Ørsted Secures Tax Equity Financing for Solar and Energy Storage Portfolio

Element Energy, a battery management technology company, closed $111 million in funding comprising a $73 million Series B equity investment and a $38 million debt facility provided by Keyframe Capital Partners. The funding will be used to deploy the company’s technology across target markets and applications, including SaaS for existing and new energy storage systems, hardware and software for new energy storage systems, and full-battery energy storage systems using second-life batteries.

Norway-based renewable energy company Statkraft has completed the acquisition of Enerfin, a Spain-based renewables business and subsidiary of Elecnor Group, in a transaction valued at €1.8 billion (~$1.97 billion), encompassing equity and debt. The transaction, contingent on public approvals in respective countries, is slated for closure in the first half of 2024. Enerfin’s assets include 1.5 GW of operational and under-construction wind and solar capacity.

DSD Renewables, a business backed by BlackRock Real Assets’ Global Renewable Power platform and GE Renewable Energy and a provider of customized solar PV energy and energy storage solutions, secured a $250 million strategic investment from Cox Enterprises to support DSD’s renewable energy deployment. The company has raised over $2 billion in project capital since 2019, developing and deploying over 600 MW of solar and storage.

Northvolt, a Sweden-based manufacturer of lithium-ion batteries, received around CAD200 million (~$150 million) from CDPQ. The funding is in the form of a convertible debt, which will help facilitate the Northvolt Six project in Québec. The groundwork for constructing the Northvolt Six facility, a fully integrated battery factory in Saint-Basile-le-Grand and McMasterville, is expected to start by the end of 2023. The factory will have an annual production capacity of up to 60 GWh, with facilities to manufacture cathode active material, cells, and recycled materials, effectively closing the battery loop on site.

TSUN, a provider of solar kits, microinverters, and energy storage solutions, raised over RMB150 million (~$21 million) in Series B funding led by IDG Capital, marking the second round of funding for TSUN in 2023. The amount raised will primarily be allocated to the construction of automated production lines, expansion of production capacity, technological iteration of core products such as microinverters, and the development of the supply chain. The funds will be used to expand domestic and international business channels.

DIF Capital, an independent infrastructure equity fund manager, has acquired 50% shares of ground-mounted solar solutions provider Novar from ib vogt for an undisclosed amount. The divestment by ib vogt, a solar development and engineering, procurement, and construction platform, is expected to generate funds for its future investments. Novar currently owns and operates 440 MW of utility-scale solar photovoltaic, rooftop solar, and battery energy storage systems and has developed a multi-GW project pipeline.

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.