Two Point O Capital Raises $10 Million to Expand Clean Energy Portfolio

Gujarat Regulator Sets 1 MW Cap for Net Metering and Net Billing Projects

Terra Clean Floats EPC Tender for ISTS and InSTS-Connected Solar Projects

Uttarakhand Eases Rooftop Solar Agreement Requirements Under PM Surya Ghar

Central Power Regulator Approves Tariffs for 400 MW Solar Projects

ENGIE Commissions 450 MW Solar Projects in Rajasthan and Gujarat

Juniper Green Energy’s Q2 Revenue More Than Doubles to ₹3.45 Billion

Solarworld Acquires 50% Stake in 2.4 GW Solar Cell Manufacturing JV

SJVN’s Net Profit Doubles as Revenue Surges 117% in Q2 FY 2027

NTPC Green Energy’s Q2 Revenue Up 53% Amid Renewable Capacity Expansion


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					</table><p><a href="https://cleanchoiceenergy.com/" target="_blank" rel="noopener">CleanChoice Energy</a>, a clean energy company that owns, operates, and develops solar projects, has secured a term loan facility of up to $85 million from Aiga Capital Partners to support its expansion into solar power generation in the U.S.</p>
<p>Aiga Capital Partners is an institutional investment platform specializing in financing sustainable infrastructure assets in North America.</p>
<p>The financing will support CleanChoice’s continued expansion into solar generation. The facility is expected to help CleanChoice maintain momentum across its development platform while preserving flexibility to pursue project-level capital as individual assets mature.</p>
<p>“This financing helps us sustain momentum as we evolve into a new chapter of our business, growing from our retail roots &#8212; offering consumers access to clean energy &#8212; to now also generating clean energy for the grid,” said Tom Matzzie, CEO at CleanChoice Energy. “Our generation platform is an important part of CleanChoice’s strategy to make regional clean energy more accessible, a farm-to-table approach to renewable energy.”</p>
<p>JLL Securities served as financial advisor to CleanChoice for the transaction, while Sidley Austin acted as its legal counsel. Norton Rose Fulbright served as legal counsel to Aiga.</p>
<p>The transaction follows CleanChoice’s announcement on October 1, 2026, that it had secured more than $166 million in financing for its second and third solar projects, with a combined module capacity exceeding 50 MW. The projects include the approximately 27 MW Dolan solar project in New York and the approximately 28 MW Kylertown solar project in Pennsylvania. Both projects are scheduled to achieve commercial operation in 2027.</p>
<p>In February 2026, the company announced the <a href="https://mercomcapital.com/cleanchoice-energy-to-acquire-222-mw-of-solar-projects/" target="_blank" rel="noopener">acquisition</a> of two solar projects with a combined capacity of 222.2 MW in Halifax and Bertie counties in North Carolina from utility-scale energy project developer Geenex, which began developing these projects in 2017.</p>
<p>According to Mercom’s recently released 1H and Q2 2026 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/1h-and-q2-2026-solar-funding-and-ma-report" target="_blank" rel="noopener">report</a>, debt financing for the solar sector reached $13.2 billion across 44 deals, a 69% increase from 1H 2025, when $7.8 billion was raised in 41 deals.</p>


CleanChoice Energy Secures Up to $85 Million Loan for Solar Expansion


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					</table><p>Coal India (<a href="https://www.coalindia.in/" target="_blank" rel="noopener">CIL</a>) has invited bids for a rupee term loan of ₹7.13 billion (~$74.55 million) to develop a 187.5 MW/750 MWh standalone battery energy storage system (BESS) project in Choutuppal, Telangana.</p>
<p>The last date to submit the bids is September 10, 2026. The bids will be opened the next day.</p>
<p>The estimated project cost is approximately ₹10.57 billion (~$110.46 million), including operation and maintenance (O&amp;M) of approximately ₹1.65 billion (~$17.28 million).</p>
<p>The project’s estimated capital cost, excluding O&amp;M, is ₹8.91 billion (~$93.19 million), and it has been structured with an 80:20 debt-equity ratio. The term loan will finance the project&#8217;s debt portion.</p>
<p>The loan shall be repaid in 40 equal quarterly instalments. Payments will be made on March 31, June 30, September 30, and December 31 of each year.</p>
<p>The scheduled commissioning date is October 29, 2027. The land for the project will be handed over by the Transmission Corporation of Telangana to the selected bidder under a 15-year lease agreement.</p>
<p>To apply, the bidder can be a scheduled commercial bank, a non-banking financial company (NBFC), or a financial institution regulated under any act of Parliament.</p>
<p>The bidder must also have a minimum net worth of ₹5 billion (~$52.25 million) as per its latest annual audited financial statements as of March 31, 2026.</p>
<p>Consortiums of banks, NBFCs and financial institutions are not allowed to bid for the tender.</p>
<p>Except for commercial banks, NBFCs and financial institutions listed on the Reserve Bank of India (RBI) portal, all bidders must furnish the valid registration certificate or license issued by the respective registration/licensing authority. The certificate must be verifiable on the RBI website or the concerned authority that issues/approves the registration/license.</p>
<p>Bidders must also furnish a copy of their latest audited annual financial statements clearly stating their net worth as documentary proof. Alternatively, bidders could also submit a net worth certificate issued by a practising chartered accountant with a membership number with the Institute of Chartered Accountants of India. However, no document is required to be furnished in case of banks empaneled with CIL.</p>
<p>Once selected, the lender should be able to execute the necessary documents for the drawal of the loan within 45 days of the issue of the Letter of Award.</p>
<p>Bidders can opt for an internal benchmark, such as the bank’s Marginal Cost of Funds-Based Lending Rate, or an approved external benchmark such as the RBI policy repo rate, Government of India’s three-month or six-month Treasury bill yields published by Financial Benchmarks India Private (<a href="https://www.fbil.org.in/#/home" target="_blank" rel="noopener">FBIL</a>), G-Sec rates, or another benchmark market interest rate published by FBIL.</p>
<p>The loan can be fully or partly pre-closed without paying any premium or penalty charges, on giving 30 days’ notice at the borrower&#8217;s option.</p>
<p>In February, Mercom India reported that CIL <a href="https://www.mercomindia.com/coal-india-steps-up-solar-spending-exceeds-target-for-fy-2026" target="_blank" rel="noopener">stepped</a> up its renewable energy investments, incurring capital expenditure of ₹9.61 billion (~$106.11 million) on solar projects in the ongoing financial year (FY) 2026 through January.</p>
<p>The expenditure represents a 132% achievement against the progressive target of ₹7.29 billion (~$804.9 million) for the first 10 months of FY26. The company also surpassed the full FY26 solar capex target of ₹9.57 (~$105.6 million), two months ahead of schedule.</p>
<p>In April this year, Sterling and Wilson Renewable Energy <a href="https://www.mercomindia.com/sterling-and-wilson-bags-coal-indias-875-mw-solar-epc-project-in-rajasthan" target="_blank" rel="noopener">won</a> CIL&#8217;s auction for the engineering, procurement, and construction package for an 875 MW grid-connected solar project at Rajasthan Rajya Vidyut Utpadan Nigam’s 2,000 MW Solar Park in Pugal, Rajasthan.</p>


Coal India Seeks ₹7 Billion Term Loan for 750 MWh Battery Storage Project


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					</table><p>The Solar Energy Corporation of India (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) has invited bids from scheduled commercial banks or financial institutions for a term loan of ₹10 billion (~$120.24 million) to develop a 300 MW solar power project in the Ramagiri village of Sri Satya Sai District in Andhra Pradesh.</p>
<p>The loan must be on a single/multiple bank lending basis at a competitive rate of interest for 20 years, including a moratorium of two years. The minimum amount to be offered by the bank must be ₹2.5 billion (~$30.06 million) and in multiples of ₹2.5 billion (~$30.06 million) thereafter.</p>
<p>The approved loan must be disbursed within two years of signing the loan agreement.</p>
<p>The last date to submit the proposals is January 21, 2024.</p>
<p>SECI was awarded the contract to develop 1.2 GW solar projects by the Indian Renewable Energy Development Agency (<a href="https://www.ireda.in/home" target="_blank" rel="noopener">IREDA</a>) with a viability gap funding (VGF) of ₹4.47 million (~$53,748)/MW under the Central Public Sector Undertaking Program Phase-II.</p>
<p>Out of the total capacity, 300 MW was proposed to be developed in Ramagiri, Andhra Pradesh. SECI had <a href="https://www.mercomindia.com/seci-invites-bids-for-300-mw-in-andhra-pradesh" target="_blank" rel="noopener">floated</a> the tender for the designing, engineering, testing, and commissioning of this project in April this year.</p>
<p>The total project cost is estimated to be ₹14.19 billion (~$174.23 million), including interest during construction and subtracting the solar park subsidy from the Ministry of New and Renewable Energy. The capital expenditure for the project is proposed to be funded at a debt-equity ratio of 70:30, variable up to 75:25.</p>
<p>SECI plans to meet the equity from internal accruals/VGF to be received from IREDA and the debt requirement through term loans from banks.</p>
<p>The power generated from the project will be sold to the Madhya Pradesh Power Management Company at ₹2.57 (~$0.031)/kWh.</p>
<p>SECI has identified 907.87 acres of land for the project, out of which it has taken possession of 899.43 acres.</p>
<p>It has also received in-principle approval of connectivity for the 300 MW solar project at 220 kV level of Pavagada, 400/220 kV Central Transmission Utility Substation.</p>
<p>SECI recently <a href="https://www.mercomindia.com/seci-subsidy-october-2023" target="_blank" rel="noopener">paid</a> solar and wind power producers ₹10 billion (~$120.24 million) for the energy purchased in October 2023.</p>
<p>It recently <a href="https://www.mercomindia.com/seci-1-gw-ists-connected-solar-projects" target="_blank" rel="noopener">issued</a> a tender to select solar power developers for setting up 1 GW inter-state transmission system-connected solar projects (Tranche XII) in India.</p>
<p>Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of the real-time tender activity.</p>


SECI Invites Proposals for ₹10 Billion Term Loan for 300 MW Solar Project


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					</table><p><a href="https://www.ntpc.co.in/" target="_blank" rel="noopener">NTPC</a> has invited bids to raise external commercial borrowing (ECB) in the form of Tokyo Overnight Average Rate (TONA)-linked unsecured term loan in Japanese Yen (JPY) equivalent to $150 million (~₹12.4 billion) plus a greenshoe option of JPY equivalent to $600 million (~₹49.6 billion).</p>
<p>The proposed facility is being raised under the automatic route as permitted under the ECB guidelines of the Reserve Bank of India.</p>
<p>The last date to submit the bids is March 1, 2023. Bids will be opened on the same day.</p>
<p>Banks or financial institutions can submit bids individually or with other banks or financial institutions in a consortium of not more than three financial institutions. In the case of a consortium, the minimum underwriting commitment should be $50 million (~$4.1 billion).</p>
<p>The loan proceeds will be utilized toward capital expenditure for ongoing and new capacity addition programs and renewable energy projects, including hydro, coal mining, and refinancing existing ECBs.</p>
<p>The average maturity period of the loan will be seven years, and the door-to-door maturity will be ten years.</p>
<p>The repayment of loans will be in seven equal installments starting from the fourth year.</p>
<p>The loan should be unsecured, without any guarantee or letter of comfort from the government of India.</p>
<p>The leverage ratio of the loan should not be higher than 2:1, and the interest-serving coverage ratio should not be lower than 1.75:1.</p>
<p>As per the tender documents, NTPC retains the right to enter any hedge transaction about the proposed facility with any one or more banks of its choice.</p>
<p>Also, by giving at least 15 days of prior notice to the lender, the borrower may prepay the loan on any interest payment date in full or in part.</p>
<p>The signing of the agreement is expected to be completed on or before March 31, 2023, or any other date agreed upon by the company.</p>
<p>In 2021, NTPC had <a href="https://mercomindia.com/ntpc-raise-term-loan/" target="_blank" rel="noopener">invited</a> offers from banks and financial institutions to raise ₹50 billion (~$672 million) as rupee term loans.</p>
<p>Earlier, NTPC had <a href="https://mercomindia.com/ntpc-signs-482-million-loan/" target="_blank" rel="noopener">entered</a> into a foreign currency loan agreement with the Japanese government’s financial institution, the Japan Bank for International Co-operation.</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of tender activity in real-time.</p>


NTPC Invites Bids to Raise up to $750 Million in External Commercial Borrowing

<p><a href="https://www.canadiansolar.com/en" target="_blank" rel="noopener noreferrer">Canadian Solar</a> has secured a $50 million term loan from Credit Suisse. Canadian Solar intends to deploy the term loan to support the development of international solar project pipeline and for general corporate purposes.</p>
<p>The U.S. dollar-denominated term loan is expected to mature in April 2021. Credit Suisse further provided Canadian Solar with a cross-currency interest rate swap to hedge its cross-currency interest rate liabilities relating to the term loan.</p>
<p>Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar, commented, &#8220;We are pleased with this strong demonstration of capital support from Credit Suisse. This term loan provides us with the financial flexibility to invest in growth and further improve our cost of capital.&#8221;</p>
<p>Meanwhile, <a href="https://recurrentenergy.com/" target="_blank" rel="noopener noreferrer">Recurrent Energy, LLC</a>, a wholly owned subsidiary of Canadian Solar has sold its equity stake in the 100 MW Mustang solar project to the Renewable Power Group of Goldman Sachs Asset Management, L.P. This transaction completes Recurrent Energy&#8217;s sale of equity stakes in the 973 MW portfolio of California solar projects that came online in 2016. The company expects to recognize the sales revenue from Mustang in the second quarter of 2019.</p>
<p>&#8220;We are thrilled to partner with Goldman Sachs on the sale of the Mustang solar project, and this transaction again demonstrates Canadian Solar&#8217;s ability to attract top tier investors,&#8221; said Dr. Qu.</p>
<p><a href="https://mercomindia.com/canadian-solar-48-million-credit-expansion/" target="_blank" rel="noopener noreferrer">Recently</a>, Canadian Solar Projects K.K, a wholly owned subsidiary of module supplier Canadian Solar, announced the renewal of a credit facility. The credit facility was made available through a syndicate of four finance and leasing institutions, led by Sumitomo Mitsui Finance and Leasing Company, Limited (SMFL). The company intends to utilize the credit extension facility to develop more high-quality solar power projects in Japan.</p>
<p>In 2018, the firm acquired 51% stake in two solar power projects of Suzlon Energy with 15 MW capacity each in <a href="https://mercomindia.com/canadian-solar-buys-30-mw-solar-suzlon/" target="_blank" rel="noopener noreferrer">Telangana</a>.</p>


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