Funding and M&A Roundup: Orix Completes Acquisition of 21.8% Stake in Greenko

Australian Utility to Acquire C&I Commercial Solar Installers Solgen & and Epho

March 15, 2021


From: Mercom Capital Group

Australian utility AGL has entered into agreements to acquire two of Australia’s largest commercial solar businesses, Epho and Solgen Energy Group (from Anchorage Capital Partners), both commercial and industrial solar businesses. These acquisitions complement and strengthen AGL’s existing solar capabilities, enabling AGL to deliver more tailored and innovative energy solutions for businesses.

Investment company SunFunder has completed the financial mobilization to feed its Solar Energy Transformation (SET) fund worth $70 million, following an investment by Oesterreichische Entwicklungsbank AG (OeEB, the development bank of Austria. The fund has also been funded by the American Development Finance Corporation (DFC), Calvert Impact Capital, Ceniarth, the IKEA Bank of America Foundation, Mercy Investment Services, Schmidt Family Foundation, and several individual investors through the Toniic Impact network.

Soltech Energy Sweden, a company that develops, sells, and installs solar energy solutions, signed an agreement to acquire 100% of Provektor Sweden’s shares, a privately owned electrical engineering company. The acquisition payment for 100% of the shares amounts to SEK 53 million (~$6.2 million). The acquisition is paid for with an initial cash portion of SEK 20 million (~$2.3 million) and newly issued Soltech shares to a value of SEK 25 million (~$2.9 million).

Sentient Energy, a Koch Engineered Solutions (KES) company, announced that it had acquired grid edge intelligence and dynamic control technologies from Varentec. Varentec’s grid edge optimization hardware and management software help utilities operate the power grid more efficiently by enhancing energy savings and demand reduction, better managing the integration of distributed energy resources like solar and electric vehicles, and mitigating voltage fluctuations caused by sudden increases or decreases of load or distributed generation.

RENERA, ROSATOM’s integrator company for the energy storage business (a subsidiary of TVEL Fuel Company of Rosatom), has finalized the deal to acquire a 49% share of Enertech International, a South Korean manufacturer of electrodes, lithium-ion storage cells, and energy storage systems. The signed agreement also includes building a facility for manufacturing lithium-ion cells and energy storage systems in Russia, with at least  2 GWh production capacity by 2030. The start of the first stage of production is scheduled for 2025.

Israeli robotic solar cleaning service provider, Airtouch Solar, has completed an initial public offering (IPO), raising $18 million at a company post-money valuation of $124 million, primarily from leading institutional investors in the Israeli capital market. The IPO was led by Poalim IBI Underwriters, the law firm of Goldfarb Seligman, and the accounting firm BDO. The company’s shares will commence trading over the next few days at the Tel Aviv Stock Exchange under the title ‘ARTS.’

Japan-based financial services group Orix Corporation has announced that it has completed its acquisition of a 21.8% stake in Indian renewable energy developer Greenko Energy Holdings. In September 2020, Orix had announced that it had signed a framework agreement with Greenko Energy Holdings to acquire approximately 20% of its shares. Orix had said that it would acquire over 20% of Greenko’s shares at a total value of around $980 million (~₹ 72.07 billion). Accordingly, it announced that it had acquired approximately 21.8% in Greenko for $961 million (₹70.34 billion).

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.


Get the most relevant India solar and clean energy news.