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BrightNight, an independent power producer, <a href="https://cms.mercomindia.com/power-producer-brightnight-secures-375-million/" target="_blank" rel="noopener">announced</a> the completion of a $375 million corporate credit facility to expand its ~31 GW renewable energy portfolio in the U.S. BrightNight’s project portfolio in the country includes solar, energy storage, and integrated technologies. The funding specifically will support equipment deposits, letters of credit, and project buildout. The credit facility is structured as a Green Loan. BrightNight’s Green Loan was arranged by ING, Natixis CIB, and SMBC as Coordinating Lead Arrangers.
Aquila European Renewables (AER), an investment company with a focus on renewable energy technologies, <a href="https://cms.mercomindia.com/aquila-european-renewables-secures-loan-ing-bank/" target="_blank" rel="noopener">secured</a> a five-year debt facility of €50 million (~$55 million) from ING Bank, which is backed by AER’s solar project portfolio in Spain. The company’s solar projects, with a total capacity of 180 MW, are under long-term power purchase agreements. AER intends to use the net proceeds from the debt facility to repay the existing revolving credit facility, resulting in available capacity under the RCF of approximately €70 million (~$77 million) out of the €100 million (~$110 million) limit.
Recurrent, an electric vehicle (EV) and battery health data company, has <a href="https://cms.mercomindia.com/ev-and-battery-data-company-recurrent-secures-vc/" target="_blank" rel="noopener">secured</a> $16 million in an oversubscribed Series A funding round led by ArcTern Ventures. The funding round witnessed additional investments from Automotive Ventures, Goodyear Ventures, Wireframe Ventures, Pioneer Square Labs, and others. The company plans to use the funding to expand its EV Battery reports.
Technology Minerals, a battery raw material extraction and recycling company, has <a href="https://www.technologyminerals.co.uk/published/5-million-convertible-bond-facility-cln-extension-and-offer-to-warrantholders" target="_blank" rel="noopener">entered</a> into an agreement with CLG Capital where CLG can issue up to £5 million (~$6.4 million) through convertible bonds that can be changed into ordinary shares in the company later. The bonds have a lockup period of 40 days after they are issued. The company’s shares in Recyclus Group are the collateral for the facility. Technology Minerals will pay CLG a fee of 3% of the aggregate principal amount of each tranche of convertible Bonds.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-ma-roundup-lithium-tech-firm-element3-raises-seed-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: BrightNight Secures $375 Million to Expand RE Portfolio

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-brightnight-secures-to-expand-re-portfolio/" target="_blank" rel="noopener">Mercom Capital Group</a>
BrightNight, an independent power producer, <a href="https://mercomcapital.com/power-producer-brightnight-secures-375-million/" target="_blank" rel="noopener">announced</a> the completion of a $375 million corporate credit facility to expand its ~31 GW renewable energy portfolio in the U.S. BrightNight’s project portfolio in the country includes solar, energy storage, and integrated technologies. The funding specifically will support equipment deposits, letters of credit, and project buildout. The credit facility is structured as a Green Loan. BrightNight’s Green Loan was arranged by ING, Natixis CIB, and SMBC as Coordinating Lead Arrangers.
Aquila European Renewables (AER), an investment company with a focus on renewable energy technologies, <a href="https://mercomcapital.com/aquila-european-renewables-secures-loan-ing-bank/" target="_blank" rel="noopener">secured</a> a five-year debt facility of €50 million (~$55 million) from ING Bank, which is backed by AER’s solar project portfolio in Spain. The company’s solar projects, with a total capacity of 180 MW, are under long-term power purchase agreements. AER intends to use the net proceeds from the debt facility to repay the existing revolving credit facility, resulting in available capacity under the RCF of approximately €70 million (~$77 million) out of the €100 million (~$110 million) limit.
Recurrent, an electric vehicle (EV) and battery health data company, has <a href="https://mercomcapital.com/ev-and-battery-data-company-recurrent-secures-vc/" target="_blank" rel="noopener">secured</a> $16 million in an oversubscribed Series A funding round led by ArcTern Ventures. The funding round witnessed additional investments from Automotive Ventures, Goodyear Ventures, Wireframe Ventures, Pioneer Square Labs, and others. The company plans to use the funding to expand its EV Battery reports.
Technology Minerals, a battery raw material extraction and recycling company, has <a href="https://www.technologyminerals.co.uk/published/5-million-convertible-bond-facility-cln-extension-and-offer-to-warrantholders" target="_blank" rel="noopener">entered</a> into an agreement with CLG Capital where CLG can issue up to £5 million (~$6.4 million) through convertible bonds that can be changed into ordinary shares in the company later. The bonds have a lockup period of 40 days after they are issued. The company’s shares in Recyclus Group are the collateral for the facility. Technology Minerals will pay CLG a fee of 3% of the aggregate principal amount of each tranche of convertible Bonds.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-element3-raises-seed-funding" target="_blank" rel="noopener">roundup</a>.

Investment company <a href="https://www.aquila-european-renewables-income-fund.com/" target="_blank" rel="noopener">Aquila European Renewables Income Fund</a> (AERIF), advised by Aquila Capital Investmentgesellschaft, announced that its wholly-owned subsidiary has entered into a sale and purchase agreement (SPA) to acquire a 100 MW solar PV portfolio (Greco project) currently under construction in Spain.
The Greco portfolio comprises two solar projects located in the region of Andalucia, in the south of Spain. The project&#8217;s operating life is estimated as being 30 years, noting that technical due diligence and existing land leases can support a higher operating life.
Construction is currently underway with fencing and earthworks activities, while procurement of all major equipment is now complete (including solar PV modules, trackers, and inverters).
Completion depends on the project receiving all the requisite licenses and authorizations from local authorities (including the grid operator) and is expected to come online in late 2022.
The project is expected to provide 184 GWh of renewable electricity annually over its lifetime, equivalent to approximately 58 kt of CO2 avoidance per annum.
Upon completion, the portfolio will increase AERIF&#8217;s total portfolio generation capacity by 30% to 432 MW, also double the portfolio&#8217;s overall solar PV capacity to 200 MW, and increase the portfolio&#8217;s allocation to solar PV from 29% to 47% by fair value, with the remainder being allocated to wind and hydro technologies.
Under the transaction, approximately €90 million (~$98.8 million) will be paid at project completion (Deferred Consideration). An upfront consideration amount will be paid at closing under the SPA (together with the Deferred Consideration, Total Consideration), noting that the vast majority of the Total Consideration is deferred until Project completion.
To secure payment of the Deferred Consideration, AERIF will provide a guarantee in favor of the parent of the engineering, procurement, and construction contractor for up to €100 million (~$109.8 million), which will be released upon payment of the Deferred Consideration amount.
Michael Anderson, Senior Manager at Aquila Capital, the Investment Adviser, commented: &#8220;This is a material acquisition for the company and enhances the overall portfolio balance between wind and solar technologies, in-line with the longer-term targets for the portfolio. The Deferred Consideration structure, combined with AERIF&#8217;s available liquidity sources, also provides significant flexibility to pursue other investment opportunities while waiting for Project completion.&#8221;
According to <a href="https://cms.mercomindia.com/research/" target="_blank" rel="noopener">Mercom Research</a>, in April 2021, Aquila European Renewables Income Fund has entered into a Sale and Purchase Agreement to acquire 50% of the equity in an Ourique Portuguese solar operating asset. Ourique is in Alentejo, Portugal, and has an installed capacity of 60 MW. The solar project started its operations in December 2019.
Over 68 GW of solar projects were acquired in 2021, compared to 39.5 GW in 2020, according to Mercom’s 2021 annual solar funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2021-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>.

Aquila European Renewables Income Fund Acquires 100 MW Solar Portfolio in Spain

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