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

Recurrent Energy, a solar and energy storage project developer and a wholly owned subsidiary of Canadian Solar, <a href="https://cms.mercomindia.com/recurrent-energy-secures-financing-for-171-mw-solar-project-in-australia/" target="_blank" rel="noopener">announced</a> the financial closure of the Carwarp Energy Park in Australia. Westpac Banking Corporation, Australia and New Zealand Banking Group Limited, and Société Générale, Sydney Branch, provided the funding. The funding amount was not disclosed. The Carwarp Energy project, located in Northwest Victoria near the town of Carwarp, consists of 171 MW of solar with a stage two hybrid 120 MW co-located battery energy storage system.
DRI, an Amsterdam-based renewable energy company and a subsidiary of the DTEK Group, <a href="https://cms.mercomindia.com/dri-secures-26-million-financing-for-glodeni-ii-solar-project-in-romania/" target="_blank" rel="noopener">secured</a> €24.7 million (~$25.93 million) in non-recourse financing from Kommunalkredit Austria AG, an infrastructure and energy financing bank in Europe to develop and construct its 60 MW Glodeni II solar project in Glodeni, Mures County, Romania. According to the company, the solar project will reach commercial operation by early 2025.
CleanCapital, an independent power producer focused on distributed clean energy, <a href="https://cms.mercomindia.com/cleancapital-acquires-23-mw-solar-portfolio-from-kendall-sustainable-infrastructure/" target="_blank" rel="noopener">announced</a> the acquisition of a solar portfolio comprising 40 projects with a total capacity of 22.7 MW from Kendall Sustainable Infrastructure, an asset management firm. The acquired solar portfolio consists of net-metering and community solar projects, which reached commercial operation between 2015 and 2018. The financial terms of the transaction remained undisclosed.
Origis Energy, a vertically integrated renewable energy platform provider and solar project developer, announced <a href="https://cms.mercomindia.com/origis-energy-secures-533-million-financing-for-solar-and-storage-projects/" target="_blank" rel="noopener">closing</a> $533 million in a construction financing facility, bridge loan facility, and conversion to a term loan with MUFG, a global financial group. Latham &amp; Watkins advised Origis Energy, while Milbank served as the legal counsel for MUFG in the transaction. The Optimist solar project is expected to reach completion in late 2025, while the Wheatland solar project is scheduled for operation in early 2026.
Nozomi Energy, a Japan-focused renewable energy company established by sustainable infrastructure investor Actis, <a href="https://cms.mercomindia.com/nozomi-energy-acquires-12-solar-projects-totaling-312-mw/" target="_blank" rel="noopener">announced</a> the acquisition of a portfolio of 12 operational solar projects totaling 312 MW with a Japanese co-investor. The financial details of the transaction were not disclosed. The acquired portfolio consists of entirely operational solar projects with capacities from 1 MW to over 60 MW. Nine of the 12 projects are based in Japan’s Kanto areas, with the remaining projects in Tohoku, Chubu, and Kyushu.
Click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s project finance <a href="https://cms.mercomindia.com/project-finance-brief-dri-acquires-solar-project-italy/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Recurrent Energy Secures Financing for 171 MW Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-recurrent-energy-financing-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Recurrent Energy, a solar and energy storage project developer and a wholly owned subsidiary of Canadian Solar, <a href="https://mercomcapital.com/recurrent-energy-secures-financing-for-171-mw-solar-project-in-australia/" target="_blank" rel="noopener">announced</a> the financial closure of the Carwarp Energy Park in Australia. Westpac Banking Corporation, Australia and New Zealand Banking Group Limited, and Société Générale, Sydney Branch, provided the funding. The funding amount was not disclosed. The Carwarp Energy project, located in Northwest Victoria near the town of Carwarp, consists of 171 MW of solar with a stage two hybrid 120 MW co-located battery energy storage system.
DRI, an Amsterdam-based renewable energy company and a subsidiary of the DTEK Group, <a href="https://mercomcapital.com/dri-secures-26-million-financing-for-glodeni-ii-solar-project-in-romania/" target="_blank" rel="noopener">secured</a> €24.7 million (~$25.93 million) in non-recourse financing from Kommunalkredit Austria AG, an infrastructure and energy financing bank in Europe to develop and construct its 60 MW Glodeni II solar project in Glodeni, Mures County, Romania. According to the company, the solar project will reach commercial operation by early 2025.
CleanCapital, an independent power producer focused on distributed clean energy, <a href="https://mercomcapital.com/cleancapital-acquires-23-mw-solar-portfolio-from-kendall-sustainable-infrastructure/" target="_blank" rel="noopener">announced</a> the acquisition of a solar portfolio comprising 40 projects with a total capacity of 22.7 MW from Kendall Sustainable Infrastructure, an asset management firm. The acquired solar portfolio consists of net-metering and community solar projects, which reached commercial operation between 2015 and 2018. The financial terms of the transaction remained undisclosed.
Origis Energy, a vertically integrated renewable energy platform provider and solar project developer, announced <a href="https://mercomcapital.com/origis-energy-secures-533-million-financing-for-solar-and-storage-projects/" target="_blank" rel="noopener">closing</a> $533 million in a construction financing facility, bridge loan facility, and conversion to a term loan with MUFG, a global financial group. Latham &amp; Watkins advised Origis Energy, while Milbank served as the legal counsel for MUFG in the transaction. The Optimist solar project is expected to reach completion in late 2025, while the Wheatland solar project is scheduled for operation in early 2026.
Nozomi Energy, a Japan-focused renewable energy company established by sustainable infrastructure investor Actis, <a href="https://mercomcapital.com/nozomi-energy-acquires-12-solar-projects-totaling-312-mw/" target="_blank" rel="noopener">announced</a> the acquisition of a portfolio of 12 operational solar projects totaling 312 MW with a Japanese co-investor. The financial details of the transaction were not disclosed. The acquired portfolio consists of entirely operational solar projects with capacities from 1 MW to over 60 MW. Nine of the 12 projects are based in Japan’s Kanto areas, with the remaining projects in Tohoku, Chubu, and Kyushu.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-dri-acquires-solar-project-italy/" target="_blank" rel="noopener">brief</a>.

<a href="https://nozomi-energy.com/" target="_blank" rel="noopener">Nozomi Energy</a>, a Japan-focused renewable energy company established by sustainable infrastructure investor Actis, announced the acquisition of a portfolio of 12 operational solar projects totaling 312 MW with a Japanese co-investor. The financial details of the transaction were not disclosed.
The acquired portfolio consists of entirely operational solar projects with capacities from 1 MW to over 60 MW. Nine of the 12 projects are based in Japan’s Kanto areas, with the remaining projects in Tohoku, Chubu, and Kyushu.
The projects began operations in the last two years and operate under feed-in-tariff contracts that extend until at least 2040. Nozomi Energy is responsible for the operations, maintenance, and asset management services of the projects.
With this acquisition, the company’s portfolio of operational and under-development assets has increased to approximately 750 MW, of which more than 400 MW is operational.
The company, launched in May 2023 by Actis, aims to achieve a portfolio of 1.1 GW solar, onshore wind, and battery energy storage systems by 2027.
Jun Ohashi, Partner, Head of Actis Japan, added, “This landmark transaction was achieved thanks to the hard work of the Nozomi Energy team but also its synergies with the Actis team. I am also very happy to see the teams bringing a Japanese co-investor into this transaction, structuring tailored solutions with mutually beneficial outcomes for Actis and Nozomi as well as the investor.”
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>, 166 project acquisitions totaling 28.3 GW were transacted in 9M 2024 compared to the same number of project acquisitions totaling 31.6 GW in 9M 2023.
Earlier this month, CleanCapital, an independent power producer focused on distributed clean energy, announced the <a href="https://cms.mercomindia.com/cleancapital-acquires-23-mw-solar-portfolio-from-kendall-sustainable-infrastructure/" target="_blank" rel="noopener">acquisition</a> of a solar portfolio comprising 40 projects with a total capacity of 22.7 MW from Kendall Sustainable Infrastructure, an asset management firm.

Nozomi Energy Acquires 12 Solar Projects Totaling 312 MW

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					</table>Infrastructure investor <a href="https://www.act.is/" target="_blank" rel="noopener">Actis</a> has launched Nozomi Energy, a new renewable energy platform, targeting 1.1 GW of onshore wind and solar power generation by 2027 in Japan with an investment of $500 million.
The financing would come from Actis&#8217; fifth and latest energy infrastructure fund, representing $6 billion of investable capital. Actis has investments in 12 GW of renewable energy capacity globally.
Nozomi has signed its first investment and seed asset by acquiring 100% of <a href="https://www.hergojapan.com/" target="_blank" rel="noopener">Hergo Japan Energy Corporation</a> from Infrastrutture, an international renewable energy developer.
Hergo Japan Energy has a portfolio of operating and development-stage solar and onshore wind projects totaling around 230 MW, plus a significant pipeline of early-stage projects.
Hergo&#8217;s CEO, Minoru Saito, will remain with the new platform as Vice-Chairman and Head of Wind at Nozomi.
&#8220;Japan has challenging but critical emission reduction targets, and Nozomi will play an important role in enabling the country to achieve them. We want to create another industry leader in renewable power through this well-funded new platform. It should positively impact decarbonization by creating local jobs and supporting communities while still making superior returns for our global investors,&#8221; said Jun Ohashi, Head of Actis Japan.
Nozomi will be led by Jose Antonio Millan Ruano, an experienced energy professional with around 20 years of renewables experience, most recently as President &amp; CEO of Hinode Energy.
It will focus on delivering onshore wind and solar energy generation to support Japan&#8217;s commitment to reduce greenhouse gas emissions by 46% from 2013 levels by 2030.
There will also be a focus on creating new local employment and supporting community investment to ensure a strong positive social impact during the life of the investment.
Last November, Actis-backed BluPine Energy <a href="https://www.mercomindia.com/actis-acquires-404-mw-solar-portfolio-atha" target="_blank" rel="noopener">acquired</a> 404 MW of solar assets from Kolkata-based mining company Atha Group. The company’s operational solar portfolio is spread across India. Actis said that the acquisition would enable BluPine, which was formed early last year, to support India’s energy transition by targeting 4 GW of portfolio capacity over the next 4-5 years.
A total of 27 solar mergers and acquisitions were <a href="https://mercomcapital.com/product/q1-2023-solar-funding-ma-report/" target="_blank" rel="noopener">recorded</a> in the first quarter of 2023 compared to 38 quarter-over-quarter (QoQ) and 29 transactions year-over-year, according to Q1 2023 Solar Funding and M&amp;A Report. Almost 12 GW of solar projects were acquired in Q1 2023 compared to 14 GW QoQ.

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