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					</table><p><a href="https://totalenergies.com/" target="_blank" rel="noopener">TotalEnergies</a>, <a href="https://www.adanigreenenergy.com/about-us" target="_blank" rel="noopener">Adani Green Energy</a>, and <a href="https://bep.brookfield.com/" target="_blank" rel="noopener">Brookfield Renewable Partners</a> emerged as the leading global large-scale solar photovoltaic (PV) project developers in <a href="https://mercomcapital.com/" target="_blank" rel="noopener">Mercom Capital Group</a>&#8216;s Leading Global Large-Scale Solar PV Developers report released recently.</p>
<p>The report revealed the top ten global large-scale solar project developers between July 2022 and June 2023.</p>
<p>The developers from around the world with projects in at least two countries were considered based on a set of criteria comprising operational capacity, under-construction capacity, and projects with awarded power purchase agreements (PPA).</p>
<p>Mercom has considered projects with 1 MW or more capacity for the report.</p>
<p>TotalEnergies ranked first on the list of top solar project developers in the world, with a total capacity of 41.3 GW. Adani Green Energy, an India-based renewable energy developer, was second on the list with 18.1 GW; Canada-based Brookfield Renewable Partners ranked third with 18 GW.</p>
<p>&#8220;This year&#8217;s report includes several new companies, primarily led by European developers, but with project portfolios spread worldwide. Several leaders on the list are actively transitioning towards solar and other renewable energy sources. This shift aligns with the evolving priorities in the energy sector, focusing on achieving decarbonization goals set by nations and addressing energy security concerns in light of geopolitical developments,&#8221; said Raj Prabhu, CEO of Mercom Capital Group.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-61131 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2.jpg" alt="Top Global Large Scale Solar Developers List" width="1612" height="1543" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2.jpg 1612w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2-300x287.jpg 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2-768x735.jpg 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2-1536x1470.jpg 1536w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2-650x622.jpg 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2-624x597.jpg 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/12/Table-for-Adani-report-2-600x574.jpg 600w" sizes="(max-width: 1612px) 100vw, 1612px" /></p>
<p>The top 10 developers accounted for a total of 145 GW of operational, under-construction, and PPA-contracted solar project capacity during the period.</p>
<p>Of these, 49.5 GW was operational, 29.1 GW was under construction, and 66.2 GW was PPA-contracted capacity.</p>
<p>Six of the ten top global solar project developers were from Europe, three from North America, and one headquartered in South Asia.</p>
<p>The top developer project portfolios were primarily located in North America, followed by Asia Pacific.</p>
<p>TotalEnergies led all three categories with 29.3 GW capacity under construction, PPA-contracted, and 12 GW operational capacity.</p>
<p>Brookfield Renewable Partners had the second largest capacity under construction and PPA-contracted with 13.6 GW, followed by Adani Green Energy at 11.1 GW.</p>
<p><a href="https://www.enelgreenpower.com/" target="_blank" rel="noopener">Enel Green Power</a> ranked second for operational capacity with 9.2 GW, followed by Adani Green Energy at 7 GW.</p>
<p>Enel Green&#8217;s total capacity, including operational and pipeline projects, stood at 17.1 GW.</p>
<p>The other developers who made it to the top ten list include <a href="https://lightsourcebp.com/uk" target="_blank" rel="noopener">Lightsource bp</a> (12.3 GW), <a href="https://www.aes.com/" target="_blank" rel="noopener">AES Renewables</a> (10 GW), <a href="https://www.edf-re.com/" target="_blank" rel="noopener">EDF Renewables</a> (7.7 GW), <a href="https://invenergy.com/" target="_blank" rel="noopener">Invenergy</a> (7.2 GW), <a href="https://www.iberdrola.com/home" target="_blank" rel="noopener">Iberdrola</a> (6.8 GW), and <a href="https://www.ibvogt.com/" target="_blank" rel="noopener">ib vogt</a> (6.3 GW).</p>
<p>Mercom Capital&#8217;s report highlights the dynamic large-scale solar project development landscape around the world.</p>
<p>Mercom has <a href="https://mercomcapital.com/product/9m-q3-2023-solar-funding-ma-report/" target="_blank" rel="noopener">tracked</a> over 112 GW of solar projects changing hands between July 2022 and June 2023.</p>
<p>The full report, Leading Global Large-Scale Solar PV Developers, is available <a href="https://mercomcapital.com/product/2023-leading-global-large-scale-solar-pv-developers-report/" target="_blank" rel="noopener">here</a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
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TotalEnergies, Adani, Brookfield Emerge Top Global Large-Scale Solar Developers


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					</table><p>Renewable energy company <a href="https://www.brookfield.com/" target="_blank" rel="noopener">Brookfield Renewable</a> is set to acquire <a href="https://www.duke-energy.com/home" target="_blank" rel="noopener">Duke Energy&#8217;s</a> unregulated utility-scale commercial renewables business in the U.S. for approximately $2.8 billion. The amount includes the assumption of debt and non-controlling tax equity interests.</p>
<p>The sale agreement for the Commercial Renewables business platform includes more than 3.4 GW of utility-scale solar, wind, and battery storage across the U.S., net of joint venture partners&#8217; ownership, operations, new project development, and current projects under construction.</p>
<p>Duke Energy expects to receive around $1.1 billion in net proceeds from the transaction, which will be utilized to bolster its balance sheet and prevent the need for additional debt issuances by the holding company.</p>
<p>The company aims to prioritize the growth of its regulated businesses, focusing on investments that enhance grid reliability and facilitate the integration of over 30 GW of regulated renewable energy into its system by 2035.</p>
<p>The transaction is expected to close by the end of this year.</p>
<p>The primary operations of the Commercial Renewables business will remain in Charlotte, North Carolina, and the Duke Energy employees that support the business will transition to Brookfield to maintain business continuity for its operations and customers.</p>
<p>Connor Teskey, CEO of Brookfield Renewable, said, “With this acquisition, we are adding a scale operating renewable platform with a full suite of in-house capabilities and a proven management team experienced in operations and development. We are also adding to our pipeline of renewable development projects, solidifying our position as one of the largest renewable energy businesses in the U.S. with almost 90,000 megawatts of operating and development assets.&#8221;</p>
<p>Brookfield Renewable is a major player in renewable energy with a wide range of hydroelectric, wind, solar, and storage facilities. The company has a strong presence across North America, South America, Europe, and Asia, with an impressive total installed capacity of about 31.6 GW.</p>
<p>It has an extensive development pipeline of approximately 131.9 GW, indicating its commitment to expanding the renewable energy portfolio in the future.</p>
<p>The company is also involved in various other renewable energy initiatives, including carbon capture and storage, recycled material production, renewable natural gas pipeline projects, solar panel manufacturing, and green ammonia production.</p>
<p>Brookfield&#8217;s net loss <a href="https://www.mercomindia.com/brookfield-q1-loss-narrows-higher-generation-prices" target="_blank" rel="noopener">narrowed</a> to $32 million in the first quarter of 2023 from $78 million year-over-year due to robust hydropower generation across the portfolio, strong realized power pricing and asset availability.</p>
<p>Last month, Brookfield Renewable <a href="https://www.mercomindia.com/avaada-raises-1-billion-from-brookfield-for-green-hydrogen-foray" target="_blank" rel="noopener">provided</a> $1.07 billion in funding to support Avaada Group&#8217;s green hydrogen and green ammonia projects in India.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
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<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Brookfield to Acquire Duke’s Utility-Scale Renewables Business for $2.8 Billion


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					</table><p>Global investment firm Kohlberg Kravis Roberts (<a href="https://www.kkr.com/" target="_blank" rel="noopener">KKR</a>) has agreed to sell 50% of its stake in renewable developer X-ELIO to its joint venture partner <a href="https://bep.brookfield.com/" target="_blank" rel="noopener">Brookfield Renewable</a>.</p>
<p>Financial details were not disclosed.</p>
<p>Since KKR&#8217;s initial investment in 2015, followed by Brookfield&#8217;s acquisition of a 50% stake in 2019, X-ELIO has benefitted from over $2 billion of investment.</p>
<p>X-ELIO has constructed or developed 3 GW of renewable energy projects globally.</p>
<p>Further, the renewable energy developer is projected to have 3 GW of assets in operation, under construction, or ready-to-build in Spain, Italy, the U.S., Australia, Japan, and Latin America by the end of 2023.</p>
<p>Additionally, X-ELIO said that it has over 10 GW of an advanced near-term pipeline of solar and storage assets.</p>
<p>&#8220;Since KKR&#8217;s initial investment eight years ago, we have helped X-ELIO become a global leader in sustainable energy development. As a firm, we have been a long-term investor behind the energy transition. I&#8217;m proud of what we have accomplished together, and wish X-ELIO continued success on this exciting journey,&#8221; said Tara Davies, Co-Head of European Infrastructure at KKR.</p>
<p>Earlier this month, Godawari Green Energy, a wholly-owned subsidiary of KKR-backed Virescent Renewable Energy Trust, <a href="https://www.mercomindia.com/virescent-acquires-solar-project-gujarat" target="_blank" rel="noopener">acquired</a> a 25 MW operational solar project from Samta Energy in the Surendranagar district of Gujarat.</p>
<p>The Competition Commission of India <a href="https://www.mercomindia.com/competition-watchdog-450-million-hero-futures-energies" target="_blank" rel="noopener">recently</a> approved a $450 million investment through the subscription of compulsorily convertible preference shares of Hero Group&#8217;s renewable arm, Hero Future Energies, by Ardor Holding II Pte, a special purpose vehicle indirectly owned by KKR.</p>
<p>Last June, Brookfield <a href="https://www.mercomindia.com/brookfield-asset-management-raises-15-billion-for-clean-energy" target="_blank" rel="noopener">announced</a> the final institutional close of a $15 billion raise for the Brookfield Global Transition Fund (BGTF), focused on facilitating the global transition to net zero. Brookfield had <a href="https://mercomindia.com/brookfield-raises-billion-energy-fund/" target="_blank" rel="noopener">raised</a> $7 billion in the initial close of BGTF.</p>
<p>Total corporate funding worldwide in the solar sector, including venture capital and private equity, debt financing, and public market financing, came to $24.1 billion, a decline of 13% compared to the $27.8 billion raised in 2021, according to Mercom&#8217;s <a href="https://mercomcapital.com/product/annual-q4-2022-solar-funding-ma-report/" target="_blank" rel="noopener">Annual and Q4 2022 Solar Funding and M&amp;A Report</a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Brookfield to Acquire KKR’s 50% Stake in Renewable Developer X-Elio


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					</table><p>Canada-based renewable energy investor <a href="https://www.brookfield.com/" target="_blank" rel="noopener">Brookfield Renewable Partners</a>&#8216; net loss widened year-over-year (YoY) by 19% to $136 million in the third quarter (Q3) of 2022 from $115 million.</p>
<p>The company attributed the loss to supply chain disruptions and other logistics issues.</p>
<p>Brookfield’s total revenue for the quarter rose 14% YoY to $1.1 billion from $966 million last year, owing to significant funds the company accumulated from operations in various segments.</p>
<p>The company&#8217;s total adjusted Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) from various segments, including distributed energy and utility-scale solar, increased YoY by 11% to $495 million from $446 million in the same period last year.</p>
<p>Its funds from operations (FFO) totaled $243 million for Q3, fuelled by strong global power costs and continued growth— both supported through development and acquisitions. While it generated an FFO of $130 million from its hydroelectric segment, fleet diversification with long-term power purchase agreements in the wind and solar segments generated a combined FFO of $147 million in Q3.</p>
<p>The company said it commissioned approximately 2.7 GW of new projects in Q3, including Brazil&#8217;s 1.2 GW solar facility and the 850 MW Shepherds Flat wind repowering project. It is on track to commission an additional 1.4 GW of new capacity by the end of the year.</p>
<p>In Q3, Brookfield said it signed contracts to supply 2,600 GWh of clean energy annually, which includes delivering 1,200 GWh to corporate off-takers.</p>
<p>The company recently <a href="https://mercomindia.com/brookfield-acquires-scout-clean-energy-standard-solar-1-5-billion/" target="_blank" rel="noopener">signed</a> an agreement to acquire Scout Clean Energy for $1 billion with the potential to invest an additional $350 million to support the business development activities.</p>
<p>During Q3, Brookfield agreed to close the sales of two solar facilities in Germany and four of five tranches of the sale of its 630 MW solar portfolio in Mexico, generating $400 million in aggregate and $50 million net to the company.</p>
<p>Brookfield&#8217;s FFO from its business in Asia totaled $6 million compared to $3 million last year, primarily due to growth from newly acquired facilities in China with 32 GWh capacity worth $2 million.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-44432" src="https://mercomindia.com/wp-content/uploads/2022/11/Brookfield-Renewable-Q3-2022.png" alt="Brookfield Renewable Q3 2022" width="600" height="416" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Brookfield-Renewable-Q3-2022.png 602w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Brookfield-Renewable-Q3-2022-300x208.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/11/Brookfield-Renewable-Q3-2022-600x416.png 600w" sizes="(max-width: 600px) 100vw, 600px" />The FFO from its business in North America totaled $28 million compared to $48 million in the prior year.</p>
<p>Brookfield&#8217;s distributed energy, and sustainable energy solutions segment generated an FFO of $43 million.</p>
<p>Brookfield Renewable&#8217;s CEO Connor Teskey said, &#8220;We are thrilled to be putting more dollars to work in our U.S. renewables business and one of the world&#8217;s largest nuclear power generation services businesses. We continue to believe our clean energy platform and access to capital positions us as a key facilitator of the global transition to net zero.&#8221;</p>
<p>Brookfield said it also closed Standard Solar for consideration of $540 million with the potential to invest an additional $160 million to support the business&#8217; growth initiatives ($140 million in total net to Brookfield Renewable).</p>
<p>An owner and operator of commercial and community-distributed solar, Standard Solar has approximately 500 MW of operating and under-construction contracted assets with a robust development pipeline of 2GW.</p>
<p>Brookfield <a href="https://mercomindia.com/brookfield-renewable-partners-reduces-loss-by-98-yoy-in-q2-2022/" target="_blank" rel="noopener">recorded</a> a YoY increase of 18% in revenue at $2.41 billion for the second quarter compared to $2.04 billion in the same period last year.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
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Brookfield Renewable’s Net Loss Widens to $136 Million in Q3

<p>From: <a href="https://mercomcapital.com/israeli-startup-addionics-closes-series-a-funding-round/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Addionics, a chemistry-agnostic battery technology company, has </strong><a href="https://www.addionics.com/post/addionics-closes-27-million-series-a-funding-to-scale-up-the-development-of-next-gen-batteries" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $27 million in a Series A funding round to scale up its efforts to redesign battery architecture </strong>with the company’s Smart 3D Electrodes, which improves the cost and performance of batteries with any chemistry – existing or emerging. The funding round was led by Deep Insight, a deep tech investment firm founded and backed by Jeff Horing, the founder of Insight Partners, together with Catalyst Fund, Delek Motors, and Dr. Boaz Schwartz. Additional investments include strategic and financial support from Novelis, Magna International, JX Nippon Mining &amp; Metals, Union Tech Ventures, 8090 Partners, GiTV, Talcar Corporation, Bridges Israel impact investment fund, Doral Energy Tech Ventures (Doral Energy CVC), and Dr. David Deak. Existing investors that participated in the round include NextGear Ventures, Magna Capital Partners, and Vasuki Global Tech Fund.</p>
<p><strong>Sunrun, a US-based provider of residential solar electricity, </strong><a href="https://investors.sunrun.com/news-events/press-releases/detail/253/sunrun-replaces-250-million-recourse-lending-facility-with" target="_blank" rel="noopener"><strong>announced</strong></a><strong> it has retired its $250 million recourse lending facility and arranged a larger $425 million facility </strong>at enhanced terms and longer tenor than the company’s prior term extensions. The new recourse lending facility matures in January 2025, providing a longer tenor than the company’s prior recourse lending facility extension of 2 years. Concurrent with funding and closing, Sunrun repaid the existing $250 million recourse lending facility. The new recourse lending facility reflects improved terms, including a higher valuation for operating assets (now using a 5% discount rate), in conjunction with an increased advance rate against Sunrun’s project backlog.</p>
<p><strong>South Korea’s electric vehicle battery maker LG Energy Solution </strong><a href="https://techcrunch.com/2022/01/27/ev-battery-maker-lg-energy-solution-becomes-south-koreas-second-most-valuable-firm-in-ipo-debut/" target="_blank" rel="noopener"><strong>made</strong></a><strong> a market debut on January 27, 2022. The market capitalization of LG Energy stood at $98.3 billion at the close of trading </strong>on local stock exchanges. The firm’s stock price opened at 597,000 KRW ($496), nearly 99% up from its initial public offering price of 300,000 KRW ($250) apiece before falling as much as 25% in early trade and ending the day 68.3% higher. The world’s second-largest EV battery maker after Chinese CATL raised 12.8 trillion KRW (~$10.8 billion), valued the company at $59 billion, last week in South Korea’s largest IPO.</p>
<p><strong>Bboxx, an off-grid solar supplier, </strong><a href="https://www.bboxx.com/news/bboxx-secures-usd15million-kenya/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a KES 1.6 billion (~$15 million) loan from SBM Bank Kenya, a local commercial bank, to provide access to clean, reliable, and affordable energy </strong>to nearly half a million people through off-grid solar home systems (SHS) in Kenya. GuarantCo, a part of the Private Infrastructure Development Group (PIDG), has provided a KES 1.2 billion (~$11.25 million) partial guarantee (75%) against the loan facility.</p>
<p><strong>Greenbacker Capital Management, an investment company, </strong><a href="https://www.globenewswire.com/news-release/2022/01/25/2372795/0/en/Greenbacker-Capital-announces-investment-in-floating-solar-developer-Noria-Energy.html" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that, through an affiliated fund, it has made an equity investment in Noria Energy, a California-based solar developer.</strong> Greenbacker’s growth investment will enable Noria to scale its platform while executing on and expanding its existing pipeline of solar projects. This pipeline includes both ground-mounted arrays and solar installations that float atop bodies of water. With this investment, Greenbacker enters the floating solar space, or photovoltaics, an emerging renewable energy asset class area with unique environmental and power production advantages.</p>
<p><strong>Green Arrow Capital, an Italian independent alternative asset manager, has </strong><a href="https://www.greenarrow-capital.com/gl-contenuto/uploads/2022/01/Press-release-PED_ENG_DEF.pdf" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a framework agreement through the Green Arrow Infrastructure of the Future (GAIF) Fund with Progressum Energy </strong>Developments (PED), aimed at acquiring ready-to-build solar PV projects in Spain with an overall expected capacity of 508 MW and a total value of over €400 million (~$447.1 million). GAIF is the new infrastructure fund, managed by Green Arrow Capital, launched at the beginning of 2021.</p>
<p><strong>Azure Power Global Limited </strong><a href="https://www.prnewswire.com/in/news-releases/azure-power-announces-final-results-of-rights-offering-831944950.html" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the close of the subscription period for its rights offering. The company is expected to raise $249.93 million from the rights offering, </strong>backstopped by its shareholders CDPQ Infrastructures Asia and OMERS Infrastructure Asia Holdings. The company will announce the final results of the rights offering on January 26, 2022. Investors who have participated in the rights offering should expect to see the shares of common stock issued to them in book energy or form on or about January 28, 2022.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week’s funding <a href="https://mercomindia.com/funding-and-ma-roundup-factorial-energy-raises-solid-state-battery/" target="_blank" rel="noopener">roundup</a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Funding and M&A Roundup: Israeli Battery Technology Company Addionics Raises $27 Million

<p>Canada-based renewable energy investor <a href="https://www.brookfield.com/our-businesses/renewable-power" target="_blank" rel="noopener">Brookfield Renewable</a> and its investors announced the acquisition of  <a href="https://www.urbangridsolar.com/" target="_blank" rel="noopener">Urban Grid</a>, a U.S.-based renewable energy developer, for $650 million.</p>
<p>Urban Grid has a renewable pipeline of 13 GW of utility-scale solar and 7 GW of energy storage projects. With this acquisition, Brookfield Renewable’s development pipeline will be tripled to around 31 GW in the United States, making it one of the largest renewable developers in the country.</p>
<p>Nomura Greentech acted as Urban Grid’s financial advisor, and Herrington &amp; Sutcliffe served as its legal advisor. Sidley Austin LLP was the legal advisor of Brookfield Renewable.</p>
<p>Urban Grid will continue under its brand name with a pipeline of advanced-stage renewable projects across key markets in the United States, including the mid-Atlantic, Midwest, and Southeast. The company has around 2 GW of under construction or ready-to-build solar projects in addition to 4 GW of de-risked advanced stage buildout opportunities.</p>
<p>Brookfield Renewable will leverage its operation and commercial capabilities to optimize the value of Urban Grid’s development pipeline while working with their team. The company said Urban Grid has the expertise to take utility-scale solar and energy storage projects through the entire development process from site acquisitions to interconnection, permitting and commercialization.</p>
<p>Brookfield Renewable has about 21 GW of installed renewable capacity and a pipeline of about 56 GW of renewable projects. Its renewable portfolio consists of hydroelectric, wind, solar, and storage projects in North America, South America, Europe, and Asia.</p>
<p>Commenting on the acquisition, Mitch Davidson, chief executive officer of Brookfield Renewable’s U.S. business, “The joining together of our teams and adding Urban Grind’s pipeline of clean energy projects presents an exceptional opportunity for Brookfield Renewable to further establish itself as the leading renewable energy provider in the country. Urban Grid’s team not only deepens our development capabilities, but it also provides strategic access to key U.S. markets, serving as the perfect catalyst to accelerate Brookfield Renewable’s growth.”</p>
<p>Recently, Brookfield Asset Management <a href="https://mercomindia.com/brookfield-raises-billion-energy-fund/" target="_blank" rel="noopener">raised</a> $7 billion in the initial close of its Brookfield Global Transition Fund. The fund raised will be invested in carbon-incentive businesses and renewable energy companies, focusing on the global transition to a net-zero economy.</p>
<p>According to Mercom’s <a href="https://mercomcapital.com/product/annual-q4-2021-solar-funding-ma-report/" target="_blank" rel="noopener">2021 Solar Funding and M&amp;A Report</a>, there were a record 126 merger and acquisition (M&amp;A) deals in the solar sector in 2021.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/harsh-shukla/" class="vcard author" rel="author"><span class="fn">Harsh Shukla</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2022/02/Harsh-Shukla-293x300-1-new.jpg" width="99" height="102" /><a href="https://mercomindia.com/author/harsh-shukla/" target="_blank" rel="noopener"><strong style="color: #00b451">Harsh Shukla</strong> </a>is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.</p>
<p><a href="https://mercomindia.com/author/harsh-shukla/">More articles from Harsh Shukla.</a></p>
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Brookfield Renewable Acquires Renewable Energy Developer Urban Grid for $650 Million

<p>Independent power producer <a href="https://www.acme.in/" target="_blank" rel="noopener">ACME Solar</a> has announced that it has closed a deal with Brookfield Renewable, a global owner and operator of renewable power assets, to jointly develop a 300 MWac (450 MWdc) solar project at Badisid, in the Jodhpur district of Rajasthan.</p>
<p>ACME had won these projects in the auction <a href="https://mercomindia.com/maharashtra-auction-1-gw-solar-2-74-l1/" target="_blank" rel="noopener">conducted</a> by the  Maharashtra State Electricity Distribution Company Limited (<a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=1&amp;cad=rja&amp;uact=8&amp;ved=0ahUKEwi3tv6uoJXYAhVD8IMKHepjCLoQFggpMAA&amp;url=http%3A%2F%2Fwww.mahadiscom.com%2F&amp;usg=AOvVaw2QxivFcdTQaLrnZ2QmlQTP" target="_blank" rel="noopener">MSEDCL</a>) in 2019. ACME Solar had quoted the lowest tariff of ₹2.74 (~$0.038)/kWh in the auction to develop 300 MW of projects. The solar project includes a 25-year power purchase agreement with MSEDCL. The project will be connected through the Bhadla II substation.</p>
<p>REC Limited is the lead lender for this project. According to the agreement, Brookfield will be jointly constructing the project with ACME based on the parameters mutually agreed upon. A 49% stake will be acquired immediately as the project is commissioned. A year after the commercial operation of the projects, Brookfield will be acquiring the remaining 51%. The debt infused into the project at the construction stage will be converted into equity after the acquisition. This is a unique partnership where the foreign investor is planning the acquisition in the pre-construction stage and providing the necessary funds to the domestic developer to seamlessly commission the project with international standards.</p>
<p>The project will be acquired a year after the commercial operation date of the project per the guidelines of the Ministry for New and Renewable Energy (MNRE). Mercom had earlier <a href="https://mercomindia.com/reduced-lock-in-period-solar-projects/" target="_blank" rel="noopener">reported</a> on the amendment introduced in December 2020. According to the amendment, the project developers had to maintain a controlling shareholding of 51% in the special purpose vehicle or project company executing the power purchase agreement for one year from the commercial operation date of the project.  Earlier, for a brief period (July 2019 to October 2020), this time frame <a href="https://mercomindia.com/guidelines-restrict-equity-investment-solar/" target="_blank" rel="noopener">was</a> three years.</p>
<p>The amendment paved way for investors/developers wanting to exit by selling their projects in the secondary market to be able to do so after 2-3 years from the signing of PPA. They are allowed to sell 49% after signing PPA, but the remaining 51% can be sold only after one year from the commercial operation date, which is generally 2-3 years from signing PPA. Earlier, they had to wait 4-5 years (three years from the COD) to sell these projects.</p>
<p>Speaking about the announcement, Manoj Upadhyay, Chairman ACME Group said, &#8220;We are glad to jointly develop a 450 MW solar project in India and look forward to working with Brookfield Renewable in the future as well. We appreciate the enthusiasm from global renewable energy companies and investors who strive to be a part of India&#8217;s success story. Backed by abundant renewable resources and lower per capita energy consumption, the country plans to achieve 450 GW of renewable power by 2030. ACME Solar is known for transforming and creating value by offering the most affordable tariffs to our end customers,&#8221; said.</p>
<p>According to Mercom’s recently released report <a href="https://mercomindia.com/product/mercom-india-solar-market-leaderboard-2021-market-shares-profiles/" target="_blank" rel="noopener">India Solar Market Leaderboard 2021</a>, ACME is one of the top five solar project developers in India in terms of cumulative installed project capacity. The company&#8217;s solar project portfolio includes about 2.1 GW under operation and 1.8 GW in the pipeline. The assets diversified, with a presence across 13 states and a central-state mix of 65:35.</p>
<p>Earlier, <a href="https://amplussolar.com/" target="_blank" rel="noopener">Amplus</a>, the Indian arm of Petronas (Petroliam Nasional Bhd), a Malaysian government-owned oil and gas company, <a href="https://mercomindia.com/petronas-indian-arm-acquires-solar-assets/" target="_blank" rel="noopener">acquired</a> 100 MW of solar assets from ACME for ₹8 billion (~$109 million). This 100 MW project, located in Karnataka&#8217;s Pavagada Solar Park, was developed under the National Solar Mission (Phase-2 Batch-2). Commissioned in 2018, the project comes with a tariff of ₹4.79 ($0.065)/kWh.</p>
<p>Similarly, U.K.-based investor <a href="https://www.act.is/" target="_blank" rel="noopener">Actis</a> <a href="https://mercomindia.com/actis-acquires-solar-projects-acme/" target="_blank" rel="noopener">completed</a> the acquisition of two solar projects with a total capacity of 400 MW from ACME. The deal is expected to be valued at nearly ₹25 billion (~$334 million).  The projects acquired by Actis Lifelong Infrastructure Fund are located in Andhra Pradesh and Madhya Pradesh.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rahul-nair/" class="vcard author" rel="author"><span class="fn">Rahul Nair</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p>Rahul is a staff reporter at Mercom India. Before entering the world of renewables, Rahul was head of the Gujarat bureau for The Quint. He has also worked for DNA Ahmedabad and Ahmedabad Mirror. Hailing from a banking and finance background, Rahul has also worked for JP Morgan Chase and State Bank of India. <a href="https://mercomindia.com/author/rahul-nair/" rel="noopener noreferrer">More articles from Rahul Nair.</a></p>
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ACME to Develop a 300 MW Solar Project in Partnership with Brookfield Renewable

<p>Canada-based renewable energy investor Brookfield Renewable, along with its institutional partners, announced its entry into a definitive agreement with <a href="https://www.exeloncorp.com/companies/exelon-generation" target="_blank" rel="noopener noreferrer">Exelon Generation Company</a>.</p>
<p><a href="https://www.brookfield.com/our-businesses/renewable-power?redirect=www.brookfieldrenewable.com" target="_blank" rel="noopener noreferrer">Brookfield Renewable</a> will acquire a distributed generation development platform comprising 360 MW of operating distributed solar assets across nearly 600 sites throughout the U.S. with an additional 700 MW in the pipeline.</p>
<p>The portfolio is contracted under long-term PPAs, and Brookfield Renewable intends to leverage its scale and operating and commercial capabilities to drive additional value.</p>
<p>Connor Teskey, chief executive officer (CEO) of Brookfield Renewable, said, “Today, we are owners of one of the leading distributed generation businesses in the U.S., with deep operating, development and origination capabilities, and an approximately 2 GW portfolio that generates high-quality contracted cash flows that are diversified by geography and customer. This investment represents the continuation of this strategy and furthers our goal of partnering with corporates and other institutions to help them achieve their decarbonization objectives.”</p>
<p>The total purchase price of the portfolio is expected to be approximately $810 million. The transaction is subject to customary closing conditions and is expected to close in the first half of 2021.</p>
<p>Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. Its portfolio consists of hydroelectric, wind, solar, and storage facilities in North America, South America, Europe, and Asia, and totals over 19 GW of installed capacity and an 18 GW development pipeline.</p>
<p>In August 2020, Brookfield Renewable had announced that it would <a href="https://mercomindia.com/brookfield-to-issue-green-bonds/" target="_blank" rel="noopener noreferrer">issue</a> green bonds to the tune of CDN$ 425 million (~$321 million). These medium-term notes would bear an interest of 3.3% per year, due on August 13, 2050.</p>
<p>Emami Group, an India-based conflomerate also recently <a href="https://mercomindia.com/emami-group-sells-solar-segment-brookfield/" target="_blank" rel="noopener noreferrer">sold</a> its solar power business to Brookfield Asset Management through a 100% stake sale in June 2020. The Emami Group had 11 MW of solar power projects in Karnataka, 10 MW at Charanka Solar Park, Gujarat, 3.3 MW of solar power project in the Ramanathapuram district of Tamil Nadu, and a 22.5 MW solar power project in the Haridwar district of Uttarakhand.</p>
<p>&nbsp;</p>
<p>Image credit: WiNG, CC BY-SA <a href="https://creativecommons.org/licenses/by-sa/3.0" target="_blank" rel="noopener noreferrer">3.0</a>, via Wikimedia Commons</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rahul-nair/" class="vcard author" rel="author"><span class="fn">Rahul Nair</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p>Rahul is a staff reporter at Mercom India. Before entering the world of renewables, Rahul was head of the Gujarat bureau for The Quint. He has also worked for DNA Ahmedabad and Ahmedabad Mirror. Hailing from a banking and finance background, Rahul has also worked for JP Morgan Chase and State Bank of India. <a href="https://mercomindia.com/author/rahul-nair/" rel="noopener noreferrer">More articles from Rahul Nair.</a></p>
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