Central Electricity Authority Approves 2,600 MW Pumped Storage Projects

Shakti Pumps Wins Order to Supply 12,537 Solar Pumps in Uttar Pradesh

CEA Seeks Stakeholder Inputs on Updated Transmission Planning Guidelines

REC Invites Bids for Land Due Diligence of 150 MW Solar Project

Bengaluru Apartment Complex Adopts Solar, Saves ₹4 Million in Power Costs

Daily News Wrap-Up: SECI Tenders 2 GW Solar Projects with Storage

Power-Hungry Data Centers Drive Demand for Renewable Energy in India

China Adds 57 GW of Solar Power Capacity in Q2 2024, Up 24% YoY

Enabling Policies Drive Rajasthan’s Solar Open Access Projects in Q1 2024

Goldman Sachs Alternatives Invests $440 Million in BrightNight


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					</table><p><a href="https://www.mercomindia.com/seci-solar-storage-tranche-xvii" target="_blank" rel="noopener"><strong>The Solar Energy Corporation of India has invited bids to set up 2,000 MW inter-state transmission system-connected solar power</strong></a> projects with 1,000 MW/4,000 MWh energy storage systems in India under Tranche XVII. The last day to submit the bids is September 2, 2024. Bids will be opened on September 5. Bidders must submit a bid document fee of ₹50,000 (~$597) and a bid processing fee of ₹20,000 (~$238)/ MW.</p>
<p><a href="https://www.mercomindia.com/india-transformative-solar-technologies" target="_blank" rel="noopener"><strong>The transformative technologies reshaping the energy landscape were explored during the session titled “</strong><strong>Exploring Next-Generation</strong></a> Technologies Driving the Clean Energy Market” on the first day of the two-day Mercom India Renewables Summit 2024, held in New Delhi. The session featured Mehul Sharma, CEO of India Sunpure Technology, Manish Narula, Executive Vice President for South Asia at Jinko Solar, Manish Relan, AVP Sales – (Solar Modules) at Swelect Energy, and Mayank Mishra, Senior Sales Director for India at Nextracker.</p>
<p><a href="https://www.mercomindia.com/goldman-sachs-alternatives-in-brightnight" target="_blank" rel="noopener"><strong>BrightNight</strong><strong>, a renewable energy provider that delivers clean, dispatchable power solutions to utility, commercial, and industrial clients</strong></a>, has secured a $440 million strategic investment from Goldman Sachs Alternatives‘ Infrastructure division. The company said the transaction is expected to close in September 2024. BofA Securities and PJT Partners acted as financial advisors to BrightNight, while Jefferies LLC served as the sole financial advisor and Weil, Gotshal &amp; Manges as legal counsel to Goldman Sachs Alternatives.</p>
<p><a href="https://www.mercomindia.com/cesc-buys-majority-shares-in-purvah-power-for-24-million" target="_blank" rel="noopener"><strong>Kolkata-based power utility Calcutta Electric Supply Corporation (CESC) has acquired a 63.91% equity stake in Purvah Green Power at the cost of ₹2.05 billion</strong></a> (~$24.48 million). Purvah was a wholly-owned subsidiary of Crescent Power, which is a subsidiary of CESC. The stake acquisition makes Purvah a direct subsidiary of CESC. Crescent Power acquired a 100% stake in Purvah in March this year. In a regulatory filing, CESC said it acquired the 63.91% stake by subscribing to 205 million equity shares of ₹10 (~$0.12) each for an aggregate consideration amounting to ₹ 2.05 billion (~$ 24.48 million).</p>
<p><a href="https://www.mercomindia.com/oorja-raises-1-5-million-to-deploy-agri-energy-infrastructure" target="_blank" rel="noopener"><strong>Delhi-based solar irrigation services company </strong><strong>Oorja Development Solutions</strong><strong> closed its Pre-Series A funding round, raising $1.5 million from six investors</strong></a>. The company plans to use the funding to deploy agri-energy infrastructure for irrigation and milling and deepen operations in the existing and new states. It also plans to launch a B2B2C vertical to deliver solar irrigation solutions to agribusinesses and SMEs who engage with smallholder farmers for procurement.</p>
<p><a href="https://www.mercomindia.com/kerc-issues-guidelines-for-installing-ev-charging-points-in-buildings" target="_blank" rel="noopener"><strong>Electric vehicle (EV) users in Karnataka will have to get sanctions from distribution licensees to install EV chargers in non-designated areas</strong></a>, according to a new Karnataka Electricity Regulatory Commission order. Karnataka has developed standard operating guidelines for all EV users due to the confusion and inconsistency within the residential EV charging space. The rules include tariffs for EV charging and installing the chargers in designated and non-designated areas.</p>
<p><a href="https://www.mercomindia.com/assam-power-corporation-floats-consultancy-tender" target="_blank" rel="noopener"><strong>The Assam Power Generation Corporation has floated a tender to provide project management consultancy services for setting up the 50 MW</strong></a> Lower Kopili Solar PV project. The last date to submit is August 7, 2024. Bids will be opened on August 8. The scope of work covers project management services, design and engineering, project monitoring, site supervision and reporting, and coordinating with the company to complete tasks in a stipulated time.</p>
<p><a href="https://www.mercomindia.com/heliene-premier-energies-to-manufacture-solar-cells-in-the-u-s" target="_blank" rel="noopener"><strong>North America-based solar PV module manufacturer </strong><strong>Heliene</strong><strong> has announced a joint venture with </strong><strong>Premier Energies</strong><strong>, a manufacturer of solar cells</strong></a> and modules in India, to establish a solar cell manufacturing facility in the U.S. The unit is expected to produce an aggregate capacity of 1 GW of N-type cells annually to meet the cell requirements of the two companies. The companies plan to capitalize on incentives and tax credits for domestic clean energy manufacturing introduced under the Inflation Reduction Act (IRA) of 2022.</p>
<p><a href="https://www.mercomindia.com/sunnova-energy-narrows-q2-loss" target="_blank" rel="noopener"><strong>U.S.-based residential solar firm </strong><strong>Sunnova Energy</strong><strong> reported a 21% narrower net loss for the second quarter of 2024 at $79.7 million, an improvement</strong></a> from the $100.8 million loss reported last year, primarily due to higher revenue and investment tax credit sales resulting in an income tax benefit. The Houston, Texas-based company’s quarterly revenue surged 32% to $219.6 million, up from $166.4 million last year, driven by a $55.9 million increase in revenue from core adaptive energy customers.</p>



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					</table><p>North America-based solar PV module manufacturer <a href="https://www.bing.com/search?q=Heliene%20&amp;qs=n&amp;form=QBRE&amp;sp=-1&amp;lq=0&amp;pq=heliene%20energies&amp;sc=12-16&amp;sk=&amp;cvid=9BB32AB7FF584F44B5D1EA25AD091338&amp;ghsh=0&amp;ghacc=0&amp;ghpl=" target="_blank" rel="noopener">Heliene</a> has announced a joint venture with <a href="https://www.premierenergies.com/" target="_blank" rel="noopener">Premier Energies</a>, a manufacturer of solar cells and modules in India, to establish a solar cell manufacturing facility in the U.S.</p>
<p>The unit is expected to produce an aggregate capacity of 1 GW of N-type cells annually to meet the cell requirements of the two companies.</p>
<p>The companies plan to capitalize on incentives and tax credits for domestic clean energy manufacturing introduced under the Inflation Reduction Act (IRA) of 2022.</p>
<p>Under the joint venture, Heliene will provide construction, project management, human resources, financial resources and management, facility operations, supply chain and logistics, and regulatory expertise.</p>
<p>Premier Energies will contribute cell technology engineering and operational expertise in the manufacturing process of the cells, financial resources, manufacturing equipment selection, supply agreements management, and raw material vendor relationships.</p>
<p>&#8220;Premier Energies has been a valued partner of Heliene&#8217;s for many years now, and we share a commitment to providing the highest-quality, most reliable products to solar customers. With demand for U.S.-made modules and components growing, now is the perfect time to embark on the next phase of our partnership with this joint venture,&#8221; said Martin Pochtaruk, CEO of Heliene.</p>
<p>&#8220;This joint venture will leverage the best of both companies&#8217; resources and knowledge to tap the largely unaddressed demand for U.S. cell manufacturing,&#8221; said Chiranjeev Saluja, Managing Director at Premier Energies.</p>
<p>Premier Energies was among the top five Indian module suppliers in 2023, according to Mercom&#8217;s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2024-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2024</a>.</p>
<p>In April this year, Premier Energies <a href="https://www.mercomindia.com/premier-energies-drhp-15-billion-ipo" target="_blank" rel="noopener">filed</a> a draft red herring prospectus with the Securities Exchange Board of India to raise over ₹15 billion ($179.19 million) through an initial public offering.</p>


Heliene, Premier Energies to Manufacture Solar Cells in the U.S.


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-verkor-raises-1-5-billion/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Verkor, a manufacturer of lithium-based battery cells and modules, </strong><a href="https://mercomcapital.com/verkor-raises-develop-battery-gigafactory/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> €1.45 billion (~$1.54 billion) </strong>with a mix of equity and debt funding to build its gigafactory. The series C funding totaled €850 million (~$905 million) and was led by Macquarie Asset Management via its fund dedicated to solutions for the energy transition. Other investors who participated in the equity round include Meridiam, Renault Group, EQT Ventures, EIT InnoEnergy, Sibanye-Stillwater, Crédit Agricole Assurances, and Bpifrance.</p>
<p><strong>Serentica Renewables has achieved financial </strong><a href="https://www.mercomindia.com/serentica-secures-from-pfc-for-green-energy-expansion" target="_blank" rel="noopener"><strong>closure</strong></a><strong> for its upcoming hybrid renewable energy projects in Karnataka</strong>. The entire debt funding of ₹26 billion (~$313.3 million) has been secured from power sector lender Power Finance Corporation. Serentica aims to install 4 GW of renewable energy capacity across India. In Karnataka, it plans to set up 400 MW of wind and solar energy capacities.</p>
<p><strong>Juniper Green Energy, an independent renewable energy power producer and operator of solar, wind, and hybrid power projects</strong>, has <a href="https://www.mercomindia.com/juniper-green-energy-from-at-capital-group-vitol" target="_blank" rel="noopener">received</a> an investment of $150 million from AT Capital Group and Vitol to support the expansion of its operational capacity. The two investors had invested $200 million in Juniper nearly two years ago. With an operational portfolio of nearly 800 MW and an under-construction capacity of 435 MW, Juniper Green expects to solidify its position as a key player in the Indian renewable energy sector.</p>
<p><strong>Heliene, a manufacturer of solar PV modules, </strong><a href="https://mercomcapital.com/heliene-raises-expand-module-manufacturing-in-the-us/" target="_blank" rel="noopener"><strong>closed</strong></a><strong> a $170 Million funding round, including a mix of $20 million in equity and $150 million in debt funding</strong>. The funding will be utilized for Heliene’s expansion. The $150 million credit facility was provided by Orion Infrastructure Capital (OIC), an infrastructure investment firm. The $20 million equity round included participation from OIC and 2Shores Capital, an Ontario-based private investment company. Two existing Heliene customers – Valta Energy and Bullrock Renewables – joined the round.</p>
<p><strong>Indian battery technology startup Dreamfly Innovations has </strong><a href="https://mercomcapital.com/dreamfly-innovations-raises-300000-for-graphene-battery-development/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $300,000 in funding</strong> through a round led by Rebalance Angel Community, with participation from IIM Ahmedabad’s Center for Innovation Incubation and Entrepreneurship. The startup plans to utilize the funds for product commercialization and expanding its team. Dreamfly aims to revolutionize the future of energy by leveraging software-defined battery technology which employs software algorithms to optimize battery performance, efficiency, and safety.</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/funding-and-ma-roundup-battery-developer-altris-raises-5-2-million/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-ambient-photonics-secures-30-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Verkor Raises $1.5 Billion to Develop Battery Gigafactory

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