$2.2B 50/50 JV between TotalEnergies and Masdar

3 GW operating + 6 GW pipeline targeting 2030

Covers 9 Asian markets, including Japan, Indonesia, the Philippines, and South Korea

Focus on solar, wind, and battery storage

Becomes both companies’ exclusive onshore renewables vehicle in Asia

Drax has completed its acquisition of UK-based energy optimizer Flexitricity from Quinbrook, adding software and trading capabilities to optimize and monetize flexible generation and storage assets. Flexitricity manages over 900 MW of assets, including battery storage, gas peakers, renewables, and demand response, and provides front- and behind-the-meter optimization services. The deal supports Drax’s strategy to build a gigawatt-scale BESS pipeline by combining physical asset development with in-house optimization capabilities, with around 85 employees joining the business.

PowerChina has been awarded a $1.9 billion contract to deliver a large-scale solar photovoltaic and battery energy storage project in Abu Dhabi, covering engineering, procurement, and construction. The project combines solar generation with integrated storage to improve grid reliability and support rising electricity demand, while reducing reliance on fossil fuels. It further expands PowerChina’s footprint in the Middle East and aligns with the UAE’s broader push toward diversifying its energy mix and achieving net-zero emissions by 2050.

Inox Clean Energy has acquired renewable platform Vibrant Energy from Macquarie and other shareholders in a deal valued at INR 50 billion (USD $538 million). Vibrant operates a 1,337 MW portfolio across India with long-term PPAs in place with major C&I offtakers including Amazon, Coca-Cola, Sify, and Ultratech Cement. The acquisition gives Inox immediate operating scale across key Indian states and supports its target of reaching 10 GW of capacity by fiscal 2028.

IndEnerVenue has raised a $300 million Series B extension led by Full Vision Capital (Peter Lee’s family office), with participation from Hong Kong Investment Corp., to scale its grid-scale energy storage systems. The company develops nickel-hydrogen batteries designed for long-duration storage, targeting a 30-year lifespan and full depth-of-discharge capability, positioning itself as an alternative to lithium-ion for utility and data center applications. Proceeds will be used to expand manufacturing, advance R&D, and grow global deployment, with plans to establish a regional HQ and R&D center in Hong Kong.

Soma Energy, a Vancouver-based startup founded by former AWS energy team members, has emerged from stealth with $7 million in seed funding led by Category Ventures. The company has built an AI-based platform that helps power producers and data centers optimise energy use in real time by coordinating generation (wind, solar, batteries) with demand, including data center workloads. Already deployed across ~2 GW of assets in the U.S., the platform aims to unlock additional grid capacity without new infrastructure, addressing growing power constraints driven by AI and electrification.

Emerald AI has raised $25 million in a strategic round led by Energy Impact Partners, with backing from major investors including NVentures (NVIDIA), GE Vernova, Siemens, and Salesforce Ventures. The company develops software that allows data centers to adjust power consumption in real time, aligning energy use with grid capacity by shifting compute workloads across facilities. Its platform is designed to help mitigate grid constraints driven by rapid AI-related demand growth, positioning data centers as flexible energy assets rather than fixed loads.