Funding and M&A Roundup: Public Investment Fund Increases Stake in ACWA Power to 50%

Form Energy completes $76 million Series C financing

December 7, 2020


From: Mercom Capital Group

Sunnova Energy International, a residential solar and energy storage service provider, closed its $254.7 million in securitizations of leases and power purchase agreements. The two-tranche securitization includes $209.1 million in A- (sf) rated 2.73% notes at a 78.0% advance rate and $45.6 million in subordinated BB- (sf) rated 5.47% notes at a 17.0% advance rate. Advance rates are calculated relative to the securitization share of the aggregate discounted solar asset balance. The notes are backed by a diverse portfolio of over 13,000 solar rooftop systems distributed across 19 states, Guam, Puerto Rico, and the Commonwealth of the Northern Mariana Islands.

Infogrid, a startup that can retrofit an existing building to make it smart, has raised $15.5 million. The Series A funding round was led by Northzone, with JLL Spark, Concrete VC, The Venture Collective, Jigsaw VC, an unnamed real estate investment group, and an anonymous large international asset owner.

Form Energy, developer of a long duration flow battery using a polysulfide solution containing chains of sulfur atoms, announced the close of a $76 million Series C financing round led by Coatue Management. Additional new investors include Energy Impact Partners, NGP Energy Technology Partners III, and Temasek. Joining the round were existing investors Breakthrough Energy Ventures (BEV), Prelude Ventures, MIT’s The Engine, Capricorn Investment Group, Eni Next, and Macquarie Capital.

The Public Investment Fund (PIF) said that it had increased its ownership stake in ACWA Power from 33.36% to 50%. The investment comes as part of PIF’s strategy to support the development of the renewable energy sector within Saudi Arabia and enable national champions to become regional and global leaders while also realizing sustainable investment returns. It is expected that ACWA Power will play an integral role in developing PIF’s renewable energy program.

Aurora Solar, a U.S.-based solar software company, has raised $50 million in Series B funding led by ICONIQ Capital. With this funding, the company has received over $70 million in funding to date. According to its press statement, the existing investors such as Fifth Wall, Pear VC, and Energize Ventures also participated in the funding round. The company said that the funding would be utilized to advance the development of new features and services that support solar installers to sell solar systems, expand their business with storage, and improve solar sale consultants’ workflow.

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 Mathieu Turle on Unsplash


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