Adani Renewable Energy Two, a wholly-owned subsidiary of Adani Green Energy (AGEL), said it has signed a binding agreement to buy 50% equity interest in Essel Saurya Urja Company of Rajasthan (ESUCRL). AGEL said that ESUCRL owns and operates a 750 MW solar park in Rajasthan, and the acquisition will expand its footprint in the state. ESUCRL was incorporated in May 2015 and the company’s turnover for the financial year 2021-22 stood at ₹98.8 million (~1.2 million). It has an authorized capital of ₹500 million (~$6.1 million). Further, AGEL said it already owns and operates Adani Renewable Energy Park Rajasthan set up in a joint venture with the state government. “The acquisition is expected to be value accretive to our shareholders. The estimated cost to be borne by AGEL’s subsidiary for the acquisition is ₹150 million (~$1.8 million),” the company said in a BSE filing. The state government will hold the remaining 50% of the equity shares. The transaction is likely to be completed by February 28, 2023. In December 2022, AGEL said that its hybrid power generation capacity reached 1,440 MW with the company commissioning its third wind-solar hybrid power plant of 450 MW in Jaisalmer, Rajasthan. Adani Green inked power purchase agreements with the Solar Energy Corporation of India at a tariff of ₹2.67 (~$0.032)/kWh for a tenure of 25 years. Also in December, Adani Enterprises emerged to be the only company to commence the construction of a polysilicon and monosilane production unit to be set up in Gujarat’s Mundra. Engineers India, the state-owned construction, and engineering firm secured the order to provide owner’s engineer services for 30,000 MTPA polysilicon and 500 MTPA monosilane project from Mundra Solar Technology which is Adani’s group company. According to Mercom’s India Solar Market Leaderboard 1H 2022, Adani Solar was one of the top five leading module suppliers to the Indian solar market during the first half of 2022.

Adani Green to Acquire 50% Stake in Rajasthan-based Solar Park Developer

Adani Renewable Energy Two, a wholly-owned subsidiary of Adani Green Energy (AGEL), said it has signed a binding agreement to buy 50% equity interest in Essel Saurya Urja Company of ...
/ / Markets & Policy, Solar
Norway’s Wealth Fund to Buy 49% Stake in Iberdrola’s Solar, Wind Projects

Norway’s Wealth Fund to Buy 49% Stake in Iberdrola’s Solar, Wind Projects

Norway’s sovereign wealth fund Norges Bank Investment Management has signed an agreement to acquire a 49% stake in Iberdrola’s upcoming renewable energy portfolio comprising nearly 1.3 GW of solar and ...
/ / Other, Renewable Energy
Project Finance Brief: Nautilus Acquires 54 MW Solar Projects in New York

Solar Companies Raise a Record $7 Billion in Venture Capital Funding in 2022

Global corporate funding for solar companies, including from venture capital, private equity, debt financing, and public markets, amounted to $24.1 billion in 2022, a decrease of 13% year-over-year (YoY). However, ...
Enfinity Global Acquires 400 MW of Operational Solar Projects in the US

Enfinity Global Acquires 400 MW of Operational Solar Projects in the US

Renewable energy company Enfinity Global said it has acquired a 400 MW operational utility-scale solar portfolio to expand the company’s reach in the U.S. The co-financing partners in the acquisition ...
/ / Other, Renewable Energy
Funding and M&A Roundup Energy Storage Firm Caban Systems Raises $51 Million

Funding and M&A Roundup: Energy Storage Firm Caban Systems Raises $51 Million

From: Mercom Capital Group Caban Systems, a California-based provider of energy storage solutions, raised $51 million in Series B Funding to help scale domestic battery manufacturing capacity and expand its ...
/ / Finance and M&A, Other
Funding and M&A Roundup Rabobank Invests in Battery Energy Storage Project Developer

Funding and M&A Roundup: Rabobank Invests in Battery Energy Storage Project Developer

From: Mercom Capital Group Rabo Investments has infused an undisclosed amount in GIGA Storage, a large-scale battery energy storage project developer. The investment will enable GIGA Storage to expand its network of large-scale ...
/ / Finance and M&A, Other
Month in a Minute Top Headlines from Indian Renewable Sector in December 2022

Month in a Minute: Top Headlines from Indian Renewable Sector in December 2022

India installed around 596 MW of open access solar capacity in the third quarter (Q3) of the calendar year (CY) 2022, an increase of 91% year-over-year. The figure was revealed ...
/ / Other, Renewable Energy
Eicher Motors to Acquire 10.3% Stake in E-Motorcycle Firm for €50 million

Eicher Motors to Acquire 10.3% Stake in E-Motorcycle Firm for €50 million

India-based automobile conglomerate and the parent company of Royal Enfield, Eicher Motors (EML), said it would acquire a 10.35% stake in European electric motorcycle manufacturer Stark Future with an initial ...
Alternus Secures €500 Million Facility to Expand Clean Energy Business

Alternus Secures €500 Million Facility to Expand Clean Energy Business

Ireland-headquartered renewables producer Alternus Energy has signed a deal with Deutsche Bank for a project financing facility of up to €500 million (~$532.3 million). An initial draw of €80 million ...
/ / Other, Renewable Energy
Altus Power to Acquire 220 MW of Solar Assets for $293 Million in US

Altus Power to Acquire 220 MW of Solar Assets for $293 Million in US

U.S.-based independent developer, owner, and operator of commercial-scale solar projects, Altus Power, entered a definitive agreement to acquire about 220 MW of solar assets for ~$293 million from the funds ...
/ / Finance and M&A, Solar
Funding and M&A Roundup: EQT Acquires Renewable Developer Madison Energy

Funding and M&A Roundup: EQT Acquires Renewable Developer Madison Energy

From: Mercom Capital Group EQT Infrastructure, an investment firm, announced that its EQT Infrastructure VI fund acquired Madison Energy Investments (MEI), a solar and energy storage project developer, from affiliates of Stonepeak ...
/ / Finance and M&A, Other
Inox Green Acquires Wind O&M Firm With 230 MW Portfolio in South India

Inox Green Acquires Wind O&M Firm With 230 MW Portfolio in South India

Inox Green Energy Services, a subsidiary of Inox Wind, has acquired a majority stake in an undisclosed independent wind power operations and maintenance (O&M) company with above 230 MW of ...
/ / Wind
Investment Firms to Acquire 49% Stake in Goldwind’s 528 MW Wind Farm in Australia

Investment Firms to Acquire 49% Stake in Goldwind’s 528 MW Wind Farm in Australia

California-based investment firm Palisade Investment Partners (Palisade) and Aware Super Pty, a trustee of Australian superannuation fund Aware Super, are acquiring a 49% stake in China-based wind turbine maker Goldwind’s ...
/ / Other, Renewable Energy
Funding and M&A Roundup Arcadia Raises $125 Million to Accelerate Digital Decarbonization

Funding and M&A Roundup: Arcadia Raises $125 Million for Electric Grid Decarbonization

From: Mercom Capital Group Arcadia, a climate software and data startup focused on decarbonizing the electric grid, raised $125 million in new funding to support the development of the company’s Arc platform, ...
/ / Finance and M&A, Other
Project Finance Brief: Primergy Closes $75 Million Credit Facility from Rabobank

Repsol Acquires Clean Energy Investment Platform Asterion Energies for €560 Million

Madrid-based energy and petrochemical company Repsol has acquired renewable energy investment platform Asterion Energies for €560 million (~$595 million) along with contingent payments of up to €20 million (~$21 million) ...
/ / Other, Renewable Energy
Shell Acquires 2 GW Solar Project Pipeline from Green Tie Capital in Spain

Shell Acquires 2 GW Solar Project Pipeline from Green Tie Capital in Spain

Shell New Energies Holding Europe (Shell) has acquired Spain-based Green Tie Capital's ten under-development solar energy projects across Spain, with a potential generation capacity of 2 GW. The company didn’t ...
/ / Finance and M&A, Solar
Funding and M&A Roundup NRG Energy Buys Smart Grid Company Vivint for $2.8 Billion

Funding and M&A Roundup: NRG Energy Buys Smart Grid Company Vivint for $2.8 Billion

From: Mercom Capital Group NRG Energy has entered into a definitive agreement to acquire Vivint Smart Home in an all-cash transaction at $12 per share totaling $2.8 billion. The acquisition is expected to help ...
/ / Finance and M&A, Other
PIF Buys Stake in Germany-based Offshore Wind Developer with 7 GW Portfolio

PIF Buys Stake in Germany-based Offshore Wind Developer with 7 GW Portfolio

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), alongside independent infrastructure investment fund Global Infrastructure Partners (GIP), acquired up to 9.5% equity stake in Germany-based offshore wind developer ...
/ / Finance and M&A, Wind
Power Producer Encavis AG’s Fund Closes Investment Phase with €1.13 Billion

Power Producer Encavis AG’s Fund Closes Investment Phase with €1.13 Billion

Europe-based independent power producer Encavis AG’s fund Encavis Asset Management completed the investment phase of the Encavis Infrastructure Fund II (EIF II) with a total value of €1.13 billion (~$1.19 ...
/ / Other, Renewable Energy
Australia’s Squadron Energy Acquires CWP Renewables

Australia’s Squadron Energy Acquires CWP Renewables

Australia’s Squadron Energy, a part of the Tattarang group of companies, said it has acquired renewable energy developer CWP Renewables for an undisclosed sum. The acquisition will boost Squadron’s operating ...
/ / Other, Renewable Energy
Laurus Labs to Buy Solar Via Open Access in Captive Mode from Vibrant Energy

Laurus Labs to Buy Solar Via Open Access in Captive Mode from Vibrant Energy

Pharmaceutical and biotechnology company Laurus Labs has acquired 26% equity shares in Ethan Energy, a special-purpose vehicle (SPV) of Vibrant Energy Holdings, for ₹39 million (~$477,744). The acquisition will allow ...
/ / Finance and M&A, Solar
Daily News Wrap-Up: Google Signs 5 TWh PPA with Engie for Offshore Wind Farm

Daily News Wrap-Up: Google Signs 5 TWh PPA with Engie for Offshore Wind Farm

Here are some noteworthy cleantech announcements of the day from around the world: ENGIE and Google will undertake a 12-year 100 MW corporate power purchase agreement supporting Moray West offshore ...
/ / Other, Renewable Energy
Actis’ Renewable Business Acquires 404 MW Solar Portfolio from Atha Group

Actis’ Renewable Business Acquires 404 MW Solar Portfolio from Atha Group

Private equity firm Actis-backed BluPine Energy acquired 404 MW of solar assets from Kolkata-based mining company Atha Group. The company’s operational solar portfolio is spread across India. Actis said that ...
/ / Finance and M&A, Solar
Funding and M&A Roundup BlackRock Acquires Energy Storage Developer Jupiter Power

Funding and M&A Roundup: BlackRock Acquires Energy Storage Developer Jupiter Power

From: Mercom Capital Group Through a fund managed by its Diversified Infrastructure business, BlackRock Alternatives has agreed to acquire Jupiter Power, an operator, and developer of stand-alone utility-scale battery energy storage systems, ...
/ / Finance and M&A, Other
Funding and M&A Roundup: iSun Raises $25 Million in Debt Financing

Funding and M&A Roundup: iSun Raises $25 Million in Debt Financing

From: Mercom Capital Group iSun, a solar service provider across residential, commercial, industrial & municipal, and utility-scale projects, secured a $25 million debt financing as a Senior Secured Convertible Notes Facility with a single ...
/ / Finance and M&A, Other