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Funding and M&A Roundup: Sila Raises $300 Million in Funding

SOLV Energy, a company that provides construction, operation, and maintenance services for large-scale solar and battery storage projects, has <a href="https://cms.mercomindia.com/solv-energy-secures-589-million-through-initial-public-offering/" target="_blank" rel="noopener">announced</a> the closing of its $589 million through an initial public offering (IPO) of 23,575,000 shares of its Class A common stock at $25 per share. The shares started trading on the Nasdaq Global Select Market on February 11, 2026, under the ticker symbol “MWH.”
Solar module manufacturer Vikram Solar has <a href="https://www.mercomindia.com/vikram-solar-secures-%E2%82%B932-billion-working-capital-facilities" target="_blank" rel="noopener">signed</a> an agreement to renew and enhance its existing working capital facilities, amounting to ₹32 billion (~$353.23 million), extended by a lenders’ consortium. As of February 10, 2026, Vikram Solar has an outstanding loan of ₹1.05 billion (~$11.57 million) secured under fund-based working capital facilities, and ₹25.44 billion (~$280.79 million) under non-fund-based working capital facilities.
Solar module manufacturer GREW Solar has <a href="https://www.mercomindia.com/grew-solar-raises-%E2%82%B910-5-billion-to-expand-cell-capacity-in-madhya-pradesh" target="_blank" rel="noopener">raised</a> ₹10.5 billion (~$118.4 million) in a new funding round led by Bay Capital Investment to expand manufacturing capacity at its Dudu facility in Rajasthan and its upcoming plant in Madhya Pradesh, India. The Dudu facility is being expanded to 11 GW. It also includes an in-house research and development laboratory. The latest fundraise follows an earlier funding round of ₹3 billion (~$33.8 million) led by GeeCee Holdings.
NeoVolta, a U.S.-based energy storage solutions provider, has <a href="https://cms.mercomindia.com/energy-storage-solutions-provider-neovolta-closes-23-million/" target="_blank" rel="noopener">raised</a> around $23 million in gross proceeds through two financing transactions completed in December 2025 and January 2026. The first $13 million was raised by the company through a private placement financing led by Infinite Grid Capital. This transaction closed in December 2025 and January 2026. The next $10 million was raised through a registered direct offering
Saatvik Cleantech EPC, a wholly owned subsidiary of Haryana-based solar module manufacturer Saatvik Green Energy, has <a href="https://www.mercomindia.com/saatvik-forays-into-ipp-segment-to-buy-49-stake-in-intelligent-hydel" target="_blank" rel="noopener">entered</a> into a share purchase agreement to acquire a 49% stake in Intelligent Hydel Solutions. Saatvik Cleantech EPC invested ₹1 million (~$11,038) by acquiring 100,000 equity shares of IHSPL, each with a face value of ₹10 (~$0.110).
Battery cell manufacturer, e-TRNL Energy, has <a href="https://www.mercomindia.com/e-trnl-energy-secures-%E2%82%B9274-million-to-scale-next-generation-battery-cell-innovation" target="_blank" rel="noopener">secured</a> ₹274 million (~$3.02 million) in seed funding, led by IAN Group’s IAN Alpha Fund with participation from Navam Capital, Speciale Invest, and other investors. This capital injection will be used to complete product development, validate performance and safety, and demonstrate domestic manufacturing capabilities for its next-generation battery cells.
 
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-jupiter-secures-500-million-credit-facility/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: SOLV Energy Raises $589 Million Through IPO

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-solv-energy-raises-589-million-through-ipo/" target="_blank" rel="noopener">Mercom Capital Group</a>
SOLV Energy, a company that provides construction, operation, and maintenance services for large-scale solar and battery storage projects, has <a href="https://mercomcapital.com/solv-energy-secures-589-million-through-initial-public-offering/" target="_blank" rel="noopener">announced</a> the closing of its $589 million through an initial public offering (IPO) of 23,575,000 shares of its Class A common stock at $25 per share. The shares started trading on the Nasdaq Global Select Market on February 11, 2026, under the ticker symbol “MWH.”
Solar module manufacturer Vikram Solar has <a href="https://www.mercomindia.com/vikram-solar-secures-%E2%82%B932-billion-working-capital-facilities" target="_blank" rel="noopener">signed</a> an agreement to renew and enhance its existing working capital facilities, amounting to ₹32 billion (~$353.23 million), extended by a lenders’ consortium. As of February 10, 2026, Vikram Solar has an outstanding loan of ₹1.05 billion (~$11.57 million) secured under fund-based working capital facilities, and ₹25.44 billion (~$280.79 million) under non-fund-based working capital facilities.
Solar module manufacturer GREW Solar has <a href="https://www.mercomindia.com/grew-solar-raises-%E2%82%B910-5-billion-to-expand-cell-capacity-in-madhya-pradesh" target="_blank" rel="noopener">raised</a> ₹10.5 billion (~$118.4 million) in a new funding round led by Bay Capital Investment to expand manufacturing capacity at its Dudu facility in Rajasthan and its upcoming plant in Madhya Pradesh, India. The Dudu facility is being expanded to 11 GW. It also includes an in-house research and development laboratory. The latest fundraise follows an earlier funding round of ₹3 billion (~$33.8 million) led by GeeCee Holdings.
NeoVolta, a U.S.-based energy storage solutions provider, has <a href="https://mercomcapital.com/energy-storage-solutions-provider-neovolta-closes-23-million/" target="_blank" rel="noopener">raised</a> around $23 million in gross proceeds through two financing transactions completed in December 2025 and January 2026. The first $13 million was raised by the company through a private placement financing led by Infinite Grid Capital. This transaction closed in December 2025 and January 2026. The next $10 million was raised through a registered direct offering
Saatvik Cleantech EPC, a wholly owned subsidiary of Haryana-based solar module manufacturer Saatvik Green Energy, has <a href="https://www.mercomindia.com/saatvik-forays-into-ipp-segment-to-buy-49-stake-in-intelligent-hydel" target="_blank" rel="noopener">entered</a> into a share purchase agreement to acquire a 49% stake in Intelligent Hydel Solutions. Saatvik Cleantech EPC invested ₹1 million (~$11,038) by acquiring 100,000 equity shares of IHSPL, each with a face value of ₹10 (~$0.110).
Battery cell manufacturer, e-TRNL Energy, has <a href="https://www.mercomindia.com/e-trnl-energy-secures-%E2%82%B9274-million-to-scale-next-generation-battery-cell-innovation" target="_blank" rel="noopener">secured</a> ₹274 million (~$3.02 million) in seed funding, led by IAN Group’s IAN Alpha Fund with participation from Navam Capital, Speciale Invest, and other investors. This capital injection will be used to complete product development, validate performance and safety, and demonstrate domestic manufacturing capabilities for its next-generation battery cells.
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-lunar-energy-secures-232-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.solvenergy.com/" target="_blank" rel="noopener">SOLV Energy</a>, a company that provides construction, operation, and maintenance services for large-scale solar and battery storage projects, has announced the closing of its $589 million initial public offering (IPO), consisting of 23,575,000 shares of Class A common stock priced at $25 per share.
The shares started trading on the Nasdaq Global Select Market on February 11, 2026, under the ticker symbol “MWH.”
The closing includes the exercise in full by the underwriters of their option to purchase 3,075,000 additional shares at the initial public offering price, minus underwriting discounts and commissions. All of the shares were offered by the company.
Jefferies and J.P. Morgan acted as joint lead book-running managers for the offering. KeyBanc Capital Markets, TD Cowen, UBS Investment Bank, Baird, Evercore ISI, Guggenheim Securities, Wolfe | Nomura Alliance, CIBC Capital Markets and Roth Capital Partners acted as bookrunners for the offering. Academy Securities acted as co-manager for the offering.
To expand the company’s capabilities in the transmission and distribution sector, SOLV Energy acquired Spartan Infrastructure, a high-voltage (HV) transmission contractor based in Mesa, Arizona. The two companies have partnered on several major solar projects in the Southwestern, South Central, and Mountain West regions of the U.S.
SOLV Energy has also expanded its national reach with the integration of CS Energy, a solar EPC in the Northeast and Mid-Atlantic regions. The company also acquired SDI, a national foundational drilling and pile installation specialist for solar and T&amp;D projects, in January 2025.
Public market financing in the solar sector in 2025 totaled $2.6 billion, 13% lower than the $3 billion raised in 2024. Nine companies went public in 2025, bringing in $926 million, compared to the same number of companies that raised $1.3 billion in 2024, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-and-q4-2025-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>.
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SOLV Energy Secures $589 Million Through Initial Public Offering

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