Arnergy, a provider of distributed solar energy solutions, has raised $15 million as an extension of its Series B round, adding to the $3 million it secured in an earlier round, bringing the total Series B funding to $18 million. The funding round was led by CardinalStone Capital Advisers, a West Africa-focused private equity firm with participation from British International Investment. Existing investors, Breakthrough Energy Ventures, Norfund, EDFI Management Company (EDFI MC), and All On also participated in the round.
Blue Elephant Energy (BEE), an independent power producer specializing in renewable energy, has acquired a majority stake in Solar215, an energy storage project developer. This acquisition is expected to accelerate Solar215’s growth trajectory by gaining access to BEE’s market expertise, financial capabilities, and industry network. BEE develops, acquires, and operates solar and wind parks, focusing on Western and Central Europe and South America.
Electrical equipment manufacturer Havells has announced it will invest ₹6 billion (~$69.9 million) for an equity stake of between 8.9% and 9.24% in solar component manufacturer Goldi Solar. The investment will help Havells source solar modules and cells from Goldi Solar, Havells said in a BSE filing. The transaction is expected to be completed by June 30, 2025. The transaction will have to be approved by the Competition Commission of India. As part of the condition’s precedent to the transaction, Havells plans to enter a master supply and service agreement with Goldi Solar.
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.
