From: Mercom Capital Group

GIGA.GREEN, a commercial solar energy solutions provider, has closed a €30 million (~$35 million) revolving capital expenditure facility. The funding was provided by Kommunalkredit Austria, a European specialist bank based in Vienna, which focuses on financing infrastructure projects in the energy, environmental, social, transport, and communications sectors. According to the company, this funding will be used to expand its nationwide project portfolio, focusing on industrial rooftop solar systems in Germany.

Ionic Mineral Technologies, an advanced battery materials producer, has announced the closing of a $29 million Series B funding. The oversubscribed funding round, which exceeded its initial $25 million target, saw participation from undisclosed investors. The funding will be used to expand the company’s 74,000-square-foot facility in Provo, Utah, accelerating the production of nano-silicon anode material to 1,000 metric tons annually.

Sunsave, a U.K.-based solar subscription service provider, has secured £113 million (~$151 million) in an oversubscribed funding round. The funding includes a £100 million (~$134 million) debt facility from Crédit Agricole CIB as well as £13 million (~$17 million) in Series A equity from a co-led round by Norrsken VC and IPGL. The funding will help the company to expand its solar subscription program across England and Wales.

Switzerland-headquartered solar solutions provider Candi Solar has raised $24 million (~₹2.06 billion) from Norfund, STOA, and the Energy Entrepreneurs Growth Fund (EEGF) to fund new solar power projects in India and South Africa. This fundraising includes a $20 million (~₹1.7 billion) convertible loan from Norfund and STOA, as well as a $4 million (~₹344.59 million) top-up to its existing mezzanine facility with the EEGF. After this round, the company’s total capital raised has grown to over $140 million (~₹12.06 billion).

Surat-based private equity and venture investment firm Parishi Capital has invested $4.7 million (~₹404.8 million) in Navitas Solar to expand its solar module manufacturing plant in Ahmedabad, Gujarat, India, to a 2.5 GW capacity. The transaction was completed in two tranches, with the first tranche of funding raised in 2023. Navitas, which had a manufacturing capacity of 1.7 GW earlier, plans to raise funds from Parishi via a third round to establish a 3 GW solar cell manufacturing plant by 2026.

The International Finance Corporation (IFC) has announced a $20 million equity investment in India-based electric vehicle (EV) platform Transvolt Mobility as part of a $50 million financing round. IFC said the investment will help enhance access to quality urban transport, scale up EV production, and strengthen India’s electric mobility ecosystem. This equity investment is IFC’s first in an EV platform.

For reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors, click here.

Read last week’s funding roundup.