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

The European Investment Bank (EIB) and BNZ, a solar project developer owned by Nuveen Infrastructure, announced the signing of a €166 million (~$184.68 million) green loan to support the development of 17 new solar projects with a combined capacity of more than 700 MW located across Spain, Italy, and Portugal.

The funding is the first tranche of a €500 million (~$556.27 million) loan approved by the EIB to support BNZ’s roll-out of 1.7 GW of solar projects in Southern Europe by the end of 2026.

The project is supported by InvestEU, the EU flagship program to mobilize over €372 million (~$413.86 million) of public and private funds to support the EU’s clean energy goals in the period 2021-2027.

“This new investment is a clear example of how the EIB is fostering the energy transition, contributing to a more sustainable energy model, and leveraging the great potential of southern European countries for renewable energy,” said EIB Director of Equity, Growth Capital and Project Finance Alessandro Izzo. “The project will boost energy supply security and contribute to the strategic autonomy of Europe by reducing dependency from fossil fuel imports.”

According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, large-scale solar 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, Arevon Energy, a solar and energy storage project developer, announced the close of $351 million in financing to build the 251 MWdc Gibson Solar Project, in Gibson County, Indiana.

Staff

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