NineDot Energy, a developer of community-scale battery energy storage systems (BESS), has secured a $225 million equity capital commitment from Manulife Investment Management along with their existing institutional equity investor, Carlyle. The new equity funding, which Manulife Investment Management led with a $135 million commitment, is expected to enable NineDot to advance its project pipeline in the New York City area and explore opportunities for geographic expansion and potential acquisitions.
Independent renewable power producer ReNew has refinanced Non-Convertible Debentures (NCDs) worth ₹23.91 billion (~$288.3 million), issued by its subsidiaries in October 2020. The refinancing was achieved through the redemption of USD bonds. The NCDs, initially issued to India Green Energy Holdings, a Mauritius-based special purpose vehicle, were backed by $325 million raised through senior secured bonds. These bonds, carrying a coupon rate of 5.375%, were slated to mature in April 2024.
Cactos, a developer of energy storage systems, has secured over €26 million (~$28 million) in equity funding from OP Finland Infrastructure and the Finnish Climate Fund. Cactos Fleet Finland LP aims to secure around €70 million (~$75 million) in equity and debt financing. The capital will be used to grow the company’s portfolio of battery energy storage systems across Finland. The financing round enables the large-scale deployment of smart energy storage systems.
India-based electric vehicle logistics startup EVIFY has raised $1.3 million in a pre-series A round to finance its operational expansion across Gujarat and product innovation. The funding was led by venture capital firms GVFL and Piper Serica Angel Fund and saw participation from existing investors We Founder Circle and IVY Growth and a few angel investors. The company aims to grow its existing fleet from 400 operational in Surat and Ahmedabad to 4,000 electric bikes by March 2025.
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.
