Funding and M&A Roundup: ReneSola Acquires Solar Projects and Assets in the US
Falck Renewables and Eni New Energy Sign an agreement for the acquisition of 62 MW of wind and solar projects in the US
From: Mercom Capital Group
Joule Case, a battery tech startup producing stackable energy storage units, landed more than $500,000 in funding as part of convertible notes. Using lithium-ion and lead-acid batteries, Joule Case has created a stackable system that can be added or subtracted depending on the amount and duration of energy needed. Investors in the latest round of funding include Keiretsu Forum and Park City Angels.
UK-based solar project developer Luminous Energy announced financial close for the 162 MW Columboola solar project and its concurrent sale to Hana Financial Investment. CS Energy has signed a long-term Power Purchase Agreement (PPA) to purchase 100% of the output of the project and onsell it to its large commercial and industrial retail customers, including Griffith University, CQUniversity, and QUT. The Columboola solar project will feature solar technology such as bifacial panels that absorb light from both the front and the back and single-axis trackers that follow the sun. Contractor Stirling and Wilson will start construction this month, and it is due to be completed by the end of next year.
First State Investments (FSI), a global investor in infrastructure, and Energy Capital Partners (ECP), a power and renewables private equity investor, announced that FSI is acquiring a 40% stake in Terra-Gen from ECP. Terms were not disclosed. Terra-Gen, based in New York, develops, constructs, and operates utility-scale wind, solar, energy storage, and geothermal electrical generation facilities throughout the United States.
German heating and ventilation equipment provider Centrotec signed a purchase agreement for the acquisition of all shares in Switzerland’s Pari Group, which holds an 80% stake in German PV module manufacturer Sonnenstromfabrik at a preliminary purchase price of €6.51 (~$7.69) per share. The company has acquired Switzerland’s Pari Group for a total cost of €43 million (~$50.9 million).
Canadian Solar, a manufacturer of solar PV modules and provider of solar energy solutions, announced that its wholly-owned subsidiary, Recurrent Energy executed a $75 million development loan transaction with Nomura Corporate Funding Americas. The loan facility leverages Recurrent Energy’s strong existing pipeline to fund and accelerate its development activities in the U.S. and Canada.
Global investment firm The Carlyle Group announced the acquisition of a portfolio of solar development projects in the state of Maine, through a newly-established affiliate Acadia Renewable Energy, from the global solar independent power producer BNRG. The portfolio is comprised of eight solar projects across southern Maine. The projects will sell power to Central Maine Power and Versant Power under 20-year power purchase agreements. Once built, the projects are expected to generate over 100 MW of power, enough to supply approximately 19,000 Maine homes with solar energy. Construction on the portfolio commenced in June 2020 and is expected to be completed by Q3 of 2021.
SWTCH Energy has raised C$1.1 million (~$0.8 million) to expand its EV Charging offerings to metropolitan areas across North America. This new round brings the total amount raised by SWTCH to C$3.5 million (~$2.7 million) in equity, grant, and non-dilutive funding. The round was led by IBI Group and included Active Impact Investments, Cogito Capital, Export Development Canada, and Ontario Centers of Excellence as co-investors.
Falck Renewables and Eni New Energy, through Novis Renewables – a company owned respectively at 51% and 49% – announced the signing of an agreement with Building Energy to acquire Building Energy Holdings US (BEHUS). BEHUS business includes 62 MW of wind and solar projects in operation in the U.S., a development and asset management team, and a wind project pipeline up to 160 MW. A 100% subsidiary of Novis will acquire all of the projects and assets in development and other activities of BEHUS, for a total purchase price of $32.5 million and is subject to the price adjustment mechanisms typical of these transactions. The acquisition is subject to conditions precedent. Closing is expected by the end of the year.
Longroad Energy, a U.S.-based renewable energy developer, owner, and operator announced the financial close and commencement of construction of the Prospero 2 Solar Project, a 331 MW (DC) project located in Andrews County, Texas. Longroad will continue to own the $320 million project, which is expected to come on-line in the second quarter of 2021. Longroad will also manage the construction. U.S. Bank is the sole tax equity investor in the project. CIT led the building and term lending group as the Coordinating Lead Arranger. Zions, Rabobank, HSBC, Commerzbank, Siemens Financial Services, and National Australia Bank also participated in the lending group.
Leyline Renewable Capital, a pre-construction capital financier for renewable energy development, has entered into a financing arrangement with Core Solar, a utility-scale solar developer. Under the terms of the deal, Leyline will provide development-stage capital to support the development of 600 MW of utility-scale solar projects representing a portion of Core Solar’s pipeline across the U.S.
SparkMeter, a provider of grid management services, equipment, and software solutions, announced the closing of a $12 million Series A financing. The round was led by Clean Energy Ventures and Breakthrough Energy Ventures, alongside Goodwell Investments, in partnership with Alitheia Capital, Total Energy Ventures, and other notable investors.
ReneSola, a fully integrated solar project developer, announced the signing of an agreement to acquire certain assets, including solar projects and accounts receivable, from an undisclosed U.S.-based developer in an all-stock transaction that values the assets at approximately $8 million. The deal is expected to close by the end of the third quarter of 2020, subject to customary closing conditions. The acquisition provides ReneSola Power with access to utility projects and development activities in several states, including Pennsylvania, California, New York, Maine, Illinois, and Arizona.
Marathon Capital has announced it advised on the sale of the High Desert Solar Project (HDSI) on behalf of Middle River Power, the operating and development platform of Avenue Capital, to Goldman Sachs Renewable Power. HDSI has a 100 MW (AC) solar and 50 MW (AC) battery storage project currently under development in San Bernardino County, California. HDSI executed a 15-year power purchase agreement with Clean Power Alliance for the project’s full energy output, resource adequacy, and ancillary attributes, for delivery in August 2021.
EnergyX Solutions, a recent graduate from the L-SPARK and Creative Destruction Lab (CDL) accelerator programs, raised an additional C$1 million (~$0.8 million) in funding for energy efficiency software. The round, which brings the total amount raised to date to C$5 million (~$3.8 million) in equity and non-dilutive financing since its inception in 2016, was led by BDC Capital’s Growth and Transition Capital division (BDC Capital) in the form of non-dilutive capital. The company intends to use the funds to accelerate its expansion into the U.S.
Helios Infrastructure (Helios), a joint venture between Nationwide and Sol Systems, announced the completion of its project purchase from Cypress Creek Renewables. The $200+ million portfolio spans 20 projects across North Carolina, of which 97 MW are operational, and 51 MW are under construction. The portfolio is primarily composed of utility-scale assets selling energy to utilities, municipal customers, and universities.
Pattern Energy Group, wind, and solar project developer announced it has completed financing and started construction of its 105 MW (DC) Phoenix solar project located in Fannin County, Texas. ING Capital provided construction and term project financing, and tax equity was provided by RBC Community Investments (RBC), a subsidiary of RBC. The project is expected to be completed in mid-2021. The project has a 12-year power purchase agreement with Digital Realty.
Soltech Energy Sweden signed an agreement to acquire 60% of the shares in the solar energy company Miljö & Energi Ansvar Sverige (MEASOL), with access on September 01, 2020. Soltech has an option to acquire the remaining 40% of the shares in 2024. The acquisition of MEASOL is an investment in strengthening the group’s expertise in electricity and installation and in building new business areas in the very fast-growing segments charging and IMD (individual metering and charging).
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.