Funding and M&A Roundup: Power Roll Secures $3.6 Million for Solar Film technology

SolarEdge Technologies announces pricing for the private offering of $550 million

September 28, 2020


From: Mercom Capital Group

SunHydrogen, a developer of a breakthrough technology to produce renewable hydrogen using sunlight and water, announced it has agreed to accept an equity investment of up to $4 million from GHS Investments. The proceeds from the investment will be used to accelerate the development of the Company’s nanoparticle hydrogen production technology and other strategic initiatives.

Power Roll, the developer of ultra-low-cost and flexible film for energy generation and storage, has raised £2.8 million (~$3.56 million) of investment to commercialize its unique solar film and capacitor technologies. The investment comprises £2.0 million (~$ million) of equity and £0.8 million (~$ million) of convertible loans as part of the Future Fund set up by the UK Government.

SolarEdge Technologies, a provider of end-to-end distributed solar harvesting and monitoring solutions, announced the pricing of $550 million aggregate principal amount of 0.00% convertible senior notes due 2025 in a private offering to qualified institutional buyers. In connection with the offering, SolarEdge has granted the initial purchasers of the notes a 13-day option to purchase up to an additional $82.5 million aggregate principal amount of the notes on the same terms and conditions. The sale of the notes to the initial purchasers is expected to settle on September 25, 2020, subject to customary closing conditions.

Kroll Bond Rating Agency assigned preliminary ratings to two classes of notes from Vivint Solar Financing VII, Series 2020-1. The transaction is secured by the equity interests of the managing members in related project companies that own a portfolio of 22,914 power purchase agreements and leases associated with residential solar PV installations. Cash flow related to the portfolio is net of operations and maintenance expenses, administrative and insurance expenses, and any distribution to a tax equity investor per the organizational documents for each respective company. The total aggregate discounted solar asset balance (ADSAB), consisting of the discounted payments of the leases and power purchase agreements, is approximately $337.8 million. The securitization share of the ADSAB is approximately $293.1 million.

SunPower, a distributed generation storage and energy services provider in North America, announced that it secured financing commitments from Hannon Armstrong Sustainable Infrastructure Capital and other capital providers for its residential solar lease program and solar plus storage program, SunPower Equinox system with SunVault storage. BofA Securities acted as the sole structuring and placement agent for the multi-draw term loan, as well as the sole tax equity investor.

JLEN, the listed environmental infrastructure fund, announced the acquisition of Northern Hydropower Holdings Limited (NHHL) for a total consideration, including working capital, of £4.74 million (~$6 million). NHHL owns 100% of the equity in Northern Hydropower Limited, which in turn holds the rights to two operational hydro projects, including a co-located operational battery storage system at one of the sites. The assets are located in Yorkshire and Cornwall.

ReneSola, a fully integrated solar project developer, announced that it has entered into securities purchase agreements with several institutional investors for the purchase and sale of 2,500,000 American Depositary Shares (ADSs), each representing ten ordinary shares, at a purchase price of $2.00 per ADS, in a registered direct offering. The registered direct offering is expected to close by September 25, 2020. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

Star Charge, a solution provider for electric vehicle charging, has raised 855 million yuan (~$125 million) in its Series A round. The funding was jointly led by French global energy and automation digital solution developer Schneider Electric and Chinese CICC Capital’s sub-fund. The round also saw the participation of China Construction Bank’s Hong Kong-based investment arm CCB International, Shanghai Guohe Capital, Wujin National Hi-Tech Industrial Zone’s unit, and CDB-CDC Investment Management, a fund co-launched by state-owned China Development Bank’s Funds of funds and Chinese global investment manager GLP in Shanghai. Morgan Stanley facilitated the transaction.

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 here.


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