Funding and M&A Roundup: Amp Energy Secures Green Loan for a 60 MW Solar Project
Reliance to acquire sodium-ion battery technology provider Faradion for £94 million
January 3, 2022
From: Mercom Capital Group
Renewable Energy Developer Amp Energy has secured a ‘Shinsei Green Loan’ valued at JPY17 billion (~$151 million) from its standing financing partner, Shinsei Bank. The funds will be used to construct the 60 MW Fukushima West solar project in Fukushima City. A Shinsei Green Loan designates the use of funds for businesses or projects that will provide clear environmental benefits and must align with the “Shinsei Green Finance Framework.”
Renewable technology company and provider of AI-enabled concentrated solar power Heliogen began trading on the New York Stock Exchange (NYSE) on December 31, 2021, following the completion of its business combination with Athena Technology Acquisition Corp. (ATHN). ATHN’s board of directors approved the transaction. More than 91% of the votes cast at the special meeting were in favor of approval of the business combination.
Reliance New Energy Solar Limited (RNESL), the green energy arm of Reliance Industries Limited (RIL), has signed an agreement with sodium-ion battery technology provider Faradion Limited to acquire a 100% stake for £94.42 million (~$127.42 million). Faradion has an enterprise value of around £100 million (~$134.96 million). RNESL will acquire 88.92% of Faradion’s shares for £83.97 million (~$113.32 million) at closing expected in early January 2022. The remaining 11.08% shares will be acquired within three years for around £10.45 million (~$14.10 million).
Distributed generation storage and energy services provider SunPower is in advanced discussions to sell its commercial and industrial solutions (CIS) business as it pivots toward expanding its residential and light-commercial operations. The solar and power-storage company said earlier in 2021 that it was exploring strategic options for its CIS business to better focus on community solar and front-of-meter storage. The company seeks to finalize discussions as early as the first quarter of 2022.
A2A, an Italian company, signed a binding agreement to start an industrial partnership having the majority share in Volta Green Energy. The agreement aims to speed up and reinforce the development of the renewable energy sector. Volta Green Energy is a platform dedicated to development activities, asset management, operations & maintenance engineering, procurement & construction of renewable projects. This agreement also allows acquiring a pipeline of wind and solar PV projects with an expected installed power of about 800 MW, some of which are ready for construction or with authorization underway.
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.