Funding and M&A Roundup: ENGIE ESPANA Acquires Spanish Solar Project Developer

5N Plus receives regulatory approval to acquire AZUR SPACE

November 1, 2021


From: Mercom Capital Group

ENGIE ESPAÑA has acquired Sofos Energía, a company specializing in developing, processing, designing, construction, and operating solar PV projects. With this acquisition, ENGIE consolidates its strategic position in the Spanish PV market with its presence throughout the green energy value chain, from the origin, development, processing, design, and construction, to the operation of renewable projects.

5N Plus, a producer of semiconductors and performance materials, announced that it had received approval from regulatory agencies to acquire all of the issued and outstanding shares of AZUR SPACE Solar Power (AZUR). Germany-based AZUR is a developer and manufacturer of multi-junction solar cells based on III-V compound semiconductor materials.

Resilient Power, a developer of a solid-state transformer, announced the closing of a $5 million seed round. The investment for the first-to-market provider of solid-state transformer-based electric vehicle (EV) fast charging technology was led by Energy Transition Ventures, with investment from Amazon’s Climate Pledge Fund and GS Futures, the corporate venture capital arm of GS Group from Korea.

Fluence, a provider of energy storage products and services and digital applications for renewables and storage, announced the pricing of its initial public offering of 31,000,000 shares of its Class A common stock at a price to the public of $28.00 per share. The Class A common stock shares are expected to begin trading on the Nasdaq Global Select Market on October 28, 2021, under the ticker symbol “FLNC.” The initial public offering is expected to close on November 1, 2021, subject to customary closing conditions. In addition, Fluence has granted the underwriters a 30-day option to purchase up to an additional 4,650,000 shares of its Class A common stock at the initial public offering price, less underwriting discounts, and commissions. J.P. Morgan Securities, Morgan Stanley, Barclays Capital, and BofA Securities act as joint lead book-running managers for the offering. Citigroup Global Markets, Credit Suisse Securities (USA), UBS Securities, Evercore Group, HSBC Securities (USA), and RBC Capital Markets acted as joint book-running managers for the offering. Nomura Securities International, Robert W. Baird & Co. Incorporated, Raymond James & Associates, Seaport Global Securities, Penserra Securities, and Siebert Williams Shank & Co. act as co-managers for the offering.

H2, a flow battery manufacturer, secured $15 million in series B funding. This round includes capital from impact investor groups such as Envisioning Partners and BeHigh Investment and other investment firms such as BTC Investment, EN Investment, and NH Hedge Asset Management. This round also includes follow-up investment from its existing shareholders as well. Since its establishment in 2010, H2 has successfully raised an accumulated investment totaling $38 million up to date. The newly funded capital will be used to expand manufacturing capacity and automation currently needed to proceed with the large-scale flow battery energy storage projects domestic and overseas in its pipeline.

Spanish securities market regulator CNMV had approved the move by a fund affiliated with Swedish investment firm EQT to take over the entire share capital of Spanish solar energy company Solarpack Corporacion Tecnologica. EQT Infrastructure V fund, through its special purpose vehicle Veleta BidCo Sarl, submitted the voluntary takeover bid, offering to pay € 26.50 (~$30.70) in cash for each Solarpack share and announcing it would seek to delist the Spanish company. The offer values Solarpack at €881.2 million (~$1,025.34 million).

Reliance New Energy Solar, the green energy arm of Reliance Industries Limited (RIL), has offered ₹375 (~$5)/share to acquire 49.14 million equity shares of Sterling and Wilson Solar for around ₹18.42 billion (~$245.58 million). The 49.14 million shares account for a 25.9% equity stake or the entire public shareholding of Sterling and Wilson Solar. According to the draft letter of the open offer, Reliance Industries and Reliance Ventures Limited will be persons acting in concert in addition to Reliance New Energy Solar.

Atrato Onsite Energy, a newly-formed investment trust targeting commercial rooftop solar assets, has announced its intention to launch an initial public offering, targeting gross issue proceeds of £150 million (~$206.2 million). This will be through the issuance of new ordinary shares by way of a Placing, Offer for Subscription, and Intermediaries Offer and will apply for those shares to be admitted to the Official List of the Financial Conduct Authority and trading on the premium segment of the London Stock Exchange’s main market. Alvarium Securities Limited is acting as the Global Co-Ordinator, Sole Bookrunner, and Intermediaries Offer Adviser.

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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