Funding and M&A Roundup: Pine Gate Renewables Secures $650 Million

AdaniConneX raises $1.44 billion in green financing for data centers


From: Mercom Capital Group

Pine Gate Renewables, a solar project developer, secured a $650 million investment from Generate Capital, the Healthcare of Ontario Pension Plan, and HESTA. The transaction extends Generate Capital’s existing partnership with Pine Gate and brings new institutional investors to the solar developer’s platform. The investment aims to expedite Pine Gate’s efforts as a developer, owner, and operator of clean energy projects and facilitate financing an additional 3 GW of clean energy infrastructure by 2025.

AdaniConneX, a data center solutions provider and a joint venture between Adani Enterprises and EdgeConneX, has established sustainability-linked financing to raise $1.44 billion to fund its renewable-powered data centers and enable digital infrastructure growth in the country. The company said the upcoming data center facilities would leverage technologies and renewable energy solutions to minimize the ecological footprint while optimizing operational efficiency.

Agilitas Energy, a developer, builder, owner, and operator of distributed energy storage and solar projects, announced the closing of $100 million in debt financing to fund its growth and continued national expansion. Nomura Securities International acted as the sole bookrunner and lead arranger. Nomura Corporate Funding Americas acted as an administrative agent on the deal, which may be further upsized to $200 million upon the completion of certain projects.

Exowatt, a provider of thermal energy solutions for data centers, secured $20 million in a seed funding round from a16z, Atomic, and Open AI’s Sam Altman to capitalize on the booming demand of the AI market, which is escalating the energy costs for data centers. With the recent funding secured, the company plans to bolster its team and introduce the Exowatt P3 to its initial roster of data center customers.

Harmony Energy, a utility-scale energy storage project developer, secured a £10 million (~$12.5 million) credit facility from Triodos Bank UK to support the development of new projects and its expansion across Europe. The new facility is the bank’s first UK loan to the standalone energy storage sector. Currently, the company has 516 MW/1.032 GWh of BESS operational capacity. Harmony has a global pipeline of over 11 GW, of which 268 MW/536 MWh is under construction.

Terra One, a startup specializing in grid-connected battery energy storage solutions, secured $7.5 million in seed funding, led by PT1, an early-stage venture capital firm specializing in real asset technologies, and neosfer, an early-stage investor associated with Commerzbank. Other participants include 468 Capital, N26 cofounder Maximilian Tayenthal, as well as the scout funds of renowned entities like Andreessen Horowitz and Hedosophia. The company intends to strategically utilize the funds to bolster its team, particularly by hiring skilled engineers and project finance experts.

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.