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://solarbankcorp.com/" target="_blank" rel="noopener">SolarBank Corporation</a>, an independent renewable and developer, owner, and operator of distributed and community solar projects, and CIM Group, a real estate and infrastructure owner and developer, have entered into a mandate letter providing for up to $100 million in project financing for a portfolio of solar projects totaling 97 MW located across the U.S.
The transaction will be structured as a preferred equity investment in a newly formed entity, New HoldCo, which will be a joint venture between CIM and Abundant Solar Power, a wholly owned subsidiary of SolarBank.
CIM will acquire non-convertible preferred equity interests in New HoldCo. As per the membership interest purchase agreement to be entered into by New HoldCo and Abundant Solar Power, New HoldCo would advance 20% of the purchase price for each project at mechanical completion of such project, and 80% at substantial completion of such project.
&#8220;The financing is another major milestone in SolarBank&#8217;s plans to grow its status as an independent power producer. Assuming full funding, SolarBank will retain a majority ownership interest in what is expected to be 21 solar energy projects with a total capacity of 97 MW,&#8221; said Dr. Richard Lu, President and CEO of SolarBank. &#8220;The Transaction has been structured such that SolarBank does not have to issue any new shares, as the financing is being completed at the project company level.&#8221;
&#8220;CIM Group has a long history of developing and investing in essential infrastructure projects that seek to benefit communities and the environment,&#8221; said Kyle Hatzes, Managing Director, Infrastructure &amp; Impact Investments, CIM Group. &#8220;This transaction with SolarBank to grow its portfolio of solar projects underscores our ongoing commitment to the renewable energy sector and our focus on supporting innovative companies leading the energy transition across North America.&#8221;
In January, the company also announced that Qcells, a solar cell and module manufacturer, through an affiliate, has signed an <a href="https://mercomcapital.com/solarbank-sells-four-solar-projects-for-around-50-million/" target="_blank" rel="noopener">acquisition</a> agreement with the company to acquire four ground-mounted solar projects totaling 25.577 MW in upstate New York.
According to Mercom&#8217;s Q1 2025 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/q1-2025-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, announced large-scale project funding in Q1 2025 increased by 27% compared to Q1 2024.

SolarBank Secures $100 Million Financing for 97 MW of Solar Projects

ContourGlobal, a renewable energy power generation company, has <a href="https://cms.mercomindia.com/contourglobal-acquires-888-mw-hybrid-solar-plus-storage-project/" target="_blank" rel="noopener">announced</a> the acquisition of an advanced-stage solar-plus-storage project with a total capacity of 888 MW. The project will be developed in two phases, featuring 567 MWp of solar capacity and 321 MW/1.3 GWh of battery energy storage. Once operational, the project will provide clean electricity to customers in WECC-Southwest, Arizona, and CAISO, California.
Aypa Power, a Blackstone portfolio company that develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects, announced the <a href="https://cms.mercomindia.com/aypa-power-secures-190-million-financing-for-battery-storage-project/" target="_blank" rel="noopener">closing</a> of a $190 million financing facility for the 200 MW/400 MWh Bypass battery energy storage system project located in Fort Bend County, near Houston, Texas.
SolarBank, a distributed and community solar project developer, <a href="https://cms.mercomindia.com/solarbank-sells-four-solar-projects-for-around-50-million/" target="_blank" rel="noopener">announced</a> that Qcells, a solar cell and module manufacturer, through an affiliate, has signed an acquisition agreement with the company to acquire four ground-mounted solar projects totaling 25.577 MW in upstate New York. The sale of the projects, along with an engineering, procurement, and construction agreement, is valued at approximately $49.5 million.
Blue Elephant Energy, a Hamburg-based solar and wind project developer, <a href="https://cms.mercomindia.com/blue-elephant-energy-acquires-88-mw-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> the acquisition of an 88 MWp solar project portfolio spread across the Netherlands from TPSolar, a solar and battery storage project developer in the Netherlands. The portfolio consists of three solar projects, which are currently in different stages of development. Of the three, the largest solar project, with 50 MWp capacity, located in the north-east of the country, is scheduled for commissioning in time for the turn of the year 2025-26.
EDP Renováveis (EDPR), a renewable energy power producer, announced the signing of a sale and purchase <a href="https://cms.mercomindia.com/edpr-sells-49-stake-in-solar-portfolio-and-storage-project/" target="_blank" rel="noopener">agreement</a> with a global energy company to sell a 49% equity stake of class B shares in an operational solar portfolio comprising two projects totaling 300 MWac (406 MWdc) and a 92 MW electricity storage project. The projects are in California. The two solar projects were commissioned in the fourth quarter of 2024. The storage project is currently under construction and expected to reach commercial operation in the fourth quarter of 2025.
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-enlight-secures-financing-project/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: ContourGlobal Acquires 888 MW Solar Plus Storage Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-contourglobal-acquires-solar-storage-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
ContourGlobal, a renewable energy power generation company, has <a href="https://mercomcapital.com/contourglobal-acquires-888-mw-hybrid-solar-plus-storage-project/" target="_blank" rel="noopener">announced</a> the acquisition of an advanced-stage solar-plus-storage project with a total capacity of 888 MW. The project will be developed in two phases, featuring 567 MWp of solar capacity and 321 MW/1.3 GWh of battery energy storage. Once operational, the project will provide clean electricity to customers in WECC-Southwest, Arizona, and CAISO, California.
Aypa Power, a Blackstone portfolio company that develops, owns, and operates utility-scale energy storage and hybrid renewable energy projects, announced the <a href="https://mercomcapital.com/aypa-power-secures-190-million-financing-for-battery-storage-project/" target="_blank" rel="noopener">closing</a> of a $190 million financing facility for the 200 MW/400 MWh Bypass battery energy storage system project located in Fort Bend County, near Houston, Texas.
SolarBank, a distributed and community solar project developer, <a href="https://mercomcapital.com/solarbank-sells-four-solar-projects-for-around-50-million/" target="_blank" rel="noopener">announced</a> that Qcells, a solar cell and module manufacturer, through an affiliate, has signed an acquisition agreement with the company to acquire four ground-mounted solar projects totaling 25.577 MW in upstate New York. The sale of the projects, along with an engineering, procurement, and construction agreement, is valued at approximately $49.5 million.
Blue Elephant Energy, a Hamburg-based solar and wind project developer, <a href="https://mercomcapital.com/blue-elephant-energy-acquires-88-mw-solar-project-portfolio/" target="_blank" rel="noopener">announced</a> the acquisition of an 88 MWp solar project portfolio spread across the Netherlands from TPSolar, a solar and battery storage project developer in the Netherlands. The portfolio consists of three solar projects, which are currently in different stages of development. Of the three, the largest solar project, with 50 MWp capacity, located in the north-east of the country, is scheduled for commissioning in time for the turn of the year 2025-26.
EDP Renováveis (EDPR), a renewable energy power producer, announced the signing of a sale and purchase <a href="https://mercomcapital.com/edpr-sells-49-stake-in-solar-portfolio-and-storage-project/" target="_blank" rel="noopener">agreement</a> with a global energy company to sell a 49% equity stake of class B shares in an operational solar portfolio comprising two projects totaling 300 MWac (406 MWdc) and a 92 MW electricity storage project. The projects are in California. The two solar projects were commissioned in the fourth quarter of 2024. The storage project is currently under construction and expected to reach commercial operation in the fourth quarter of 2025.
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-enlight-secures-financing-project/" target="_blank" rel="noopener">brief</a>.

<a href="https://solarbankcorp.com/" target="_blank" rel="noopener">SolarBank Corporation</a>, a distributed and community solar project developer, announced that Qcells, a solar cell and module manufacturer, through an affiliate, has signed an acquisition agreement with the company to acquire four ground-mounted solar projects totaling 25.577 MW in upstate New York.
The sale of the projects, along with an engineering, procurement, and construction (EPC) agreement, is valued at approximately $49.5 million.
The projects, known as Gainesville, Hardie, Rice Road, and Hwy 28, are currently under development and will incorporate domestically manufactured solar modules by Qcells.
SolarBank will continue to build the projects for Qcells until commercial operation via EPC agreements. The company also expects to retain an operations and maintenance contract once the construction of the projects is completed.
Upon completion, the projects will be operated as community solar projects. Additionally, the projects are expected to be eligible for incentives under the New York State Energy Research and Development Authority (NYSERDA) NY-Sun Program.
Qcells will pay the purchase price for the projects and construction costs under the EPC agreements in stages.
Dr. Richard Lu, Chief Executive Officer of SolarBank, commented, “I am extremely pleased to have entered into this transaction with Qcells. Qcells is making a substantial investment in U.S. domestic manufacturing for solar panels, and SolarBank is excited to be supporting them in developing these four projects using made in the USA equipment.”
According to Mercom’s 9M and Q3 2024 Solar Funding and M&amp;A <a href="https://mercomcapital.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.
In October this year, Qcells announced the <a href="https://mercomcapital.com/qcells-sells-200-mw-ursa-solar-project/" target="_blank" rel="noopener">sale</a> of Ursa Solar Project (formerly known as Langdon Mills Solar), which has a total capacity of 200 MW, to We Energies, Wisconsin Public Service Corporation (WPS), and Madison Gas and Electric Company (MGE). The project is located in Colombia County, Wisconsin.

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