NTPC Floats O&M Tender for 25 MW Floating Solar Project

MNRE Clarifies ALMM List II Rules for Solar Cell Compliance

IEX’s Electricity Trading Volume Rises 7.7% YoY in July

Distribution Business, Renewables Boost Torrent’s Revenue 3% in Q1 FY 2027

SECI Seeks Trading Partner to Sell Renewable Energy

PM Surya Ghar Powers 5 Million Homes, Total Capacity Hits 15 GW

Nextpower Raises Guidance for FY 2027 on Strong Q1 Performance

Avantus Closes $1 Billion Credit Facility to Expand Project Portfolio

Tandem PV Acquires nexTC to Bring Thin-Film Coating Technology In-House

Base Power Raises $1 Billion in Series D Funding Round

Strata Clean Energy, a developer, owner, and operator of renewable energy projects, <a href="https://www.businesswire.com/news/home/20240221070832/en/Strata-Clean-Energy-Secures-559-Million-Financing-for-1GWh-Battery-Energy-Storage-Project-in-Arizona" target="_blank" rel="noopener">secured</a> $559 million in financing for a 255 MW/1,020 MWh Scatter Wash energy storage complex. The energy storage project construction began on January 18 and is expected to be operational by April 2025. A consortium of financial institutions collaborated to secure the necessary funding for this project. J.P. Morgan and Nomura acted as Coordinating Lead Arrangers and Joint Bookrunners.
Matrix Renewables, the TPG Rise-backed renewable energy platform, <a href="https://cms.mercomindia.com/matrix-renewables-secures-283-million-project-financing/" target="_blank" rel="noopener">secured</a> construction to term loan financing of $283 million for a 260 MW solar project in Idaho. The company also executed a production tax credit transfer agreement for this project. The debt transaction led by MUFG as a coordinated lead arranger includes a construction loan, term loan, and Letter of Credit support. HSBC, SMBC, National Bank of Canada, Commonwealth Bank of Australia, and Mizuho acted as Mandated Lead Arrangers.
Arevon Energy, a solar and storage project developer, <a href="https://cms.mercomindia.com/arevon-renewables-secures-funding-for-solar-plus-storage-project/" target="_blank" rel="noopener">secured</a> more than $1 billion in aggregate funding commitments for its Eland 2 Solar-plus-Storage Project in Kern County, California. The 374 MWdc solar project coupled with 150 MW/600 MWh of energy storage system is under early-stage construction, and the commercial operations are scheduled for the first quarter of 2025. The company obtained a $431 million tax equity commitment from Wells Fargo and $654 million of debt funding, including a construction-to-term loan, a tax equity bridge loan, and a letter of credit facilities.
TagEnergy, a clean energy company investing in competitive generation and storage assets,<a href="https://cms.mercomindia.com/tagenergy-reaches-financial-close-energy-storage-project/" target="_blank" rel="noopener"> secured</a> financial closure on the 49.9 MW/ 99.8 MWh Pitkevy facility in Fife, Scotland. The energy storage project was financed under a non-recourse green loan package of up to £70 million (~$88.35 million), provided by lenders Santander UK, Rabobank, and Triple Point on a full merchant basis (except for Capacity Market revenues).
NorthRenew Energy, a U.S.-based renewable and sustainable project developer, <a href="https://cms.mercomindia.com/northrenew-energy-sells-300-mw-hybrid-projects/" target="_blank" rel="noopener">announced</a> the sale of its Arco wind and solar project in Idaho to PacifiCorp, a grid operator in the western United States. The Arco Wind and Solar project is located in Bingham and Bonneville counties in Idaho and has a total capacity of over 300 MW. Construction on the project is expected to commence in 2025, with commercial operations planned for late 2026.
Highfield Solar, a solar project developer, <a href="https://cms.mercomindia.com/highfield-solar-secures-70-million-in-financing-for-ireland-solar-project/" target="_blank" rel="noopener">secured</a> a €65 million (~$70.45 million) debt facility for the construction and operation of the 93 MW Gaskinstown solar photovoltaic power project in Ireland. The project is financed by the Coöperatieve Rabobank U.A., which also financed the Rathnaskilloge 106 MW project developed by Highfield Solar in December 2023. The Gaskinstown solar project will be built on an area of 81 hectares near the Duleek village in Meath County.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s project finance <a href="https://cms.mercomindia.com/project-finance-brief-enerpac-financing-solar-hybrid-projects/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Strata Clean Energy Secures $559 Million for Storage Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-strata-clean-energy-secures-storage-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Strata Clean Energy, a developer, owner, and operator of renewable energy projects, <a href="https://www.businesswire.com/news/home/20240221070832/en/Strata-Clean-Energy-Secures-559-Million-Financing-for-1GWh-Battery-Energy-Storage-Project-in-Arizona" target="_blank" rel="noopener">secured</a> $559 million in financing for a 255 MW/1,020 MWh Scatter Wash energy storage complex. The energy storage project construction began on January 18 and is expected to be operational by April 2025. A consortium of financial institutions collaborated to secure the necessary funding for this project. J.P. Morgan and Nomura acted as Coordinating Lead Arrangers and Joint Bookrunners.
Matrix Renewables, the TPG Rise-backed renewable energy platform, <a href="https://mercomcapital.com/matrix-renewables-secures-283-million-project-financing/" target="_blank" rel="noopener">secured</a> construction to term loan financing of $283 million for a 260 MW solar project in Idaho. The company also executed a production tax credit transfer agreement for this project. The debt transaction led by MUFG as a coordinated lead arranger includes a construction loan, term loan, and Letter of Credit support. HSBC, SMBC, National Bank of Canada, Commonwealth Bank of Australia, and Mizuho acted as Mandated Lead Arrangers.
Arevon Energy, a solar and storage project developer, <a href="https://mercomcapital.com/arevon-renewables-secures-funding-for-solar-plus-storage-project/" target="_blank" rel="noopener">secured</a> more than $1 billion in aggregate funding commitments for its Eland 2 Solar-plus-Storage Project in Kern County, California. The 374 MWdc solar project coupled with 150 MW/600 MWh of energy storage system is under early-stage construction, and the commercial operations are scheduled for the first quarter of 2025. The company obtained a $431 million tax equity commitment from Wells Fargo and $654 million of debt funding, including a construction-to-term loan, a tax equity bridge loan, and a letter of credit facilities.
TagEnergy, a clean energy company investing in competitive generation and storage assets,<a href="https://mercomcapital.com/tagenergy-reaches-financial-close-energy-storage-project/" target="_blank" rel="noopener"> secured</a> financial closure on the 49.9 MW/ 99.8 MWh Pitkevy facility in Fife, Scotland. The energy storage project was financed under a non-recourse green loan package of up to £70 million (~$88.35 million), provided by lenders Santander UK, Rabobank, and Triple Point on a full merchant basis (except for Capacity Market revenues).
NorthRenew Energy, a U.S.-based renewable and sustainable project developer, <a href="https://mercomcapital.com/northrenew-energy-sells-300-mw-hybrid-projects/" target="_blank" rel="noopener">announced</a> the sale of its Arco wind and solar project in Idaho to PacifiCorp, a grid operator in the western United States. The Arco Wind and Solar project is located in Bingham and Bonneville counties in Idaho and has a total capacity of over 300 MW. Construction on the project is expected to commence in 2025, with commercial operations planned for late 2026.
Highfield Solar, a solar project developer, <a href="https://mercomcapital.com/highfield-solar-secures-70-million-in-financing-for-ireland-solar-project/" target="_blank" rel="noopener">secured</a> a €65 million (~$70.45 million) debt facility for the construction and operation of the 93 MW Gaskinstown solar photovoltaic power project in Ireland. The project is financed by the Coöperatieve Rabobank U.A., which also financed the Rathnaskilloge 106 MW project developed by Highfield Solar in December 2023. The Gaskinstown solar project will be built on an area of 81 hectares near the Duleek village in Meath County.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency 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-enerpac-financing-solar-hybrid-projects" target="_blank" rel="noopener">brief</a>.

Princeton NuEnergy, a battery recycling company, has <a href="https://cms.mercomindia.com/princeton-nuenergy-raises-series-a-funding/" target="_blank" rel="noopener">announced</a> the initial closing of its Series A funding round, raising $16 million. The round was led by Wistron Corporation, with participation from new investors, including Honda Motor, GS Futures, and Traxys North America, along with previous investors Greenland Technologies, Shell Ventures, and WorldQuant Ventures. The company plans to use the funding to construct a new recycling facility and procure new equipment to increase processing capacity and further support operations.
EQT, a private equity firm, through its EQT Infrastructure VI fund, has agreed to <a href="https://cms.mercomindia.com/eqt-to-acquire-battery-storage-developer-and-operator-statera/" target="_blank" rel="noopener">acquire</a> Statera Energy, a UK-based battery storage and flexible generation infrastructure developer and operator from InfraRed Capital Partners. EQT Infrastructure will support the Statera management team and platform by providing access to growth capital to accelerate the deployment of flexible generation across the UK.
Electric vehicle (EV) company Euler Motors has <a href="https://www.mercomindia.com/ev-firm-euler-motors-fund-expansion-plans" target="_blank" rel="noopener">raised</a> ₹1.2 billion (~$14.41 million) in an ongoing series-C extension round, taking the tally of total investments to about ₹6.9 billion (~$82.87 million). The raised capital will be used to fund the company’s plans to enter the EV market across 40 cities by the end of this financial year. The fund will aid the company’s quest to facilitate the adoption of EVs in the country by enabling its service and charging network nationwide. Euler said it will use the funds to scale up production, presence, and services while also vying for a space in the global market.
Enovix Corporation, a silicon battery company, announced the <a href="https://cms.mercomindia.com/silicon-battery-company-evonix-acquires-routejade/" target="_blank" rel="noopener">acquisition</a> of Routejade, a Korean battery manufacturer. The acquisition provides Enovix with vertical integration of electrode coating and battery pack manufacturing while adding an established lithium-ion battery business with two factories in Korea, along with complementary products, customers, and suppliers. With coating now vertically integrated, Enovix intends to realize significant cost savings while speeding up battery development cycles.
Strata Clean Energy, a solar and storage project developer, has <a href="https://www.stratacleanenergy.com/blog/strata-clean-energy-secures-a-300-million-revolving-credit-facility-to-support-expansion-of-vertically-integrated-clean-energy-platform" target="_blank" rel="noopener">closed</a> a $300 million new revolving loan and letter of credit facility. Nomura Securities International led the financing, acting as Sole Coordinating Lead Arranger and book-runner, and Nomura Corporate Funding Americas, as Administrative Agent, with First Citizens Bank and ING Capital as Joint Lead Arrangers alongside five other participant banks. The loan proceeds will support the development, construction, and operation of Strata’s upcoming renewable energy, energy storage, and Power to X projects.
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/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-ev-charging-erapid-raises-32-million/">roundup</a>.

Funding and M&A Roundup: Princeton NuEnergy Raises $16 Million Series A Funding

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-princeton-nuenergy-raises-16-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Princeton NuEnergy, a battery recycling company, has <a href="https://mercomcapital.com/princeton-nuenergy-raises-series-a-funding/" target="_blank" rel="noopener">announced</a> the initial closing of its Series A funding round, raising $16 million. The round was led by Wistron Corporation, with participation from new investors, including Honda Motor, GS Futures, and Traxys North America, along with previous investors Greenland Technologies, Shell Ventures, and WorldQuant Ventures. The company plans to use the funding to construct a new recycling facility and procure new equipment to increase processing capacity and further support operations.
EQT, a private equity firm, through its EQT Infrastructure VI fund, has agreed to <a href="https://mercomcapital.com/eqt-to-acquire-battery-storage-developer-and-operator-statera/" target="_blank" rel="noopener">acquire</a> Statera Energy, a UK-based battery storage and flexible generation infrastructure developer and operator from InfraRed Capital Partners. EQT Infrastructure will support the Statera management team and platform by providing access to growth capital to accelerate the deployment of flexible generation across the UK.
Electric vehicle (EV) company Euler Motors has <a href="https://www.mercomindia.com/ev-firm-euler-motors-fund-expansion-plans" target="_blank" rel="noopener">raised</a> ₹1.2 billion (~$14.41 million) in an ongoing series-C extension round, taking the tally of total investments to about ₹6.9 billion (~$82.87 million). The raised capital will be used to fund the company’s plans to enter the EV market across 40 cities by the end of this financial year. The fund will aid the company’s quest to facilitate the adoption of EVs in the country by enabling its service and charging network nationwide. Euler said it will use the funds to scale up production, presence, and services while also vying for a space in the global market.
Enovix Corporation, a silicon battery company, announced the <a href="https://mercomcapital.com/silicon-battery-company-evonix-acquires-routejade/" target="_blank" rel="noopener">acquisition</a> of Routejade, a Korean battery manufacturer. The acquisition provides Enovix with vertical integration of electrode coating and battery pack manufacturing while adding an established lithium-ion battery business with two factories in Korea, along with complementary products, customers, and suppliers. With coating now vertically integrated, Enovix intends to realize significant cost savings while speeding up battery development cycles.
Strata Clean Energy, a solar and storage project developer, has <a href="https://www.stratacleanenergy.com/blog/strata-clean-energy-secures-a-300-million-revolving-credit-facility-to-support-expansion-of-vertically-integrated-clean-energy-platform" target="_blank" rel="noopener">closed</a> a $300 million new revolving loan and letter of credit facility. Nomura Securities International led the financing, acting as Sole Coordinating Lead Arranger and book-runner, and Nomura Corporate Funding Americas, as Administrative Agent, with First Citizens Bank and ING Capital as Joint Lead Arrangers alongside five other participant banks. The loan proceeds will support the development, construction, and operation of Strata’s upcoming renewable energy, energy storage, and Power to X projects.
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/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/">here</a>.
Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-cmblu-secures-105-million-2" target="_blank" rel="noopener">roundup</a>.

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