Funding and M&A Roundup: Silicon Ranch Raises $225 Million for 1 GW of Solar Projects

FSN Capital acquires 45% stake in renewable energy investment company Obton

December 21, 2020


From: Mercom Capital Group

Silicon Ranch Corporation, the U.S. solar platform for Shell and an independent power producer, has closed an investment round that attracted $225 million in new equity capital. The round was funded entirely by existing Silicon Ranch shareholders, including Shell and institutional investors TD Greystone Infrastructure Fund (Global Master), managed by TD Asset Management, and Mountain Group Partners. The equity raise will support the construction of well over 1 GW of new solar projects over the next two years and enable Silicon Ranch to accelerate its growth strategy by developing new projects, entering new markets, and pursuing strategic acquisition opportunities.

FSN Capital, a Northern European private equity investment firm, signed an agreement to acquire a 45% stake in Obton Group, a renewable energy investment, and management company, and enter into a partnership with the founders and management. Obton Group is a specialized alternative investment provider developing, structuring and managing solar PV projects. The transaction is subject to approval from relevant authorities and is expected to close in the first half of 2021.

Gore Street, a listed energy storage fund supporting the transition to low carbon power, announced that further to the announcement on November 30, 2020, the company has raised gross proceeds of £60 million (~$79.4 million) by way of an initial placing, offer for subscription and intermediaries offer. Due to the significant demand level that exceeded the target proceeds of £60 million ($79.4 million), a scaling back exercise has been undertaken for applications received under the initial issue.

Vena Energy Australia has achieved financial close for battery energy storage system (BESS) in Queensland, capable of discharging up to 100 MW and storing 150 MWh of energy, equivalent to powering up to 57,000 Australian homes. Construction of the $120 million Wandoan South BESS commenced in October, after awarding the engineering, procurement, and construction contract to Doosan GridTech Australia.

Eta Compute, a provider of energy-efficient endpoint AI solutions for intelligent sensing, announced that it had closed its Series C funding of $12.5 million, bringing the company’s total funds raised to $31.9 million. Synaptics led the round along with participation from existing investors.

The European Investment Bank (EIB) will provide €290 million (~$353 million) to the German company Wacker Chemie. The financing of the EU bank, backed by the Investment Plan for Europe, will support Wacker’s research and development program focusing on sustainability and an energy-efficient economy. In line with the EIB’s main objectives, the financing will help Wacker Chemie reach its sustainability goals, inter alia, a 33% reduction in CO2 emissions by 2030 and become carbon neutral in 2050 fully. The new loan has a term of five years from the date of its drawing.

Brighte, a Sydney provider of financing and zero-interest payments solutions for solar panels and batteries, raised A$100 million (~$75.62 million) in a Series C funding round. The round was underwritten by Grok Ventures, the investment company of Mike and Annie Cannon-Brookes. Existing investors, including Qualgro, Airtree Ventures and Kim Jackson, and Scott Farquhar’s Skip Capital, also participated in the round. Brighte plans to use the funds to expand its operations into developing single, seamless energy finance and retailing solution, significantly simplifying its customers’ experience. The Ashurst team was led by partner Stuart Dullard and comprised senior associate Jason Maletic and lawyer Matthew Parbhu.

Solar PV technology company Swift Solar secured more than $8 million in Series Seed 2 funding, with an additional $1.5 million expected to close soon, for a total of $9.6 million. The round was led by GitLab CEO Sid Sijbrandij and cryptocurrency expert James Fickel. Other participants in the round include climate tech and deep tech investors Good Growth Capital, Safar Partners, Climate Capital, Jack Fuchs, and Sierra Peterson, crypto and finance professionals Jonathan Lin, Grant Hummer, and Ethereum creator Vitalik Buterin, and a diverse group of angel investors. The funding round will be used to expand R&D capabilities, develop prototypes, and grow the Swift Solar team.

Copenhagen Infrastructure Partners (CIP), a fund manager within greenfield renewable energy infrastructure investments, has entered into an agreement with Vestas, whereby Vestas will acquire a 25% minority stake in CIP. Transaction proceeds will be committed as re-investments into CIP and new funds over the years to come to accelerate growth and innovation and increase co-investments.

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.


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