Daily News Wrap-Up: CAG Not Appropriate Body to Audit Delhi DISCOMs

Funding and M&A Roundup: Sigenergy Technology Raises $562 Million in IPO

Project Finance Brief: Elgin Secures $672 Million for Solar, Storage Pipeline

Evren Secures $600 Million for FDRE Project in Andhra Pradesh and Rajasthan

NavPrakriti to Invest ₹1 Billion in Odisha Critical Minerals Facility

SECI Invites Bids for 1.2 GW ISTS-Connected Wind Projects

Tandem PV Opens 40 MW US Factory to Scale Perovskite Solar Panels

Sigenergy Technology Raises $562 Million in Hong Kong IPO

Orrön Energy Sells 91 MW Agrivoltaic Project in Germany

Juniper Green Energy Begins Commissioning India’s First FDRE Project


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					</table><p><a href="https://www.sigenergy.com/" target="_blank" rel="noopener">Sigenergy Technology</a>, a provider of home battery storage and commercial solar solutions, has raised over HK$4.4 billion (~$562 million) through its initial public offering (IPO) on the Hong Kong Stock Exchange (HKEX).</p>
<p>The Shanghai-headquartered company, which is listed under the stock code 06656.HK, began trading on April 16 at an offer price of HK$324.20 (~$41.3) per share. If the overallotment option is fully exercised, total proceeds from the offering could reach HK$5.06 billion (~$646 million).</p>
<p>Sigenergy received backing from Temasek, Goldman Sachs Asset Management, UBS Asset Management, and BNP Paribas Asset Management. Other participants included Hillhouse, CPE, Boyu Capital, Gaoyi Asset Management, and Greenwoods Asset Management, as well as insurance and specialized funds such as CPIC, ORIX, and Walden International.</p>
<p>Xu Yingtong, Founder and CEO of Sigenergy, stated, “Listing marks a new beginning for us. Guided by our ‘AI in All’ mission, we are doubling down on energy storage and accelerating R&amp;D to fortify our competitive edge. Our goal is to ensure that AI translates into tangible value for our customers. As we advance our global expansion and refine our international network, we are proud to share the story of ‘China’s Intelligent Manufacturing’ in the renewable energy sector.”</p>
<p>According to its prospectus, Sigenergy reported revenue growth from RMB58.30 million (~$8 million) in 2023 to RMB9 billion (~$1 billion) in 2025, an increase of 154.4 times over two years.</p>
<p>Sigenergy’s flagship product, SigenStor, combines an inverter, EV DC charging module, and battery pack into a modular, stackable unit. By the end of 2025, the company had achieved an annual design capacity of nearly 360,000 inverters and over 5.6 GWh of energy storage batteries.</p>
<p>According to Mercom’s Annual and Q4 2025 Funding and M&amp;A for Energy Storage <a href="https://mercomcapital.com/product/annual-q4-2025-funding-ma-report-storage/" target="_blank" rel="noopener">report</a>, announced debt and public market financing for Energy Storage companies in 2025 decreased 30% year-over-year (YoY), with $11.4 billion in 44 deals compared to $16.2 billion in 32 deals in 2024. Despite raising less capital, deal activity increased 38% YoY.</p>
<p>In December 2025, Guoxia Technology, a China-based company that provides AI-driven energy storage products and renewable energy solutions, <a href="https://mercomcapital.com/energy-storage-company-guoxia-technology-announces-hong-kong-ipo-listing/" target="_blank" rel="noopener">announced</a> its listing on the main board of the Hong Kong Stock Exchange (HKEX) under the stock code 02655.HK, raising approximately $78 million.</p>



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					</table><p>Sweden-based <a href="https://www.orron.com/" target="_blank" rel="noopener">Orrön Energy</a>, a renewable energy project developer focused on onshore renewable energy assets, has completed the sale of a 91 MW agrivoltaic project with a co-located battery option in Eastern Germany to Gülermak Renewables, an independent power producer.</p>
<p>The total consideration for the transaction is up to €5.6 million (~$6.6 million), including reimbursement of development costs. Of this, €2.4 million (~$2.8 million) was paid at closing, with the remaining amount contingent on the achievement of development milestones.</p>
<p>The project is currently at the ready-to-permit stage, with Orrön Energy continuing to advance development until it reaches ready-to-build status, expected by 2027.</p>
<p>Watson Farley &amp; Williams advised Orrön Energy on the transaction.</p>
<p>Orrön Energy has previously divested three agrivoltaic projects to Gülermak Renewables, <a href="https://mercomcapital.com/orron-energy-sells-234-mw-solar-projects-in-germany/" target="_blank" rel="noopener">including</a> a 234 MW solar project in Germany, for a total consideration of up to €14 million (approximately $16 million). The portfolio comprises three solar projects.</p>
<p>“We are delighted to have once again advised Orrön Energy. Agrivoltaics is an innovative solution that maximizes land use and will play an important role in the energy transition. Advising on such deals underscores WFW’s recognized expertise in the renewable energy sector,” said Wolfram Böge, Hamburg Corporate Partner, Watson Farley &amp; Williams.</p>
<p>In addition to the project sale, Orrön Energy said it has secured municipal approval for a separate battery energy storage project in Germany. The company is also exploring divestment options for a 1.8 GW solar project pipeline in the UK.</p>
<p>According to Mercom’s Annual and Q4 2025 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/annual-and-q4-2025-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, approximately 37.4 GW of solar projects were acquired in 2025, compared to 37.7 GW in 2024.</p>
<p>In 2023, OX2, a Sweden-based renewable energy company that develops, funds, and manages large-scale projects, <a href="https://mercomcapital.com/ox2-sells-23-mw-agripv-project-in-france/" target="_blank" rel="noopener">signed</a> an agreement to sell 23 MW of an agri-PV project in the Loiret region of France to CVE, a France-based independent renewable energy power producer.</p>



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					</table><p><a href="https://www.renewable-metals.com/" target="_blank" rel="noopener">Renewable Metals</a>, an Australia-based lithium-ion battery recycling company, has secured AU$12 million (~$8.6 million) in an oversubscribed Series A funding round. The funding increased from an initial AU$8 million (~$5.7 million) target, bringing the company’s total funding to over AU$38 million (~$27 million) since inception.</p>
<p>The round was led by the Clean Energy Finance Corporation, and managed by Virescent Ventures, with participation from Neglected Climate Opportunities, Climate Tech Partners, Investible, and European Metal Recycling.</p>
<p>Renewable Metals has developed an alkali-based hydrometallurgical process to recover lithium, cobalt, nickel, copper, and manganese from end-of-life lithium-ion batteries.</p>
<p>The company reports recovery rates exceeding 95%, including up to 30% higher lithium recovery compared to conventional acid-based methods, while also achieving lower costs and a reduced environmental footprint.</p>
<p>The funding will be used to support the company’s transition toward commercial-scale deployment. A key focus will be enabling continuous operations at its commercial prototype facility in Kewdale, Western Australia, which is expected to operate at an initial capacity of 960 tons per annum and ramp up to 2,000 tons per annum. The plant is scheduled to begin full operations in mid-2026.</p>
<p>“By delivering high recovery at low cost without large, centralized facilities, we can build plants sized for near-term feedstock, and scale with the market over time. This avoids capital-intensive overbuild while enabling a distributed network close to feedstock sources globally, reducing the cost and complexity of transporting hazardous materials,” said Luan Atkinson, CEO at Renewable Metals.</p>
<p>In addition, the funding will support the Front-End Engineering and Design study for Renewable Metals’ first commercial-scale facility planned in New South Wales. The company is also expected to expand its research, engineering, and commercial teams to support its growth strategy.</p>
<p>According to Mercom’s Annual and Q4 2025 Funding and M&amp;A for Energy Storage <a href="https://mercomcapital.com/product/annual-q4-2025-funding-ma-report-storage/" target="_blank" rel="noopener">report</a>, VC funding for the battery recycling sector increased by around 8% in 2025 compared to 2024.</p>
<p>In 2025, Battery recycling firm <a href="https://www.redwoodmaterials.com/" target="_blank" rel="noopener">Redwood Materials</a> closed a $350 million Series E funding round, led by Eclipse, with participation from NVentures, the venture capital arm of NVIDIA, and other new strategic investors.</p>


Battery Recycling Company Renewable Metals Secures $8.6 Million


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					</table><p><a href="https://www.rebound-tech.com/" target="_blank" rel="noopener">Rebound Technologies</a>, a U.S.-based thermal energy storage startup, has secured a $2 million strategic investment from KCC Manufacturing, a company that provides design, manufacturing, installation, and service in the HVAC industry.</p>
<p>KCC Manufacturing, which has supported Rebound since the early stages of its thermal cooling system&#8217;s development, is now strengthening its partnership through this investment.</p>
<p>Rebound Technologies has developed a proprietary thermal energy storage solution called IcePoint, which uses ice as a thermal battery to provide on-demand cooling, freezing, and dehumidification.</p>
<p>The technology uses off-peak electricity to produce and store ice, which is then used to deliver targeted cooling when demand is high. According to the company, by shifting energy use to off-peak periods, facilities can reduce peak energy loads while maintaining reliable performance.</p>
<p>The funding will help scale up manufacturing and speed up the deployment of Rebound’s IcePoint systems in industries with high cooling needs, such as data centers, food processing, and district cooling.</p>
<p>&#8220;This investment reflects the strength of our collaboration with KCC and the progress we have made moving IcePoint from innovation to commercial deployment,&#8221; said Eric Kish, CEO of Rebound Technologies. &#8220;As demand grows for flexible cooling and energy solutions, scaling manufacturing is a critical step in delivering our technology to customers who need both performance and efficiency.&#8221;</p>
<p>According to Mercom’s Annual and Q4 2025 Funding and M&amp;A Report for Energy Storage <a href="https://mercomcapital.com/product/annual-q4-2025-funding-ma-report-storage/" target="_blank" rel="noopener">report</a>, VC funding in the Energy Storage sector in 2025 increased 30% YoY, to $4.8 billion across 75 deals, up from $3.7 billion across 84 deals in 2024.</p>
<p>In March 2026, MGA Thermal, a provider of thermal energy-based long-duration energy storage systems, <a href="https://mercomcapital.com/thermal-energy-storage-company-mga-thermal-secures-12-million/" target="_blank" rel="noopener">secured</a> A$17 million (~$12 million) in funding. The latest round brings the total capital raised to more than A$50 million (~$35 million). IP Group Australia joins as a new investor alongside Main Sequence, with Shane Meaney taking a board seat to support MGA Thermal’s global scale-up.</p>


Thermal Energy Storage Startup Rebound Technologies Secures $2 Million


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					</table><p><a href="https://cleanpeakenergy.com.au/" target="_blank" rel="noopener">CleanPeak Energy Holdings</a>, an Australia-based renewable energy project developer focused on solar, battery energy storage systems (BESS), and thermal energy solutions, has signed an agreement to fully acquire <a href="https://www.sei.com.au/" target="_blank" rel="noopener">Sustainable Energy Infrastructure</a> (SEI), a developer and owner of distributed solar and battery assets.</p>
<p>The financial terms of the acquisition were not disclosed. CleanPeak Energy is being advised by Gresham Partners as financial adviser and Maddocks as legal adviser.</p>
<p>SEI currently operates a portfolio of 71 MW of solar capacity across 16 sites and 42 MW of BESS across 11 sites located in New South Wales, Victoria, and South Australia. The company specializes in sub-5 MW distributed energy projects across Australia’s National Electricity Market.</p>
<p>The acquisition will help to strengthen CleanPeak’s position in the distributed energy segment and accelerate the growth of its in-front-of-the-meter solar portfolio. SEI’s geographically diversified assets across the National Electricity Market (NEM) are expected to enable faster growth of CleanPeak Energy’s retail business by offering a scalable and cost-efficient risk management solution.</p>
<p>Philip Graham, Chief Executive Officer of CleanPeak Energy, said. “SEI brings together a high‑quality portfolio of distributed solar and battery assets that align perfectly with CleanPeak’s vision to develop a smarter, cleaner, and more resilient renewable energy portfolio. By integrating SEI into our platform, we are not only expanding our national footprint but also strengthening our ability to provide low‑cost and reliable renewable energy to customers. This acquisition positions us to accelerate the growth of our retail business while continuing to lead in the development of distributed energy solutions. We’re excited to build on SEI’s strong foundations and unlock the next phase of growth together.”</p>
<p>In January this year, the company <a href="https://mercomcapital.com/cleanpeak-energy-acquires-five-solar-battery-storage-projects/" target="_blank" rel="noopener">acquired</a> five new solar projects located across New South Wales from Fortitude Renewables, a private equity investment firm. Each acquired project has a development approval and connection agreement for a 5 MW solar and BESS.</p>
<p>According to Mercom’s Annual and Q4 2025 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/annual-and-q4-2025-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, M&amp;A activity was 17% higher YoY in 2025, with 96 corporate M&amp;A transactions compared to 82 in 2024.</p>


CleanPeak Energy to Acquire Sustainable Energy Infrastructure


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					</table><p><a href="https://www.criticalloop.com/" target="_blank" rel="noopener">Critical Loop</a>, an industrial power solutions provider specializing in battery-integrated microgrid systems, has raised $26 million in a Series A funding round, taking the company’s total committed equity and debt funding to $49 million.</p>
<p>The round was led by Conifer Infrastructure Partners and Hanover, with participation from Better Ventures, Climate Capital, Adapt Nation Capital, and Cyrus Ventures.</p>
<p>Critical Loop’s solution combines battery energy storage and its proprietary software-defined controller, Cygnus, into a modular platform. It features a scalable 1 MW battery system that integrates with grid infrastructure and distributed energy sources, enabling quick energy deployment on demand.</p>
<p>The funding is expected to accelerate the deployment of the company’s microgrid systems and strengthen its partnerships. Critical Loop is currently operating across California and plans to expand into additional territories.</p>
<p>&#8220;Grid interconnection queues are limiting industrial growth, and the current solutions are mostly slow to deploy and inflexible, which does not meet current need,” said Nick Stork, Founder and Managing Partner at Conifer Infrastructure Partners. “Critical Loop is working on a timeline that actually matches what customers are dealing with. Critical Loop is delivering a real and immediate solution while also offering customers long-term value beyond solving for today&#8217;s need for power, and this team has shown they can deliver on that.”</p>
<p>The company has secured a supply agreement with LG Energy Solution Vertech for U.S.-manufactured batteries to support deployments.</p>
<p>According to Mercom’s Annual and Q4 2025 Funding and M&amp;A for Smart Grid <a href="https://mercomcapital.com/product/annual-q4-2025-funding-ma-report-grid" target="_blank" rel="noopener">report</a>, venture capital funding for Smart Grid companies increased 6% YoY in 2025 to $1.8 billion across 68 deals, compared to $1.7 billion across 56 deals in 2024.</p>
<p>In 2023, Nuru, a provider of microgrid solutions, <a href="https://mercomcapital.com/nuru-raises-funding-microgrid-solutions/" target="_blank" rel="noopener">raised</a> over $40 million in Series B equity funding. The round was led by the International Finance Corporation and included several other investors, such as the Global Energy Alliance for People and Planet, the Renewable Energy Performance Platform, Proparco, E3 Capital, Voltalia, the Schmidt Family Foundation, GAIA Impact Fund, and the Joseph Family Foundation.</p>


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