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<p><a href="https://nine.energy/" target="_blank" rel="noopener">NineDot Energy</a>, a developer of community-scale battery energy storage systems (BESS), has secured a $225 million equity capital commitment from Manulife Investment Management along with their existing institutional equity investor, Carlyle.</p>
<p>The new equity funding, which Manulife Investment Management led with a $135 million commitment, is expected to enable NineDot to advance its project pipeline in the New York City area and explore opportunities for geographic expansion and potential acquisitions.</p>
<p>Manulife Investment Management also acquired an equity interest in NineDot as part of the transaction.</p>
<p>NineDot has now secured a capital base of approximately $400 million, including existing project financings from CIT, Sumitomo Mitsui Banking Corporation, and NY Green Bank, a New York State Energy Research and Development Authority (NYSERDA) division.</p>
<p>Earlier this year, NYSERDA <a href="https://cms.mercomindia.com/energy-storage-developer-ninedot-energy-raised-25-million/" target="_blank" rel="noopener">provided</a> a $25 million revolving credit debt facility to build more battery storage projects that support New York’s shift to greener energy sources.</p>
<p>NineDot’s initial battery storage site, located in the Pelham Gardens neighborhood of the Northeast Bronx, became operational last summer. The company is said to have approximately 30 projects under construction across the New York metro area, with more in development.</p>
<p>The company plans to develop 400 MW of battery storage capacity by the end of 2026.</p>
<p>Recep Kendircioglu, Global Head of Infrastructure at Manulife Investment Management, said, “We have been believers in community-scale battery storage for a long time and are pleased to form a long-term equity partnership with NineDot Energy. We view NineDot as the leading BESS developer in a complex but attractive market.”</p>
<p>According to Mercom’s 9M And Q3 2023 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report</a> for Storage &amp; Smart Grid. Corporate funding in the energy storage sector was down 31% in 9M 2023, with $15.2 billion raised in 94 deals compared to $22 billion in 93 deals in 9M 2022. Corporate funding in Energy Storage increased 67% in Q3 2023 with $8.2 billion in 35 deals compared to $4.9 billion in 32 deals in Q2 2023.</p>


Energy Storage Project Developer NineDot Raises $225 Million


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<div>Here are some noteworthy cleantech announcements of the day from around the world:</div>
<div></div>
<div><strong>Saatvik Green Energy </strong><a href="https://saatvikgroup.com/saatvik-secures-4-mw-high-efficiency-solar-modules-supply-order-in-uttar-pradesh/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a 4 MW solar module supply order after the reverse auction conducted by Bharat Heavy Electricals Limited (BHEL).</strong> The projects will be installed at two thermal power plants in Uttar Pradesh. The company will supply highly efficient monocrystalline passivated emitter and rear contact (PERC) half-cut modules by the year-end. BHEL will engineer and execute the project. Of the total capacity, 2.5 MW will be installed at the Orba thermal power plant in the Sonbhadra district, and 1.6 MW capacity will be installed at the Jawaharpur thermal plant in the Etah district of Uttar Pradesh.</div>
<p><strong>ReNew Power </strong><a href="https://renewpower.in/wp-content/uploads/2022/11/ReNew_Power_Press_Release_Egypt_Green_Hydrogen_Framework_Agreement.pdf" target="_blank" rel="noopener"><strong>signed</strong></a><strong> an agreement with the government of Egypt to set up a green hydrogen plant in the Suez Canal Economic Zone with an investment of $8 billion and a targeted annual production of 220,000 tons of green hydrogen.</strong> The project is scheduled to be implemented in phases. The first phase is a pilot phase to produce 20,000 tons of green hydrogen, along with derivatives, annually. In the next phase, the production of 200,000 tons per year of green hydrogen, along with derivatives, will be achieved, thereby bringing the project&#8217;s total green hydrogen production capacity to 220,000 tons per year. The pilot phase project is expected to be commissioned in 2026.</p>
<p><strong><a href="https://www.tatapowersolar.com/" target="_blank" rel="noopener">Tata Power Solar</a> signed a memorandum of understanding with the Union Bank of India to help the micro, small, and medium enterprises sector switch to solar solutions.</strong> The collaboration will encourage industries to transition to green energy while making sustainable power accessible to rural, small-scale industries, realizing the vision of Aatmanirbhar Bharat.</p>
<p><strong>Sungrow, a global inverter and energy storage solution supplier and the Provincial Electricity Authority of Thailand, </strong><a href="https://en.sungrowpower.com/NewsDetail/3136" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a memorandum of understanding for the energy storage and green hydrogen business.</strong> The cooperation signals the increasing demand for renewable energy, such as energy storage and green hydrogen, in the southeast Asia region. Sungrow will use its capacity to innovate and incubate more industry-university joint research projects in the near future. Sungrow places Thailand as a significant market and has installed a total of over 1 GW capacity of PV inverters and over 140MWh energy storage systems there.</p>
<p><strong>Pilot Company and Volvo Group have </strong><a href="https://pilotflyingj.com/press-release/20462" target="_blank" rel="noopener"><strong>signed</strong></a><strong> an agreement to develop a high-performance charging network for all battery-electric Class 8 truck brands to support fleet customers in their electrification and decarbonization journey.</strong> The partnership will provide fleets with a reliable electromobility solution that further enables the widespread adoption of medium- and heavy-duty electric trucks. Chargers will be located at select Pilot and Flying J travel centers across U.S. and Canada, ideally positioned along transportation corridors and well-equipped to serve professional drivers. Chargers will be installed at mutually identified travel center locations based on customer needs, current and anticipated battery-electric truck density, and the availability of public funding to support infrastructure costs.</p>
<p><strong>Global investment firm Carlyle </strong><a href="http://www.carlyle.co.in/media-room/news-release-archive/carlyle-launches-renewable-energy-development-platform-telis-energy-in-europe" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the launch of Telis Energy, a newly created renewable platform to develop renewable energy projects with a focus on solar in the United Kingdom, France, Spain, and Germany, with a view to expand in other markets in Europe.</strong> Telis will develop high-quality renewable energy projects and play a vital role in the European energy transition, with a project pipeline of more than 10 GW by 2030. Since December 2018, Carlyle has deployed approximately $1.2 billion globally into renewable assets as of September 2022.</p>
<p><strong>NEoT Offgrid Africa, an investment platform designed to support the energy transition in Africa, GDS International, and ARESS have </strong><a href="https://www.neotcapital.com/en/neot-offgrid-africa-gds-international-and-aress-join-forces-to-develop-and-operate-a-selection-of-mini-grids-in-benin/" target="_blank" rel="noopener"><strong>joined</strong></a><strong> hands to enter the rural electrification sector in Benin by creating a joint company, Les Soleils du Bénin.</strong> The partnership starts with a first flagship project aiming to electrify 12 localities in Benin within a year. The project represents an investment of €8.5 million (~$8.81 million), co-financed by NEoT Offgrid Africa, as a financial partner of the project, and MCA Benin II. The goal is to install 1.7 MW of solar capacity and 3 MWh of battery capacity in all 12 localities, supplying more than 5,000 homes and businesses with electricity.</p>


Daily News Wrap-Up: Saatvik Green Energy Bags 4 MW Module Supply Order from BHEL

<p>Carlyle, a global investment firm acquired majority stake in <a href="https://aspenpower.com/" target="_blank" rel="noopener">Aspen Power Partners</a>, a distributed generation platform focused on solar and storage assets across the U.S. for $350 million. The investment supports Aspen’s organic and acquisition-driven growth strategy targeting the community, multifamily, and commercial &amp; industrial solar and storage markets.</p>
<p>Carlyle Group has about $15 billion in assets under management spread across power, energy, renewable energy sectors, and other sectors. Carlyle said its investment would fund the expansion of Aspen Power, which is planning to acquire renewable energy projects across the United States. Texas-based Aspen Power had agreed in September to acquire solar power developer Safari Energy from electricity giant PPL Corporation.</p>
<p>With Carlyle’s investment and the close of the Safari acquisition, Aspen is on track to achieve a gigawatt scale by mid-decade.</p>
<p>“We are thrilled to support Aspen at this inflection point and believe the platform is well-positioned to benefit from the transformational shift we see in decarbonizing the economy,” said J.B. Oldenburg, Managing Director of the Renewable and Sustainable Energy team at Carlyle. “Our investment in Aspen is a commitment to accelerating the widespread accessibility and availability of solar and storage, which we believe is accretive to our portfolio by supporting this decade’s ambitious renewable energy and climate change targets.”</p>
<p>“During this critical climate decade, as demand for solar, storage and electric vehicle charging continues to expand, the Carlyle investment and Safari transaction provide a clear path forward for our team to execute a step-change in the scale of our impact,” said Jackson Lehr, Aspen Co-Founder, and CFO.</p>
<p>According to Mercom’s recently published 9M and Q3 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2022-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, in 9M 2022, There were 90 solar M&amp;A transactions compared to 83 transactions in 9M 2021.  AMPYR Solar Europe, a solar project developer, and independent power producer <a href="https://cms.mercomindia.com/ampyr-solar-acquires-solarenergyworks-solar-business/" target="_blank" rel="noopener">recently</a> acquired SolarEnergyWork’s solar business in the Netherlands. The acquisition includes an asset pipeline of 100 MW ready-to-build and 650 MW under-development assets.</p>


Carlyle Group Acquires Majority Stake in Aspen Power Partners for $350 Million

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