Funding and M&A Roundup: Enphase to Acquire Solar Design Business of DIN Engineering

Macquarie Infrastructure raises $1.9 billion for investment in renewable projects

February 16, 2021


From: Mercom Capital Group

Enphase Energy, a supplier of micro inverter-based solar-plus-storage systems, announced that it has agreed to acquire the Solar Design Services business of DIN Engineering Services, based in Noida, Uttar Pradesh.

Macquarie Infrastructure and Real Assets (MIRA) has raised nearly €1.6 billion (~$1.93 billion) for investments in renewable energy projects with the closure of the Macquarie Green Investment Group Renewable Energy Fund 2. The latest funding round exceeded the initial minimum target of €1 billion (~$1.21 billion). The company will use the fund to invest in a range of portfolios, including wind and solar projects in western Europe, the U.S., Japan, Taiwan, Australia, Canada, Mexico, and New Zealand.

Subsidiaries of Canada’s Brookfield Asset Management will raise about $772.5 million through a secondary public offering of shares in Brookfield Renewable Corporation (BEPC). Together, BEPC and Brookfield Renewable Partners make up the asset manager’s Brookfield Renewable platform, which has some 20 GW of hydro, wind, solar, and storage capacity in North America, South America, Europe, and Asia, along with a 23 GW development pipeline. The companies announced the pricing of the offering of 15 million class A exchangeable subordinate voting shares of BEPC at $51.50 per share.

Scatec, a renewable power producerhas completed a €250 million (~$303.1 million) senior unsecured green bond issue with maturity in August 2025. The new bonds will have a coupon of 3 months EURIBOR plus 250 bps (approximately 1.96% currently). DNB Markets, Nordea, and Swedbank acted as Joint Lead Managers and Green Bond Advisors, and SpareBank 1 Markets AS acted as Joint Lead Manager in connection with the placement of the new bond issue.

David Energy, an electricity supplier whose software platform analyzes and controls customer demand in real-time, has announced the close of $19 million in new financing. The new capital includes a $4.1 million seed round led by Equal Ventures and a $15 million working capital facility from Hartree Partners, a global merchant commodities firm specializing in energy and its associate industries. Additional seed investors include Operator Partners, Box Group, Greycroft, Sandeep Jain, and Xuan Yong of RigUp, returning angel investor Kiran Bhatraju of Arcadia, and Jason Jacobs’ recently launched MCJ Collective, an early-stage climate tech fund.

Highview Power, developer of the CRYOBattery, a proprietary cryogenic energy storage system based on the principle of liquid air that delivers long-duration zero-carbon, dispatchable energy storage, has announced that it had closed its Growth Capital round of funding with over $70 million, bringing the total amount of funding and grants the company has secured to date to over $145 million. The Growth Capital round includes the $46 million investment from Sumitomo Heavy Industries and additional investments from strategic investors Janus Continental Group and TSK, along with a $5.5 million contribution from the original and founding investors.

Sensata Technologies, an industrial technology company that develops sensors, sensor-based solutions, including controllers and software, and other mission-critical products to create valuable business insights for customers and end-users, has announced the full acquisition of Denmark-based Battery Management System (BMS) provider, Lithium Balance. This strategic acquisition advances Sensata’s electrification business and strategy in the clean energy markets.

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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