Funding and M&A Roundup: Sunnova Proposes Private Offering of $350 Million Green Bond

OMERS Infrastructure to Acquire 19.4% Stake in Azure Power

August 9, 2021


From: Mercom Capital Group

Sunnova Energy Corporation, a wholly-owned subsidiary of Sunnova Energy, announced that it intends to offer, subject to market conditions, a $350 million aggregate principal amount of green bond (senior notes) due 2026 in a private placement. The notes will be senior unsecured obligations of SEC, and interest will be payable semiannually in arrears. The notes will be guaranteed on a senior unsecured basis by Sunnova and Sunnova Intermediate Holdings.

OMERS Infrastructure announced that it had signed a stock purchase agreement to acquire a 19.4% stake in Indian independent power (solar) producer Azure Power Global for $219 million from International Finance Corporation (IFC) and IFC GIF Investment Company. Azure Power has a 2 GW of operational renewable capacity, while 5 GW of renewable capacity is in the pipeline or awarded.

Solar photovoltaic modules maker Canadian Solar has raised BRL 500 million (~$100 million) financing facility with Brazilian banks BTG Pactual and Itaú BBA. The company will utilize the funds to develop and build solar projects in Brazil. The facility will fund up to 70% of Canadian Solar’s equity contributions of its Brazilian project portfolio. BTG Pactual and Itaú BBA are also the financial advisors to Canadian Solar’s Brazilian portfolio.

Through its Copenhagen Infrastructure New Markets Fund, renewable energy-focused infrastructure fund manager Copenhagen Infrastructure Partners has signed an investment agreement with Amp Energy India to enable joint equity investments of over $200 million in renewable energy projects in India. Copenhagen Infrastructure Partners has committed $100 million as part of this agreement.

Hydrostor, a long-duration energy storage solution provider, announced that it had secured $10 million of growth capital from BDC Capital to advance its pipeline of long-duration Advanced Compressed Air Energy Storage projects. This news comes after Hydrostor’s recent public announcements of Advanced Compressed Air Energy Storage projects in California and Australia totaling more than 1,200 MW underactive and advanced development stages. The financing will be used to accelerate critical near-term milestones on projects in North America and Australia, with active projects expected to reach final investment decisions in the next 12 to 18 months.

A thermal energy storage start-up will set its sights on international expansion after raising $8 million in early investment funds to commercialize its innovative thermal heat-storing technology. MAG Thermal, headquartered in the Hunter Region, completed the funding round with the backing of the CSIRO founded venture capital fund Main Sequence, with additional investments from Alberts Impact Capital, New Zealand’s Climate Venture Capital Fund, The Melt, and other angel investors.

Greenbacker Capital Management, a sustainable infrastructure investment firm, announced through an affiliated fund has made a strategic investment in Commonwealth Energy Partners (CEP) through the company’s subsidiary CEP Solar. The investment from Greenbacker will enable CEP to expand and execute on its existing project pipeline, which is focused on solar power and energy storage development in the Commonwealth of Virginia. Commonwealth was advised by GreenFront Energy Partners, an investment banking and advisory firm.

Switzerland-based start-up Perovskia, a designer solar cells venture, raised CHF150,000 (~$0.16M) in pre-seed funding from Venture Kick. The company specializes in digitally printed solar cells for consumer electronics and internet of things devices, designing custom cells around end-use products.

Enlight Renewable Energy, a renewable energy power producer and solar project developer, has completed the acquisition of 90.1% of the holdings in U.S. solar and storage developer Clēnera. The acquisition consideration comprises initial payments of $158 million and performance-based installments of up to $232 million, payable until 2025, depending on the percentage of completion of the projects. The completion of the transaction significantly expands Enlight’s portfolio to 16.8 GW and 7.5 GWh energy storage.

Global energy services provider Swire Energy Services has announced the acquisition of Danish wind services provider ALL NRG. The substantial acquisition will see SES become the sole owner of ALL NRG wind and solar divisions. ALL NRG provides manpower services and project solutions to the energy industry, including installation, commissioning, decommissioning support, blade inspection and repairs, and high voltage services. The company currently operates across wind markets in Europe and Asia.

Tilt Renewables, a developer, owner, and manager of renewable energy generation assets (in) Australia, confirmed that its New Zealand-incorporated subsidiaries were acquired by Mercury Wind Limited, and 100% of the shares in Tilt Renewables were acquired by Powering Australian Renewables.

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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