Funding and M&A Wrap-up: Scatec Solar Acquires Hydropower Developer for Over $1 Billion

REC Silicon, a Norwegian producer of advanced silicon materials with manufacturing facilities in the U.S., has raised approximately NOK 1,000 million (~$108.29 million) in gross proceeds through the Private Placement of 92,592,592 new shares, at a price per share of NOK 10.80 (~$1.16). The private placement took place through a process managed by Arctic Securities and Pareto Securities. The private placement was substantially oversubscribed. The net proceeds will be used to fund expansion investments and activities at the company’s facilities in Butte and Moses Lake as well as for general corporate purposes.

Scatec Solar, a solar independent power producer, has signed a binding agreement to acquire 100% of shares in SN Power, a hydropower developer and IPP, from Norfund for a total equity value of $1,166 million. The acquisition forms an important part of Scatec Solar’s broadened growth strategy, with an ambition to become a global large-scale player in solar, hydro, wind, and storage solutions and an integrator of high-value infrastructure solutions. Scatec Solar and SN Power have a unique and complementary portfolio of assets, geographical footprint, and capabilities. They will together hold a large project pipeline across the solar, hydro, wind, and storage.

Sky Solar Holdings, a global developer, owner, and operator of solar projects, announced the completion of the merger with Square Acquisition, dated and filed by the company and the purchaser with the registrar of companies of the Cayman Islands on October 8, 2020, and effective on October 9, 2020. As a result of the merger, the company became a wholly-owned subsidiary of Square Limited and will cease to be a publicly-traded company.

Newly-founded renewable energy investment company Ritchie Bland Energy announced the purchase of a 22.5% stake in U.K. project developer Harmony Energy Storage (HESL). The deal represents Ritchie Bland Energy’s first investment. In addition to acquiring a stake in the company, the investor will provide a long-term rolling credit facility to Harmony for the expansion of its development pipeline. Harmony has 500 MW of battery energy storage system sites ready for construction in the UK, another 200 MW in the planning stage and more than 200 MW of ongoing opportunities in the solar power sector.

SunRoof, a Swedish-Polish start-up, has raised €2 million (~$2.35 million) in a late seed round for product development and global expansion. SMOK Ventures led the round, and next, the start-up extended its financing round with LT Capital, EIT InnoEnergy, FD Growth Capital, and local business angels. The company develops two-in-one roofs and facades as well as solutions to support smart energy management.

SunDensity, a developer of the photonic smart coating technology that increases solar power output and has additional applications in consumer electronics and architectural glass, announced the closing of $2.5 million in initial financing led by Clean Energy Ventures, a venture capital firm funding early-stage climate-tech innovations. LuminateRochester Angel Network (RAN), LaunchNY, and Clean Energy Venture Group also participated in the round.

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.

Image credit: Clean Energy Group