MNRE Adds 402 MW of Solar Cell Capacity to ALMM, Total Nears 38 GW

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Soleos Energy Files Draft Papers for Initial Public Offering

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PetroGreen Subsidiaries Secure $20 Million for 40 MW Solar Project

Fengate Asset Management Closes Acquisition of Accelergen Energy

Kanpur Packaging Manufacturer Installs Rooftop Solar to Cut Power Costs

TERI Announces Winner of 115 MWh Battery Storage Auction

Power Ministry Revises RoW Compensation Rules for Transmission Lines


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					</table><p>Japan-based <a href="https://www.sumitomocorp.com/en/global" target="_blank" rel="noopener">Sumitomo Corporation</a> will invest in a 500 MW solar and wind project with a co-located 200 MWh battery energy storage system in Bidar, Karnataka, being developed by Hero Future Energies (<a href="https://www.herofutureenergies.com/" target="_blank" rel="noopener">HFE</a>), the renewable energy arm of the Hero Group.</p>
<p>Power generated by the project will be sold to SJVN under a 25-year power purchase agreement. Some of the surplus electricity generated will be sold via the energy exchange market.</p>
<p>Sumitomo Corporation will acquire a 49% stake in Clean Solar Power (Baniyana), the project company, while Hero Solar Energy, a wholly owned subsidiary of HFE, will hold the remaining 51%. Commercial operations are expected to begin in March 2027.</p>
<p>The development comes months after infrastructure debt fund IL&amp;FS Mutual Fund <a href="https://www.mercomindia.com/ilfs-mutual-fund-commits-%E2%82%B91-25-billion-investment-in-hero-solar-energy" target="_blank" rel="noopener">committed</a> an investment of ₹1.25 billion (~$13.63 million) in Hero Solar Energy. The fresh capital will be used for refinancing the company&#8217;s debt and support the expansion of its renewable projects.</p>
<p>In October last year, HFE <a href="https://www.mercomindia.com/hero-energies-secures-%E2%82%B919-8-billion-funding-from-sbi-canara-bank" target="_blank" rel="noopener">secured</a> a loan of ₹19.8 billion (~$221 million) from the State Bank of India and Canara Bank for the development of a 120 MW wind-solar hybrid project with energy storage systems.</p>
<p>The same year, HFE <a href="https://www.mercomindia.com/hero-future-gets-%E2%82%B910-billion-funding-from-sbi-for-60-mw-hybrid-power-project" target="_blank" rel="noopener">secured</a> 10.24 billion (~$115.43 million) in funding from SBI for a 60 MW hybrid project in Andhra Pradesh’s Kurnool district. The project, which combined solar, wind, and storage and was contracted with the Solar Energy Corporation of India.</p>
<p>Global solar companies <a href="https://www.mercomindia.com/solar-corporate-funding-jumps-56-yoy-to-16-9-billion-in-1h-2026" target="_blank" rel="noopener">raised</a> $16.9 billion in corporate funding during the first half (1H) of 2026, a 56% year-over-year increase from $10.8 billion in 2025, according to Mercom Capital Group’s 1H and Q2 2026 Solar Funding and M&amp;A Report. The number of corporate funding deals increased by 23%, from 78 in 1H 2025 to 96 in 1H 2026.</p>


Sumitomo Corporation to Invest in Hero Group’s 500 MW Renewables Project


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					</table><p>Hero Future Energies (<a href="https://www.herofutureenergies.com/" target="_blank" rel="noopener">HFE</a>), the renewable energy arm of Hero Group, announced the signing of a tolling agreement with <a href="https://www.pixonenergy.com/" target="_blank" rel="noopener">PIXON Green Energy</a>, a domestic module manufacturer, for the supply of 500 MW high-efficiency solar photovoltaic modules annually.</p>
<p>Pixon will provide HFE with these modules on a prioritized basis for two years from their fully automated Ecoprogetti line based in Rajkot, Gujarat. The parties will also also be involved in the procurement of strategic components for module manufacturing.</p>
<p>“Global supply chains have been subject to disruption recently. Entering into a strategic partnership will allow us to control our costs better and have more visibility into our supply chain. This will help avoid any shocks that could impact our projects negatively, both in terms of costs and scheduling. We believe that this agreement will provide us with a steady supply of modules at less volatile prices, thereby enabling us to move forward towards realizing our pipeline of projects,” said Srivatsan Iyer, Global CEO of Hero Future Energies.</p>
<p>In an exclusive interview with Mercom, Iyer <a href="https://www.mercomindia.com/hero-future-supplier-ci-clients-2" target="_blank" rel="noopener">stated</a> that HFE aims to expand its portfolio to over 5 GW of operational capacity within five years while establishing itself as a go-to partner for green hydrogen energy and mobility solutions.</p>
<p>Under the agreement, the company will provide Pixon with an assured offtake of modules based on their portfolio of 1.2 GW, which is under construction, and a strong pipeline of upcoming projects. This is expected to enable Pixon to allow for better capacity planning and resource allocation, resulting in more efficient operations.</p>
<p>“By engaging in co-procurement of strategic components, PIXON aims to enhance the reliability of our operations while simultaneously providing Hero Future Energies with a clearer view of the procurement process. This partnership reflects the industry&#8217;s commitment to driving down costs, increasing competitiveness, and ultimately accelerating the transition to a cleaner and more sustainable energy future,” said Sumit Mehta, co-founder and director at Pixon.</p>
<p>In 2022, HFE <a href="https://www.mercomindia.com/kkr-invest-450-million-hero-future-energies" target="_blank" rel="noopener">received</a> an investment of $450 million when global investment firm Kohlberg Kravis Roberts signed a definite agreement with Hero Group to expand its renewable energy capacity.</p>
<p>(Image Credit &#8211; Ecoprogetti)</p>


Hero Future Energies to Procure 500 MW Solar Modules from Pixon Green


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					</table><p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>Hero MotoCorp and Hindustan Petroleum Corporation (HPCL) </strong><a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/9f5cbf14-f2c7-45e6-b9f2-8149e2a16b7f.pdf" target="_blank" rel="noopener"><strong>entered</strong></a><strong> into a collaboration to establish charging infrastructure for electric vehicles (EVs) in the country.</strong> As a part of the initiative, the companies will set up charging infrastructure for two-wheeler EVs across the country. The two companies will first establish charging infrastructure at HPCL’s existing network of nationwide energy stations, with the likelihood of broadening the collaboration for supplementary business opportunities. In the first phase, charging stations will be set up in select cities, which will then be expanded to other key markets to establish a high-density EV charging station network across the country. Hero MotoCorp will lead the infrastructure development for the charging network. Each charging station will feature multiple smart and fast chargers, including DC and AC chargers, that will be available to all two-wheeled EVs.</p>
<p><strong>The Union Cabinet has </strong><a href="https://www.pib.gov.in/PressReleasePage.aspx?PRID=1861129" target="_blank" rel="noopener"><strong>approved</strong></a><strong> modifications in the program for developing semiconductors and display manufacturing </strong><strong> in India.</strong> Under the modified program, uniform fiscal support of 50% of project cost will be provided across all technology nodes for setting up semiconductor fabs. Given the niche technology and nature of compound semiconductors and advanced packaging, the modified program will also provide fiscal support of 50% of capital expenditure to set up compound semiconductors/silicon photonics/sensors / discrete semiconductors fabs and Assembly Testing Mark Pack (ATMP)/ Outsourced Semiconductor Assembly and Test (OSAT). The modified program is expected to expedite semiconductor and display manufacturing investments in India.</p>
<p><strong>Energy Vault Holdings, a grid-scale energy storage solutions company, </strong><a href="https://www.businesswire.com/news/home/20220915005772/en/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> a mandate of an initial 2 GWh gravity energy storage project and the deployment of Energy Vault’s Energy Resiliency Centers</strong> at the zero carbon industrial parks in China that will deploy Energy Vault’s EVx gravity energy storage technology. In partnership with Atlas Renewable, EIPC (a policy-oriented supporting organization (NGO) of the Investment Association of China), in conjunction with China Tianying and selected provincial and local governments, will develop five national zero carbon industrial parks, some of which will be built in previously underserved economic regions throughout China. The parks will utilize Energy Vault’s gravity energy storage technology and its Energy Management Software platform to support China’s mandated climate change and environmental policy: Carbon Peak in 2030 and Carbon Neutrality in 2060 – commonly referred to as “30-60.”</p>
<p><strong>RWE, a German multinational energy company, and Latvenergo, a state-owned electric utility company in Latvia, </strong><a href="https://www.rwe.com/presse/rwe-renewables/2022-09-16-rwe-und-latvenergo-bndeln-ihre-krfte-fr-offshore-wind-in-lettland" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a framework agreement to work together on the development, construction, </strong>and operation of offshore wind farms off the Latvian coast. The equal partners combine their experience in the development, efficient implementation, and safe operation of offshore wind farms with extensive knowledge of the Latvian energy market and the power supply in the Baltic States.</p>
<p><strong>Iberdrola </strong><a href="https://www.iberdrola.com/press-room/news/detail/iberdrola_environmental_impact_permit_photovoltaic_cedillo" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that it had obtained the Environmental Impact Statement for the construction of a new 375 MW photovoltaic project in the town of Cedillo in Cáceres.</strong> The new plant will have sufficient capacity to supply 178,000 homes with clean energy, more than the population of a city like Badajoz, and will prevent the emission of 77,000 tonnes of CO2 per year. The installation will have more than 576,000 bifacial photovoltaic modules that allow for higher production, as it has two light-sensitive surfaces. In this way, it will be able to produce more than 582,400 MWh of indigenous green energy per year which would have required more than 97 million cubic metres of gas to be generated by a combined cycle.</p>


Daily News Wrap-Up: Hero MotoCorp Partners with HPCL to Deploy EV Charging Stations Across India

<p>The renewable energy venture of the <a href="https://www.hero-group.ch/" target="_blank" rel="noopener">Hero Group</a>, Hero Future Energies (<a href="https://www.herofutureenergies.com/" target="_blank" rel="noopener">HFE</a>), issued their first USD bond in global markets. The green bond was issued through Clean Renewable Power (Mauritius), a wholly-owned subsidiary of Hero Future Energies Asia.</p>
<p>HFE’s green bond received over $3 billion orders and was successfully priced at a coupon rate of 4.25% for a six-year maturity period. The issuance was oversubscribed more than 8.5 times.</p>
<p>HFE’s first USD green bond comes after its success in 2016 with the issuance of the first-ever climate bond by any Indian renewable company.</p>
<p>Rahul Munjal, chairman, and managing director, Hero Future Energies, said, “HFE’s first USD bond offering has created a landmark by achieving the highest levels of oversubscription for any transaction out of India this year in the USD bond market. This is a very encouraging move by global investors, especially in the post-pandemic phase, and demonstrates the importance of ESG among the investor community.”</p>
<p>He further added that the bond offering has opened up the global debt capital markets for HFE, thereby diversifying its existing sources of capital and positioning HFE as a robust player in the global cleantech space.</p>
<p>Ben Fraser, Chief Financial Officer, Hero Future Energies, said, “The market response to HFE’s first USD bond is a testament to the company’s excellent credit story. Our debut green bond offering witnessed participation from an impressive list of key global blue-chip investors. The bond was launched to the market at initial price guidance of 4.75%.”</p>
<p>Fraser added that given the strong demand from global accounts, price guidance was tightened by 50 bps, “Even with the largest tightening from any Indian credit this year, most investors continued to remain in our books, resulting in a final order book of over USD 3 bn, with the allocation of 58% to Asian investors, 15% to EMEA and 27% to investors in the US.”</p>
<p>Established in 2012, HFE is a renewable energy provider focussed on ‘Planet Positive Power.’ HFE currently has a portfolio of 1.6 GW in India and aims to expand its operations in overseas markets to hit an overall capacity of 5 GW by 2024. HFE operates primarily in the wind, grid-connected solar, rooftop sector, and energy storage.</p>
<p>In November 2019, the United Arab Emirates-based Masdar had <a href="https://mercomindia.com/uae-masdar-india-hero-future-energies-150-million-investment/" target="_blank" rel="noopener">invested</a> around $150 million (~₹10.7 billion) in HFE. Clean Solar Power, a step-down subsidiary of HFE, also <a href="https://mercomindia.com/clean-solar-million-ifc-debt-financing/" target="_blank" rel="noopener">received</a> a debt financing of up to $43.3 million from International Financial Corporation, the financial arm of the World Bank.</p>
<p>Mercom’s flagship event <a href="https://mercomindia.com/mercom-solar-summit-india-virtual-solar-event/overview/" target="_blank" rel="noopener">Mercom India Solar Summit</a>, to be held virtually on April 8th and 9th, has an exclusive session to discuss “<a href="https://mercomindia.com/mercom-solar-summit-india-virtual-solar-event/agenda/" target="_blank" rel="noopener">Project Financing – Solving the Jigsaw Puzzle</a>” This session will bring together investors and developers to discuss the challenges involved in financing solar projects. You can <a href="https://mercomindia.com/mercom-solar-summit-india-virtual-solar-event/register/" target="_blank" rel="noopener">click here</a> to register for the event.</p>


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