Funding M&A Roundup: Gibraltar Acquires Solar Racking Company TerraSmart for $220M

APICORP extends a $125 million 5-year term corporate facility to Acwa Power

January 11, 2021


Shoals Technologies Group, a U.S. provider of electrical balance of system products for solar projects, filed with SEC to raise up to $100 million in an initial public offering. Backed by Oaktree Capital, the company’s electrical balance of system (EBOS) solutions encompass all the components necessary to carry the electric current produced by solar panels to an inverter and ultimately to the power grid, including cable assemblies, inline fuses, combiners, disconnectors, recombiners, wireless monitoring systems, junction boxes, transition enclosures, and splice boxes.

ENGIE New Ventures, the corporate venture fund of ENGIE, announced its participation in a new round of investment to further Connected Energy’s development. The round welcomes Low Carbon Innovation Fund 2 alongside existing investors ENGIE New Ventures, Sumitomo, and Macquarie, among others. An R&D grant from Innovate UK also matches it as part of the ENGIE and UKRI Clean Growth Innovation Fund.

Gibraltar Industries, a manufacturer of products and services for the renewable energy markets, announced the expansion of its solar energy portfolio through the acquisition of TerraSmart and Sunfig. TerraSmart, a screw-based, ground-mount solar racking technology provider mainly used for solar projects installed on challenging terrain, was acquired for $220 million, subject to working capital adjustments. Sunfig, a provider of software solutions that optimize solar energy investments through upstream design, performance, and financial modeling, was acquired for $3.75 million in cash.

The Peck Company, a commercial solar engineering, procurement, and construction  company, and iSun Energy, a provider of solar power, electric mobility, and smart city solutions, announced that they have entered into a binding term sheet under which Peck will acquire iSun in an all-stock transaction. PECK will change its name to iSun Energy and trade on Nasdaq under the “ISUN” ticket upon closing.

E.ON has announced the completion of an agreement to buy a 49% share of Eco2Solar, a supplier and installer of solar PV for new build housing, social housing, and commercial-scale buildings.

JinkoSolar, a solar panel manufacturer, announced the closure of its at-the-market equity offering of American depositary shares (ADSs), through which the company raised $98.25 million. The company sold about 1.49 million ADSs. As previously announced, each of JinkoSolar’s ADSs represents four ordinary shares.

U.S.-based Origis Energy, a solar and energy storage developer, announced the management buyout of its original non-operational shareholders. Global Atlantic Financial Group, an annuity and life insurance company, provided financing for the transaction. As a result of the transaction, Global Atlantic, which has held an equity position in Origis Energy since 2018, increases its economic interest in the company. Details of the transaction were not disclosed.

Ascent Solar Technologies, a developer and manufacturer of lightweight and flexible thin-film PV solutions, announced the completion of Tranche 2 of the Series 1A Preferred Stock.

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.