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PM Green Wins WBSEDCL’s 250 MW/1,000 MWh Standalone BESS Auction

China Issues Guidance on Strengthening Solar Intellectual Property Rights


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-alphabet-acquire-intersect-4-7-billion/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Alphabet, the parent company of Google, entered into a definitive agreement to </strong><a href="https://mercomcapital.com/googles-parent-company-alphabet-to-acquire-intersect-for-4-7-billion/" target="_blank" rel="noopener"><strong>acquire</strong></a><strong> Intersect, a data center and energy infrastructure solutions provider, for $4.75 billion </strong>in cash, plus the assumption of debt. The acquisition will allow more data center and generation capacity to come online faster. Google already owns a minority stake in Intersect from a previously announced funding round.</p>
<p><strong>Fuse Energy, a renewable energy and EV charging solutions provider, has </strong><a href="https://mercomcapital.com/fuse-energy-secures-70-million-in-series-b-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $70 million in Series B funding led by Balderton and Lowercarbon Capital</strong>. The investment has increased the company’s valuation to $5 billion and is expected to accelerate the expansion of the energy network, scaling grids across global markets and launching supply operations in countries such as the U.S., Ireland, and Spain.</p>
<p><strong>Guoxia Technology, a China-based company that provides AI-driven energy storage products and renewable energy solutions, has </strong><a href="https://mercomcapital.com/energy-storage-company-guoxia-technology-announces-hong-kong-ipo-listing/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> its listing on the main board of the Hong Kong Stock Exchange (HKEX) under the stock code 02655.HK, raising approximately $78 million</strong>.  According to the company, the funds raised will primarily be used to advance research and development of core AI-based smart energy storage technologies, establish an overseas operations and service network, and increase product production capacity.</p>
<p><strong>Otovo, a home energy service provider in the U.S. and Europe, has </strong><a href="https://mercomcapital.com/otovo-acquires-select-assets-of-soly-holding/" target="_blank" rel="noopener"><strong>entered</strong></a><strong> into a definitive agreement to acquire select assets of Soly Holding</strong>, a Netherlands-based residential solar company with operations across the Netherlands, Belgium, Germany, Austria, Italy, and the U.K. The transaction is expected to close in December 2025, subject to final documentation, with no regulatory approvals required.</p>
<p><strong>Inox Clean Energy has announced it is acquiring renewable energy platform Vibrant Energy from Macquarie Corporate Holdings and its other shareholders</strong>. Inox has <a href="https://www.mercomindia.com/inox-clean-to-acquire-macquarie-owned-vibrant-energy" target="_blank" rel="noopener">signed</a> definitive agreements for the acquisition. Standard Chartered Bank was the exclusive advisor to Macquarie Group on this transaction. The companies did not disclose the deal value. Vibrant Energy has a portfolio of 1.3 GW of renewable energy projects out of which 800 MW is operational.</p>
<p><strong>Waaree Energies’ subsidiary, Waaree Solar Americas, will </strong><a href="https://www.mercomindia.com/waaree-to-buy-stake-in-polysilicon-manufacturer-united-solar-for-30-million" target="_blank" rel="noopener"><strong>buy</strong></a><strong> 53,68,551 Series B shares of polysilicon manufacturer United Solar Holding for $30 million</strong>. The proposed investment, for which the two companies signed a binding term sheet, will help strengthen Waaree’s long-term, secure, and fully traceable polysilicon supply chain to support its expanding U.S. and global manufacturing footprint.</p>
<p><strong>Module manufacturer Alpex Solar’s board of directors has approved </strong><a href="https://www.mercomindia.com/alpex-solar-to-raise-%E2%82%B91-25-billion-through-issue-of-debentures" target="_blank" rel="noopener"><strong>raising</strong></a><strong> ₹1.25 billion (~$13.8 million)</strong> through the issuance of secured, redeemable, unlisted, unrated, and non-convertible debentures (NCDs). Alpex will issue 12,500 NCDs, each with a face value of ₹100,000 (~$1,107.83). The NCDs will carry a coupon rate of 14.75% per annum, payable monthly. The NCDs carry an extra layer of security in the form of subservient charges.</p>
<p><strong>The board of directors of renewable energy solutions provider KPI Green Energy has approved a proposal to </strong><a href="https://www.mercomindia.com/kpi-green-to-raise-%E2%82%B94-75-billion-from-promoter-group-quyosh-energia" target="_blank" rel="noopener"><strong>raise</strong></a><strong> ₹4.75 billion (~$52.99 million)</strong> by issuing 10.1 million fully convertible equity warrants to the promoter group entity Quyosh Energia. Quyosh Energia holds 500 shares of KPI Green Energy, and after the full conversion of warrants, its shareholding in KPI Green would rise to 4.87%.</p>
<p><strong>Waste management agency GEM Enviro Management’s board of directors has </strong><a href="https://www.mercomindia.com/gem-enviro-acquire-majority-stake-solluz-energy-50-million" target="_blank" rel="noopener"><strong>approved</strong></a><strong> the acquisition of a 50.10% equity stake in Solluz Energy</strong> for a cash consideration of ₹50 million (~$550,087). The acquisition will be executed through a share subscription agreement and is expected to be completed on or before January 31, 2026, subject to customary approvals and conditions. GEM Enviro plans to expand its footprint in the renewable energy segment with this acquisition.</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’s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-sun-king-secures-40-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Alphabet to Acquire Intersect for $4.7 Billion


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					</table><p>Waste management agency <a href="https://gemrecycling.com/" target="_blank" rel="noopener">GEM Enviro Management</a>’s board of directors has approved the acquisition of a 50.10% equity stake in Solluz Energy for a cash consideration of ₹50 million (~$550,087).</p>
<p>The acquisition will be executed through a share subscription agreement and is expected to be completed on or before January 31, 2026, subject to customary approvals and conditions.</p>
<p>GEM Enviro plans to expand its footprint in the renewable energy segment with this acquisition. Solluz Energy will become a subsidiary of GEM Enviro Management, strengthening the company’s presence in the solar engineering, procurement, and construction (EPC) space.</p>
<p>In its bourse filing, the company clarified that the deal does not constitute a related-party transaction.</p>
<p>Solluz Energy is engaged in solar EPC services and rooftop solar system installation, which the company claims align closely with GEM Enviro’s sustainability-focused growth strategy. The acquisition provides GEM Enviro access to operational capabilities and an expanding project base in the solar sector.</p>
<p>In the financial year (FY) 2025, Solluz Energy reported revenue from operations of about ₹349.1 million (~$3.84 million), nearly doubling from ₹171.8 million (~$1.89 million) in FY 2024, and up from ₹104.4 million (~$1.14 million) in FY 2023. This consistent rise in turnover highlights Solluz Energy’s increasing scale and execution capacity in the solar market.</p>
<p>Solluz has recently <a href="https://www.mercomindia.com/greater-noida-schools-rooftop-solar-system-a-living-model-of-sustainability/" target="_blank" rel="noopener">installed</a> a 430 kW rooftop solar power system at Sparsh Global School’s campus in Greater Noida, Uttar Pradesh. The project is expected to generate nearly 600,000 kWh of clean electricity every year.</p>
<p>Total corporate funding, including venture capital, public markets, and debt financing, for the solar sector globally stood at $17.3 billion in the first nine months (9M) of 2025, 22% lower than the $22.3 billion raised in 9M 2024. These figures were revealed in Mercom Capital Group’s newly released <a href="https://mercomcapital.com/product/9m-q3-2025-solar-funding-ma-report/" target="_blank" rel="noopener">9M and Q3 2025 Solar Funding and M&amp;A Report</a>.</p>


GEM Enviro to Acquire Majority Stake in Solluz Energy for ₹50 Million


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					</table><p><a href="https://www.sparshglobalschool.com/" target="_blank" rel="noopener">Sparsh Global School</a> has installed a 430 kW rooftop solar power system at its campus in Greater Noida, Uttar Pradesh, to advance its sustainability goals and reduce electricity costs.</p>
<p>The project, executed by <a href="https://www.solluz.co.in/" target="_blank" rel="noopener">Solluz Energy</a>, is expected to generate nearly 600,000 kWh of clean electricity every year.</p>
<p>Before the solar system was commissioned, the school’s power consumption averaged around 2,500 units per day, making energy efficiency and cost stabilization a key priority.</p>
<p>According to Solluz Energy, the school’s decision to go solar was driven by a strong commitment to lowering its environmental impact and building a more eco-conscious campus. The solar system is intended to significantly cut carbon emissions while also serving as a practical learning example for students on the benefits of renewable energy.</p>
<p>For the project, Solluz Energy deployed a mix of high-efficiency modules, including Renewsys’ 545 Wp and Vikram Solar’s Hypersol 585 Wp modules, paired with Sungrow inverters. The system is mounted on a 2P aluminum structure designed for rooftop durability and performance.</p>
<p>Solluz Energy said the installation progressed smoothly with no major space, access, or policy-related challenges reported during execution.</p>
<p>“The 430 kWp solar project at Sparsh Global School is a strong example of how institutions can lead the transition towards clean energy. This installation not only helps the school significantly reduce its carbon footprint and long-term electricity costs but also turns the campus into a living model of sustainability for its students. We believe that when educational institutions adopt renewable energy, they inspire thousands of young minds to think responsibly about the planet, and we are proud to be a part of that change,” said Karan Kalra, CEO at Solluz Energy.</p>
<p>Solluz had <a href="https://www.mercomindia.com/pasupati-spinning-mills-turns-to-solar-for-long-term-competitiveness/" target="_blank" rel="noopener">installed</a> a 2.872 MW rooftop plus ground-mounted solar project for Pasupati Spinning &amp; Weaving Mills at its facility in Kala Amb, Himachal Pradesh, in June this year.</p>
<p>It had also <a href="https://www.mercomindia.com/plastic-recycler-ganesha-ecosphere-goes-green-with-5-mw-rooftop-solar-system/" target="_blank" rel="noopener">installed</a> a 5 MW rooftop solar system for plastic recycler Ganesha Ecosphere in Telangana.</p>
<p>Commercial and institutional consumers are increasingly adopting rooftop solar to hedge against rising grid tariffs and meet sustainability targets. Educational campuses, in particular, are emerging as visible adopters, with solar projects doubling as cost-saving infrastructure and awareness-building tools for students and communities.</p>
<p>Mercom India hosts a multicity ‘C&amp;I Clean Energy Meet’ series designed to provide commercial and industrial energy buyers with the knowledge and tools they need to adopt clean energy solutions and lower their power costs. The next C&amp;I Clean Energy Meet will be held in <a href="https://www.mercomindia.com/event/c-and-i-clean-energy-meet-2025-nagpur" target="_blank" rel="noopener">Nagpur</a> on December 12, 2025.</p>


Greater Noida School’s Rooftop Solar System a Living Model of Sustainability


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					</table><p><a href="https://solariumenergy.in/" target="_blank" rel="noopener">Solarium Green Energy</a> has received three purchase orders for modules, with a cumulative value of ₹186 million (~$2.09 million), from <a href="https://www.truzonsolar.com/" target="_blank" rel="noopener">Suntek Energy Systems</a> and <a href="https://www.solluz.co.in/" target="_blank" rel="noopener">Solluz Energy</a>.</p>
<p>The company has received two purchase orders from Suntek Energy Systems, totaling ₹121.8 million (~$1.3 million) and ₹3.15 million (~$35,517), for the supply of non-domestic content requirement-compliant, 715 Wp N-Type TOPCon bifacial dual-glass modules.</p>
<p>Under this purchase order, Solarium will supply 14,388 modules. The modules must be delivered by the second week of December 2025.</p>
<p>It has also received a third order from Solluz Energy, amounting to ₹61.15 million (~$689,478) for the supply of 715 Wp N-type bifacial modules.</p>
<p>Under this purchase order, Solarium will supply 7,128 modules. These modules must be warranted for at least 90% output for 10 years and at least 80% output for 25 years. The modules must be delivered by December 10, 2025.</p>
<p>In June 2025, the Solarium <a href="https://mercomindia.com/solarium-to-set-up-1-gw-solar-module-manufacturing-plant-in-ahmedabad" target="_blank" rel="noopener">announced</a> the establishment of a 1,000 MW facility in Ahmedabad, Gujarat. The proposed facility will involve a capital expenditure of ₹700 million (~$8.14 million). The plant is expected to manufacture TOPCon solar modules and be operational by the end of the fourth quarter of the current financial year.</p>
<p>In February this year, it also <a href="https://www.mercomindia.com/solarium-green-bags-7-mw-rooftop-solar-contract-from-nvvn" target="_blank" rel="noopener">won</a> a contract from NTPC Vidyut Vyapar Nigam to install 6,929 kW grid-connected rooftop solar projects at various locations of central armed forces and departments under the Ministry of Home Affairs in Uttar Pradesh (Zone 4). The scope of work included design, engineering, supply, civil construction, erection, testing, commissioning, and grid interfacing within 240 days from the date of notice of award. Solarium must handle the system’s operations and maintenance for a period of ten years.</p>
<p>Recently,  the Ministry of New and Renewable Energy <a href="https://www.mercomindia.com/solar-module-capacity-under-almm-grows-by-6-9-gw-in-october-2025" target="_blank" rel="noopener">announced</a> the addition of 6.9 GW of modules to the Approved List of Models and Manufacturers (ALMM). The cumulative capacity of modules under ALMM now stands at 116,467 MW.</p>


Solarium Green Receives Orders for Modules Worth ₹186 Million


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					</table><p>To reduce its carbon footprint and set a benchmark for environmental responsibility in the corporate real estate sector <a href="https://www.chimesgroup.in/chimes-61" target="_blank" rel="noopener">Chimes,</a> commercial complex in Gurugram, Haryana, installed a 185 kWp rooftop and building-integrated photovoltaic (BIPV) solar system in March 2024.</p>
<p>Executed by <a href="https://www.solluz.co.in/" target="_blank" rel="noopener">Solluz Energy</a>, the project has been running steadily, generating around 25,000 units every month, contributing to 25% of Chimes&#8217; total energy consumption. It expects a return on investment in 3.5 years from the time of commissioning.</p>
<p>The project integrates Trina 575 Wp Mono PERC modules, Sungrow 125 kW and 50 kW string inverters, and HDGI mounting structures to deliver optimal performance and reliability.</p>
<p>The standout feature of this project is its innovative use of BIPV technology to install solar panels on a 90-degree straight wall. The approach was adopted to address rooftop space limitations, maximizing available surface area for power generation while maintaining the building’s architectural aesthetics.</p>
<p>Solluz Energy successfully delivered this 20,000 sq. ft. installation with an advanced 11 kV net metering setup under DHBVNL, ensuring smooth power export and operational efficiency.</p>
<p>“By integrating solar panels vertically through BIPV technology, we not only optimized limited space but also delivered an aesthetically appealing and high-performing installation. This project truly reflects our mission to empower businesses with clean, reliable, and future-ready energy solutions,” said Karan Kalra, CEO at Solluz Energy.</p>
<p>Solluz had <a href="https://www.mercomindia.com/pasupati-spinning-mills-turns-to-solar-for-long-term-competitiveness/" target="_blank" rel="noopener">installed</a> a 2.872 MW rooftop plus ground-mounted solar project for Pasupati Spinning &amp; Weaving Mills at its facility in Kala Amb, Himachal Pradesh, in June this year.</p>
<p>It had also <a href="https://www.mercomindia.com/plastic-recycler-ganesha-ecosphere-goes-green-with-5-mw-rooftop-solar-system/" target="_blank" rel="noopener">installed</a> a 5 MW rooftop solar system for plastic recycler Ganesha Ecosphere in Telangana.</p>
<p>Mercom India has been hosting its popular ‘C&amp;I Clean Energy Meet’ series across India designed to provide commercial and industrial energy buyers with the knowledge and tools they need to adopt clean energy solutions and lower their power costs. The next event in the series is scheduled for November 14, 2025 in <a href="https://www.mercomindia.com/event/c-and-i-clean-energy-meet-2025-bhubaneswar" target="_blank" rel="noopener">Bhubaneswar</a>.</p>


Gurugram Complex Cuts Power Bills with 185 kWp Rooftop plus BIPV Solar Project


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					</table><p>Aiming to rein in electricity expenses and strengthen long-term competitiveness, <a href="https://www.pasupatitextiles.com/" target="_blank" rel="noopener">Pasupati Spinning &amp; Weaving Mills</a>, a textile manufacturer, installed a 2.872 MW rooftop plus ground-mounted solar project at its facility in Kala Amb, Himachal Pradesh, in June this year.</p>
<p>The system, executed by <a href="https://www.solluz.co.in/" target="_blank" rel="noopener">Solluz Energy</a>, is expected to generate 4,020,800 kWh annually, covering approximately 22% of the mill’s yearly consumption, based on a baseline of around 50,000 kWh per day. The projected payback period is between 3.5 and 4 years.</p>
<p>Operating in an industry known for thin margins, Pasupati faces two dominant cost pressures: volatile polyester input prices linked to crude and consistently high power expenses. To hedge energy costs and stabilize operations, the company adopted Solluz Energy’s on-site solar solution.</p>
<p>The project is divided into 675.02 kW of rooftop capacity and 2,197.36 kW of ground-mounted capacity, configured as a single, integrated system.</p>
<p>Solluz Energy selected Trina Solar 605 Wp TOPCon modules paired with Sungrow SG-125CX inverters featuring twelve MPPTs for efficient generation and reliable performance. The mounting structures use Aluminium AA6063-T6 and HDG/Galvalume, complying with IS 2062 standards to ensure durability and safety across varying site conditions.</p>
<p>A key engineering challenge involved integrating the new generation into the plant’s existing electrical network. Solluz Energy conducted a detailed study to pinpoint the optimal drawal point for solar injection, enabling safe interconnection and smooth operations without disrupting the mill’s processes.</p>
<p>“We are proud to partner with Pasupati Spinning &amp; Weaving Mills on their sustainability journey. This 2.87 MWp solar project is a significant step toward reducing energy costs and ensuring long-term competitiveness for the textile industry. Through detailed engineering and the right technology selection, we were able to deliver a reliable and future-ready solution that aligns with the client’s business goals as well as environmental responsibility,” said Karan Kalra, CEO at Solluz Energy.</p>
<p>Solluz had previously <a href="https://www.mercomindia.com/plastic-recycler-ganesha-ecosphere-goes-green-with-5-mw-rooftop-solar-system/" target="_blank" rel="noopener">executed</a> a 5 MW rooftop solar system for plastic recycler Ganesha Ecosphere in Telangana.</p>
<p>Mercom India hosts a multicity ‘C&amp;I Clean Energy Meet’ series designed to provide commercial and industrial energy buyers with the knowledge and tools they need to adopt clean energy solutions and lower their power costs. The next C&amp;I Clean Energy Meet will be held in <a href="https://www.mercomindia.com/event/c-and-i-clean-energy-meet-2025-bhubaneswar" target="_blank" rel="noopener">Bhubaneswar</a> on November 14, 2025.</p>


Pasupati Spinning Mills Turns to Solar for Long-Term Competitiveness


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					</table><p>Driven by the goals of reducing high electricity expenses from its energy-intensive operations and accelerating its sustainability initiatives, plastic recycler <a href="https://ganeshaecosphere.com/" target="_blank" rel="noopener">Ganesha Ecosphere</a> has installed a 5 MW rooftop solar power system at its facility in Telangana.</p>
<p>Executed by <a href="https://www.solluz.co.in/" target="_blank" rel="noopener">Solluz Energy</a>, the project employs Trina 595 Wp solar modules, Sungrow inverters, and aluminum mounting structures to ensure durability and long-term performance. By offsetting a significant portion of its energy needs, Ganesha Ecosphere expects to achieve annual electricity savings of ₹51.5 million (~$590,179), with a short payback period of 3.5 years.</p>
<p>This system is expected to deliver significant cost savings while cutting the company’s carbon footprint and reinforcing its commitment to renewable energy. It will also substantially lower dependence on grid electricity, which previously averaged around 60,000 kWh of daily consumption.</p>
<p>Ganesha Ecosphere specializes in recycling discarded polyethylene terephthalate plastic bottle waste into products such as polyester staple fibers and spun yarn, serving markets in textiles, non-wovens, and filling materials.</p>
<p>The installation faced several challenges, including low load availability and the absence of net metering, which were addressed through the deployment of a programmable logic controller (PLC)-based zero export device to prevent grid export. Adverse weather conditions posed workflow disruptions, which Solluz overcame through phased execution and adaptive scheduling, ensuring the project was completed on time without compromising quality.</p>
<p>“Despite challenges such as low site load, absence of net metering, and adverse weather conditions, our team showcased resilience and innovation by deploying a PLC-based zero export device and adopting phased execution with adaptive scheduling. This approach not only ensured compliance but also enabled us to complete the project on time,” said Karan Kalra, CEO of Solluz Energy.</p>
<p>Mercom India hosts a multicity ‘C&amp;I Clean Energy Meet’ series designed to provide commercial and industrial energy buyers with the knowledge and tools they need to adopt clean energy solutions and lower their power costs.</p>
<p>The next Clean Energy Meet event will be held in <a href="https://www.mercomindia.com/event/c-and-i-clean-energy-meet-2025-hyderabad" target="_blank" rel="noopener">Hyderabad</a> on August 22, 2025.</p>


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