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POWERGRID Tenders 500 MW/1,000 MWh Battery Energy Storage Projects

<p><strong>Energy Vault, a utility-scale energy storage project developer, </strong><a href="https://cms.mercomindia.com/energy-vault-to-raise-preferred-equity-investment/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that it has entered into an exclusivity agreement for a $300 million preferred equity investment.</strong> 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. These assets can be standalone or combined with generation facilities, aimed at targeting the most attractive energy markets worldwide.</p>
<p><strong>Zeo Energy, a residential solar and energy efficiency solution provider, </strong><a href="https://cms.mercomindia.com/zeo-energy-completes-acquisition-heliogen/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the completion of the previously announced acquisition of Heliogen.</strong> Heliogen provides solutions for delivering low-carbon energy production by combining commercially proven solar technologies with thermal systems and storage expertise. The transaction consisted entirely of shares of Class A common stock of Zeo Energy. In addition to the foregoing expected benefits of the Heliogen transaction, Zeo Energy received, upon its closing, approximately $13.6 million in net cash from Heliogen through the transaction.</p>
<p><strong>FlexGen Power System, a provider of battery energy storage solutions and energy management software, has </strong><a href="https://cms.mercomindia.com/flexgen-to-acquire-powins-business-assets/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of a significant portion of Powin’s business.</strong> Through the acquisition, FlexGen will own all of Powin’s IP, including hardware IP, software IP, and information technology systems, along with a significant spare parts inventory. The announcement was made following the approval from the U.S. Bankruptcy Court for the District of New Jersey, which is overseeing the Chapter 11 cases of Powin and its affiliates.</p>
<p><strong>Government-owned transmission utility, Power Grid Corporation of India (POWERGRID), has </strong><a href="https://www.mercomindia.com/powergrid-to-raise-%E2%82%B950-billion-via-private-placement-of-bonds" target="_blank" rel="noopener"><strong>received</strong></a><strong> approval to raise up to ₹50 billion (~$569.3 million) via private placement of bonds.</strong> The 82<sup>nd</sup> issue of POWERGRID bonds in FY 2026 comprises a base size of ₹10 billion (~$113.86 million) and a greenshoe size of ₹40 billion (~$455.4 million). The bonds will be unsecured, non-convertible, non-cumulative, redeemable, and taxable. The bonds will be redeemable at the end of the tenth year, and interest will be paid annually. The coupon/interest offered, the schedule of payment of coupon or interest, and principal will be decided after bidding at the electronic book provider.</p>
<p>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>.</p>
<p>Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-ma-roundup-bluewave-secures-247m-debt-financing/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Energy Vault to Raise $300 Million


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-energy-vault-to-raise-300-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Energy Vault, a utility-scale energy storage project developer, </strong><a href="https://mercomcapital.com/energy-vault-to-raise-preferred-equity-investment/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that it has entered into an exclusivity agreement for a $300 million preferred equity investment.</strong> 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. These assets can be standalone or combined with generation facilities, aimed at targeting the most attractive energy markets worldwide.</p>
<p><strong>Zeo Energy, a residential solar and energy efficiency solution provider, </strong><a href="https://mercomcapital.com/zeo-energy-completes-acquisition-heliogen/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the completion of the previously announced acquisition of Heliogen.</strong> Heliogen provides solutions for delivering low-carbon energy production by combining commercially proven solar technologies with thermal systems and storage expertise. The transaction consisted entirely of shares of Class A common stock of Zeo Energy. In addition to the foregoing expected benefits of the Heliogen transaction, Zeo Energy received, upon its closing, approximately $13.6 million in net cash from Heliogen through the transaction.</p>
<p><strong>FlexGen Power System, a provider of battery energy storage solutions and energy management software, has </strong><a href="https://mercomcapital.com/flexgen-to-acquire-powins-business-assets/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the acquisition of a significant portion of Powin’s business.</strong> Through the acquisition, FlexGen will own all of Powin’s IP, including hardware IP, software IP, and information technology systems, along with a significant spare parts inventory. The announcement was made following the approval from the U.S. Bankruptcy Court for the District of New Jersey, which is overseeing the Chapter 11 cases of Powin and its affiliates.</p>
<p><strong>Government-owned transmission utility, Power Grid Corporation of India (POWERGRID), has </strong><a href="https://www.mercomindia.com/powergrid-to-raise-%E2%82%B950-billion-via-private-placement-of-bonds" target="_blank" rel="noopener"><strong>received</strong></a><strong> approval to raise up to ₹50 billion (~$569.3 million) via private placement of bonds.</strong> The 82<sup>nd</sup> issue of POWERGRID bonds in FY 2026 comprises a base size of ₹10 billion (~$113.86 million) and a greenshoe size of ₹40 billion (~$455.4 million). The bonds will be unsecured, non-convertible, non-cumulative, redeemable, and taxable. The bonds will be redeemable at the end of the tenth year, and interest will be paid annually. The coupon/interest offered, the schedule of payment of coupon or interest, and principal will be decided after bidding at the electronic book provider.</p>
<p>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>.</p>
<p>Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-bluewave-secures-247-million" target="_blank" rel="noopener">roundup</a>.</p>



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					</table><p>Florida-based <a href="https://sunergyrenewables.com/" target="_blank" rel="noopener">Sunergy Renewables</a>, a residential solar and storage firm, announced it will begin trading on the <a href="https://www.nasdaq.com/" target="_blank" rel="noopener">Nasdaq</a> Stock Exchange after merging with <a href="https://esgen-spac.com/" target="_blank" rel="noopener">ESGEN Acquisition Corp</a>, a special purpose acquisition company (SPAC).</p>
<p>The merged company, now called Zeo Energy Corp, will trade its shares and warrants under the ticker &#8220;ZEO&#8221; and &#8220;ZEOWW&#8221; and will be led by Sunergy&#8217;s senior management. Additionally, the Board of Directors of Zeo will include members from both Sunergy and ESGEN.</p>
<p>A SPAC, also known as a blank-cheque company, is a listed firm created specifically to acquire or merge with an existing private company and then take it public rather than going through the traditional initial public offering route.</p>
<p>The deal values the combined company at an implied $475 million enterprise value. The transaction raised approximately $18 million to fund its operations and growth strategy.</p>
<p>&#8220;Becoming a publicly traded company is an extraordinary milestone for our employees, our shareholders, and for the residential solar industry,&#8221; said Zeo CEO Tim Bridgewater, who previously led Sunergy Renewables. &#8220;We are confident that this merger with ESGEN enables us to accelerate our growth strategy, partner with industry players, and serve more customers seeking renewable energy solutions.&#8221;</p>
<p>Founded in 2005, Sunergy provides rooftop solar installations, energy storage systems, and efficiency solutions like insulation to homeowners. It delivered $123 million in revenue and $11 million in EBITDA in 2022 by completing nearly 2,400 residential projects.</p>
<p>The company has a geographic focus on high-growth, underserved markets in Florida, Texas, and Arkansas.</p>
<p>Last year, multiple companies in the renewable energy space chose the SPAC route to go public. In May, Suntuity Renewables, a U.S.-based residential solar company, <a href="https://www.mercomindia.com/suntuity-public-190-million-spac-deal" target="_blank" rel="noopener">reached</a> a $190 million business combination deal with Beard Energy Transition Acquisition Corp, another SPAC.</p>
<p>Earlier, H2B2 Electrolysis Technologies, a Spain-based electrolyzer manufacturer and green hydrogen project developer, <a href="https://www.mercomindia.com/green-hydrogen-company-h2b2-public-merger" target="_blank" rel="noopener">reached</a> a $750 million business combination deal with RMG Acquisition Corp III – also a SPAC.</p>


Sunergy Lists New Company Zeo Energy on Nasdaq in SPAC Deal

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