Funding and M&A Roundup: Yellow Door Energy Closes $400 Million Equity Funding Round
Independent power producer Sunly raises $196 million
October 19, 2022
From: Mercom Capital Group
Yellow Door Energy (YDE), a UAE-based solar developer, announced the closing of $400 million equity to continue its development of sustainable energy projects in the Middle East, Africa, and beyond. The investment also includes purchasing current shares, enabling the company’s initial investors to exit. The funding is provided by YDE’s newest and now controlling shareholder, Actis, with existing shareholders International Finance Corporation, Mitsui, and APICORP increasing their equity commitments.
Sunly, an independent power producer, raised around €200 million (~$196 million) from its existing shareholders and new investor Mirova, an affiliate of Natixis Investment Managers and French asset manager. Sunly will use the funding to develop further its 17.9 GW solar and wind power pipeline in the Baltic States and Poland.
Spanish EV Charging company Zunder raised €100 million (~$97 million) from sustainable investment manager Mirova. With new funds, the company will speed up the rollout of ultra-fast EV charging stations in Southern Europe. Zunder is a Spanish EV charging operator that was founded in 2017. The company is supported by White Summit Capital, a Swiss-based investor, and asset management, and operates over 150 charging stations, with plans to expand to over 4,000 charging stations by 2025.
Solestial, a manufacturer of ultra-thin silicon solar cells that can self-cure radiation damage at normal operating temperatures in space, raised $10 million in seed funding from Airbus Ventures. Other investors who participated in the round were AEI HorizonX, GPVC, Stellar Ventures, and Industrious Ventures. The company plans to use the funding to ramp up production and customer engagement capabilities as the company expands ground and flight testing in parallel. Additional investments in R&D and go-to-market functions are also planned.
ecoligo, a provider of solar-as-a-service projects in emerging markets, closed €10 million (~$9.7 million) in a Series A funding round. The new investor FRV-X, a Fotowatio Renewable Ventures venture division, participated in the round. ecoligo will use the investment sum to continue to grow sustainably, expand existing markets, and effectively drive forward the global energy transition.
e-Zinc, an electrochemical technology developer of energy storage solutions, has closed a $7 million venture debt facility with Silicon Valley Bank. The company intends to use the funds to speed up its commercialization efforts and execute commercial pilot projects that provide in-field validation for its zinc-air batteries.
SunDrive, a manufacturer of solar cells with cheaper copper, raised A$21 million (~$13 million) from Clean Energy Finance Corp alongside Main Sequence Ventures, Blackbird Ventures, and Grok Ventures.
Photon Energy, a solar project developer, raised its 6.50% Green EUR Bond 2021/2027 of €10 million (~$9.7 million) to a total outstanding amount of €75 million (~$73 million). The green bond now carries a nominal value of €75 million (~$73 million), a 2027 maturity, and an interest rate of 6.50%., paid quarterly by way of a Secondary Party Opinion.
InterEnergy, a solar and wind energy project developer, partnered with Brookfield Renewable and Stonepeak to invest up to $1 billion in the aggregate in InterEnergy over the next four years, aiming to propel InterEnergy to a leading position amongst clean energy businesses in Latin America and the Caribbean.
Global Infrastructure Partners, an investment firm, acquired Atlas Renewable Energy, a solar project developer, from Actis, a private equity firm. Atlas Renewable Energy has been developing, financing, constructing, and operating renewable energy projects throughout the Americas since early 2017. The company’s strategy is focused on helping large corporates make the energy transition to 100% clean energy.
MyPower, an investment arm primarily focused on energy and sustainability management, acquired Solstice, a service provider specializing in customer management for community solar development. Solstice Initiative, Solstice’s current non-profit arm, will not be acquired by MyPower and will operate as an independent 501c3 under a new brand.
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.