Sonnedix, an independent solar power producer, secured a €500 million (~$545 million) loan facility to finance the construction of its renewable pipeline in Europe and the UK. The loan facility consists of a €450 million (~$490 million) capital expenditure facility and a €50 million (~$55 million) letter of credit facility. It will be used to finance renewable energy projects in Europe, particularly Spain, Italy, and the UK.
Enviromena, a clean energy solutions company, secured £270 million (~$342 million) in funding to expand its solar portfolio. The company has agreed to a £200 million (~$253 million) debt and construction facility with Close Brothers, a UK-based merchant banking group, to fund its target of building 500 MW of generating assets by 2025. The facility follows a £65 million (~$82 million) equity raise. Enviromena will utilize the funding to grow its self-developed ground-mount solar pipeline to more than 2GW by 2025.
The engineering, procurement, and construction (EPC) arm of Shapoorji Pallonji Group, Sterling and Wilson Renewable Energy, completed ₹15 billion (~$180.03 million) fundraising through Qualified Institutions placement. The company plans to utilize the funds to pare down debt and pursue the fast-growing EPC markets in India and abroad.
Fourth Power, a thermal energy storage startup, has secured $19 million in Series A funding led by DCVC, with participation from Breakthrough Energy Ventures and Black Venture Capital Consortium. The funding will support the construction of a 1 MWh electric prototype thermal energy storage facility outside Boston, with an expected completion date in 2026. Fourth Power’s system converts renewable energy to heat, or thermal energy, which can be stored until needed.
EV charging and battery startup Exponent Energy has raised $26.4 million in a series B funding round led by Eight Roads Ventures and a strategic investment from TDK Ventures, marking their debut investment in India’s EV sector. The company plans to utilize the fresh funding to expand its presence to five new cities by the fiscal year 2024. The startup aims to diversify its electric three-wheeler space offerings and enter the intercity e-bus segment in 2024.
Gurugram-based Electric Vehicle (EV) financing and asset management company Finayo has secured funding of ₹160 million (~$1.9 million) from F Mec International Financial Services, Choice Finserv (CFPL) and other angel investors, and high net worth individuals. The funds will be utilized to invest in cutting-edge technologies, expand Finayo’s footprint across India, and accelerate the establishment of an inclusive EV financing network.
Volt Energy Group, a national minority-owned solar energy firm that develops, finances, and builds rooftop solar and solar carport projects, raised $6 million in a Series A funding round. The funding will be directed towards boosting their presence in the residential market of Florida, to surpass $100 million in revenue by 2025. Additionally, the group aims to extend its footprint into the Commercial and industrial sectors globally.
BatX Energies, an India-based sustainable and circular Lithium-ion (Li-ion) battery recycling company, has raised $5 million in pre-series A Funding. The funds will be utilized for market expansion and scaling of the company’s recycling operations all over India. Zephyr Peacock led the funding along with Lets Venture and existing investors JITO Angel Network and Family offices of Mankind Pharma, Excel Industries, BluSmart, etc.
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.
