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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-stardust-power-secures-15-million/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Stardust Power, a U.S.-based developer of battery-grade lithium carbonate, has </strong><a href="https://mercomcapital.com/stardust-power-secures-15-million-debt-financing/" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a securities purchase agreement with a single institutional investor, providing up to $15 million in senior secured convertible debt financing. </strong>The financing has a 24-month term, includes an initial repayment moratorium, and provides the company with the option to repay the facility in cash or common stock. According to the company, the funding is intended to support early-stage construction at its 50,000 metric ton per annum lithium refinery project in Muskogee, Oklahoma.</p>
<p><strong>Renewco Power, a developer of utility-scale solar, wind, and battery projects, has </strong><a href="https://mercomcapital.com/renewable-energy-developer-renewco-power-secures-39-million/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> £20 million (~$27 million) from the Scottish National Investment Bank (SNIB), via a fund managed by Corran Capital, a specialist private equity firm focused on clean energy and the environment. </strong>SNIB also joins existing investor SSE, which has committed an additional £9 million (~$12 million) to the round. Founded in 2021, the company has built a pipeline of over 7 GW across solar, onshore wind, battery storage, and green hydrogen projects.</p>
<p><strong>Solar energy solutions GRE Renew Enertech has </strong><a href="https://www.mercomindia.com/gre-renew-enertech-gets-bse-principle-nod-for-ipo" target="_blank" rel="noopener"><strong>received</strong></a><strong> an in-principle approval from BSE for its proposed initial public offering (IPO). </strong>The company proposes to issue up to 3,768,000 equity shares of face value of ₹10 (~$0.11) in the IPO. GRE plans to utilize a portion of the IPO proceeds to develop a 7.2 MW ground-mounted solar power project under the renewable energy service company (RESCO) model. The company had filed the necessary documents with the Bombay Stock Exchange in September 2025 to initiate its small and medium enterprises (SME) IPO on the BSE SME platform.</p>
<p><strong>Naxatra Labs, a manufacturer of motors and controllers for electric vehicles (EVs), has </strong><a href="https://www.mercomindia.com/ev-motors-firm-naxatra-labs-raises-3-million-in-pre-series-a-funding" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $3 million in a Pre-Series A funding round led by Rainmatter by Zerodha. </strong>The company plans to scale its technology and manufacturing capabilities while targeting high-impact markets globally. Naxatra Labs designs and manufactures motors and controllers for EVs, agricultural equipment, power tools, and other industrial applications. The company operates with an in-house research and development and production setup, where motors are designed, tested, and manufactured to maintain control over performance, quality, and scalability.</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&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-alphabet-to-acquire-intersect-2" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Stardust Power Secures $15 Million


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					</table><p>Solar energy solutions <a href="https://greindia.com/" target="_blank" rel="noopener">GRE Renew Enertech</a> has received an in-principle approval from BSE for its proposed initial public offering (IPO).</p>
<p>The company proposes to issue up to 3,768,000 equity shares of face value of ₹10 (~$0.11) in the IPO.</p>
<p>GRE plans to utilize a portion of the IPO proceeds to develop a 7.2 MW ground-mounted solar power project under the renewable energy service company (RESCO) model.</p>
<p>The company had filed the necessary documents with the Bombay Stock Exchange in September 2025 to initiate its small and medium enterprises (SME) IPO on the BSE SME platform.</p>
<p>The company is currently in the process of filing the red herring prospectus with updated information in connection with its proposed IPO and listing, subject to regulatory approvals.</p>
<p>The Mehsana-headquartered company provides on-site solar energy solutions primarily for commercial and industrial, and institutional applications under engineering, procurement, and construction and RESCO models.</p>
<p>For the financial year ending March 31, 2025, GRE recorded approximately ₹837.2 million (~$9.31 million) in revenues from operations and a profit of ₹70.3 million (~$781,807).</p>
<p>Recently, GRE Renew <a href="https://www.mercomindia.com/gre-renew-enertech-wins-secis-1-mw-rooftop-solar-auction" target="_blank" rel="noopener">won</a> the Solar Energy Corporation of India’s auction to set up 1 MW rooftop solar systems at the Rashtrapati Bhavan under Tranche III of RTSPV under the RESCO model. GRE Renew Enertech quoted a tariff of ₹2.7 (~$0.03)/kWh to win the entire tendered capacity to be set up in five buildings in Rashtrapati Bhavan.</p>
<p>Clean energy investments have become mainstream in India, closely following the growing demand for renewable energy. The government has set an ambitious target of 500 GW of non-fossil fuel-based energy capacity by 2030 and 1,800 GW by 2047. An assessment by the National Council of Economic Research <a href="https://www.mercomindia.com/union-government-must-fund-states-to-meet-indias-2030-clean-energy-target" target="_blank" rel="noopener">identified</a> a requirement of $1.6 billion per year until 2030 to achieve the goal.</p>
<p>According to Raj Prabhu, CEO of Mercom Capital, India <a href="https://www.mercomindia.com/indias-renewable-energy-space-is-mainstream-now-for-lenders" target="_blank" rel="noopener">saw</a> 16 IPOs by clean energy firms in the 12 months leading up to July this year, reflecting strong demand and an expression of confidence in India’s renewable energy story.</p>
<p>As things stand, India’s clean energy IPO rush continues, despite geopolitical headwinds and overcapacity risks. Much will depend on how well these companies can navigate the risk landscape and remain competitive.</p>


GRE Renew Enertech Gets BSE In-Principle Nod for IPO


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					</table><p><a href="https://greindia.com/" target="_blank" rel="noopener">GRE Renew Enertech</a> has won the Solar Energy Corporation of India’s (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) auction to set up 1 MW rooftop solar systems at the Rashtrapati Bhavan under Tranche III of RTSPV under the renewable energy service company model.</p>
<p>GRE Renew Enertech quoted a tariff of ₹2.7 (~$0.03)/kWh to win the entire tendered capacity.</p>
<p>The systems will be set up in five buildings in Rashtrapati Bhavan.</p>
<p>The tender was <a href="https://www.mercomindia.com/seci-invites-bids-for-1-mw-rooftop-solar-project-at-rashtrapati-bhavan" target="_blank" rel="noopener">floated</a> on September 10, 2025.</p>
<p>The project entails the design, erection, testing, and commissioning of the solar systems.</p>
<p>It also involves providing operation and maintenance (O&amp;M) services for 25 years.  GRE Renew must ensure preventive and breakdown maintenance, cleaning, replacement of defective parts, insurance, online monitoring, and joint meter readings.</p>
<p>The rooftop systems must be commissioned within nine months of signing the power purchase agreement.</p>
<p>GRE Renew must obtain net metering and grid connectivity for the projects.</p>
<p>The project must use solar modules and cells from the Ministry of New and Renewable Energy’s Approved List of Models and Manufacturers.</p>
<p>The modules used must be warranted to deliver at least 90% of their peak output at the end of 10 years and 80% at the end of 25 years.</p>
<p>GRE Renew must pay service charges of ₹1,350 (~$15.06)/kW plus GST to SECI for administrative overheads and coordination with the client organization, government authorities, and others. The service charges will also comprise pre-commissioning and commissioning expenses, as applicable.</p>
<p>Only commercially established and operational technologies must be used to minimize technology risk and achieve timely commissioning.</p>
<p>The annual capacity utilization factor should be at least 15%.</p>
<p>Recently, SECI <a href="https://www.mercomindia.com/enfros-stockwell-himalayan-sesola-win-secis-6-25-mw-rooftop-solar-auction" target="_blank" rel="noopener">awarded</a> 5.8 MW of the 6.25 MW capacity to Enfros Solutions, Himalayan Solar, Stockwell Solar, and Sesola Power Projects to set up rooftop solar projects across nine government institutions in six states.</p>
<p>Subscribe to Mercom’s <a href="https://www.seci.co.in/" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of real-time tender activity.</p>


GRE Renew Enertech Wins SECI’s 1 MW Rooftop Solar Auction

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