Funding and M&A Roundup: SmartSolar Raises $1.8 Million in Seed Funding ORIT secures $125 million five-year term loan facility SmartSolar, a rooftop solar solution provider, has raised $1.85 million in seed funding. The funding was led by Picus Capital and 2degrees, along with participation from early-stage venture capital firm Iterative. With this funding, the company plans to accelerate its growth in Vietnam and expand its footprint across Southeast Asia. The company offers rooftop solar solutions designed to help businesses cut down on electricity costs. Octopus Renewables Infrastructure Trust, an investment company, announced that it has signed a £100 million (~$125 million) five-year term loan facility with three of its existing lenders, Santander, National Australia Bank, and Allied Irish Banks. The funding will be used to pay down a portion of the existing and more expensive Revolving Credit Facility (RCF) debt. According to ORIT, it has drawn £151.2 million (~$191 million) on the RCF so far. Vidyut, an electric vehicle ecosystem platform, has raised $2.5 million in funding from global investor Flourish Ventures. The company will utilize the acquired funds to expand its Battery-as-a-Service offering in passenger and commercial EV segments. By unbundling batteries from EVs and offering them on a pay-per-km subscription basis, Vidyut claimed it had reduced upfront electric three-wheeler costs by 35-40%. For reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors, click here. Read last week's funding roundup. Tags: Vidyut, Octopus Renewables Infrastructure Trust, SmartSolar, solar, funding

Atlas Renewable Energy, a solar and wind project developer, secured a COP 473.77 billion (~$113 million) senior secured loan to develop, construct, and operate the 201 MW Shangri-La solar project in the Tolima Department of Colombia. IDB Invest and Bancolombia provided the financial package.

In February, Atlas acquired the Shangri-La project, initially developed by Rayo Energia and Black Orchid Solar. The project is expected to reach commercial operation at the end of 2025.

A Colombian company will receive clean energy from the Shangri-La project under a power purchase agreement signed with Atlas. Shangri-La is the largest solar project financed by IDB Invest in Colombia and marks Atlas Renewable Energy’s debut in the country.

“At IDB Invest, we see Atlas as a strategic partner in advancing sustainable development across Latin America. The financing of this significant project will play a crucial role in Colombia’s energy transition. Additionally, providing local currency liquidity and co-financing alongside Bancolombia, a long-standing partner in financing projects within the country, has been pivotal,” said Marisela Alvarenga, Chief Investment Officer at IDB Invest.

Last month, the company secured R$1.5 billion (~$274 million) in financing to develop the Luiz Carlos solar complex. The 787 MW solar project is in Paracatu, Minas Gerais, Brazil, and will begin commercial operations in 2025.

According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, large-scale project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.

This week, Encavis, a solar and wind project developer, signed a non-recourse project financing agreement of €60.7 million (~$67.10 million) for its 114.2 MW Lindenhof solar project in Germany. The company’s in-house project finance team structured, arranged, and managed the transaction.

Staff

RELATED POSTS