Funding and M&A Roundup: Alberton Acquires Solarmax in Another Cleantech SPAC Deal

Alberton Acquisition signs merger agreement with SolarMax Technology

November 2, 2020


From: Mercom Capital Group

Kroll Bond Rating Agency (KBRA) assigned preliminary ratings to three classes of notes issued by Loanpal Solar Loan 2020-3 and Loanpal Solar Loan 2020-3, an asset-backed securitization collateralized by a pool of residential solar loans. The collateral in the deal includes approximately $434.50 million of residential solar loans as of the September 28, 2020 cut-off date. The preliminary ratings reflect the initial credit enhancement levels ranging from 25.01% for the Class A notes to 10.80% for the Class C notes.

Sweden-based solar energy company Absolicon has signed a framework agreement with Temiz Yaratici Teknolojiler (TYT), a Turkish company developing renewable technologies, to acquire a production line for the T160 solar collector in Turkey during 2023. The total sales value covered by the agreement is estimated at €4-5 million (~$4.7- 5.8 million) plus a monthly license fee of 4% and sales of components. The framework agreement prescribed the principles for the separate agreements to be drawn up.

Alberton Acquisition, along with its wholly-owned subsidiary Alberton Merger Subsidiary, and SolarMax Technology has inked a merger agreement, wherein Merger Subsidiary would combine with SolarMax and the combined surviving corporation of the Merger, SolarMax will become a direct wholly-owned subsidiary of Alberton. Under the terms of the Merger Agreement, SolarMax stockholders will receive consideration in the form of newly issued Alberton equity securities, having a value of $300 million.

Leading Edge Equipment Technologies, a U.S.-based silicon wafer manufacturer, announced that it secured $7.6 million through Series A financing led by Prime Impact Fund. Clean Energy Ventures and DSM Venturing also participated in the Series A financing round. According to the company, it’s a new drop-in manufacturing technology that produces single-crystal silicon wafers would reduce silicon wafer costs by around 50%. It would also enhance commercial solar panel power by 7% while reducing the manufacturing emissions by over 50%, the company added.

Deutsche Investitions- und Entwicklungsgesellschaft (DEG), a development finance institution and a KfW Group subsidiary, has pledged $10 million in funding to Indian solar energy company Avaada Energy Private Limited.

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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