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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-enlight-secures-2-6-billion-for-arizona-solar-and-storage-complex/" target="_blank" rel="noopener">Mercom Capital Group</a>
Renewable energy developer and independent power producer Enlight Renewable Energy’s U.S. subsidiary, Clēnera Holdings, has <a href="https://mercomcapital.com/enlight-secures-2-6-billion-arizona-solar-storage-complex/" target="_blank" rel="noopener">entered</a> into a debt financing framework agreement for the CO Bar Complex, which comprises five projects with about 1.2 GW of solar power generation capacity and 4 GWh of energy storage capacity in Arizona. The financing commitments total about $2.6 billion and were provided by a consortium of seven global financial institutions.
Matrix Renewables, a renewable energy developer and independent power producer focused on solar and battery energy storage systems, has <a href="https://mercomcapital.com/matrix-renewables-secures-financing-859-mw-solar-storage-portfolio/" target="_blank" rel="noopener">closed</a> construction-to-term loan financing, tax equity commitments, and refinancing for an 859 MW solar and 167 MWh battery energy storage portfolio in the U.S. The portfolio includes projects in California, Idaho, and Texas. It comprises two operating assets that have been refinanced, as well as two projects currently under construction.
Spearmint Energy, a U.S.-based energy storage company, has <a href="https://mercomcapital.com/spearmint-energy-secures-325-million-for-battery-storage-portfolio/" target="_blank" rel="noopener">secured</a> a $325 million expanded debt facility from Nuveen Energy Infrastructure Credit, Elda River Capital Management, Harrison Street Asset Management, and Aiga Capital Partners. The company said the debt facility will strengthen its capital base and support strategic initiatives tied to its battery storage portfolio. Spearmint expects to use the capital to advance its operating portfolio, which includes the Tierra Seca, Seven Flags, and Revolution projects.
Sweden-based renewable energy company OX2 has <a href="https://mercomcapital.com/ox2-secures-146-million-for-renewable-energy-projects/" target="_blank" rel="noopener">secured</a> PLN 550 million (~$146 million) in financing for a 50 MW battery energy storage project in Osiek Jasielski, Podkarpackie Voivodeship, and a 165 MW Lion solar project in Lubuskie Voivodeship, Poland. Global law firm Norton Rose Fulbright advised OX2 on the transaction.
India-based rooftop solar engineering, procurement, and construction services provider Roofsol Energy has <a href="https://www.mercomindia.com/roofsol-raises-%E2%82%B92-6-billion-from-aseem-infra-to-expand-ci-solar-portfolio" target="_blank" rel="noopener">secured</a> ₹2.6 billion (~$27.55 million) in funding from Aseem Infrastructure Finance to support the development of solar projects in India. Roofsol said it will use the funding to support multiple projects, including solar installations for JK Tyre &amp; Industries and 100 MW of additional commercial and industrial (C&amp;I) solar projects across India.
A.P. Moller Capital, a global institutional fund manager, has <a href="https://mercomcapital.com/ap-moller-capital-acquire-mainstream-renewable-power-south-africa/" target="_blank" rel="noopener">signed</a> an agreement to acquire 100% of Mainstream Renewable Power South Africa from Mainstream Renewable Power, through a special-purpose vehicle under its Emerging Markets Infrastructure Fund II. White &amp; Case advised A.P. Moller Capital on the acquisition.
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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 project finance <a href="https://www.mercomindia.com/project-finance-brief-permanent-power-company-secures-600-million" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Enlight Secures $2.6 Billion for Arizona Solar and Storage Complex

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					</table>The economics of commercial and industrial solar projects are being shaped by energy banking regulations that eliminate consumers&#8217; flexibility to use banked energy across broader time blocks.
In response, developers are altering their project designs to focus on real-time consumption, stronger behind-the-meter utilization, and more accurate load matching, rather than maximizing generation capacity. This shift has affected savings, internal rates of return, and payback periods for projects with high export dependency, while rooftop solar remains attractive for consumers with strong daytime demand.
In an interview with Mercom India, Dipankar Pal, Founder and Managing Director at <a href="https://roofsol.com/" target="_blank" rel="noopener">Roofsol Energy</a>, discussed how the revised banking framework, storage requirements, grid-related charges, and policy uncertainty are influencing C&amp;I solar adoption.
How have Maharashtra&#8217;s revised banking rules changed the economics of C&amp;I solar projects, particularly customer savings, project returns, and payback periods?
Maharashtra&#8217;s revised banking regulations have significantly altered the economics of C&amp;I solar projects, particularly for consumers who were earlier dependent on exporting excess solar generation and utilizing banked energy across broader time blocks. As a result, payback periods for some projects have marginally increased, especially for installations designed with higher export dependency. However, for industries with strong daytime, continuous consumption profiles, rooftop solar remains economically attractive due to rising grid tariffs and long-term energy cost advantages.
With banked solar energy now usable only within the same or lower tariff time block, are developers redesigning projects around real-time consumption instead of maximizing generation?
Yes, absolutely. The revised banking structure is encouraging developers to prioritize real-time energy consumption rather than simply maximizing solar generation capacity. Earlier, many projects were designed to generate surplus energy that could be flexibly banked for later use.
Now, system sizing is becoming increasingly load-profile-driven. Developers are increasingly analyzing hourly consumption patterns, operational schedules, and seasonal demand fluctuations before finalizing project capacities.
Are developers in Maharashtra reducing project sizes, avoiding export-heavy designs, increasing behind-the-meter consumption, or changing power purchase agreements (PPAs) to limit unused power?
Developers are becoming more cautious about oversizing projects in areas with high export dependence. Instead, there is a clear shift toward optimized project capacities aligned closely with actual daytime consumption.
We are also seeing increased emphasis on behind-the-meter utilization strategies, operational load management, and flexible PPA structuring. In operational expenditure (OPEX) projects, particularly PPAs, attention is now being paid to consumption predictability and generation utilization to ensure long-term commercial sustainability for both developers and customers.
For new renewable projects above 100 kW, how are storage requirements changing tariffs, capital costs, and customer willingness to sign long-term PPAs?
 The integration of storage is undoubtedly increasing initial project capital costs and influencing tariff structures, especially for projects above 100 kW, where storage requirements are becoming more relevant under evolving regulations.
However, storage is also creating new opportunities by improving energy reliability, enhancing self-consumption, reducing reliance on peak demand, and minimizing curtailment risks. While customers remain price-sensitive, many forward-looking C&amp;I consumers now view storage as a strategic investment rather than only an additional cost.
Over time, as battery prices continue to decline and storage technologies mature, we expect solar + storage solutions to become increasingly mainstream, particularly for industries prioritizing energy security and long-term tariff stability.
In Maharashtra, which model offers the strongest risk-return profile now: rooftop solar, group captive, open access, hybrid, or solar-plus-storage?
Currently, rooftop solar with strong behind-the-meter consumption continues to offer one of the most stable and attractive risk-return profiles for the C&amp;I segment, particularly in areas with high daytime energy utilization. But capacity is limited due to a lack of space.
At the same time, group captive and open access models remain highly relevant for larger, energy-intensive industries seeking scale and long-term tariff advantages. However, regulatory complexity has increased in these segments.
Looking ahead, hybrid and solar-plus-storage solutions are expected to gain significant momentum as industries increasingly prioritize energy reliability, flexibility, and resilience alongside cost optimization.
Ultimately, the most suitable model depends on the customer&#8217;s load profile, energy strategy, operational pattern, and investment horizon.
How has rooftop solar demand changed among C&amp;I consumers over the past year, especially after changes in banking and grid-related charges?
Despite regulatory adjustments and changes in banking mechanisms, rooftop solar demand in the C&amp;I sector remains strong. In fact, rising electricity tariffs, sustainability commitments, and the growing focus on energy independence continue to drive adoption. We continue to see strong interest from industrial and commercial consumers seeking long-term energy cost optimization and sustainable power solutions.
However, customer expectations have evolved. Today, industries are seeking more customized and analytically optimized solutions rather than generic capacity installations. Decision-making has become more data-driven, with greater emphasis on load matching, long-term savings visibility, operational performance, and regulatory adaptability.
We are observing that customers increasingly prefer solution partners who can offer not only EPC execution, but also energy analytics, OPEX/PPA models, performance management, and regulatory guidance. The demand environment is positive, but the market is becoming more mature, technically sophisticated, and performance-focused.
Does rooftop solar remain attractive mainly for high daytime-load consumers, or can it still work for customers with uneven or seasonal consumption?
Rooftop solar is naturally most attractive for consumers with stable daytime loads because higher self-consumption directly improves project economics. However, we believe rooftop solar can still work effectively for customers with uneven or seasonal consumption patterns when projects are designed intelligently and aligned with actual operational requirements.
Through detailed load analysis, seasonal energy consumption assessment, and optimized system sizing, we help industries with variable demand profiles achieve meaningful energy savings and sustainability benefits while minimizing the risk of generation-consumption mismatches.
Additionally, the growing integration of energy storage solutions and advanced energy management systems will further improve the feasibility and efficiency of solar adoption for customers with fluctuating consumption patterns in the coming years. We are increasingly focusing on load-matched system designs and future-ready solar solutions that maximize long-term customer value under evolving regulatory frameworks.
What are the biggest barriers to rooftop solar adoption today: financing, DISCOM approvals, net metering limits, roof availability, grid support charges, or policy uncertainty?
Today, the biggest challenge is not technology maturity but policy and regulatory uncertainty. Frequent changes in banking regulations, grid charges, and approval frameworks can erode long-term investment confidence among developers and consumers.
DISCOM approvals and procedural timelines also remain important challenges in several states. In dense industrial environments, roof quality and available shadow-free area can also become limiting factors.
That said, financing availability has improved significantly over the years, especially with the growing adoption of OPEX and PPA models that eliminate upfront capital requirements for customers.
A more stable and predictable policy environment will be critical to accelerating rooftop solar adoption at scale.
Are C&amp;I customers still preferring CAPEX rooftop solar, or is the market shifting more toward opex and long-term PPA models?
The market is clearly witnessing strong momentum toward OPEX and long-term PPA models, particularly among large and mid-sized C&amp;I consumers. Many businesses today prefer to conserve capital for their core operations while outsourcing energy infrastructure investment to specialized renewable energy partners.
We have signed PPAs aggregating approximately 150 MWp, with an additional 100 MWp pipeline ready to be signed in the first two quarters of FY 2027. We have already commissioned over 100 MWp of PPA projects.
However, CAPEX remains attractive to organizations focused on asset ownership and long-term returns. Both models remain relevant, but OPEX&#8217;s growth trajectory is currently stronger in the market.
How is Roofsol positioning itself as C&amp;I solar moves toward load-matched designs, storage integration, and more complex state-level regulations?
We are positioning ourselves through a combination of engineering-led project design, regulatory adaptability, and long-term asset management capabilities.
We are increasingly focusing on load-profile-based system engineering, advanced energy analytics, and customized solar architectures that maximize self-consumption and long-term performance under evolving regulatory frameworks.
At the same time, we are strengthening our capabilities in storage integration, O&amp;M, and digital monitoring to support the requirements of next-generation solar infrastructure.
Our approach is not limited to EPC execution alone; we aim to become a long-term clean energy partner for customers by delivering technically optimized, financially sustainable, and regulation-ready energy solutions across India.

C&I Solar Project Design Now Focusing More on Efficiency: Interview

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					</table><a href="https://www.tatapowersolar.com/" target="_blank" rel="noopener">Tata Power Solar</a>, <a href="https://roofsol.com/" target="_blank" rel="noopener">Roofsol Energy</a>, <a href="https://www.mahindrasolarize.com/" target="_blank" rel="noopener">Mahindra Solarize</a>, <a href="https://kalpapower.com/" target="_blank" rel="noopener">Kalpa Power,</a> and <a href="https://hartek.com/" target="_blank" rel="noopener">HARTEK</a> emerged as the top rooftop solar installers in India in 2025, according to Mercom India’s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-cy-2025-market-shares-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2026</a>.
Together, these five companies accounted for nearly 23.6% of the total rooftop solar market.
India added 7.1 GW of rooftop solar capacity in 2025, marking an 123.3% increase from 3.2 GW in 2024, as per Mercom India’s <a href="https://www.mercomindia.com/product/rooftop-solar-market-report-q4-2025" target="_blank" rel="noopener">Q4 &amp; Annual 2025 Mercom India Rooftop Solar Market Report.</a> The PM Surya Ghar: Muft Bijli Yojana continued to dominate rooftop solar additions, supported by integration with the JanSamarth platform for end-to-end digital processing.
Waived feasibility checks for systems up to 10 kW and automatic net metering approvals improved installation timelines. Additional state subsidies in Uttar Pradesh, Delhi, Odisha, Haryana, Assam, Andhra Pradesh, and Maharashtra further boosted momentum under the PM Surya Ghar program.
As of December 2025, India’s cumulative rooftop solar capacity stood at 20.8 GW.
Tata Power Solar retained its leadership position, accounting for 19.2% of rooftop solar installations in 2025. The company has a diversified portfolio across commercial, industrial, and residential segments, supported by a nationwide dealer network, financial modes, and integrated solar solutions. The residential segment, with 58%, was the main contributor, especially in Maharashtra, Gujarat, Tamil Nadu, and Chhattisgarh.
Roofsol Energy ranked second, primarily focusing on the commercial and industrial (C&amp;I) segment. The company secured ₹2.1 billion (~$24.67 million) in funding from Aseem Infrastructure Finance in May 2025 to expand rooftop and open access projects for C&amp;I units across multiple locations in India.
Mahindra Solarize ranked third with rooftop solar installations across C&amp;I and residential segments. The company’s client base includes firms from the textile and automotive sectors. As the distributed solar EPC arm of the Mahindra Group, it continues to expand its rooftop footprint across key cities, including Lucknow, Pune, Nashik, Ahmedabad, and Mumbai.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/image-15.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-93245 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/image-15.png" alt="Tata Power, Roofsol, Mahindra Lead India’s Rooftop Solar Market in 2025" width="823" height="535" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/image-15.png 823w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/image-15-300x195.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/image-15-768x499.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/image-15-650x423.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/image-15-624x406.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/image-15-600x390.png 600w" sizes="auto, (max-width: 823px) 100vw, 823px" /></a>
Kalpa Power moved up in the rankings to fourth place, recording 17.2% year-over-year growth in installations, supported by its rooftop and open access solar offerings and asset management services for C&amp;I clients across India.
HARTEK climbed up to the fifth rank with a 36.4% YoY growth, delivering turnkey EPC services for ground-mounted and rooftop solar projects and supporting power infrastructure and grid integration. The installations were spread across food processing, automotive, steel, chemicals, and other industries. In January 2025, HARTEK <a href="https://www.mercomindia.com/hartek-wins-epc-contract-for-8-mw-rooftop-solar-project-in-jk" target="_blank" rel="noopener">won</a> an EPC contract from Kandhari Beverages for an 8 MW rooftop solar installation in Jammu and Kashmir.
Rising participation from new players in rooftop solar signals expanding competition across residential and C&amp;I segments. This trend reveals a diversifying installer landscape with competitive pressure extending beyond established industry leaders.
Importantly, companies outside the top 10  accounted for nearly 74% of total installations, illustrating the rooftop solar sector&#8217;s broad-based growth.
Mercom’s India Solar Market Leaderboard provides a detailed analysis of market trends, competitor analysis, and company performance across the solar supply chain.
For the detailed and comprehensive report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-cy-2025-market-shares-profiles" target="_blank" rel="noopener">click here</a>.
A complete list of solar rooftop installers and quarterly market share is available through Mercom’s India <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-share-tracker" target="_blank" rel="noopener">Solar Market Share Tracker</a>.

Tata Power, Roofsol, Mahindra Lead India’s Rooftop Solar Market in 2025

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					</table>Tata Power Solar, Roofsol Energy, Mahindra Solarize, Gentari (formerly Amplus Solar), and Kalpa Power <a href="https://www.mercomindia.com/tata-power-solar-roofsol-mahindra-solarize-lead-indias-rooftop-solar-market-in-2024" target="_blank" rel="noopener">emerged</a> as the top rooftop solar installers in India in 2024, according to Mercom India’s India Solar Market Leaderboard 2025. Together, these five companies accounted for nearly 30% of the total rooftop solar market. India added 3.2 GW of rooftop solar capacity in 2024, marking an 86% increase from 1.7 GW in 2023, as per Mercom India’s 2024 Q4 &amp; Annual Mercom India Rooftop Solar Market Report.
Multi Infrastructure and Engineering (MIEPL) <a href="https://www.mercomindia.com/multi-infra-wins-cels-auction-to-set-up-200-mw-solar-module-facility" target="_blank" rel="noopener">won</a> Central Electronics’ (CEL) auction for setting up a 200 MW solar module manufacturing facility in Ghaziabad, Uttar Pradesh. CEL floated the tender in April this year. MEIPL must implement the project on a revenue-sharing model under the Make in India initiative. The company said the proposed facility is expected to bolster the production of solar modules within the country, reduce import dependency, and contribute to India’s clean energy transition. MEIPL is an engineering, procurement, and construction company working on railway general electrification, gas pipelines, water pipelines, and electrical substations and lines.
The increasing integration of renewable energy <a href="https://www.mercomindia.com/operators-struggle-to-balance-solar-with-thermal-power-as-grid-woes-rise" target="_blank" rel="noopener">continues</a> to stress India’s electricity grid, causing repeated frequency fluctuations. The grid has seen persistent high frequency above the ceiling on 39 days in the third and fourth quarters of the financial year 2024-25, triggering concerns among grid operators and regulators. The frequency was above the Indian Electricity Grid Code band of 49.90-50.05 Hz for over 20% of the time on these days during the two quarters. The high-frequency periods were attributed to increased levels of solar power injection and the limited flexibility to reduce thermal generation to accommodate renewable energy production. On certain days, the down reserves during solar hours were completely depleted.
Hydrogen fuel cell solutions provider Plug Power <a href="https://www.mercomindia.com/plug-power-q1-revenue-up-11-yoy" target="_blank" rel="noopener">reported</a> a revenue of $133.67 million in the first quarter of 2025, an 11% year-over-year increase compared to $120.26 million. This growth was driven by rising demand for electrolyzers, consistent material handling activity, and continued deployment within its cryogenic platform. The revenue exceeded analysts’ expectations by $1.88 million. The company’s net loss fell to $196.65 million from a net loss of $295.77 million in the corresponding period last year. Its loss per share came in at $0.21, missing the analysts’ estimate by $0.02.

Daily News Wrap-Up: Top Rooftop Solar Installers in 2024

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					</table><a href="https://www.tatapowersolar.com/" target="_blank" rel="noopener">Tata Power Solar</a>, <a href="https://roofsol.com/" target="_blank" rel="noopener">Roofsol Energy</a>, <a href="https://www.havells.com/#gref" target="_blank" rel="noopener">Havells India</a>, <a href="https://kalpapower.com/" target="_blank" rel="noopener">Kalpa Power</a>, and <a href="https://www.mahindrasolarize.com/" target="_blank" rel="noopener">Mahindra Solarize</a> were the top rooftop solar installers in India during the first half of the calendar year (CY) 2024, according to Mercom&#8217;s recently released <a href="https://www.mercomindia.com/product/state-solar-manufacturing-india-1h-2024" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2024</a>.
The report provides details on the market share and competitive landscape of leading players in India&#8217;s solar supply chain.
According to the <a href="https://www.mercomindia.com/product/rooftop-solar-market-report-q2-2024" target="_blank" rel="noopener">Q2 2024 Mercom India Rooftop Solar Market Report</a>, India added 1.1 GW of rooftop solar capacity in 1H 2024. The top 5 companies contributed to 46.9% of those installations.
<a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Rooftop-Solar-Installers-in-India-1H-2024.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-72663 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Rooftop-Solar-Installers-in-India-1H-2024.png" alt="Leading Rooftop Solar Installers in India 1H 2024" width="532" height="452" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Rooftop-Solar-Installers-in-India-1H-2024.png 532w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/11/Leading-Rooftop-Solar-Installers-in-India-1H-2024-300x255.png 300w" sizes="auto, (max-width: 532px) 100vw, 532px" /></a>
Tata Power Solar remained the leading rooftop solar installer, accounting for 29.2% of the capacity additions. As of June 2024, the company had an installed rooftop solar capacity of 2.5 GW across residential, commercial, and industrial segments. It has tied up with 20+ financial institutions, supporting over 2,200 C&amp;I consumers with customized financing solutions. During the first half of the year, Tata Power Solar <a href="https://www.mercomindia.com/tata-power-indian-bank-rooftop-solar-financing" target="_blank" rel="noopener">partnered</a> with the Indian Bank and Union Bank to provide financing solutions to residential consumers.
Roofsol Energy ranked second, accounting for 5.8% of the rooftop solar capacity additions in 1H 2024. The company&#8217;s cumulative installed rooftop solar capacity was 343 MW as of June 2024. It had over 300 projects and more than 200 clients in India until June 2024.
Havells India was the third leading rooftop solar installer. The company accounted for 5.2% of rooftop solar capacity additions in 1H 2024. As of June 2024, its cumulative installed rooftop solar capacity was 203 MW.
Kalpa Power and Mahindra Solarize ranked fourth and fifth, accounting for 3.4% and 3.3% of the total capacity in 1H 2024. The companies&#8217; cumulative installed rooftop solar capacities were 144 MW and 289 MW, respectively, as of June 2024.
Mercom&#8217;s India Solar Market Leaderboard report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2024-market-shares-profiles" target="_blank" rel="noopener">click here</a>.
A complete list of the solar rooftop installers and their market share is available through Mercom&#8217;s<a href="https://mercomindia.com/product/mercoms-india-solar-market-share-tracker/" target="_blank" rel="noopener"> India Solar Market Share Tracker</a>

Tata Power Solar, Roofsol and Havells Leading Rooftop Solar Installers in 1H 2024

Green Gravity, a gravity-based energy storage solutions developer, <a href="https://cms.mercomindia.com/green-gravity-raises-6-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> AU$9 million (~$6 million) in a Series A funding to complete product development for its gravitational energy storage technology. The funding was led by HMC Capital, BlueScopeX, Pacific Channel, Sumisho Coal Australia Holdings, and other key institutional investors.
BNZ, a solar project developer and an independent power produce, <a href="https://cms.mercomindia.com/solar-project-developer-bnz-secures-over-744-million-in-funding/" target="_blank" rel="noopener">announced</a> that it has completed its first Total IPP Financing for over €680 million (~$744 million) in several countries. The funding includes a senior debt facility and ancillary credit facilities of €420 million (~$459 million), secured by Clean Energy Fund III of Nuveen’s portfolio from a group of financial institutions formed by the European Investment Bank, ABN AMRO, Intesa Sanpaolo, NatWest, SMBC, and Bankinter with Palmer acting as an agent.
NW, an energy storage project developer and energy transition group, has <a href="https://cms.mercomindia.com/energy-storage-developer-nw-secures-466-million-in-debt-financing/" target="_blank" rel="noopener">secured</a> € 430 million (~$466 million) in non-recourse bank financing from Santander CIB and Rabobank. The funding will enable the company to develop and upgrade the JBox-distributed electricity storage unit and establish more than 2GWh of energy storage projects in Finland and France by the end of 2025.
Roofsol Energy, a Maharashtra-based rooftop solar EPC services provider, has <a href="https://www.mercomindia.com/roofsol-energy-raises-%E2%82%B9255-million-through-equity-funding" target="_blank" rel="noopener">raised</a> ₹255 million (~$3.03 million) in its inaugural round of equity funding. The funds were raised through private placements from high net-worth individuals led by fund manager Equity4life IH Analytics. Roofsol Energy plans to utilize the funds to accelerate the development of OPEX business for developing solar assets in subsidiary companies.
Multi-business conglomerate Adani Enterprises has <a href="https://www.mercomindia.com/adani-42-billion-qip" target="_blank" rel="noopener">completed</a> a Qualified Institutional Placement (QIP) of equity shares, each with a face value of ₹1 (~$0.012), raising around ₹42 billion (~$500 million). A total of 14,179,608 equity shares were issued at a price of ₹2,962 (~$35) per share through the QIP. Proceeds from the QIP will be used to fund capital expenditures, repay debt, and support general corporate purposes.
Karnataka-based solar project developer Ravindra Energy has <a href="https://www.mercomindia.com/ravindra-energy-raises-%E2%82%B91-79-billion-through-sale-of-24-3-million-shares" target="_blank" rel="noopener">raised</a> ₹1.79 billion (~$21.29 million) by selling 24.3 million equity shares. The Securities and Exchange Board of India approved the allotment of 24.3 equity million shares at a face value of ₹10 (~$0.11) per equity share and a premium of ₹64 (~$0.76) per equity share on a preferential basis.
Azure Power Global has <a href="https://www.mercomindia.com/azure-prepays-350-million-debt-after-refinancing-deal-with-rec" target="_blank" rel="noopener">announced</a> the completion of its ₹24 billion (~$285.54 million) refinancing transaction, structured as a term loan underwritten by REC Limited. Following this transaction, the company has prepaid its green bonds, issued in 2019 for $350 million and backed by ten solar projects commissioned between 2016 and 2019.
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-form-energy-raises-405-million-series-f-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Green Gravity Raises $6 Million in Series A Funding

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-green-gravity-raises-6-million-series-a-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
Green Gravity, a gravity-based energy storage solutions developer, <a href="https://mercomcapital.com/green-gravity-raises-6-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> AU$9 million (~$6 million) in a Series A funding to complete product development for its gravitational energy storage technology. The funding was led by HMC Capital, BlueScopeX, Pacific Channel, Sumisho Coal Australia Holdings, and other key institutional investors.
BNZ, a solar project developer and an independent power produce, <a href="https://mercomcapital.com/solar-project-developer-bnz-secures-over-744-million-in-funding/" target="_blank" rel="noopener">announced</a> that it has completed its first Total IPP Financing for over €680 million (~$744 million) in several countries. The funding includes a senior debt facility and ancillary credit facilities of €420 million (~$459 million), secured by Clean Energy Fund III of Nuveen’s portfolio from a group of financial institutions formed by the European Investment Bank, ABN AMRO, Intesa Sanpaolo, NatWest, SMBC, and Bankinter with Palmer acting as an agent.
NW, an energy storage project developer and energy transition group, has <a href="https://mercomcapital.com/energy-storage-developer-nw-secures-466-million-in-debt-financing/" target="_blank" rel="noopener">secured</a> € 430 million (~$466 million) in non-recourse bank financing from Santander CIB and Rabobank. The funding will enable the company to develop and upgrade the JBox-distributed electricity storage unit and establish more than 2GWh of energy storage projects in Finland and France by the end of 2025.
Roofsol Energy, a Maharashtra-based rooftop solar EPC services provider, has <a href="https://www.mercomindia.com/roofsol-energy-raises-%E2%82%B9255-million-through-equity-funding" target="_blank" rel="noopener">raised</a> ₹255 million (~$3.03 million) in its inaugural round of equity funding. The funds were raised through private placements from high net-worth individuals led by fund manager Equity4life IH Analytics. Roofsol Energy plans to utilize the funds to accelerate the development of OPEX business for developing solar assets in subsidiary companies.
Multi-business conglomerate Adani Enterprises has <a href="https://www.mercomindia.com/adani-42-billion-qip" target="_blank" rel="noopener">completed</a> a Qualified Institutional Placement (QIP) of equity shares, each with a face value of ₹1 (~$0.012), raising around ₹42 billion (~$500 million). A total of 14,179,608 equity shares were issued at a price of ₹2,962 (~$35) per share through the QIP. Proceeds from the QIP will be used to fund capital expenditures, repay debt, and support general corporate purposes.
Karnataka-based solar project developer Ravindra Energy has <a href="https://www.mercomindia.com/ravindra-energy-raises-%E2%82%B91-79-billion-through-sale-of-24-3-million-shares" target="_blank" rel="noopener">raised</a> ₹1.79 billion (~$21.29 million) by selling 24.3 million equity shares. The Securities and Exchange Board of India approved the allotment of 24.3 equity million shares at a face value of ₹10 (~$0.11) per equity share and a premium of ₹64 (~$0.76) per equity share on a preferential basis.
Azure Power Global has <a href="https://www.mercomindia.com/azure-prepays-350-million-debt-after-refinancing-deal-with-rec" target="_blank" rel="noopener">announced</a> the completion of its ₹24 billion (~$285.54 million) refinancing transaction, structured as a term loan underwritten by REC Limited. Following this transaction, the company has prepaid its green bonds, issued in 2019 for $350 million and backed by ten solar projects commissioned between 2016 and 2019.
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’s funding <a href="https://mercomcapital.com/funding-ma-roundup-form-energy-raises-405-million-series-f-funding/" target="_blank" rel="noopener">roundup</a>.

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					</table><a href="https://www.tatapowersolar.com/" target="_blank" rel="noopener">Tata Power Solar</a>,<a href="https://amplussolar.com/" target="_blank" rel="noopener"> Amplus Solar</a>, <a href="https://roofsol.com/" target="_blank" rel="noopener">Roofsol Energy</a>, <a href="https://www.havells.com/#gref" target="_blank" rel="noopener">Havells India</a>, and <a href="https://www.mahindrasolarize.com/" target="_blank" rel="noopener">Mahindra Solarize</a> were the top rooftop solar companies in India during the calendar year (CY) 2023, according to Mercom’s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2024</a>.
India added 1.7 GW of rooftop solar capacity in CY 2023, according to the <a href="https://www.mercomindia.com/product/rooftop-solar-market-report-q4-2023" target="_blank" rel="noopener">2023 Q4 &amp; Annual Mercom India Rooftop Solar Market Report</a>. As of December 2023, the country’s cumulative rooftop solar installations reached 10.5 GW.
Tata Power Solar led the annual capacity additions, accounting for 26.2% of the installations. Amplus Solar and Roofsol Energy ranked second and third, accounting for 7.9% and 4% of yearly installations, respectively. Havells India and Mahindra Solarize rounded off the top five with 3.9% and 2.8%, respectively.
These five companies accounted for 44.9% of the market share in 2023.
<img loading="lazy" decoding="async" class="aligncenter wp-image-66220 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1wqwq.png" alt="Leading Solar Installers" width="857" height="560" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1wqwq.png 857w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1wqwq-300x196.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1wqwq-768x502.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1wqwq-650x425.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1wqwq-624x408.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/05/Picture1wqwq-600x392.png 600w" sizes="auto, (max-width: 857px) 100vw, 857px" />
Tata Power Solar, a subsidiary of Tata Power Company, remained the top rooftop solar installer. As of December 2023, the company’s cumulative installed rooftop solar capacity stood at nearly 2 GW. The company’s pan-India distribution network, partnerships for rooftop solar system installations, financing, and a streamlined project supply chain have helped drive the capacity additions. During the year, the company partnered with <a href="http://www.ecofy.co.in/" target="_blank" rel="noopener">Ecofy</a> and signed a memorandum of understanding with the Small Industries Development Bank of India (<a href="https://www.sidbi.in/en/" target="_blank" rel="noopener">SIDBI</a>) to offer easy financing options for rooftop solar systems.
Amplus Solar, a Gentari Group member, owns and manages a portfolio (operational and under construction) of over 1.9 GW distributed solar assets with more than 650 projects spread over 24 states across India. The company’s cumulative installed rooftop solar capacity stood at 533 MW as of December 2023. Amplus Solar announced a partnership with <a href="https://creditfair.in/" target="_blank" rel="noopener">Credit Fair</a> to offer collateral-free rooftop solar financing solutions for individuals, residential welfare, and trust associations in October 2023.
Roofsol Energy has over 300 solar projects in India rooftop solar installations stood at 280 MW.
Mercom’s India Solar Market Leaderboard report covers the market landscape across the entire supply chain. For the detailed and comprehensive report, <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">click here</a>.
A complete list of the solar rooftop installers and their market share is available through Mercom’s<a href="https://mercomindia.com/product/mercoms-india-solar-market-share-tracker/" target="_blank" rel="noopener"> India Solar Market Share Tracker</a>.

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