Navisun, an independent power producer, announced it has secured up to $235 million in debt financing through two facilities. The funding will support the company’s growth strategy, allowing it to execute its project pipeline of distributed and small utility-scale solar and storage projects across the United States. The funding was led by MUFG, which acted as an administrative agent, issuing bank, and coordinating lead arranger. Export Development Canada served as the mandated lead arranger for both facilities.
Scale Microgrids, a commercial-scale distributed energy developer, announced closing its $225 million debt facility to help the company build and operate future projects. The new debt facility will be used to construct and operate a portfolio of future microgrids, and other distributed energy projects across the U.S. Warburg Pincus initially seeded Scale Microgrids with a $300 million line of equity commitment in late 2019. The startup has since delivered multiple distributed energy resources projects across industries in the U.S.
Canada-based solar module manufacturer Silfab Solar has completed the second investment round of $125 million led by ARC Financial Corp, an energy-focused private equity fund manager. The capital infusion will allow Silfab to embark on its next phase of expansion, which includes establishing a third manufacturing facility in the United States.
Indra, an electric vehicle charging and energy technology company, has announced that it has secured over £20 million (~$21 million) in Series B Funding. The lead investor was Gulf Oil International, which significantly increased its equity stake in Indra. The new funding will help Indra accelerate the development and deployment of its bidirectional charging technology and will also enable the company to expand its customer base, increase its revenue stream and grow its presence in domestic and international markets.
itselectric, a curbside electric vehicle charging provider in Brooklyn, secured $2.2 million in Seed funding. Brooklyn Bridge Ventures led the investment round with participation from The Helm, XFactor, Graham & Walker, Clean Energy Venture Group, and Pericles. The funding will be used to install the company’s curbside EV chargers pilot chargers across major cities in the U.S. in 2023.
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.