Funding and M&A Roundup: EQT Infrastructure to Acquire Cypress Creek Renewables
Hull Street Energy acquires Foundation Solar Partners
From: Mercom Capital Group
The EQT Infrastructure V fund has agreed to acquire Cypress Creek Renewables, a solar and storage energy company that develops, owns, and operates projects across the U.S., from certain funds managed by HPS Investment Partners and Temasek. The company currently operates across 25 states, with 1.6 GW in operating assets.
Generac, a designer, and manufacturer of energy technology solutions and other power products announced the acquisition of Chilicon Power, a designer and provider of grid-interactive microinverter and monitoring solutions for the solar market. The acquisition closed on July 2, 2021. The terms of the deal were not disclosed.
Hull Street Energy, a private equity firm, announced that it had acquired the management team and development pipeline of Foundation Solar Partners, an independent renewable development company specializing in identifying and developing utility-scale solar generation projects in select markets in the eastern U.S. With this acquisition, Hull Street Energy has added strategic scale to its holdings of critical power infrastructure needed to decarbonize the North American energy economy.
Athena Technology Acquisition, a special purpose acquisition company (SPAC), and Heliogen, a provider of AI-enabled concentrated solar power, announced that they have entered into a definitive agreement for a business combination. Following the business combination, Athena expects to be renamed Heliogen and will remain listed on the New York Stock Exchange under the new ticker symbol ‘HLGN’. The combined company will have a market value of around $2 billion.
Saudi Arabia-based renewable energy projects developer Alfanar – has acquired a 100% stake in wind turbine original equipment manufacturer Senvion India from Senvion. The acquisition was made through Global Renewable Energy Development Holding Company Limited, an investment vehicle set up by promoters of Alfanar.
Arkema, a specialty chemicals and advanced materials company, becomes a shareholder and technological partner of Verkor, a manufacturer of lithium-ion batteries. The Verkor Innovation Center, slated to be operational in 2022, will provide a collaborative space to optimize smart industrial processes and create new generations of batteries.
Applus+, the global testing, inspection, and certification company, announced the acquisition of Enertis, a global consulting and engineering firm, from the founder owners. The transaction has been completed, and Enertis is now part of the Energy & Industry division.
Blue Elephant Energy, a renewable energy project developer, is getting a new major shareholder in Athos. Athos will subscribe to a private capital increase of €75 million (~$88.5 million) and, in return, will hold 15% of the company in the future. In addition, Athos has an option to invest up to €75 (~$88.50) million in additional equity. Therefore, the executive board and the supervisory board of BEE have decided to stop the IPO process for the initial public offering in the third quarter, even before the book-building range is set.
GCL New Energy Holdings is taking full control of Suzhou GCL New Energy Investment to give the unit autonomy in managing its operations. The power supplier is buying the 5.835% stake it does not own yet in Suzhou GCL for CNY 1.22 billion (~$188.6 million). The company will purchase the stake from Sumin Ruineng Wuxi Equity Investment Partnership. Suzhou GCL owns solar projects in China with an aggregate grid-connected capacity of about 2,700 MW, the GCL Poly Energy Holdings (3800) unit said in a bourse filing.
View (previously known as Soladigm) – a developer of architectural dynamic glasses – announced that it had acquired IoTium, the provider of secure, cloud-managed, software-defined IoT networks. IoTium’s easy-to-deploy solutions enable building owners to quickly achieve enterprise-grade security, reduce operating costs, and gain real-time visibility into their entire real estate portfolios.
Hyundai Motor has invested about $100 million to buy a stake in a lithium metal battery start-up SolidEnergy Systems (SES). SES shareholders include General Motors and Tianqi Lithium, among others.
Daqo New Energy, a Chinese polysilicon manufacturer, is in the process of applying for an initial public offering of the company’s major operational subsidiary, Xinjiang Daqo New Energy, on the Shanghai Stock Exchange’s Sci-Tech innovation board. According to the updated prospectus and timetable, Xinjiang Daqo plans to issue 300 million shares representing around 15.58% of the total 1.93 billion shares outstanding after the IPO.
Daystar Power, a commercial and industrial solar installer, announced closing a $20 million facility from International Finance Corporation (IFC). IFC will provide the loan to Daystar Power’s Nigerian subsidiary for investing in hybrid renewable energy systems. The investment is structured as a $10 million subordinated loan from the Canada-IFC Renewable Energy Program for Africa and a $10 million local currency loan from IFC.
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Read last week’s funding roundup.