Funding and M&A Roundup: EDP Renewables Acquires a Majority Stake in C2 Omega

AfDB approves a $27 Million loan for the 200 MW Kom Ombo Solar Project in Egypt


From: Mercom Capital Group

EDP Renewables, through its fully owned subsidiary EDP Renewables North America, has closed its acquisition of a majority interest in C2 Omega, the distributed solar platform of C2 Energy Capital. The platform has an operating capacity of 89 MW, with a near-term pipeline of more than 150 MW, across 200 sites in 16 states. The closing follows the initial acquisition announcement made on January 18, 2021, and creates a new business unit named EDPR NA Distributed Generation.

TNB Renewables, a wholly-owned subsidiary of Malaysian utility company Tenaga Nasional Berhad (TNB), will buy a 39% stake in five rooftop solar projects developed by Singapore-based Sunseap Group in Vietnam. The process will be completed by March 2021. Sunseap Group is a clean energy solutions provider in Singapore, with over 300 MW of contracted rooftop solar projects, out of which 168 MW have been completed on more than 1,500 buildings in Singapore.

Communications Systems (CSI), an IoT intelligent edge products and services company, announced that it entered into a merger agreement with privately-held Pineapple Energy, a U.S. operator and consolidator of residential solar, battery storage, and grid services solutions. Upon closing, CSI will commence doing business as Pineapple Energy, with a business model focused on the rapidly growing home solar industry. The company expects shares of the combined company to continue to trade on the Nasdaq Capital Market under the new ticker symbol “PEGY.”

Hill & Smith, the international group providing sustainable infrastructure and safe transport solutions, announces that it has completed Prolectric Services’ acquisition, a manufacturer and provider of solar lighting and wind power technologies from shareholders, including the management team who will be staying with the business. The initial cash consideration is £12.5 million (~$17.4 million) on a debt and cash-free basis.

Altius Renewable Royalties has completed its initial public offering of 9,100,000 common shares at a price of C$11 (~$8.7) per share for total gross proceeds of C$100.1 million (~$79.24  million). Altius Minerals Corporation is expected to hold 15,638,639 shares of the company or approximately 61% of the issued and outstanding shares. The shares commenced trading on the Toronto Stock Exchange under the symbol “ARR” on February 26, 2021.

Freedom Solar, Texas’s turnkey solar energy installer for residential and commercial solar solutions, announced that two new equity partners, Genesis Park and GEC, have invested in the company. With the addition of its new equity partners, Freedom Solar’s Board of Directors now includes CEO Bret Biggart and President Ryan Hunter; Hobby of Genesis Park; Fairbanks of GEC; and Scott Whitworth of WM Capital Partners.

Bboxx, a next-generation utility, and EDF strengthen their partnership as EDF becomes a shareholder in Bboxx Kenya with a 23% stake. EDF will bring its commercial resources and experience from developing off-grid solutions in several African countries. EDF’s investment will accelerate expansion into Kenya, Bboxx’s largest market.

Brazilian energy company Rio Alto Energias Renovaveis intends to launch an IPO to support the construction of new solar projects. XP Investimentos and lenders BTG Pactual SA, Bradesco BBI, and Credit Suisse will coordinate the IPO. The IPO proceeds will help expand the 93 MW Coremas complex and benefit the Santa Luzia, Sol do Agreste and Lagoa Tapada solar projects.

Enel, a manufacturer and distributor of electricity and gas, launched a euro-denominated, non-convertible, subordinated, hybrid, perpetual, multi-tranche bond for institutional investors on the European market for an aggregate principal amount of €2.25 billion (~$2.7 billion). The transaction was oversubscribed by 3.5 times, with total orders of €7.8 billion (~$9.3 billion).

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.

Image credit: Photo by Colin Watts on Unsplash



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