SUSI Partners, a Swiss-based investment manager, through its flagship Energy Transition Fund (SETF), has acquired a controlling interest in U.S. clean energy developer Encore Renewable Energy, a clean energy company specialized in developing, constructing, and operating distributed and utility-scale solar PV and battery storage assets. The financial terms of the transaction were not disclosed.
Motor Oil Group, an oil and gas company through its subsidiary Motor Oil Renewable Energy (MORE), acquired 75% of Unagi SA, a domestic solar power producer. Unagi holds a 51% stake in a portfolio of photovoltaic projects in various stages with a total nominal capacity of 1.9 GW in Greece. The transaction brings Motor Oil closer to its goal of developing 2 GW renewable energy by 2030. It significantly increases the pipeline of projects under development for MORE by adding mature projects that will receive tie-in terms soon.
Chinese solar cell and module manufacturer Jinko Solar has announced that its majority-owned subsidiary, Jiangxi Jinko, has entered into an agreement for the sale of its complete equity interest in Xinjiang Jinko for a consideration of RMB 4.3 billion ($622 million). The equity transfer agreement is with Ziyang Major Industry Equity Investment Fund, backed by authorities in the southwestern province of Sichuan, and Dong Shihong, chairman of Suzhou Shijing Environmental Technology.
Siemens, a German-based multinational conglomerate that is also involved in the transmission and generation of power, has signed an agreement to acquire the electric vehicle (EV) division of Mumbai-based Mass-Tech Controls at an estimated cost of ₹380 million (~$5 million). Mass-Tech designs, engineers, and manufactures a wide range of AC chargers and 30-300 kW DC chargers for various applications in EVs. Through the acquisition, Siemens aims to expand its market presence in India and enable the creation of an export hub. The EV division of Mass-Tech will be integrated into the electric-mobility business unit of Siemens.
Renewable materials-based paper and packaging solutions company Stora Enso has issued two green bonds worth €500 million (~$536 million) each under its Euro Medium Term Note program. These bonds will be listed on the Luxembourg Stock Exchange. These bonds aim to raise funds for eligible projects and assets that contribute to the transition towards a low-carbon and environmentally sustainable society, aligning with the Helsinki-based Stora Enso’s sustainability agenda and goals. The eligible asset categories include renewable energy, waste to energy, energy efficiency, and pollution control.
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.
