Recurrent Energy, a solar and energy storage project developer and wholly owned subsidiary of Canadian Solar, has secured a multi-currency credit facility valued at up to $415 million. This corporate funding was backed by a consortium of four major banks: Banco Santander, Rabobank, Intesa Sanpaolo, and Morgan Stanley. Banco Santander acted as the Global Financial Advisor. This funding is expected to assist the company in expanding its independent power producer portfolio across diverse geographies and markets.
Aypa Power, a Blackstone portfolio company and energy storage-focused independent power producer, announced the upsizing of its corporate credit facility by $400 million, which the company originally closed in July 2024. The upsized credit facility now totals $1.05 billion, comprised of a $300 million Term Loan, a $200 million Revolving Credit Facility, and a $550 million Letter of Credit Facility.
Forge Nano, a manufacturer of lithium-ion batteries incorporated with nanocoating technology, closed $40 million in funding to scale up its U.S. battery manufacturing and commercial semiconductor equipment businesses. With this latest raise, the total capital investment currently exceeds $140 million. The funding was co-led by RockCreek, along with Ascent Funds.
Independent power producer ReNew Energy Global has secured an investment of ₹8.7 billion (~$100 million) from British International Investment, a UK-based development finance institution and impact investor. The funding will be utilized primarily to construct a 4 GW Tunnel Oxide Passivated Contact (TOPCon) cell facility in Gujarat, India.
Macquarie Asset Management, a global asset manager, via its managed funds, has acquired the remaining 50% stake in a U.K.-based renewable energy developer, Island Green Power. Founded in 2013, Island Green Power specializes in utility-scale solar and battery energy storage projects, having developed more than 3 GW of solar projects to ready to build. Island Green Power is stated to have more than 15 GW of utility-scale solar and BESS projects in its pipeline in the U.K.
Jindal Poly Films, a part of BC Jindal Group, has announced that it acquired Enerlite Solar Films, a manufacturer of solar encapsulation films in India. Enerlite’s shares will be acquired for a mutually agreed lump sum consideration, which has not been disclosed. Jindal Poly Films holds a 33.05% stake in Enerlite, which will become a wholly owned subsidiary after the transaction.
For reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors, click here.
Read last week’s funding roundup.
