Funding and M&A Roundup: Polysilicon Manufacturer Daqo Lists on Shanghai Stock Exchange

Taiwan Cement Corporation completes its acquisition of a 60.48% stake in ENGIE EPS, the energy storage solutions and microgrids division of ENGIE


From: Mercom Capital Group

Daqo New Energy, a manufacturer of high-purity polysilicon for the global solar PV industry, announced that the company’s major operational subsidiary, Xinjiang Daqo New Energy, has completed its IPO process and started trading on the Shanghai Stock Exchange’s Sci-Tech innovation board on July 22, 2021. Xinjiang Daqo has issued 300,000,000 shares representing around 15.58% of the total 1,925,000,000 shares outstanding after the IPO. The shares were issued at a public offering price of RMB 21.49 per share, and the total gross proceeds of the IPO are around RMB 6.45 billion. After the IPO, Daqo New Energy owns around 80.7% of Xinjiang Daqo. On the first trading day of July 22, 2021, Xinjiang Daqo’s shares closed at RMB 61.11 per share, up 184.4% compared to the IPO price.

Rooftop solar solution provider MYSUN has joined hands with Tata Cleantech Capital Ltd to raise ₹150 million (~$2 million) in debt funding. Tata Cleantech Capital is a joint venture between Tata Capital Limited and International Finance Corporation. The term loan will be put to fund the existing projects of MYSUN+, while the credit line will be pumped into building the projects in the pipeline. The company is looking to develop about 200 MW of projects over the next few quarters, currently at various development stages.

Q-Energy, a global investment, and management company in renewable energy has closed its fourth fund, Q-Energy IV, with an investment capacity of 1.1 billion (~$1.3 billion) in equity, which will allow the manager to mobilize more than €5 billion (~$5.8 billion) into the sector, including debt. With this new Fund, Q-Energy consolidates itself as one of the main European players in the acquisition, operation, and development of solar photovoltaic, CSP, and wind assets. It will begin exploring investment opportunities in energy storage and biofuels hydrogen and other such projects. Q-Energy has been advised by Linklaters (Tax Advisor), Cuatrecasas (Legal Advisor), EY, and FirstPoint Equity (Placement Agent).

National Grid, electricity, and gas utility company, announced that its Emerald Energy Venture has secured an innovative $150 million portfolio revolving facility, with an accordion feature that will allow an increase to $250 million beginning in mid-2022, to support the growth of its renewable energy portfolio in the U.S. The new financing will support part of the construction of a mix of solar, battery storage, and wind projects being developed by National Grid Renewables, the company’s competitive renewable energy arm.

GODI India has raised funds from Blue Ashva Capital through its Blue Ashva Sampada Fund. The company will use the funds to set up supercapacitor and lithium-ion cell manufacturing facilities in India. Blue Ashva Capital is an investment firm based out of Singapore and India, backing sustainable and profitable businesses that solve challenges in food and agriculture, energy and environment, health and wellness, and money and finance.

bp has acquired UK-based digital energy business Open Energi. The company’s digital platform uses real-time data to optimize the performance of energy assets. It can generate savings and maximize revenues for customers by connecting to power markets and providing flexibility at times of low renewable generation and during price peaks. It also accumulates data and learns how best to further optimize the energy use of different assets over time.

Taiwan Cement completed its acquisition of 60.48% of the issued share capital in ENGIE EPS, an energy storage company, through its wholly-owned subsidiary Taiwan Cement Europe Holdings. The aggregate consideration of €132 million (~$156 million) was paid in cash, representing a price of €17.10 (~$20) per share. The transaction’s closing follows the satisfaction of all conditions precedent, included in the sale and purchase agreement entered into by TCC and GDF International on April 19, 2021.

ChargePoint, an electric vehicle (EV) charging network operating in North America and Europe, announced that it has signed a definitive agreement to acquire has·to·be, an e-mobility provider for charging software platform. This transaction comes as Europe is among the fastest-growing markets for EV sales worldwide. Under the terms of the agreement, ChargePoint will acquire has·to·be for a total purchase price of around €250 million (~$295 million), subject to adjustments, to be paid in cash and stock. The transaction is expected to close in 2021, subject to the satisfaction of regulatory approvals and other customary closing conditions. Volkswagen is an investor and a key stakeholder in has·to·be.

Polish wind and solar contractor Onde was listed on the Warsaw Stock Exchange after completing an initial public offering (IPO) and raising PLN 444.5 million (~$114 million). The renewables-focused unit of Polish construction group Erbud sold a combination of new and existing stock at the maximum offering price of PLN 26.00 (~$6.6) apiece. This valued the company at PLN 1.43 billion (~$0.36 billion). The funds raised from the issue of new stock – 8.25 million shares for total proceeds of PLN 214.5 million (~$55 million) – will be spent on the purchase of new wind and solar projects.

Green infrastructure investment firm Generate Capital, a financier, owner, and operator of distributed energy and resource infrastructure has raised $2 billion in fresh funding amid a boom in clean-energy projects and interest from Wall Street in emissions-reducing investments. Examples of projects include a partnership with Starbucks to develop community solar projects in New York to supply local shops and the areas around them with solar power.

Chinese polysilicon and silicon wafer supplier GCL New Energy announced that its indirect wholly-owned subsidiary Nanjing GCL New Energy would acquire 5.835% of Suzhou GCL New Energy from the private equity investment fund of Sumin Ruineng for RMB 1.219 billion (~$0.19 billion).  Upon completion of the transaction, Suzhou GCL New Energy will become a wholly-owned subsidiary of the company. Prior to this, with an acquisition conducted in 2019, Nanjing GCL New Energy ended up holding 94.165% of Suzhou GCL New Energy, and Sumin Ruineng was holding around 5.835%.

Pinergy, the smart energy supply & solutions business, has announced that it has acquired Solar Electric, a designer and installer of solar renewables and energy storage systems. The Irish Solar Energy sector is expected to grow significantly over the next decade as government policy, and the electricity infrastructure will aim to deliver on its 2030 climate targets.

Distributed solar company Fourth Partner Energy has announced that it has acquired distributed solar portfolio with an 8.9 MWdc capacity from Statkraft India. Of this capacity, 5 MW is an open access solar project and the rest is rooftop solar. Through the acquisition, it aims to acquire 100 MW of installed solar capacity in this fiscal year. Statkraft has decided to exit the distributed solar power business to focus on developing large-scale projects because of changes in its solar strategy for India.

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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