Funding and M&A Roundup: Shoals Technologies Group Raises $2.2 Billion in IPO

NextEnergy Renewables aims to raise $412 million in London IPO

February 8, 2021


From: Mercom Capital Group

Shoals Technologies Group, a provider of a balance of system components for solar projects, raised $2.2 billion in its Initial Public Offering (IPO). The company announced the closing of its upsized IPO of 88,550,000 shares of Class A common stock. The offering consisted of 11,550,000 shares of Class A common stock issued and sold by the company at an IPO price of $25.00 per share. The Class A common stock began trading on the Nasdaq Global Market under the symbol SHLS on January 27, 2021.

NexWafe announced the completion of a €10 million (~$11.99 million) capital raise with participation from both existing and new shareholders. Investors in the Series B round include Fraunhofer, Saudi Aramco Energy Ventures, GAP Technology, Lynwood Schweiz, and Bantina Invest. NexWafe uses the Kerfless wafer technology to produce monocrystalline silicon wafers.

VoltaGrid, advanced energy management, and generation company, announced closing an equity commitment of $72,600,000 from multiple institutional investors that includes strategic investments by Carnelian Energy Capital, Pilot Company, Walter Ventures, Longbow Capital, and Canada Pension Plan Investment Board.

Wallbox, a maker of smart charging solutions for electric vehicles, raised €33 million (~$40 million) in funding. The round was co-led by Cathay Innovation and Wind Ventures with participation from Iberdrola and Seaya Ventures. The company intends to use the funds to open new offices globally, expand manufacturing and R&D facilities and hire more than 400 new employees.

Trilliant, a provider of utility solutions for advanced metering and smart grid systems, announced the acquisition of PrimeStone, an intelligent data collection and analytics company. The acquisition expands Trilliant’s purpose-built product suite to include a robust data solution that has the power to optimize an entire utility value chain.

Foresight Group, an infrastructure and private equity investment manager, and its selling stockholders will raise a combined £227 million (~$308.4 million) in its IPO. The company said it had priced the offering at £4.2 (~$5.7) per share, which will give it a market capitalization of £455 million (~$620.4 million) at the start of conditional dealings on the Main Market of the London Stock Exchange (LSE).

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to two classes of notes issued by Sunnova Helios V Issuer, Solar Loan Backed Notes, Series 2021-A (Sunnova 2021-A), a $188.64 million residential solar loan ABS transaction. The transaction will be collateralized by approximately $208.4 million of residential solar loans, of which approximately 13% will be prefunded at closing. The preliminary ratings reflect the initial credit enhancement level of 29% for the Class A notes and 10.5% for the Class B notes.

Magnora has entered into an agreement to acquire a 25% ownership stake in a share issue in Swedish solar project developer Helios. Despite being a relatively new company, Helios has already developed a project portfolio that currently consists of 11 projects with approximately 300 MW installed capacity. Magnora has the option to acquire a further 15% ownership share of Helios under the agreement’s terms. Magnora may exercise the share purchase option from completing the first investment and no later than September 15, 2021.

SinglePoint, a company focused on providing renewable energy solutions, has completed the acquisition of EnergyWyze. With the transaction complete, SinglePoint bolsters its digital and direct marketing assets and business relationships that will streamline, optimize, and maximize its customer-centric lead generation, including an extensive database of validated leads, to form a preeminent solar lead generation engine.

Scatec, a renewable power producer, announced that it had signed a binding agreement to acquire 100% of the shares in SN Power from Norfund for a total equity value of $1,166 million. Scatec has now received all necessary approvals, and conditions are fulfilled to close the acquisition under the agreement with Norfund. The acquisition is fully funded through cash and a $200 million vendor note, a $150 million term loan, and a $400 million acquisition finance facility provided by Nordea, DNB, and Swedbank.

NextEnergy Renewables plans to raise £300 million (~$412 million) in an IPO in London, capitalizing on the growing demand for sustainable investments. The company will invest in renewable power assets and other infrastructure that enables the transition away from fossil fuels. NextEnergy Renewables will be managed by NextEnergy Capital IM Ltd., part of the NextEnergy Group, which has more than $2.3 billion in renewable energy-related assets under management.

Powin Energy, a provider of integrated energy storage solutions, announced that it had signed an agreement to sell its controlling interest and obtain significant equity funding from lead investors Trilantic North America and Energy Impact Partners. This transaction will enable Powin to accelerate its growth plans while enhancing its bankability profile and solidifying its position as a leader in the energy storage market.

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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