Funding and M&A Roundup: Solar Tracking Systems Company FTC Solar Files for IPO

FTC Solar, a provider of solar tracker systems, technology, software, and engineering services, announced that it has filed for an initial public offering (IPO) of shares of its common stock. FTC is offering 18,421,053 shares of its common stock. The IPO price is expected to be between $18 and $20 per share before underwriting discounts and commissions. FTC has applied to list its common stock on the Nasdaq Global Market under the symbol “FTCI.”

Northland Power, a global clean energy project developer, closed its previously announced bought deal equity offering of common shares. A total of 22,500,500 shares, including 2,045,500 shares issued according to the exercise in full by the underwriters of their over-allotment, were issued at an offering price of $44 per share for aggregate gross proceeds of $990 million.

CleanCapital, a clean energy investment platform and one of the largest owner-operators of distributed solar assets in the U.S., announced a $300 million capital commitment from Manulife Investment Management to grow its portfolio of clean energy assets. Manulife Investment Management’s commitment was sourced for the John Hancock Life Insurance Company balance sheet and the third-party managed accounts.

Mizzen Capital, a private credit fund, invested in PosiGen, a residential solar developer and asset manager. Mizzen led the financing, providing $8 million of a $24 million term loan for working capital to PosiGen to accelerate their growth in providing energy efficiency upgrades and solar power to low- and moderate-income homeowners. Stonehenge Capital and Reinvestment Fund each provided $8 million.

Nautilus Solar Energy, owner-operator of distributed generation and community solar projects located throughout North America, has closed a $110 million tax equity commitment with Credit Suisse. The facility will provide competitive long-term financing for twenty-two community solar projects across Colorado, Maryland, Minnesota, New York, and Rhode Island, amounting to approximately 75 MWdc of nameplate capacity. All projects in the portfolio are expected to be placed in service in 2021 and early 2022.

Copenhagen Infrastructure Partners held a final close on its global greenfield renewable energy fund, Copenhagen Infrastructure IV. The fund was oversubscribed and closed at the hard cap of €7 billion (~$8 billion), reaching the target fund size of €5.5 billion (~$6.6 billion) in December 2020. With €7 billion (~$8 billion) in commitments, CI IV is the largest dedicated greenfield renewable energy fund globally and is expected to invest in greenfield renewable energy infrastructure projects with a total CAPEX over €14 billion (~$17 billion).

Melbourne-based solar storage tech company RayGen Resources has received a new investment boost from equity partner Photon Energy, as it works towards plans for a huge 100 MW/1,000 MWh solar plus storage project. Amsterdam-based solar project developer Photon, which last year took a minor equity stake in RayGen, announced that they made an equity investment of $3 million in RayGen, maintaining a roughly 9% stake in the technology company.

After expanding into European, Asian, and African cement markets, Taiwan Cement Corp announced adding another piece to its energy puzzle by investing €132 million (~$159 million) to acquire 60.48% shares and becoming the largest shareholder of Europe-based ENGIE Eps, an energy storage system and electric vehicle charging infrastructure provider based in Italy.

For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.

Read last week’s funding roundup.