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

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					</table>Primergy Solar, a developer of distributed and utility-scale solar and battery storage projects, <a href="https://mercomcapital.com/primergy-secures-225-million-in-corporate-and-project-financing/" target="_blank" rel="noopener">announced</a> closing $225 million in project financing for developing its Valley of Fire portfolio. The funding comprises a $125 million tax credit sale for the Gemini Solar + Storage project and a $100 million revolving credit facility from Rabobank for the continued development of the other VoF projects.
Lightsource bp, a solar project developer, <a href="https://mercomcapital.com/lightsource-bp-secures-equity-financing-for-288-mw-solar-portfolio/" target="_blank" rel="noopener">secured</a> a structured equity investment for a 288 MW utility-scale solar portfolio in Texas. HASI, an investor in climate solutions, provided funding to Lightsource bp. The two transactions reached a financial close on October 3 this year. The portfolio comprises the 163 MW Starr solar project in Starr County and the 125 MW Second Division solar project in Brazoria County. Both projects are expected to reach commercial operation by the end of 2024.
Low Carbon, a renewable energy project developer, <a href="https://mercomcapital.com/low-carbon-sells-6gw-battery-storage-projects-in-the-netherlands/" target="_blank" rel="noopener">announced</a> the sale of 6 GW of energy storage projects in the Netherlands. LC Energy, a joint venture between Low Carbon and QING, developed those storage assets. The projects were acquired by S4 Energy, a Dutch-based grid-scale energy storage developer and operator, majority-owned by Castleton Commodities International. According to Low Carbon, the sale is one of the largest-ever investments in battery storage capacity in the renewables sector globally.
Avantus, a solar and storage project developer, <a href="https://mercomcapital.com/avantus-sells-225-mw-catclaw-solar-and-storage-project/" target="_blank" rel="noopener">announced</a> the sale of the Catclaw solar and storage project to D. E. Shaw Renewable Investments. The project features 225 MWac solar and 250 MW/1,000 MWh storage capacity in Buckeye, Arizona, in Maricopa County, and is expected to become commercially operational in 2026. Arizona Public Service has signed a long-term power purchase agreement for the project.
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&#8217;s project finance <a href="https://mercomcapital.com/project-finance-brief-capital-dynamics-financing-solar-projects/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Primergy Secures $225 Million in Financing for Valley of Fire Portfolio

Primergy Solar, a developer of distributed and utility-scale solar and battery storage projects, <a href="https://cms.mercomindia.com/primergy-secures-225-million-in-corporate-and-project-financing/" target="_blank" rel="noopener">announced</a> closing $225 million in project financing for developing its Valley of Fire portfolio. The funding comprises a $125 million tax credit sale for the Gemini Solar + Storage project and a $100 million revolving credit facility from Rabobank for the continued development of the other VoF projects.
Lightsource bp, a solar project developer, <a href="https://cms.mercomindia.com/lightsource-bp-secures-equity-financing-for-288-mw-solar-portfolio/" target="_blank" rel="noopener">secured</a> a structured equity investment for a 288 MW utility-scale solar portfolio in Texas. HASI, an investor in climate solutions, provided funding to Lightsource bp. The two transactions reached a financial close on October 3 this year. The portfolio comprises the 163 MW Starr solar project in Starr County and the 125 MW Second Division solar project in Brazoria County. Both projects are expected to reach commercial operation by the end of 2024.
Low Carbon, a renewable energy project developer, announced the <a href="https://cms.mercomindia.com/low-carbon-sells-6gw-battery-storage-projects-in-the-netherlands/" target="_blank" rel="noopener">sale</a> of 6 GW of energy storage projects in the Netherlands. LC Energy, a joint venture between Low Carbon and QING, developed those storage assets. The projects were acquired by S4 Energy, a Dutch-based grid-scale energy storage developer and operator, majority-owned by Castleton Commodities International. According to Low Carbon, the sale is one of the largest-ever investments in battery storage capacity in the renewables sector globally.
Avantus, a solar and storage project developer, <a href="https://cms.mercomindia.com/avantus-sells-225-mw-catclaw-solar-and-storage-project/" target="_blank" rel="noopener">announced</a> the sale of the Catclaw solar and storage project to D. E. Shaw Renewable Investments. The project features 225 MWac solar and 250 MW/1,000 MWh storage capacity in Buckeye, Arizona, in Maricopa County, and is expected to become commercially operational in 2026. Arizona Public Service has signed a long-term power purchase agreement for the project.
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-capital-dynamics-financing-solar-projects/" target="_blank" rel="noopener">brief</a>.

Primergy Solar, a developer of distributed and utility-scale solar and battery storage projects, has <a href="https://cms.mercomindia.com/primergy-secures-350-million-for-408-mw-solar-project/" target="_blank" rel="noopener">secured</a> $350 million in tax equity financing for the 408 MWac Ash Creek solar project in Hill County, Texas. A Fortune 500 telecommunications company led the tax equity investment, with additional funding provided by Truist Bank. The project is under construction and is expected to reach commercial operation in early 2025.
Redeux Energy, a utility-scale solar and storage project developer, <a href="https://cms.mercomindia.com/redeux-energy-sells-200-mw-solar-plus-storage-project/" target="_blank" rel="noopener">announced</a> the sale of a hybrid solar and energy storage project to Scout Clean Energy, a renewable energy project developer. The project includes a 200 MWdc solar and 40 MW/160 MWh, four-hour battery energy storage project.
Independent power producer AMPIN Energy Transition has <a href="https://www.mercomindia.com/ampin-financial-closure-200-mw-hybrid-project" target="_blank" rel="noopener">announced</a> the financial closure for its 200 MW wind-solar hybrid project in Rajasthan, with the final step achieved through a green loan of ₹7.42 billion (~$88.27 million) from Standard Chartered. The total investment for this project is ₹9.44 billion (~$112.3 million). The hybrid project is expected to generate approximately 435 million units of renewable electricity annually.
CleanChoice Energy, a clean energy provider, announced the <a href="https://cms.mercomindia.com/cleanchoice-energy-acquires-29-mw-solar-project-in-pennsylvania/" target="_blank" rel="noopener">acquisition</a> of a 29.42 MW solar project in Kylertown, Pennsylvania. The company acquired the project from Prospect14, which led the siting and greenfield development. The construction of the Kylertown solar project is expected to begin in Q4 2024 and will be the second project CleanChoice owns and operates, among multiple projects in its pipeline.
Rezolv Energy, an independent power producer backed by Actis, <a href="https://cms.mercomindia.com/rezolv-energy-secures-98-million-in-debt-financing-for-solar-project/" target="_blank" rel="noopener">secured</a> up to €90 million (~$98.09 million) in debt financing to develop and construct the 225 MW St. George solar park in northeastern Bulgaria. The International Finance Corporation and Raiffeisen Bank International provided the funding. The project’s construction will begin soon and is expected to reach commercial operation in 2025.
GreenGo, a renewable energy project developer, <a href="https://cms.mercomindia.com/greengo-secures-35-million-financing-for-41-8-mw-solar-project-portfolio/" target="_blank" rel="noopener">secured</a> €32.6 million (~$35.6 million) in financing from Intesa Sanpaolo, an Italian bank, to construct eight new solar projects in Italy with a combined capacity of 41.8 MW. Of these eight projects, four are in Calabria, totaling 22.8 MW; three are in Sicily, with a combined capacity of 13.7 MW; and one in Marche, with a capacity of 5.3 MW.
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-mainstream-financing-solar-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Primergy Secures $350 Million for 408 MW Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-primergy-secures-solar-project-2/" target="_blank" rel="noopener">Mercom Capital Group</a>
Primergy Solar, a developer of distributed and utility-scale solar and battery storage projects, has <a href="https://mercomcapital.com/primergy-secures-350-million-for-408-mw-solar-project/" target="_blank" rel="noopener">secured</a> $350 million in tax equity financing for the 408 MWac Ash Creek solar project in Hill County, Texas. A Fortune 500 telecommunications company led the tax equity investment, with additional funding provided by Truist Bank. The project is under construction and is expected to reach commercial operation in early 2025.
Redeux Energy, a utility-scale solar and storage project developer, <a href="https://mercomcapital.com/redeux-energy-sells-200-mw-solar-plus-storage-project/" target="_blank" rel="noopener">announced</a> the sale of a hybrid solar and energy storage project to Scout Clean Energy, a renewable energy project developer. The project includes a 200 MWdc solar and 40 MW/160 MWh, four-hour battery energy storage project.
Independent power producer AMPIN Energy Transition has <a href="https://www.mercomindia.com/ampin-financial-closure-200-mw-hybrid-project" target="_blank" rel="noopener">announced</a> the financial closure for its 200 MW wind-solar hybrid project in Rajasthan, with the final step achieved through a green loan of ₹7.42 billion (~$88.27 million) from Standard Chartered. The total investment for this project is ₹9.44 billion (~$112.3 million). The hybrid project is expected to generate approximately 435 million units of renewable electricity annually.
CleanChoice Energy, a clean energy provider, announced the <a href="https://mercomcapital.com/cleanchoice-energy-acquires-29-mw-solar-project-in-pennsylvania/" target="_blank" rel="noopener">acquisition</a> of a 29.42 MW solar project in Kylertown, Pennsylvania. The company acquired the project from Prospect14, which led the siting and greenfield development. The construction of the Kylertown solar project is expected to begin in Q4 2024 and will be the second project CleanChoice owns and operates, among multiple projects in its pipeline.
Rezolv Energy, an independent power producer backed by Actis, <a href="https://mercomcapital.com/rezolv-energy-secures-98-million-in-debt-financing-for-solar-project/" target="_blank" rel="noopener">secured</a> up to €90 million (~$98.09 million) in debt financing to develop and construct the 225 MW St. George solar park in northeastern Bulgaria. The International Finance Corporation and Raiffeisen Bank International provided the funding. The project’s construction will begin soon and is expected to reach commercial operation in 2025.
GreenGo, a renewable energy project developer, <a href="https://mercomcapital.com/greengo-secures-35-million-financing-for-41-8-mw-solar-project-portfolio/" target="_blank" rel="noopener">secured</a> €32.6 million (~$35.6 million) in financing from Intesa Sanpaolo, an Italian bank, to construct eight new solar projects in Italy with a combined capacity of 41.8 MW. Of these eight projects, four are in Calabria, totaling 22.8 MW; three are in Sicily, with a combined capacity of 13.7 MW; and one in Marche, with a capacity of 5.3 MW.
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-mainstream-financing-solar-project/" target="_blank" rel="noopener">brief</a>.

<a href="https://www.primergysolar.com/" target="_blank" rel="noopener">Primergy Solar</a>, a developer of distributed and utility-scale solar and battery storage projects, has secured $350 million in tax equity financing for the 408 MWac Ash Creek solar project in Hill County, Texas. A Fortune 500 telecommunications company led the tax equity investment, with additional funding provided by Truist Bank.
Latham &amp; Watkins and Paragon Energy Capital advised Primergy, while Milbank and Cornerstone Financial Advisors advised the telecommunications company and Truist Bank on the transaction. With this transaction, the total funding raised for the solar project has reached nearly $1 billion.
The project is currently under construction and is expected to reach commercial operation in early 2025. Microsoft has signed a long-term power purchase agreement with Primergy.
Earlier this year, the company announced the <a href="https://cms.mercomindia.com/primergy-solar-secures-financing-408-mw-solar-project/" target="_blank" rel="noopener">closure</a> of its $588 million commitments in debt financing for the 408 MW Ash Creek solar project in Hill County, Texas.
“This level of successful tax equity financing in today’s ERCOT market is a testament to our team’s ability to develop best-in-class projects,” said Tim Larrison, CFO of Primergy. “Large-scale solar projects are essential for decarbonizing and increasing the resilience of our nation’s electric grid. We are pleased with the continued partnerships and the trust we receive from leading financial institutions and investors, which are essential to delivering clean energy to communities across America.”
According to Mercom’s recently released 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>, large-scale project funding in the 9M 2024 totaled $34.3 billion in 180 deals, up from $27.5 billion in 169 deals in 9M 2023.
Earlier this month, Rezolv Energy, an independent power producer backed by Actis, <a href="https://cms.mercomindia.com/rezolv-energy-secures-98-million-in-debt-financing-for-solar-project/" target="_blank" rel="noopener">secured</a> up to €90 million (~$98.09 million) in debt financing to develop and construct the 225 MW St. George solar park in northeastern Bulgaria. The International Finance Corporation (IFC) and Raiffeisen Bank International provided the funding.

Primergy Secures $350 Million for 408 MW Solar Project

<a href="https://www.primergysolar.com/" target="_blank" rel="noopener">Primergy Solar</a>, a developer, owner, and operator focused on distributed and utility-scale solar PV and battery storage projects, announced the closure of its $588 million commitments in debt financing for the 408 MW Ash Creek solar project in Hill County, Texas.
The company has also signed a long-term power purchase agreement (PPA) with Microsoft for the total capacity of the plant.
The debt financing includes a construction loan, tax credit transfer bridge loan, and related letters of credit. MUFG Bank and SMBC lead the facilities as lead structuring arrangers and seven coordinating lead arrangers, including BNP Paribas, Commerzbank AG, Crédit Agricole Corporate and Investment Bank, ING Capital, KeyBanc Capital Markets, Norddeutsche Landesbank Girozentrale, New York Branch, and Rabobank.
Latham &amp; Watkins LLP acted as Primergy’s legal counsel, while Skadden Arps Slate Meagher &amp; Flom served as the lender’s counsel.
Once completed, the project is expected to generate enough carbon-free energy to power the equivalent of approximately 90,000 homes per year.
Orion Power Generation, a joint venture between Orion Renewable Energy Group and Eolian, originally developed the Ash Creek solar project. Primergy acquired the project in 2021.
“The successful completion of this financing and a long-term PPA from Microsoft for Ash Creek is a testament to Primergy’s proven ability to creatively develop, finance, build, and operate large-scale renewables projects,” said Ty Daul, CEO of Primergy. “Ash Creek aligns with Primergy’s mission to invest in well-located projects that offer regional diversity to our portfolio and serve the needs of leading corporate customers. Our team is extremely grateful for our continued partnership with prominent clean energy project financiers to make this a reality and are proud to work with Microsoft on meeting its sustainability commitments.”
According to Mercom’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>, large-scale project funding deals announced in 2023 came to $44.5 billion in 229 deals, of which 196 were disclosed.
X-ELIO, a solar project developer, recently <a href="https://cms.mercomindia.com/x-elio-secures-97-million-financing-for-solar-projects-in-spain/" target="_blank" rel="noopener">announced</a> the closing of €89 million (~$96.75 million) financing deal with Societe Generale as sole Bookrunner, Mandated Lead Arranger and Hedge Provider.

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