Funding and M&A Roundup: Solar Solutions Provider Palmetto Raises $150 Million
GQG Partners invests $1.8 billion in Adani Group companies
March 9, 2023
From: Mercom Capital Group
Palmetto, a provider of solar-based software solutions, announced $150 million in funding from TPG Rise Climate, investing strategy of TPG’s global impact investing platform TPG Rise. Additional terms of the investment were not disclosed. Palmetto provides solar software solutions to connect buyers, sellers, lenders, and installers through a single platform. With this investment, the company plans to expand its software ecosystem and accelerate its growth and expansion.
United States-based equity investment firm GQG Partners has closed a major deal involving secondary block trade transactions amounting to ₹154.46 billion (~$1.87 billion) in the Adani Portfolio companies. The investments include ₹54.6 billion (~$663.21 million) in Adani Enterprises for 38.7 million shares at a price of ₹1,410.86 (~$17.14) per share. Adani Ports and Special Economic Zone received ₹52.82 billion (~$641.59 million) for 88.6 million shares at a price of ₹596.2 (~$7.24) per share. Adani Transmission received ₹18.98 billion (~$230.54 million) for 28.4 million shares at ₹668.4 (~$8.12) per share. The investment in Adani Green Energy stood at ₹28.06 billion (~$340.81 million) for 55.6 million shares at ₹504.6 (~$6.13) per share.
Sakuu Corporation, a provider of solid-state battery solutions, entered into a definitive business combination agreement with Plum Acquisition Corp. I, a special purpose acquisition company, for a merger resulting in Sakuu becoming a publicly traded company. The business combination values the company at an enterprise value of $705 million. The transaction is expected to close in the third quarter of 2023.
Renewable energy company Greenko Group announced the signing of definitive agreements for a primary equity raising of $700 million from affiliates of Singapore’s sovereign wealth fund GIC, ORIX Corporation, and a wholly owned subsidiary of the Abu Dhabi Investment Authority. The company will use the $700 million investment towards the capital expenditure of pumped storage projects with a more than 25 GWh storage capacity, enabling 45 billion units of dispatchable carbon-free energy.
Tata Power Renewable Energy (TPREL), a wholly-owned subsidiary of Tata Power, has approved the allotment of 200 million compulsorily convertible preference shares to GreenForest New Energies. The shares have a face value of ₹100 (~$1.2) each at par, amounting to a total of ₹20 billion (~$242.4 million). The share sale completes the two investment tranches of ₹20 billion (~$242.4 million) each in TPREL by GreenForest.
RWE, a German power generation company, has acquired JBM Solar, an independent solar and battery storage developer based in the U.K. The company bought JBM Solar from renewables investor Susgen for an undisclosed sum. The acquisition will add a pipeline of more than 6 G.W. to RWE’s existing portfolio, including 3.8 GW of solar capacity and 2.3 GW of battery storage projects.
Energy-focused private equity firm EIG Partners has invested $90 million in Industrial Sun, a utility-scale solar projects developer owned by U.S. clean energy company Modern Energy. This new investment brings EIG Partners’ total investment in Modern Energy and its affiliate to $190 million, following the debt financing completed in mid-2020.
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.