Funding and M&A Roundup: SmartSolar Raises $1.8 Million in Seed Funding ORIT secures $125 million five-year term loan facility SmartSolar, a rooftop solar solution provider, has raised $1.85 million in seed funding. The funding was led by Picus Capital and 2degrees, along with participation from early-stage venture capital firm Iterative. With this funding, the company plans to accelerate its growth in Vietnam and expand its footprint across Southeast Asia. The company offers rooftop solar solutions designed to help businesses cut down on electricity costs. Octopus Renewables Infrastructure Trust, an investment company, announced that it has signed a £100 million (~$125 million) five-year term loan facility with three of its existing lenders, Santander, National Australia Bank, and Allied Irish Banks. The funding will be used to pay down a portion of the existing and more expensive Revolving Credit Facility (RCF) debt. According to ORIT, it has drawn £151.2 million (~$191 million) on the RCF so far. Vidyut, an electric vehicle ecosystem platform, has raised $2.5 million in funding from global investor Flourish Ventures. The company will utilize the acquired funds to expand its Battery-as-a-Service offering in passenger and commercial EV segments. By unbundling batteries from EVs and offering them on a pay-per-km subscription basis, Vidyut claimed it had reduced upfront electric three-wheeler costs by 35-40%. 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. Tags: Vidyut, Octopus Renewables Infrastructure Trust, SmartSolar, solar, funding

Ørsted, a Danish renewable energy company, secured $680 million in tax equity financing from J.P. Morgan to develop solar and energy storage projects in Arizona and Texas, U.S. The portfolio consists of Eleven Mile Solar Center, a 300 MW solar with a 300 MW/1200 MWh storage project in Pinal County, Arizona, and a 250 MW Sparta Solar project in Mineral, Texas. The funding will be used to develop projects with 550 MW of solar capacity and 300 MW of energy storage with a discharge capacity of 4 hours (1,200 MWh). Commercial operations for both projects are expected to commence in 2024.

clearvise, an independent renewable energy power producer, announced the acquisition of the 42 MW Wolfsgarten solar project from ALTUS. ALTUS, a German-based renewable energy project developer, planned and built the Wolfsgarten solar project. It was commissioned and put into operation at the end of April 2024. The electricity generated will be marketed via a Power Purchase Agreement.

Masdar, a UAE-based renewable energy project developer, secured $159 million in financing for the development of a 250 MW solar project combined with a 63 MW battery energy storage system in the Alat district of the Bukhara region, Uzbekistan. The financial package, signed between the World Bank Group, Masdar, and the Government of Uzbekistan, includes a loan from the International Finance Corporation of up to $53 million. The Asian Development Bank, Dutch Entrepreneurial Development Bank, and Japan International Cooperation Agency will provide loans of up to $106 million.

The Eurasian Development Bank (EDB) and Bishkek Solar signed a cooperation agreement to finance the construction of a 300 MW of solar project in Toru-Aigyr village, Issyk-Kul Region, Kyrgyz Republic. The EDB is expected to formulate the terms of long-term financing for the project, including tied funding, totaling up to $210 million for 15 years. The solar project is expected to be commissioned by the end of 2025.

ONDE, a renewable energy contractor involved in the development of solar and wind projects, announced the acquisition of a 63 MW solar project located in the West Pomeranian Voivodeship in Poland. The company acquired 100% stakes in a special-purpose vehicle that owns the solar project. The project is in the advanced stage of development and is expected to reach commercial operation in mid-2027.

Click here for reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors.

Read last week’s project finance brief.

Sohini Aich

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