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

<a href="https://eqtgroup.com/" target="_blank" rel="noopener">EQT</a>, a private equity firm, announced that EQT Transition Infrastructure has agreed to acquire Scale Microgrids. The transaction is subject to customary conditions and approvals.
Scale Microgrids is a vertically integrated energy company that designs, builds, finances, owns, and operates microgrids and distributed energy assets in North America.
EQT will support Scale Microgrids and its existing growth plans by investing in its commercial processes, tech platform, and project execution capabilities, enabling the company to own and operate several distributed generation assets.
EQT was advised by Weil, Gotshal &amp; Manges (legal) and Guggenheim Securities (financial). Scale Microgrids was advised by Latham &amp; Watkins (legal), Nomura Greentech (financial), and Truist Securities (financial).
&#8220;Today marks the start of an exciting new chapter for our company. EQT brings a depth of experience, resources, and capital that will enable us to continue pursuing our vision to power the world with distributed energy. I&#8217;m incredibly proud of what our team has built, and I believe this transaction will enable us to unlock even greater opportunities for the customers, employees, and communities we serve. We&#8217;re appreciative of our past shareholders, led by Warburg Pincus, for their support in getting us to where we are today.&#8221; Ryan Goodman, CEO of Scale Microgrids, said.
According to EQT, the acquisition will be its first North American investment in its recently launched Transition Infrastructure strategy, which aims to scale businesses that enable the transition to clean energy and a more resource-efficient, circular economy.
According to Mercom’s 9M and Q3 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-and-q3-2024-funding-and-ma-report-for-storage-and-grid/" target="_blank" rel="noopener">report</a> for Energy Storage and Smart Grid, in 9M 2024, there were seven Smart Grid M&amp;A transactions compared to eight transactions in 9M 2023.
In December, EQT Active Core Infrastructure Fund (EQT), a private equity company, and GIC, an investing company, announced the <a href="https://cms.mercomindia.com/eqt-and-gic-acquire-majority-stake-smart-meter-company-calisen/" target="_blank" rel="noopener">acquisition</a> of a majority stake in Calisen, an independent provider of smart meters and energy transition infrastructure in the U.K.

EQT to Acquire Distributed Energy Company Scale Microgrids

Scale Microgrids, a commercial-scale distributed energy developer, <a href="https://cms.mercomindia.com/scale-microgrids-secures-150-million-in-tax-equity-financing/" target="_blank" rel="noopener">closed</a> a tax equity transaction with Truist Bank of up to $150 million. The company designs, builds, owns, and operates distributed energy assets. Scale Microgrids also finances project developers and helps large energy consumers manage their energy supply with microgrids integrating solar, batteries, and other on-site energy sources.
Nanoramic, an energy storage and advanced materials company, <a href="https://cms.mercomindia.com/battery-materials-company-nanoramic-raises-44-million-funding/" target="_blank" rel="noopener">secured</a> $44 million in funding. General Motors Ventures (GM Ventures) and Catalus Capital co-led the round, with participation from Samsung Venture Investment Corporation (Samsung Ventures), Top Material, and existing investors, including Fortistar Capital and WindSail Capital Group.
Rooftop solar company SolarSquare has <a href="https://www.mercomindia.com/residential-solar-company-solarsquare-raises-40-million-in-series-b-funding" target="_blank" rel="noopener">raised</a> $40 million in a Series B funding round. Lightspeed led the round with participation from Lightrock. SolarSquare’s current investors, Elevation Capital, Lowercarbon, Rainmatter, and Gruhas Proptech, also participated in this funding round. SolarSquare aims to use the newly raised funds to expand operations to over 50 cities from its current footprint of 20.
Raptor Maps, a solar lifecycle management software provider, <a href="https://cms.mercomindia.com/raptor-maps-closes-35-million-in-series-c-funding/" target="_blank" rel="noopener">secured</a> $35 Million in an oversubscribed Series C funding round led by Maverix Private Equity, with participation from existing investors MKB, Blue Bear Capital, Congruent Ventures, Buoyant Ventures, and Y Combinator. The financing will facilitate Raptor Maps’ product development, including enhancements in solar automation, work management, and machine-learning insights.
WeaveGrid, a developer of electrification software to deploy EVs at scale on the grid, has <a href="https://cms.mercomindia.com/weavegrid-raises-28-million-in-funding/" target="_blank" rel="noopener">raised</a> $28 million in funding led by Woven Capital. Existing investors, including Activate Capital, Collab Fund, Emerson Collective, and Salesforce Ventures, participated in this funding. HSBC Innovation Banking provided the debt funding. The company says this funding will help position itself as a platform for EV-managed charging, building on previous direct integration collaborations with automakers like Toyota.
Electrified Thermal Solutions, an electric heating and thermal energy storage solutions provider, <a href="https://cms.mercomindia.com/electrified-thermal-solutions-secures-19-million-in-funding/" target="_blank" rel="noopener">raised</a> $19 million to accelerate the commercialization of its Joule Hive Thermal Battery system. The round was backed by Holcim MAQER Ventures, Vale Ventures, TechEnergy Ventures, EDP Ventures, and Tupras Ventures alongside financial investor GVP Climate and follow-on investors Clean Energy Ventures and Starlight Ventures, with participation from Mass Ventures and Clean Energy Venture Group.
WATT Renewable Corporation (WATT), a hybrid solar project developer, <a href="https://cms.mercomindia.com/watt-renewable-corporation-receives-15-million-debt-facility/" target="_blank" rel="noopener">secured</a> a $15 million debt facility through several of its project companies from the AFRIGREEN Debt Impact Fund (AFRIGREEN), an infrastructure senior debt fund. The funds will be used to finance hybrid solar power projects to be built and operated by WATT to cater to commercial and industrial clients in Nigeria, particularly in the telecommunication and financial services sectors, by integrating solar hybrid solutions.
SpotmyEnergy, a provider of energy management solutions, <a href="https://cms.mercomindia.com/energy-management-spotmyenergy-raises-11-million-seed-funding/" target="_blank" rel="noopener">secured</a> €10.5 million (~$11 million) in a seed funding round led by Norrsken VC, with participation from new investor Vorwerk Ventures and existing investor Picus Capital, which led the company’s €1.55 million (~$1.6 million) pre-seed funding round in 2023. The company plans to use this investment to help scale its technology, grow its team, and expedite the rollout of smart meters across Germany.
Enzinc, an advanced zinc battery developer, <a href="https://cms.mercomindia.com/zinc-battery-developer-enzinc-secures-8-million/" target="_blank" rel="noopener">raised</a> $8 million in a Series A funding round led by TO VC, with participation from American Century Investments (ACI), which led Enzinc’s seed round. The funding will enable Enzinc to scale production, expand partnerships, and bring its zinc-based battery technology to market.
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-connectder-secures-35-million-in-series-d-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Scale Microgrids Secures $150 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-scale-microgrids-secures-150-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Scale Microgrids, a commercial-scale distributed energy developer, <a href="https://mercomcapital.com/scale-microgrids-secures-150-million-in-tax-equity-financing/" target="_blank" rel="noopener">closed</a> a tax equity transaction with Truist Bank of up to $150 million. The company designs, builds, owns, and operates distributed energy assets. Scale Microgrids also finances project developers and helps large energy consumers manage their energy supply with microgrids integrating solar, batteries, and other on-site energy sources.
Nanoramic, an energy storage and advanced materials company, <a href="https://mercomcapital.com/battery-materials-company-nanoramic-raises-44-million-funding/" target="_blank" rel="noopener">secured</a> $44 million in funding. General Motors Ventures (GM Ventures) and Catalus Capital co-led the round, with participation from Samsung Venture Investment Corporation (Samsung Ventures), Top Material, and existing investors, including Fortistar Capital and WindSail Capital Group.
Rooftop solar company SolarSquare has <a href="https://www.mercomindia.com/residential-solar-company-solarsquare-raises-40-million-in-series-b-funding" target="_blank" rel="noopener">raised</a> $40 million in a Series B funding round. Lightspeed led the round with participation from Lightrock. SolarSquare’s current investors, Elevation Capital, Lowercarbon, Rainmatter, and Gruhas Proptech, also participated in this funding round. SolarSquare aims to use the newly raised funds to expand operations to over 50 cities from its current footprint of 20.
Raptor Maps, a solar lifecycle management software provider, <a href="https://mercomcapital.com/raptor-maps-closes-35-million-in-series-c-funding/" target="_blank" rel="noopener">secured</a> $35 Million in an oversubscribed Series C funding round led by Maverix Private Equity, with participation from existing investors MKB, Blue Bear Capital, Congruent Ventures, Buoyant Ventures, and Y Combinator. The financing will facilitate Raptor Maps’ product development, including enhancements in solar automation, work management, and machine-learning insights.
WeaveGrid, a developer of electrification software to deploy EVs at scale on the grid, has <a href="https://mercomcapital.com/weavegrid-raises-28-million-in-funding/" target="_blank" rel="noopener">raised</a> $28 million in funding led by Woven Capital. Existing investors, including Activate Capital, Collab Fund, Emerson Collective, and Salesforce Ventures, participated in this funding. HSBC Innovation Banking provided the debt funding. The company says this funding will help position itself as a platform for EV-managed charging, building on previous direct integration collaborations with automakers like Toyota.
Electrified Thermal Solutions, an electric heating and thermal energy storage solutions provider, <a href="https://mercomcapital.com/electrified-thermal-solutions-secures-19-million-in-funding/" target="_blank" rel="noopener">raised</a> $19 million to accelerate the commercialization of its Joule Hive Thermal Battery system. The round was backed by Holcim MAQER Ventures, Vale Ventures, TechEnergy Ventures, EDP Ventures, and Tupras Ventures alongside financial investor GVP Climate and follow-on investors Clean Energy Ventures and Starlight Ventures, with participation from Mass Ventures and Clean Energy Venture Group.
WATT Renewable Corporation (WATT), a hybrid solar project developer, <a href="https://mercomcapital.com/watt-renewable-corporation-receives-15-million-debt-facility/" target="_blank" rel="noopener">secured</a> a $15 million debt facility through several of its project companies from the AFRIGREEN Debt Impact Fund (AFRIGREEN), an infrastructure senior debt fund. The funds will be used to finance hybrid solar power projects to be built and operated by WATT to cater to commercial and industrial clients in Nigeria, particularly in the telecommunication and financial services sectors, by integrating solar hybrid solutions.
SpotmyEnergy, a provider of energy management solutions, <a href="https://mercomcapital.com/energy-management-spotmyenergy-raises-11-million-seed-funding/" target="_blank" rel="noopener">secured</a> €10.5 million (~$11 million) in a seed funding round led by Norrsken VC, with participation from new investor Vorwerk Ventures and existing investor Picus Capital, which led the company’s €1.55 million (~$1.6 million) pre-seed funding round in 2023. The company plans to use this investment to help scale its technology, grow its team, and expedite the rollout of smart meters across Germany.
Enzinc, an advanced zinc battery developer, <a href="https://mercomcapital.com/zinc-battery-developer-enzinc-secures-8-million/" target="_blank" rel="noopener">raised</a> $8 million in a Series A funding round led by TO VC, with participation from American Century Investments (ACI), which led Enzinc’s seed round. The funding will enable Enzinc to scale production, expand partnerships, and bring its zinc-based battery technology to market.
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-connectder-secures-35-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.scalemicrogrids.com/" target="_blank" rel="noopener">Scale Microgrids</a>, a commercial-scale distributed energy developer, closed a tax equity transaction with Truist Bank of up to $150 million.
The company designs, builds, owns, and operates distributed energy assets. Scale Microgrids also finances project developers and helps large energy consumers manage their energy supply with microgrids integrating solar, batteries, and other on-site energy sources.
The tax equity facility will allow Scale to finance the construction of microgrid projects for commercial and industrial customers in various industries and community-scale solar and battery storage facilities. These projects will be built over the next 18 months across multiple states, including California, Connecticut, New York, and Pennsylvania.
“We’re very excited to work with Truist to finance such a diverse portfolio of distributed energy assets with our largest institutional tax equity investment to date. This partnership will enable us to efficiently finance our microgrid and community scale projects to meet the increasing power demands of our customers in this new era of load growth and grid constraints,” said Julian Torres, Chief Investment Officer at Scale.
The recent investment adds to Scale’s capital resources, building on previous partnerships with institutional investors, including a $300 million equity investment from Warburg Pincus and a project finance debt facility of up to $225 million <a href="https://cms.mercomindia.com/scale-microgrids-raises-225-million/" target="_blank" rel="noopener">received</a> from KeyBanc Capital Markets and City National Bank.
In January, the company agreed with Gutami to <a href="https://cms.mercomindia.com/scale-microgrids-acquires-500-mw-community-solar-projects/" target="_blank" rel="noopener">acquire</a> 500 MW of distributed solar and storage projects. The projects are in multiple states, including California and New York.
According to Mercom’s 9M and Q3 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-and-q3-2024-funding-and-ma-report-for-storage-and-grid/" target="_blank" rel="noopener">report</a> for Energy Storage and Smart Grid, announced debt and public market financing for Smart Grid technology companies totaled $568 million in 10 deals in 9M 2024 compared to $1.7 billion in 11 deals in 9M 2023.

Scale Microgrids Secures $150 Million in Tax Equity Financing

<a href="https://www.scalemicrogrids.com/" target="_blank" rel="noopener">Scale Microgrids</a>, a vertically integrated distributed energy platform, entered into a definitive agreement with Gutami to acquire 500 MW of distributed solar and storage projects. All the projects are located across multiple states, including California and New York.
This deal with Gutami adds to Scale&#8217;s portfolio of community solar projects across the country, with the capacity to power over 80,000 homes and small businesses and reduce annual CO2 emissions by around 800,000 tons.
This acquisition is built on their existing 100 MW partnership in New York, Scale and Gutami have executed an expansion agreement under which Gutami will develop 500 MW of energy transition infrastructure assets, which Scale will acquire, finance, and own.
&#8220;Community solar continues to be a priority for Scale for both its inclusivity and ability to provide more options to our microgrid customers. Community solar is a great option for those who are unable to install rooftop solar because they are renters, can&#8217;t afford solar, or because their property is not suited for it,&#8221; said Chief Executive Officer, Ryan Goodman.
&#8220;We are excited to close this second deal with Scale. After our first success in New York, we were able to expand to other states,&#8221; says Gerben Pek, Gutami&#8217;s Chief Executive Officer. &#8220;The fast-decision-making processes by local governments combined with clear legal structures and a well-functioning legal system enables us to accelerate our growth in community solar in the US.&#8221;
According to Mercom&#8217;s recently released Annual and Q4 2023 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>, there were 231 large-scale solar project acquisitions in 2023 compared to 268 acquisitions in 2022. In 2023, almost 45.4 GW of solar projects were acquired 2023, compared to 66 GW in 2022, a 31% decline YoY.
Recently, ENI Plenitude, through its U.S. subsidiary Eni New Energy US, <a href="https://cms.mercomindia.com/eni-plenitude-acquires-272-mw-us-solar-portfolio/" target="_blank" rel="noopener">signed</a> an agreement with EDP Renováveis, a renewable energy company, to acquire an 80% equity stake in a portfolio of operational solar projects in the U.S.

Scale Microgrids Acquires 500 MW of Community Solar Projects

<a href="https://www.scalemicrogrids.com/" target="_blank" rel="noopener">Scale Microgrids</a>, a distributed energy developer, has agreed to acquire 100 MW of New York community solar projects from CSG-Gutami, a renewable project developer. Scale Microgrids will construct, own and operate these projects.
The agreement with Gutami is part of Scale&#8217;s rapidly growing pipeline, helping New York hit its mandated goal of a zero-emissions electricity sector by 2040. That represents the nation&#8217;s most aggressive climate and clean energy initiative, which includes 70% renewable energy generation by 2030 and economy-wide carbon neutrality. The recent Gutami transaction expands the amount of solar in New York and is enough to power over 15,000 more homes.
&#8220;We&#8217;re committed to providing the simplest path for New Yorkers to participate in clean energy projects. This portfolio of community solar has the capability to reduce annual CO2 emissions by around 160,000 tons, making strides to advance our mission of powering the world with clean, distributed energy&#8221;, said Julian Torres, Chief Investment Officer at Scale.
&#8220;This transaction endorses our strategy to develop solar projects in New York State from 2020 onwards. Supported by the Inflation Reduction Act, we will now expand our development activities to other states, preferably states with similar community solar programs. The U.S. is one of the key pillars of the Gutami strategy,&#8221; said Gerben Pek, Chief Executive Officer at Gutami.
According to Mercom Annual and Q4 2022 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2022-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, 268 large-scale solar project acquisitions were recorded in 2022 compared to 280 in 2021. In 2022, about 66 GW of solar projects were acquired, with project developers acquiring the most, reaching 35.7 GW.
CWP Europe, a solar, wind, and battery storage project developer, recently <a href="https://cms.mercomindia.com/cwp-europe-acquires-solar-project-romania/" target="_blank" rel="noopener">acquired</a> the 134 MW Studina solar project in Romania. The project is currently under development, and construction is set to begin in 2023. The project is expected to reach commercial operation by the end of 2024.

Scale Microgrids Acquires 100 MW of Community Solar Projects in New York

<a href="https://www.scalemicrogrids.com/" target="_blank" rel="noopener">Scale Microgrids</a>, a commercial-scale distributed energy developer, announced closing its $225 million debt facility, which will help the company build and operate future projects.
The non-resource project financing debt arrangement is backed solely by assets and contracts and does not include a guarantee from Scale Microgrids or its private equity owner Warburg Pincus.
Warburg Pincus initially seeded Scale Microgrids with a $300 million line of equity commitment in late 2019. The startup has since delivered multiple distributed energy resources projects across industries in the U.S.
The new debt facility will be used to construct and operate a portfolio of future microgrids and other distributed energy projects across the U.S.
“This deal serves as proof that the renewable energy landscape is changing. Microgrids, by their nature, incorporate a number of different technologies and capital providers’ willingness to step up and support,” said Ryan Goodman, co-founder and Chief Executive Officer at Scale Microgrids.
The Scale Microgrids&#8217; current portfolio comprises microgrids, combined heat and power (CHP) systems, community solar, rooftop solar, battery energy storage systems, and microgrid electric vehicle infrastructure projects. The projects are in California, Oregon, the District of Columbia, Pennsylvania, Delaware, Colorado, North Carolina, New Jersey and New York.
&#8220;Scale has increased its access to the debt capital markets, which is a cornerstone of our strategy to deliver microgrids and distributed energy projects at favorable rates,” said Julian Torres, chief financial officer at Scale Microgrids.
“Microgrids are an essential part of the next wave of the energy transition movement, and Scale is providing innovative leadership with their long-dated microgrid service agreements with a customer first approach,” said James Bowen, chief executive officer at Energetic Insurance.
KeyBanc Capital Markets acted as joint lead arranger and structuring administrative agent for the non-recourse debt facility. City National Bank also contributed as a joint lead arranger, and Energetic Insurance provided a credit insurance policy enabling access to the bank lending market. Black &amp; Veatch was an independent engineer to the lenders; Wood Mackenzie delivered market forecasts; Allen &amp; Overy provided legal counsel; and Foley Lardner served as lender counsel.
Last Year, Arcadia, a climate software and data startup focused on decarbonizing the electric grid, <a href="https://cms.mercomindia.com/arcadia-raises-125-million-to-accelerate-digital-decarbonization/" target="_blank" rel="noopener">raised</a> $125 million in new funding to support the development of the company’s Arc platform, a technology platform aimed to help decarbonize the grid and expand its community-solar business.
According to Mercom’s Annual And Q4 2022 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2022-funding-ma-report-for-storage-grid-efficiency" target="_blank" rel="noopener">Report</a> for Storage, Grid &amp; Efficiency.  Total corporate funding, including debt and public market financing, came to $4.7 billion in 58 deals in 2022, compared to $2 billion in 38 deals in 2021.

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