Funding and M&A Roundup: Aurora Solar Raises $250 Million in Series C Funding

Sunwealth announced a $2.9 million loan from Calvert Impact Capital to support 18 solar rooftop and carport projects of nonprofits


From: Mercom Capital Group

Aurora Solar, a U.S.-based solar software company, has closed a $250 million Series C funding round led by Coatue, with follow-on participation from existing investors ICONIQ Capital, Energize Ventures and Fifth Wall. In just over two years, Aurora Solar has raised more than $320 million. Coatue is a technology investment platform with more than $35 billion in assets under management.

Canadian Solar, a manufacturer of solar PV modules, announced that it had filed a prospectus supplement with the U.S. Securities and Exchange Commission, under which it may offer and sell an aggregate of up to $150 million of its common shares from time to time through an at-the-market equity offering program. Canadian Solar intends to use the net proceeds to invest in its battery storage business and growing its storage pipeline.

Adani Renewable Energy Holding Four Limited, a wholly-owned subsidiary of Adani Green Energy, has transferred 74% shareholding of Mundra Solar Energy to Adani Tradecom on May 21, 2021. Adani Green disclosed the details of the transfer before the Bombay Stock Exchange. In all, 7,400 equity shares were transferred to Adani Tradecom at face value, i.e., ₹10 (~$0.14), each aggregating to ₹74,000 (~$1,015).

Clean energy investment firm Sunwealth announced a $2.9 million loan from Calvert Impact Capital to support Sunwealth’s solar access work. Sunwealth will use the financing, together with $4.3 million in tax equity investment from private investors, to support 18 solar projects on the rooftops and parking lots of nonprofit organizations, buildings, and commercial office spaces in communities underserved by traditional renewable energy financing.

ERG, through its subsidiary ERG Eolienne France, has signed an agreement with FPCI Capenergie 3, a fund managed by the Paris-based private equity investor Omnes Capital, to acquire a 100% stake in Omniwatt, a French firm that owns a portfolio comprising five wind farms for a total of 58 MW and two solar projects for a total of 22 MW. The overall installed capacity amounts to 80 MW. The transaction price in terms of equity value is €45 million (~$54.8 million).

BayWa r.e., a renewable energy developer, acquired wind and solar developer Enerpole. Through the acquisition, BayWa r.e. secures a 600 MW project portfolio, including 300 MW of solar and 300 MW of wind capacity. Through Enerpole, BayWa r.e. is establishing its seventh office in France, in Carcassonne, and is strengthening its presence in the Occitanie region in Southern France, with additional recruitments planned.

Gridware, a provider of sensing technology that detects and predicts grid failures, announced a $5.3 million seed round investment co-led by Fifty Years and True Ventures, with participation from Y-Combinator, Liquid 2 Ventures, Wireframe Ventures, SOMA Capital, Anorak Ventures, and a fleet of outstanding funds and angels. This financing round will support Gridware’s efforts towards deploying cutting-edge technology to solve one of the world’s most burning challenges. Spurred by California’s impending fire season, the company will use these funds to accelerate its engineering and R&D efforts and expand its utility partnership network.

Dometic – which offers solutions for mobile living in the areas such as food, hygiene, and security – completed the acquisition of Zamp Solar, a North American manufacturer of mobile solar power solutions for the outdoor market. This acquisition strengthens Dometic’s presence, know-how, and distribution network for mobile solar power solutions in North America.

Hull Street Energy – a private equity firm that specializes in deploying capital into the power sector – announced that it has entered into a definitive agreement to acquire the management team and development pipeline of Foundation Solar Partners, an independent renewable development company that specializes in identifying and developing utility-scale solar projects in select markets in the eastern United States.

GridX, a provider of cloud-based business operations support solutions to utilities and energy suppliers, announced that it has closed its Series B funding of $12 million led by Energy Impact Partners, a global investment platform leading the transition to a sustainable energy future. This financing accelerates the company’s product roadmap and drives market adoption.

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.


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