Natixis Corporate &amp; Investment Banking (Natixis CIB) acted as Sole Bookrunner, Syndication Agent, Administrative Agent, Documentation Agent, and Green Loan Coordinator.
The Japan Bank for International Cooperation (JBIC) has <a href="https://www.mercomindia.com/ntpc-nhpc-loan-jbic-renewable-projects" target="_blank" rel="noopener">entered</a> into strategic loan agreements with NTPC Renewable Energy and NHPC to help develop renewable energy projects across India. The loans for the public sector undertakings are co-financed with Sumitomo Mitsui Banking Corporation and the Bank of Fukuoka, with JBIC providing 60% of the total financing. NTPC Renewable Energy has secured a loan of JPY15 billion (~$99.11 million) to fund its renewable energy projects, with JBIC contributing JPY9 billion (~$59.46 million).
Energy storage developer Lightshift Energy (formerly Delorean Power) <a href="https://mercomcapital.com/lightshift-energy-secures-financing-energy-storage-projects/" target="_blank" rel="noopener">secured</a> $100 million from Greenbacker Capital Management (GCM), a renewable energy asset manager. Of the total funds secured, $20 million originated from a GCM-affiliated investment vehicle focused on equity investments in sustainable infrastructure development platforms. These funds will be used to expand Lightshift’s team, accelerate sales, and enhance its project pipeline. Lightshift secured $80 million from a second GCM-affiliated investment vehicle specialized in sustainable infrastructure assets.
Independent power producer AmpIn Energy Transition has <a href="https://www.mercomindia.com/ampin-energy-secures-manufacturing-facility-in-odisha" target="_blank" rel="noopener">secured</a> an investment from Oesterreichische Entwicklungsbank (OeEB), the Development Bank of Austria, totaling €25 million (~$26.9 million) in long-term financing. The capital infusion is expected to aid AmpIn Energy Transition in establishing a 1 GW domestic solar cell and module production facility in Odisha and expanding its renewable energy portfolio. The company has a diverse portfolio spanning 3 GW across 21 states in India and plans to expand it to 10 GW by 2030.
Ionobell, a silicon battery technology company, <a href="https://mercomcapital.com/silicon-battery-technology-startup-ionobell-raises-3-9-million-financing/" target="_blank" rel="noopener">raised</a> $3.9 million in a recent seed extension round led by Dynamo Ventures and Trucks VC, bringing the total funding amount to $7.3 million in seed investment fundraising. The initial equity round was led by Trucks VC, with participation from Dynamo Ventures and Alumni Ventures. The company claims its silicon material is 500% more energy-dense than Graphite. With this funding, Ionobell plans to expand its production across the U.S.
MN8 Energy, an independent power producer, has announced the completion of its private placement, <a href="https://mercomcapital.com/mn8-energy-announces-closing-private-placement/" target="_blank" rel="noopener">raising</a> $325 million through the issuance and sale of convertible preferred stock. The funds obtained from the private placement will be allocated towards supporting the company&#8217;s expanded operations and facilitating its growth. The $325 million private placement comprises a $200 million investment from Mercuria Energy Group, an independent energy and commodity group, and $125 million from Ridgewood Infrastructure.
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&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-enapi-raises-2-7-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://mn8energy.com/" target="_blank" rel="noopener">MN8 Energy</a>, an independent renewable energy power producer, announced the closing of its private placement, raising $325 million through the issuance and sale of shares of the company&#8217;s convertible preferred stock. The funds obtained from this private placement will be allocated towards supporting the company&#8217;s expanded operations and facilitating growth.
The $325 million private placement comprises a $200 million investment from Mercuria Energy Group, an independent energy and commodity group, and $125 million from Ridgewood Infrastructure, an infrastructure investor. Shareholders have the option to convert their preferred stock into common stock at a future date. As part of the agreement, Mercuria will secure one seat as well as an observer seat on MN8&#8217;s board of directors, while Ridgewood will receive an observer seat.
MN8 Energy has more than 3.2 GW of solar fleet, comprising over 875 projects across 28 states, along with over 270 MW of battery storage projects and electric vehicle charging solutions.
&#8220;The closing of our private placement of convertible preferred equity securities is a strategic move aimed at securing capital for tangible and measurable growth,&#8221; said Jon Yoder, President and CEO of MN8 Energy. &#8220;Our agreements with Mercuria and Ridgewood provide us with the financial means and capital to scale our growth, engineer innovative solutions for our clients, and deliver enhanced value to our shareholders.&#8221;
According to Mercom&#8217;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>, Public market financing in 2023 totaled $7.4 billion, 45% higher than the $5.1 billion in 2022.
Last Year, Otovo, a Norway-based residential solar installer, <a href="https://cms.mercomindia.com/residential-solar-otovo-raises-41-million/" target="_blank" rel="noopener">raised</a> NOK 450 million (~$41 million) capital raise led by existing investors Å Energi, Axel Johnson Group, and Nysnø (The Norwegian Government Climate Investment Fund).

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