Here are some of the important funding and M&A updates of last week from the global renewable energy industry:
Sonnedix, an independent solar power producer (IPP), announced the completion of non-recourse financing for 13 solar PV projects in Spain, with a total installed capacity of 63 MW, at a value of €321 million (~$378.2 million). The financing included long-term bank debt facilities in which CaixaBank and BNP Paribas acted as Global Coordinators, Bookrunners, and Mandated Lead Arrangers. Bankia joined them as Mandated Lead Arranger (MLA), and the syndicate of six lenders was completed by Triodos Bank, Abanca, and Liberbank in addition to the three MLAs. CaixaBank, BNP Paribas, Bankia, and Abanca acted as Hedging Banks, and Bondholders acted as Facility Agent.
Sunamp, a provider of thermal energy storage systems, raised £4.5 million (~$6 million) in a Series A financing round. The investment round was led with £3.2 million (~$4 million) investment by Chilean venture capital firm Aurus Capital. Scottish Investment Bank and existing private investors were key participants. The fundraising will support commercial scaling in the U.K. and international expansion in Central Europe, Asia, and North America. The company was advised by Ben Lynch of Cleantech Capital Advisors (London and Paris). MBM Commercial LLP acted on behalf of Aurus Capital, and Addleshaw Goddard acted on behalf of the company.
SER Capital Partners, a sustainable-investment focused private equity firm, has acquired Microgrid Networks, an advanced distributed power company, to install battery energy storage and solar in high demand, congested urban areas, such as New York City. Metric Point Capital acted as the exclusive placement agent for the fundraise.
Clearway Energy Group, a developer and operator of clean energy generation facilities in the U.S., closed more than $180 million of debt financing. The amount raised will help finance its Community Solar Fund 6 – a diversified portfolio of 19 projects totaling 66 MW. The project will serve commercial and industrial customers and around 5,000 residential customers across Illinois, Massachusetts, and New York. For the debt financing, CIT acted as Coordinating Lead Arranger and Sole Bookrunner. KeyBank Capital Markets and Silicon Valley Bank served as Joint Lead Arrangers for construction and term debt financing. The City National Bank was an additional lender. Clearway also secured tax equity financing for this community solar portfolio from an undisclosed investor.
The Peck Company, a commercial EPC company, announced that it would acquire solar installer Sunworks in an all-stock transaction. According to the agreement, which each share of Sunworks common stock will be exchanged for 0.185171 shares of Peck common stock (subject to certain adjustments). The transaction is expected to close during the fourth quarter of 2020, subject to approval by shareholders of both companies and other customary closing conditions.
MOTIVE, a provider of design and construction services, announced the acquisition of DS Energy Solutions, a distributed solar energy company. MOTIVE has acquired DS Energy Solutions assets, employees, and customer contracts, but the company will continue to operate as DS Energy Solutions, a division of MOTIVE. The acquisition would provide DS Energy Solutions greater financial capital to promote growth and expand its services outside of California to all existing MOTIVE markets, including Arizona, Colorado, Florida, New Mexico, Nevada, and Texas.
Virtual Power Systems, a provider of software-defined infrastructure for data center power delivery, secured $12 million in funding from new and existing investors. The raise, which brings the total investment to $46 million, will be used to expand the team, customer engagements, partnerships, and product development of Software-Defined Power (SDP) across the Intelligent Control of Energy (ICE) hardware and software platform.
Masdar has agreed to acquire a 50% stake in EDF’s 1.6 GW US portfolio of wind, solar, and energy storage projects. Under the terms of the agreement, Masdar has acquired a 50% interest in three utility-scale wind farms in Nebraska and Texas totaling 815 MW, and five solar PV projects in California – two of which include battery energy storage systems – totaling 689 MW of solar and 75 MW of lithium-ion battery energy storage. Power from the diversified portfolio projects will be sold under long-term contracts to a variety of offtakers, including utilities, hedge providers, and community choice aggregators (CCAs).
ICYMI, here is the last week‘s roundup.
For more information on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors click here.