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

Base Power Raises $1 Billion in Series D Funding Round

TotalEnergies Acquires Shell’s 4 GW European Renewables Portfolio

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Month in a Minute: Top Headlines from the Indian Renewable Sector in July 2026

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PFC Awards Project to Evacuate 3 GW of Renewables in Andhra Pradesh

Storage, Engineering, and Service Become Distributed Solar’s Growth Drivers

Terra One, a startup specializing in grid-connected battery energy storage systems, <a href="https://cms.mercomindia.com/energy-storage-startup-terra-one-secures-176-million/" target="_blank" rel="noopener">announced</a> that it secured up to €150 million (~$176 million) in mezzanine financing from Aviva Investors, an asset management company. The financing will support the development of approximately 3 GWh of energy storage capacity, positioning the company to commence the execution of its portfolio of ready-to-build projects.
XL Batteries, a long-duration grid-scale energy storage solution provider, <a href="https://cms.mercomindia.com/organic-flow-battery-startup-xl-batteries-raises-7-5-million/" target="_blank" rel="noopener">raised</a> $7.5 million from Merrin Investors, the family office of entrepreneur Seth Merrin. With this funding, the company plans to scale its operations, enhance grid resilience, and support energy independence by reducing reliance on foreign supply chains.
The Indian Renewable Energy Development Agency <a href="https://www.mercomindia.com/ireda-approves-%E2%82%B911-34-billion-loan-to-insolation-green-energy" target="_blank" rel="noopener">approved</a> a loan of ₹11.34 billion (~$129 million) to Insolation Green Energy, a wholly owned subsidiary of INA Solar, to finance its 4.5 GW solar cell manufacturing facility in Madhya Pradesh. The estimated cost of setting up the solar cell plant is ₹15.12 billion (~$172 million). The remaining ₹3.78 billion (~$43 million) will be funded from internal accruals.
I Squared Capital, an infrastructure investment manager, <a href="https://cms.mercomindia.com/i-squared-capital-acquires-majority-equity-interest-in-entek/" target="_blank" rel="noopener">announced</a> that it entered into a definitive agreement to acquire a majority equity interest in ENTEK Technology Holdings, a battery separator manufacturer. The investment will fund the construction of a gigafactory in Terre Haute, Indiana, which will produce wet-process lithium-ion battery separators, critical components for batteries powering electric vehicles, energy storage systems, defense equipment, and digital infrastructure.
Waaree Power, a wholly owned subsidiary of Waaree Energies, will <a href="https://www.mercomindia.com/waaree-to-acquire-76-stake-in-smart-meter-manufacturer-racemosa-energy" target="_blank" rel="noopener">acquire</a> a 76% stake in Maharashtra-based smart meter manufacturing company, Racemosa Energy. The company will acquire the shares at a cost of ₹530 million (~$6 million). The acquisition is expected to enhance Waaree’s presence across the energy value chain by integrating smart meters into its portfolio of products and services. The acquisition is expected to be completed within the financial year 2026.
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-and-ma-roundup-torus-secures-200-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Terra One Secures $176 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-terra-one-secures-176-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Terra One, a startup specializing in grid-connected battery energy storage systems, <a href="https://mercomcapital.com/energy-storage-startup-terra-one-secures-176-million/" target="_blank" rel="noopener">announced</a> that it secured up to €150 million (~$176 million) in mezzanine financing from Aviva Investors, an asset management company. The financing will support the development of approximately 3 GWh of energy storage capacity, positioning the company to commence the execution of its portfolio of ready-to-build projects.
XL Batteries, a long-duration grid-scale energy storage solution provider, <a href="https://mercomcapital.com/organic-flow-battery-startup-xl-batteries-raises-7-5-million/" target="_blank" rel="noopener">raised</a> $7.5 million from Merrin Investors, the family office of entrepreneur Seth Merrin. With this funding, the company plans to scale its operations, enhance grid resilience, and support energy independence by reducing reliance on foreign supply chains.
The Indian Renewable Energy Development Agency <a href="https://www.mercomindia.com/ireda-approves-%E2%82%B911-34-billion-loan-to-insolation-green-energy" target="_blank" rel="noopener">approved</a> a loan of ₹11.34 billion (~$129 million) to Insolation Green Energy, a wholly owned subsidiary of INA Solar, to finance its 4.5 GW solar cell manufacturing facility in Madhya Pradesh. The estimated cost of setting up the solar cell plant is ₹15.12 billion (~$172 million). The remaining ₹3.78 billion (~$43 million) will be funded from internal accruals.
I Squared Capital, an infrastructure investment manager, <a href="https://mercomcapital.com/i-squared-capital-acquires-majority-equity-interest-in-entek/" target="_blank" rel="noopener">announced</a> that it entered into a definitive agreement to acquire a majority equity interest in ENTEK Technology Holdings, a battery separator manufacturer. The investment will fund the construction of a gigafactory in Terre Haute, Indiana, which will produce wet-process lithium-ion battery separators, critical components for batteries powering electric vehicles, energy storage systems, defense equipment, and digital infrastructure.
Waaree Power, a wholly owned subsidiary of Waaree Energies, will <a href="https://www.mercomindia.com/waaree-to-acquire-76-stake-in-smart-meter-manufacturer-racemosa-energy" target="_blank" rel="noopener">acquire</a> a 76% stake in Maharashtra-based smart meter manufacturing company, Racemosa Energy. The company will acquire the shares at a cost of ₹530 million (~$6 million). The acquisition is expected to enhance Waaree’s presence across the energy value chain by integrating smart meters into its portfolio of products and services. The acquisition is expected to be completed within the financial year 2026.
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-torus-secures-200-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.terra.one/en" target="_blank" rel="noopener">Terra One</a>, a startup specializing in grid-connected battery energy storage systems, announced that it has secured up to €150 million (~$176 million) in mezzanine financing from Aviva Investors, an asset management company.
&#8220;With a highly sophisticated infrastructure investor like Aviva at our side, we can significantly accelerate the expansion of large-scale battery storage. This hybrid financing structure gives us the flexibility and scalability we need to establish ourselves as a top player in the independent storage space,&#8221; said Founder &amp; CEO, Tony Schumacher.
The financing will support the development of approximately 3 GWh of energy storage capacity, positioning the company to commence execution of its portfolio of ready-to-build projects.
&#8220;We&#8217;re investing in Terra One because the company has proven its ability to deliver projects quickly, reliably, and to the highest standards,&#8221; said Adam Irwin, Director of Infrastructure Equity at Aviva Investors.
In June, the company marked the official start of construction for its 15 MW/30 MWh battery energy storage project in Ahlerstedt, Germany. The project is expected to be self-optimized in merchant mode using their proprietary Terra AI platform, which automatically determines the optimal times to store or release electricity based on real-time demand, pricing, and grid conditions.
In 2024, the company <a href="https://cms.mercomindia.com/terra-one-secures-in-seed-financing/" target="_blank" rel="noopener">secured</a> $7.5 million in seed funding, led by PT1, an early-stage venture capital firm specializing in real asset technologies, and neosfer, an early-stage investor associated with Commerzbank.
According to Mercom&#8217;s 1H and Q2 2025 Funding and M&amp;A Report for Energy Storage <a href="https://cms.mercomindia.com/product/1h-2025-funding-ma-report-energy-storage/" target="_blank" rel="noopener">report</a>, announced debt and public market financing for Energy Storage companies in 1H 2025 came to $7.4 billion in 19 deals, a 43% decrease YoY compared to $13 billion in 16 deals in 1H 2024.
In August, Energy Vault, a developer of utility-scale energy storage projects, announced that it had <a href="https://cms.mercomindia.com/energy-vault-to-raise-preferred-equity-investment/" target="_blank" rel="noopener">entered</a> into an exclusivity agreement for a $300 million preferred equity investment. The investment aims to support the launch of Asset Vault, a fully consolidated subsidiary of Energy Vault dedicated to developing, owning, and managing energy storage assets.
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Energy Storage Startup Terra One Secures $176 Million

Pine Gate Renewables, a solar project developer, <a href="https://cms.mercomindia.com/pine-gate-renewables-secures-capital-funding/" target="_blank" rel="noopener">secured</a> a $650 million investment from Generate Capital, the Healthcare of Ontario Pension Plan, and HESTA. The transaction extends Generate Capital’s existing partnership with Pine Gate and brings new institutional investors to the solar developer’s platform. The investment aims to expedite Pine Gate&#8217;s efforts as a developer, owner, and operator of clean energy projects and facilitate financing an additional 3 GW of clean energy infrastructure by 2025.
AdaniConneX, a data center solutions provider and a joint venture between Adani Enterprises and EdgeConneX, has established sustainability-linked financing to <a href="https://www.mercomindia.com/adaniconnex-green-financing-data-centers" target="_blank" rel="noopener">raise</a> $1.44 billion to fund its renewable-powered data centers and enable digital infrastructure growth in the country. The company said the upcoming data center facilities would leverage technologies and renewable energy solutions to minimize the ecological footprint while optimizing operational efficiency.
Agilitas Energy, a developer, builder, owner, and operator of distributed energy storage and solar projects, announced the <a href="https://cms.mercomindia.com/solar-and-storage-developer-agilitas-energy-secures-funding/" target="_blank" rel="noopener">closing</a> of $100 million in debt financing to fund its growth and continued national expansion. Nomura Securities International acted as the sole bookrunner and lead arranger. Nomura Corporate Funding Americas acted as an administrative agent on the deal, which may be further upsized to $200 million upon the completion of certain projects.
Exowatt, a provider of thermal energy solutions for data centers, <a href="https://cms.mercomindia.com/exowatt-secures-20-million-for-addressing-data-center-energy-requirements/" target="_blank" rel="noopener">secured</a> $20 million in a seed funding round from a16z, Atomic, and Open AI’s Sam Altman to capitalize on the booming demand of the AI market, which is escalating the energy costs for data centers. With the recent funding secured, the company plans to bolster its team and introduce the Exowatt P3 to its initial roster of data center customers.
Harmony Energy, a utility-scale energy storage project developer, <a href="https://cms.mercomindia.com/harmony-energy-secures-credit-facility/" target="_blank" rel="noopener">secured</a> a £10 million (~$12.5 million) credit facility from Triodos Bank UK to support the development of new projects and its expansion across Europe. The new facility is the bank’s first UK loan to the standalone energy storage sector. Currently, the company has 516 MW/1.032 GWh of BESS operational capacity. Harmony has a global pipeline of over 11 GW, of which 268 MW/536 MWh is under construction.
Terra One, a startup specializing in grid-connected battery energy storage solutions, <a href="https://cms.mercomindia.com/terra-one-secures-in-seed-financing/" target="_blank" rel="noopener">secured</a> $7.5 million in seed funding, led by PT1, an early-stage venture capital firm specializing in real asset technologies, and neosfer, an early-stage investor associated with Commerzbank. Other participants include 468 Capital, N26 cofounder Maximilian Tayenthal, as well as the scout funds of renowned entities like Andreessen Horowitz and Hedosophia. The company intends to strategically utilize the funds to bolster its team, particularly by hiring skilled engineers and project finance experts.
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-ev-charging-firm-swtch-raises-27-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Pine Gate Renewables Secures $650 Million

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-pine-gate-renewables-secures-650-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Pine Gate Renewables, a solar project developer, <a href="https://mercomcapital.com/pine-gate-renewables-secures-capital-funding/" target="_blank" rel="noopener">secured</a> a $650 million investment from Generate Capital, the Healthcare of Ontario Pension Plan, and HESTA. The transaction extends Generate Capital’s existing partnership with Pine Gate and brings new institutional investors to the solar developer’s platform. The investment aims to expedite Pine Gate&#8217;s efforts as a developer, owner, and operator of clean energy projects and facilitate financing an additional 3 GW of clean energy infrastructure by 2025.
AdaniConneX, a data center solutions provider and a joint venture between Adani Enterprises and EdgeConneX, has established sustainability-linked financing to <a href="https://www.mercomindia.com/adaniconnex-green-financing-data-centers" target="_blank" rel="noopener">raise</a> $1.44 billion to fund its renewable-powered data centers and enable digital infrastructure growth in the country. The company said the upcoming data center facilities would leverage technologies and renewable energy solutions to minimize the ecological footprint while optimizing operational efficiency.
Agilitas Energy, a developer, builder, owner, and operator of distributed energy storage and solar projects, announced the <a href="https://mercomcapital.com/solar-and-storage-developer-agilitas-energy-secures-funding/" target="_blank" rel="noopener">closing</a> of $100 million in debt financing to fund its growth and continued national expansion. Nomura Securities International acted as the sole bookrunner and lead arranger. Nomura Corporate Funding Americas acted as an administrative agent on the deal, which may be further upsized to $200 million upon the completion of certain projects.
Exowatt, a provider of thermal energy solutions for data centers, <a href="https://mercomcapital.com/exowatt-secures-20-million-for-addressing-data-center-energy-requirements/" target="_blank" rel="noopener">secured</a> $20 million in a seed funding round from a16z, Atomic, and Open AI’s Sam Altman to capitalize on the booming demand of the AI market, which is escalating the energy costs for data centers. With the recent funding secured, the company plans to bolster its team and introduce the Exowatt P3 to its initial roster of data center customers.
Harmony Energy, a utility-scale energy storage project developer, <a href="https://mercomcapital.com/harmony-energy-secures-credit-facility/" target="_blank" rel="noopener">secured</a> a £10 million (~$12.5 million) credit facility from Triodos Bank UK to support the development of new projects and its expansion across Europe. The new facility is the bank’s first UK loan to the standalone energy storage sector. Currently, the company has 516 MW/1.032 GWh of BESS operational capacity. Harmony has a global pipeline of over 11 GW, of which 268 MW/536 MWh is under construction.
Terra One, a startup specializing in grid-connected battery energy storage solutions, <a href="https://mercomcapital.com/terra-one-secures-in-seed-financing/" target="_blank" rel="noopener">secured</a> $7.5 million in seed funding, led by PT1, an early-stage venture capital firm specializing in real asset technologies, and neosfer, an early-stage investor associated with Commerzbank. Other participants include 468 Capital, N26 cofounder Maximilian Tayenthal, as well as the scout funds of renowned entities like Andreessen Horowitz and Hedosophia. The company intends to strategically utilize the funds to bolster its team, particularly by hiring skilled engineers and project finance experts.
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-ev-charging-swtch-raises-27-million" target="_blank" rel="noopener">roundup</a>.

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