Saatvik Green Energy Acquires 80% Stake in Transformer Manufacturer

MERC Rejects Avaada’s ₹477 Million Change-in-Law Compensation Claim

CleanCapital Sells 120 MW Solar Project in Ohio

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EMERAM Acquires Stake in Home Energy Management Firm Solar Manager

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Adani Green Energy Operationalizes 292 MW Solar Project in Gujarat

EIE Renewables to Acquire 150 MWh Battery Storage Project in Bihar

MERC Approves 60 MW Wind-Solar PPA Withdrawal, Citing High Tariff

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					</table><a href="https://cleancapital.com/" target="_blank" rel="noopener">CleanCapital</a>, a U.S.-based independent power producer focused on distributed renewable energy, has sold a 120 MW solar project in Harrison County, Ohio, to <a href="https://www.energixrenewables.com/" target="_blank" rel="noopener">Energix Renewables</a>, an independent power producer that develops, constructs, owns, and operates renewable energy projects.
The financial terms of the transaction were not disclosed.
The project, named Nottingham, is located on a reclaimed coal strip mine. Originally developed by BQ Energy, the project became part of CleanCapital’s portfolio following its acquisition of BQ Energy in 2022.
“This transaction advances CleanCapital’s strategic focus on DG-scale solar and energy storage projects in growing markets,” stated Thomas Byrne, CEO at CleanCapital. “The sale of this development project will allow us to focus our in-house development resources on maximizing efforts to scale our DG portfolio across the U.S. We are pleased to partner with Energix Renewables on this transaction, as they have deep expertise in developing larger-scale solar projects that create long-term value for local communities, landowners, stakeholders, and the environment.”
The divestment supports CleanCapital’s strategy to focus on its core business of distributed generation solar and energy storage projects, while enabling Energix Renewables to expand its utility-scale solar portfolio in the U.S.
The transaction follows several recent financing and investment activities by CleanCapital. The company recently acquired a 7.7 MW energy storage joint venture, secured a $300 million HoldCo financing facility, and <a href="https://mercomcapital.com/cleancapital-secures-185-million-debt-private-placement/" target="_blank" rel="noopener">closed</a> a $185 million private debt placement, strengthening its position to support the development and management of distributed generation projects.
In 2025, CleanCapital <a href="https://mercomcapital.com/cleancapital-acquires-51-mw-solar-projects-from-greenbacker/" target="_blank" rel="noopener">acquired</a> a portfolio of 64 operating solar projects totaling 51.2 MW from Greenbacker, an energy-transition-focused investment manager and independent power producer, distributed across 13 U.S. states, including a diverse mix of rooftop and ground-mounted projects.
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.

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-grenergy-financing-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Grenergy, a renewable energy company, <a href="https://mercomcapital.com/grenergy-secures-116-million-financing-172-mw-solar-project/" target="_blank" rel="noopener">secured</a> €98.8 million (~$116.26 million) senior non-recourse financing for the 172 MW Ayora solar project. The financing also includes a €13.6 million (~$15.97 million) line of credit loan. The project is located in Valencia, Spain. Banco Santander has fully underwritten the transaction. The project’s construction is complete and is now in the commissioning phase. The project has a 15-year power purchase agreement.
Altus Power, an independent developer, owner, and operator of commercial-scale solar projects, <a href="https://mercomcapital.com/altus-power-acquires-234-mw-solar-and-storage-project-portfolio/" target="_blank" rel="noopener">announced</a> the acquisition of a 234 MW portfolio of solar and storage projects from Greenbacker, a renewable energy investment firm.
Orrön Energy, an independent renewable energy company, has <a href="https://mercomcapital.com/orron-energy-sells-234-mw-solar-projects-in-germany/" target="_blank" rel="noopener">entered</a> into an agreement with Gülermak Renewables Deutschland Holding, a subsidiary of Gülermak Renewables, to sell 234 MW of solar projects in Germany for a total consideration of up to MEUR 14 (~$16 million). The portfolio consists of three solar projects.
PowerBank, an independent renewable energy power producer specializing in distributed solar and battery energy storage system projects, has <a href="https://mercomcapital.com/powerbank-sells-16-87-mw-of-solar-projects/" target="_blank" rel="noopener">announced</a> the sale of its Elmira, Jordan Road 1, and Jordan Road 2 solar projects with a combined capacity of 16.87 MW. Solar Advocate Development acquired the projects for the total consideration of $41 million.
ACME Solar Holdings has <a href="https://www.mercomindia.com/acme-solar-secures-%E2%82%B947-2-billion-financing-for-renewable-energy-projects" target="_blank" rel="noopener">secured</a> a debt tie-up of ₹47.2 billion (~$519.2 million) from Indian financial institutions to fund the construction of renewable energy projects and optimize its capital structure by reducing financing costs. Out of the total amount, ₹27.1 billion (~$298.1 million) has been secured from Power Finance Corporation for ACME’s 300 MW firm and dispatchable energy project that combines renewables with four hours of battery energy storage.
CleanCapital, an independent power producer focused on distributed clean energy, including solar and energy storage, <a href="https://mercomcapital.com/cleancapital-secures-185-million-debt-private-placement/" target="_blank" rel="noopener">announced</a> the completion of a $185 million private placement debt. The debt facility will be used to finance a portfolio of 156 distributed generation projects totaling more than 180 MW, spanning solar and energy storage assets across the U.S.
Avantus, a developer of utility-scale solar and solar-plus-storage projects, <a href="https://mercomcapital.com/avantus-secures-300-million-aratina-1-solar-storage-project/" target="_blank" rel="noopener">secured</a> $300 million tax equity financing from Truist Bank to support the development of the Aratina 1 utility-scale solar and storage project in Kern County, California.
BayWa r.e., a renewable energy project developer, along with its Dutch subsidiary GroenLeven, <a href="https://mercomcapital.com/baywa-r-e-sells-46-mw-floating-solar-project/" target="_blank" rel="noopener">announced</a> the completion of the sale of a 46 MW floating solar project in Friesland, the Netherlands. The project’s rights have been transferred to the local energy cooperative Enerzjyk Skûlenboarch, the municipality Tytsjerksteradiel, and the Friesland Clean Energy Fund.
Pivot Energy, a renewable energy provider and independent power producer, <a href="https://mercomcapital.com/pivot-energy-secures-over-225-million-for-community-solar-projects/" target="_blank" rel="noopener">announced</a> three financing agreements totaling $225 million. The three financing agreements include a $170 million upsized existing construction warehouse facility with ATLAS and First Citizens Bank providing the funding to support the development of a new portfolio of approximately 60 community solar projects totaling 225 MW in Illinois, Colorado, Maryland, Virginia, New York, Pennsylvania, Delaware, Michigan, and California.
ib vogt, a solar and energy storage project developer, <a href="https://mercomcapital.com/ib-vogt-sells-95-mw-solar-project-in-spain/" target="_blank" rel="noopener">announced</a> the sale of the 95.18 MW Baobab solar project in Segovia, Spain, to EOS NER Solar España, a subsidiary of EOS NER, an independent power producer wholly owned by EOS Holding.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-origis-funding-solar-projects/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Grenergy Secures $116 Million Financing for 172 MW Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-dsd-renewables-distributed-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
DSD Renewables, a provider of customized solar PV energy and energy storage solutions, <a href="https://mercomcapital.com/dsd-renewables-secures-238m-for-distributed-generation-solar-projects/" target="_blank" rel="noopener">announced</a> the closing of $238 million in financing to support the development of 233 MW distributed generation solar projects. First Citizens Bank’s Energy Finance business acted as co-lead arranger and administrative agent on the deal. Nomura and Mitsubishi UFJ Financial Group acted as the co-lead arrangers. The portfolio comprises 188 distributed generation solar projects totaling 233 MW of renewable generation capacity across 12 states and the District of Columbia.
CleanCapital, an independent power producer focused on distributed clean energy, <a href="https://mercomcapital.com/cleancapital-acquires-51-mw-solar-projects-from-greenbacker/" target="_blank" rel="noopener">announced</a> the acquisition of a portfolio of 64 operating solar projects totaling 51.2 MW from Greenbacker, an energy-transition-focused investment manager and independent power producer. The portfolio is distributed across 13 states in the U.S., including a diverse mix of rooftop and ground-mounted solar projects. Most of these projects serve municipal, university, school, and hospital entities, as well as commercial customers.
EDP, a renewable energy power producer, through its 71.3% owned subsidiary EDP Renováveis , has entered into a <a href="https://mercomcapital.com/edp-sells-100-stake-in-190-mw-solar-portfolio/" target="_blank" rel="noopener">sale</a> and purchase agreement with Prosolia Energy, an independent power producer, to sell a 100% equity stake in a portfolio of solar projects totaling 190 MWac (229 MWdc). The deal is estimated to have an enterprise value of €0.16 billion (~$0.18 billion). The portfolio, comprising five operating solar projects, is located across the regions of Andalucía and Castilla y León in Spain.
Orrön Energy, a renewable energy company, entered into an agreement with Saxovent Renewables, a renewable energy project developer, to <a href="https://mercomcapital.com/orron-energy-sells-76-mw-solar-project-in-germany/" target="_blank" rel="noopener">sell</a> a 76 MW solar project in Germany. The project, being developed as an agrivoltaic project, is located in the northeastern part of Germany. The transaction is valued at up to €4 million (~$4.6 million), including an up-front consideration of €2 million (~$2.3 million).
ENCAVIS, a solar and wind project developer, announced the <a href="https://mercomcapital.com/encavis-acquires-199-mw-solar-and-wind-project-portfolio/" target="_blank" rel="noopener">acquisition</a> of a 199 MW solar and wind project portfolio located approximately 40 km outside Zaragoza, in the Aragon region of Spain, from BayWa r.e., a renewable energy project developer. The portfolio includes two solar projects totaling 57 MWp and three wind projects with a combined capacity of around 142 MW.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-exus-secures-solar-wind-portfolio/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: DSD Renewables Secures $238 Million for Distributed Solar Projects

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-recurrent-energy-financing-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a>
Recurrent Energy, a solar and energy storage project developer and a wholly owned subsidiary of Canadian Solar, <a href="https://mercomcapital.com/recurrent-energy-secures-financing-for-171-mw-solar-project-in-australia/" target="_blank" rel="noopener">announced</a> the financial closure of the Carwarp Energy Park in Australia. Westpac Banking Corporation, Australia and New Zealand Banking Group Limited, and Société Générale, Sydney Branch, provided the funding. The funding amount was not disclosed. The Carwarp Energy project, located in Northwest Victoria near the town of Carwarp, consists of 171 MW of solar with a stage two hybrid 120 MW co-located battery energy storage system.
DRI, an Amsterdam-based renewable energy company and a subsidiary of the DTEK Group, <a href="https://mercomcapital.com/dri-secures-26-million-financing-for-glodeni-ii-solar-project-in-romania/" target="_blank" rel="noopener">secured</a> €24.7 million (~$25.93 million) in non-recourse financing from Kommunalkredit Austria AG, an infrastructure and energy financing bank in Europe to develop and construct its 60 MW Glodeni II solar project in Glodeni, Mures County, Romania. According to the company, the solar project will reach commercial operation by early 2025.
CleanCapital, an independent power producer focused on distributed clean energy, <a href="https://mercomcapital.com/cleancapital-acquires-23-mw-solar-portfolio-from-kendall-sustainable-infrastructure/" target="_blank" rel="noopener">announced</a> the acquisition of a solar portfolio comprising 40 projects with a total capacity of 22.7 MW from Kendall Sustainable Infrastructure, an asset management firm. The acquired solar portfolio consists of net-metering and community solar projects, which reached commercial operation between 2015 and 2018. The financial terms of the transaction remained undisclosed.
Origis Energy, a vertically integrated renewable energy platform provider and solar project developer, announced <a href="https://mercomcapital.com/origis-energy-secures-533-million-financing-for-solar-and-storage-projects/" target="_blank" rel="noopener">closing</a> $533 million in a construction financing facility, bridge loan facility, and conversion to a term loan with MUFG, a global financial group. Latham &amp; Watkins advised Origis Energy, while Milbank served as the legal counsel for MUFG in the transaction. The Optimist solar project is expected to reach completion in late 2025, while the Wheatland solar project is scheduled for operation in early 2026.
Nozomi Energy, a Japan-focused renewable energy company established by sustainable infrastructure investor Actis, <a href="https://mercomcapital.com/nozomi-energy-acquires-12-solar-projects-totaling-312-mw/" target="_blank" rel="noopener">announced</a> the acquisition of a portfolio of 12 operational solar projects totaling 312 MW with a Japanese co-investor. The financial details of the transaction were not disclosed. The acquired portfolio consists of entirely operational solar projects with capacities from 1 MW to over 60 MW. Nine of the 12 projects are based in Japan’s Kanto areas, with the remaining projects in Tohoku, Chubu, and Kyushu.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-dri-acquires-solar-project-italy/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Recurrent Energy Secures Financing for 171 MW Solar Project

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-matrix-renewables-financing-projects/" target="_blank" rel="noopener">Mercom Capital Group</a>
Matrix Renewables, a global renewable energy company, <a href="https://mercomcapital.com/matrix-renewables-secures-financing-for-240-mw-solar-projects-in-spain/" target="_blank" rel="noopener">signed</a> a €50 million (~$54.74 million) green loan with the European Investment Bank to support the development and construction of five solar projects in Spain. With a total installed capacity of 240 MW, the projects are located in Castilla y Leon and Extremadura. The projects are expected to reach commercial operations by the end of 2025.
CleanCapital, a mid-market renewables project financing group, <a href="https://mercomcapital.com/cleancapital-acquires-13-mw-solar-projects/" target="_blank" rel="noopener">announced</a> the acquisition of two fully operational solar projects totaling 13 MW. BQ Energy Development has developed projects that supply clean energy to a local university, healthcare provider, and municipality in upstate New York. Both projects are financed by M&amp;T Bank’s Commercial Equipment Finance Group.
JERA Nex, a renewable energy company headquartered in London and launched by JERA, <a href="https://mercomcapital.com/jera-nex-acquires-395-mw-solar-projects-from-lightsource-bp/" target="_blank" rel="noopener">announced</a> the acquisition of two solar projects with a total capacity of 395 MW from Lightsource bp, a solar and energy storage project developer. The portfolio comprises the 300 MW Oxbow solar project in Louisiana and the 95 MW Happy solar project in Arkansas. Both projects are in commercial operation.
Summit Ridge Energy, a community solar project owner and operator, and HASI, an investor in climate solutions, <a href="https://mercomcapital.com/summit-ridge-energy-and-hasi-secure-term-loan-on-community-solar-portfolio/" target="_blank" rel="noopener">closed</a> a $309 million back-leveraged term loan on a portfolio of 80 operating community solar projects. Summit Ridge Capital Holdings, a joint venture between Summit Ridge Energy and HASI, owns the projects. The portfolio, built by Summit Ridge over the last five years, includes ground-mount and rooftop community solar projects with a total capacity of 216 MW.
Origis Energy, the provider of a vertically integrated renewable energy platform and a solar project developer, <a href="https://mercomcapital.com/origis-energy-secures-71-million-tax-equity-financing/" target="_blank" rel="noopener">announced</a> the close of $71 million in tax equity financing for the development of the 75 MW Rice Creek Solar project in Florida. The tax equity financing was secured from U.S. Bank subsidiary U.S. Bancorp Impact Finance, a renewable energy investor.
Renewable energy platform Blueleaf Energy <a href="https://www.mercomindia.com/blueleaf-secures-170-million-for-200-mw-wind-solar-project" target="_blank" rel="noopener">announced</a> the financial closure of its 200 MW wind-solar hybrid power project under development in Madhya Pradesh, India. The company has secured around $170 million in financing from Axis Bank for the Pachora hybrid power project and grid access at the Pachora Inter-State Transmission System substation.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-orlen-group-solar-project-portfolio-poland/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Matrix Renewables Secures Financing for 240 MW Solar Projects

From: <a href="https://mercomcapital.com/funding-and-ma-roundup-ftc-solar-ipo/" target="_blank" rel="noopener">Mercom Capital Group</a>
FTC Solar, a provider of solar tracker systems, technology, software, and engineering services, announced that it has filed for an initial public offering (IPO) of shares of its common stock. FTC is offering 18,421,053 shares of its common stock. The IPO price is expected to be between $18 and $20 per share before underwriting discounts and commissions. FTC has applied to list its common stock on the Nasdaq Global Market under the symbol &#8220;FTCI.&#8221;
Northland Power, a global clean energy project developer, <a href="https://www.northlandpower.com/en/news/northland-power-announces-closing-of-bought-deal-equity-offering.aspx" target="_blank" rel="noopener">closed</a> its previously announced bought deal equity offering of common shares. A total of 22,500,500 shares, including 2,045,500 shares issued according to the exercise in full by the underwriters of their over-allotment, were issued at an offering price of $44 per share for aggregate gross proceeds of $990 million.
CleanCapital, a clean energy investment platform and one of the largest owner-operators of distributed solar assets in the U.S., <a href="https://cleancapital.com/2021/04/cleancapital-secures-300-million-commitment-from-manulife-investment-management-acquires-63-megawatts-of-operating-solar-projects/" target="_blank" rel="noopener">announced</a> a $300 million capital commitment from Manulife Investment Management to grow its portfolio of clean energy assets. Manulife Investment Management&#8217;s commitment was sourced for the John Hancock Life Insurance Company balance sheet and the third-party managed accounts.
Mizzen Capital, a private credit fund, <a href="https://www.prnewswire.com/news-releases/mizzen-capital-provides-term-loan-to-support-posigen-301273618.html" target="_blank" rel="noopener">invested</a> in PosiGen, a residential solar developer and asset manager. Mizzen led the financing, providing $8 million of a $24 million term loan for working capital to PosiGen to accelerate their growth in providing energy efficiency upgrades and solar power to low- and moderate-income homeowners. Stonehenge Capital and Reinvestment Fund each provided $8 million.
Nautilus Solar Energy, owner-operator of distributed generation and community solar projects located throughout North America, has <a href="https://www.prnewswire.com/news-releases/nautilus-solar-energy-closes-second-community-solar-financing-with-credit-suisse-301274421.html" target="_blank" rel="noopener">closed</a> a $110 million tax equity commitment with Credit Suisse. The facility will provide competitive long-term financing for twenty-two community solar projects across Colorado, Maryland, Minnesota, New York, and Rhode Island, amounting to approximately 75 MWdc of nameplate capacity. All projects in the portfolio are expected to be placed in service in 2021 and early 2022.
Copenhagen Infrastructure Partners held a final <a href="https://cipartners.dk/2021/04/19/cip-reach-final-close-on-copenhagen-infrastructure-iv-at-the-eur-7-billion-hard-cap/" target="_blank" rel="noopener">close</a> on its global greenfield renewable energy fund, Copenhagen Infrastructure IV. The fund was oversubscribed and closed at the hard cap of €7 billion (~$8 billion), reaching the target fund size of €5.5 billion (~$6.6 billion) in December 2020. With €7 billion (~$8 billion) in commitments, CI IV is the largest dedicated greenfield renewable energy fund globally and is expected to invest in greenfield renewable energy infrastructure projects with a total CAPEX over €14 billion (~$17 billion).
Melbourne-based solar storage tech company RayGen Resources has <a href="https://tinyurl.com/mercomsstc" target="_blank" rel="noopener">received</a> a new investment boost from equity partner Photon Energy, as it works towards plans for a huge 100 MW/1,000 MWh solar plus storage project. Amsterdam-based solar project developer Photon, which last year took a minor equity stake in RayGen, announced that they made an equity investment of $3 million in RayGen, maintaining a roughly 9% stake in the technology company.
After expanding into European, Asian, and African cement markets, Taiwan Cement Corp <a href="https://tinyurl.com/mercomtcca" target="_blank" rel="noopener">announced</a> adding another piece to its energy puzzle by investing €132 million (~$159 million) to acquire 60.48% shares and becoming the largest shareholder of Europe-based ENGIE Eps, an energy storage system and electric vehicle charging infrastructure provider based in Italy.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency 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://mercomindia.com/funding-and-ma-roundup-sunpower/" target="_blank" rel="noopener">roundup</a>.

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