Funding and M&A Roundup: Macquarie Acquires 50% Stake in Island Green Power

David Energy secures $20.5 million in Series A Funding

April 4, 2022


From: Mercom Capital Group

Macquarie Asset Management, through Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2), will expand its presence in the solar sector with an agreement to acquire a 50% stake in Island Green Power, a UK-based renewable energy project developer. Concurrently Macquarie Asset Management has agreed to acquire a stake in a ready-to-build 65 MW solar project located in Suffolk, UK, from Island Green Power. The project comprises a 50 MW of battery storage aligned with MGREF2’s mandate to develop, construct, and operate renewable energy projects over the long term. Subject to the satisfaction of customary closing conditions and regulatory approvals, the transaction is expected to complete by the second quarter of 2022.

Helexia, a specialist in decentralized power generation and energy efficiency and a subsidiary of Voltalia, announced the acquisition of the Cap Sud group. Cap Sud specializes in developing, constructing, and operating rooftop solar PV projects on agricultural buildings, whose energy is used by farmers or sold to the grid. Cap Sud operates 344 agricultural rooftop solar PV projects representing approximately 35 MW.

David Energy, an electricity supplier whose software platform analyzes and controls customer demand in real-time, raised $20.5 million in a Series A funding round. The funding round was led by Keyframe Capital and Union Square Venture (USV)’s climate fund. Keyframe Capital’s Ben Birnbaum will join the board as part of the funding, and USV’s Rebecca Kaden will join as an observer. Other investors who participated in the round include existing seed investors -Equal Ventures, Box Group, MCJ Collective, and new investors – Toba Capital, Turntide, James Dice, and others.

Perch Energy, a Boston-based clean energy tech and services company that offers a diverse set of products and services for homeowners, renters, businesses, and solar project owners, raised $6.2 million in a Series A funding round. The funding round was led by Arborview Capital. An additional $1 million was committed and expected to close on or prior to May 1, 2022, bringing the Series A total to $7.2 million. The company plans to use the new funds to add talent and resources to build upon its community solar services and management platform, expand its innovative direct-to-consumer energy platform, and accelerate the growth of its community solar services business into an expanding list of U.S. markets.

Skyfri Group, a Norway-based cleantech company, has announced the acquisition of Avi Solar, the operations and maintenance (O&M) services provider for solar power projects in India. The financial details of the acquisition were not disclosed. Through the acquisition, Skyfri aims to bring over 500 MW of additional solar projects for some of the largest renewable asset investors and owners, such as KKR, Cleantech Solar, Bosch, and Honda, onto its platform called Skyfri Intelligence.

Aker Horizons ASA’s wholly-owned subsidiary Aker Horizons Holding has entered into an agreement with South Korea’s Hanwha Solutions Corporation and Hanwha Corporation to sell all of Aker Horizons’ shares in REC Silicon. Aker Horizons will sell 70,104,276 shares in REC Silicon at a purchase price of NOK 20 (~$2,31) per share, resulting in total proceeds of approximately NOK 1,402 million (~$160.4 million). Following completion of the transaction, Aker Horizons will no longer own any shares or hold any voting rights in REC Silicon. Advokatfirmaet BAHR is acting as legal counsel to Aker Horizons.

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.