Funding and M&A Roundup: Sonnedix Acquires Solar Developer Sun Power Energy

Banpu acquires 49.04% stake in solar rooftop platform Solar Esco

March 14, 2022


From: Mercom Capital Group

Sonnedix, an independent solar power producer (IPP), has acquired Warsaw-based Sun Power Energy, a solar project developer in Poland. The acquisition gives Sonnedix close to a 1 GW development pipeline across Poland and is a springboard for further expansion into a new European market. The Poland acquisition brings Sonnedix’s total operating assets and projects under development and construction to over 6.5 GW globally. On this transaction, Sonnedix was advised by Santander (Financial), CMS (Legal), and DNV (Technical), while Sun Power Energy was advised by DWF (Legal).

BRE Singapore, a wholly-owned subsidiary of Banpu NEXT Co., in which Banpu holds 50% shareholding, has signed a Shares Subscription Agreement for the purchase of 49.04% shareholding in Solar Esco Joint Stock Company, a renewable energy company and a provider of integrated solar rooftop platform in Vietnam for the consideration of $14.5 million. The transaction is expected to be completed by the second quarter of 2022. The transaction is a part of Banpu’s acceleration plan of achieving greener energy and energy technology businesses to over 50% by 2025.

Tibber, a digital electricity supplier that uses AI and green energy, secured $100 million in Series C funding from Summa Equity Fund III. The investment in Tibber aligns with Summa’s focus on solving global challenges supporting the U.N. Sustainable Development Goals and fits within Summa’s tech-enabled transformation and resource efficiency investment themes.

SB Energy Global, a SoftBank Group Corp.’s U.S. Climate Infrastructure Technology platform, secured $600 million equity investment from funds managed by the Infrastructure and Power strategy of Ares Management Corporation (Ares) to help expand its portfolio of solar and storage projects. The majority of the financing is committed through Funds of Ares Management, with the balance expected to come from co-investors. The investment intends to help both companies to drive innovation in the sector and deploy clean energy at scale.

DSD Renewables (DSD), a business-backed by BlackRock Real Assets’ Global Renewable Power platform and GE Renewable Energy, has secured a $200 million preferred equity investment from a fund managed by the Infrastructure and Power strategy of Ares Management Corporation (Ares) to increase its continued strategic growth. The capital will be used to support DSD’s expanding pipeline of future projects in the commercial and industrial (C&I) market, grow its Developer Network, support corporate needs, and provide readily accessible capital for asset acquisitions.

A consortium led by Macquarie Asset Management will be acquiring solar project developer Reden Solar from InfraVia Capital Partners and Eurazeo for an enterprise value of €2.5 billion (~$2.72 billion). The consortium included British Columbia Investment Management Corporation (BCI) and MEAG. Macquarie’s stake in Reden Solar will be acquired on behalf of institutional investors via Macquarie Global Infrastructure Fund and Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2). InfraVia Capital Partners owns a 53% stake in Reden Solar, while Eurazeo owns the rest. The transaction is expected to reach completion by the third quarter of 2022.

SolaREIT, a solar real estate investment fund, has closed on a $100 million securitization of solar leases with Nuveen. The expansion will significantly increase access to low-cost capital in the commercial and mid-sized solar development sector, including community solar. SolaREIT’s land financing options, including the “Pre-Paid Solar Land Lease,” allow landowners to receive solar lease payments immediately, expanding financial flexibility and access to capital for both solar developers and landowners.

Cloud-connected energy storage solutions provider Taqanal Energy raised ₹95 million (~$1.24 million) in a pre-series round from JITO Angel Network. The round saw participation from KITVEN, Lets Venture, and Wellingdon Advisors. The funds will be further utilized to complete Taqanal Energy’s product development and roll out their battery swapping and monitoring solutions in 2022-23.

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.