Funding and M&A Roundup: Recurrent Energy Secures $1.4 Billion Credit Facility

Battery manufacturer Verkor secures $1.4 billion green loan

May 29, 2024


From: Mercom Capital Group

Recurrent Energy, a solar project developer and a wholly owned subsidiary of Canadian Solar secured a multi-currency revolving credit facility valued at up to €1.3 billion (~$1.4 billion) with ten banks. Recurrent Energy and the participating financial institutions signed the agreement in Seville, Spain. The company will use the funding to develop solar and energy storage projects in European countries including Spain, Italy, the United Kingdom, the Netherlands, France, and Germany.

Verkor, a manufacturer of lithium-based battery cells and modules, secured over €1.3 billion (~$1.41 billion) in green financing supported by 16 commercial banks and three public banks. These funds will be directly allocated to the construction and financing of Verkor’s first gigafactory located in Dunkirk, France, with an initial production capacity of 16 GWh/year. Following this recent deal, Verkor has so far secured over €3 billion (~$3.2 billion) in funding for its first gigafactory and the Verkor Innovation Centre.

Verse, a clean energy management platform, raised $20.5 million in a Series A funding round led by GV (Google Ventures) with participation from Coatue, CIV, and MCJ Collective. With the latest round of funding, Verse is expected to scale commercial operations and develop new product capabilities to help organizations reduce emissions and lower electricity costs. The company’s technology leverages generative AI to help companies define clean energy goals and plan, procure, and manage optimal portfolios of clean energy assets at the least cost.

Engineering, procurement, and construction firm Soleos Solar Energy has raised ₹485 million (~$6.5 million) in equity funding to drive expansion in India and abroad. The investment round was led by Swastika Investmart, along with Beeline Capital Advisors serving as co-advisors. Soleos said the funding round included India Ahead Venture Fund and several high-net-worth individuals. The company said that the fresh capital will bolster Soleos’ working capital and support its global expansion plans.

Bengaluru-based technology startup NoPo Nanotechnologies raised $3 million in a pre-Series A funding round by Axilor’s Micelio Fund and Inflexor Ventures. The funds will be used to scale production, improve engineering capabilities, and implement a global market strategy. NoPo said it has developed innovative technology to produce high-quality single-walled carbon nanotubes, which have been in development for the past decade.

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.