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

<p><strong>Stardust Power, a U.S.-based developer of battery-grade lithium carbonate, has </strong><a href="https://cms.mercomindia.com/stardust-power-secures-15-million-debt-financing/" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a securities purchase agreement with a single institutional investor, providing up to $15 million in senior secured convertible debt financing. </strong>The financing has a 24-month term, includes an initial repayment moratorium, and provides the company with the option to repay the facility in cash or common stock. According to the company, the funding is intended to support early-stage construction at its 50,000 metric ton per annum lithium refinery project in Muskogee, Oklahoma.</p>
<p><strong>Renewco Power, a developer of utility-scale solar, wind, and battery projects, has </strong><a href="https://cms.mercomindia.com/renewable-energy-developer-renewco-power-secures-39-million/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> £20 million (~$27 million) from the Scottish National Investment Bank (SNIB), via a fund managed by Corran Capital, a specialist private equity firm focused on clean energy and the environment. </strong>SNIB also joins existing investor SSE, which has committed an additional £9 million (~$12 million) to the round. Founded in 2021, the company has built a pipeline of over 7 GW across solar, onshore wind, battery storage, and green hydrogen projects.</p>
<p><strong>Solar energy solutions GRE Renew Enertech has </strong><a href="https://www.mercomindia.com/gre-renew-enertech-gets-bse-principle-nod-for-ipo" target="_blank" rel="noopener"><strong>received</strong></a><strong> an in-principle approval from BSE for its proposed initial public offering (IPO). </strong>The company proposes to issue up to 3,768,000 equity shares of face value of ₹10 (~$0.11) in the IPO. GRE plans to utilize a portion of the IPO proceeds to develop a 7.2 MW ground-mounted solar power project under the renewable energy service company (RESCO) model. The company had filed the necessary documents with the Bombay Stock Exchange in September 2025 to initiate its small and medium enterprises (SME) IPO on the BSE SME platform.</p>
<p><strong>Naxatra Labs, a manufacturer of motors and controllers for electric vehicles (EVs), has </strong><a href="https://www.mercomindia.com/ev-motors-firm-naxatra-labs-raises-3-million-in-pre-series-a-funding" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $3 million in a Pre-Series A funding round led by Rainmatter by Zerodha. </strong>The company plans to scale its technology and manufacturing capabilities while targeting high-impact markets globally. Naxatra Labs designs and manufactures motors and controllers for EVs, agricultural equipment, power tools, and other industrial applications. The company operates with an in-house research and development and production setup, where motors are designed, tested, and manufactured to maintain control over performance, quality, and scalability.</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://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-alphabet-acquire-intersect-4-7-billion/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Stardust Power Secures $15 Million


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-stardust-power-secures-15-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Stardust Power, a U.S.-based developer of battery-grade lithium carbonate, has </strong><a href="https://mercomcapital.com/stardust-power-secures-15-million-debt-financing/" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a securities purchase agreement with a single institutional investor, providing up to $15 million in senior secured convertible debt financing. </strong>The financing has a 24-month term, includes an initial repayment moratorium, and provides the company with the option to repay the facility in cash or common stock. According to the company, the funding is intended to support early-stage construction at its 50,000 metric ton per annum lithium refinery project in Muskogee, Oklahoma.</p>
<p><strong>Renewco Power, a developer of utility-scale solar, wind, and battery projects, has </strong><a href="https://mercomcapital.com/renewable-energy-developer-renewco-power-secures-39-million/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> £20 million (~$27 million) from the Scottish National Investment Bank (SNIB), via a fund managed by Corran Capital, a specialist private equity firm focused on clean energy and the environment. </strong>SNIB also joins existing investor SSE, which has committed an additional £9 million (~$12 million) to the round. Founded in 2021, the company has built a pipeline of over 7 GW across solar, onshore wind, battery storage, and green hydrogen projects.</p>
<p><strong>Solar energy solutions GRE Renew Enertech has </strong><a href="https://www.mercomindia.com/gre-renew-enertech-gets-bse-principle-nod-for-ipo" target="_blank" rel="noopener"><strong>received</strong></a><strong> an in-principle approval from BSE for its proposed initial public offering (IPO). </strong>The company proposes to issue up to 3,768,000 equity shares of face value of ₹10 (~$0.11) in the IPO. GRE plans to utilize a portion of the IPO proceeds to develop a 7.2 MW ground-mounted solar power project under the renewable energy service company (RESCO) model. The company had filed the necessary documents with the Bombay Stock Exchange in September 2025 to initiate its small and medium enterprises (SME) IPO on the BSE SME platform.</p>
<p><strong>Naxatra Labs, a manufacturer of motors and controllers for electric vehicles (EVs), has </strong><a href="https://www.mercomindia.com/ev-motors-firm-naxatra-labs-raises-3-million-in-pre-series-a-funding" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $3 million in a Pre-Series A funding round led by Rainmatter by Zerodha. </strong>The company plans to scale its technology and manufacturing capabilities while targeting high-impact markets globally. Naxatra Labs designs and manufactures motors and controllers for EVs, agricultural equipment, power tools, and other industrial applications. The company operates with an in-house research and development and production setup, where motors are designed, tested, and manufactured to maintain control over performance, quality, and scalability.</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://www.mercomindia.com/funding-and-ma-roundup-alphabet-to-acquire-intersect-2" target="_blank" rel="noopener">roundup</a>.</p>



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					</table><p><a href="https://naxatralabs.com/" target="_blank" rel="noopener">Naxatra Labs</a>, a manufacturer of motors and controllers for electric vehicles (EVs), has raised $3 million in a Pre-Series A funding round led by <a href="https://rainmatter.com/" target="_blank" rel="noopener">Rainmatter by Zerodha</a>.</p>
<p>The Gurugram-based company plans to scale its technology and manufacturing capabilities while targeting high-impact markets globally. Naxatra Labs designs and manufactures motors and controllers for EVs, agricultural equipment, power tools, and other industrial applications. The company operates with an in-house research and development and production setup, where motors are designed, tested, and manufactured to maintain control over performance, quality, and scalability.</p>
<p>Its technology focus is centered on improving efficiency, reducing weight and increasing power density, areas that directly impact energy consumption and operating costs across sectors. Motors are estimated to consume over 50% of the electricity produced globally, making efficiency gains a critical lever for energy optimization.</p>
<p>According to the company, its motors offer up to 10% higher average efficiency than competing products, resulting in better energy utilization and improved real-world performance.</p>
<p>In EV applications, this translates into a 5% to 8% increase in operating range per charge. The motors are also around 20% lighter due to reduced material consumption, improving overall vehicle energy efficiency.</p>
<p>Naxatra’s motor platform is adaptable across bikes, scooters, and mopeds, allowing deployment across multiple vehicle categories without major design changes.</p>
<p>EV sales in India <a href="https://www.mercomindia.com/electric-vehicle-sales-clock-12-5-yoy-growth-in-q3-2025" target="_blank" rel="noopener">reached</a> 560,637 units in the third quarter (Q3) of 2025, an over 12.5% year-over-year increase from 497,974 units. EVs accounted for 8% of the overall automobile sales, which totaled 5,796,216 units in Q3, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard. India now has over 7.02 million registered EVs.</p>
<p>Electric two-wheelers comprised nearly 56% (312,681) of the total EVs sold during the quarter. Electric three-wheelers constituted 34.5% (193,633) of all EVs sold in Q3. Electric four-wheelers accounted for 8.5% of the total sales of 48,166 units.</p>


EV Motors Firm Naxatra Labs Raises $3 Million in Pre-Series A Funding

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