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Logical Buildings, a sustainability, smart building, and virtual power plant (VPP) software and solutions provider <a href="https://cms.mercomindia.com/logical-buildings-raises-110-million-to-deploy-virtual-power-plants/" target="_blank" rel="noopener">closed</a> a $110 million VPP project facility with Keyframe Capital. The project facility will be used to pursue VPP projects within New York City- and New Jersey-based multifamily residential buildings, providing thousands of operators with reputational and financial incentives to invest in initiatives that will drive energy savings, lower greenhouse gas emissions, and establish new channels for grid services revenue.
A consortium of Brookfield Asset Management and MidOcean Energy, the global LNG platform owned and managed by EIG, has <a href="https://www.mercomindia.com/brookfield-eig-consortium-buy-origin-energy" target="_blank" rel="noopener">agreed</a> to acquire Australia-based integrated power generator and retailer Origin Energy for A$18.7 billion (~$12.5 billion). As part of its acquisition of Origin Energy&#8217;s Energy Markets segment, Brookfield plans to expedite the development of renewable energy generation capacity. Brookfield has formulated a business plan for Origin Energy Markets that involves investing at least $20 billion over the next ten years to construct up to 14 GW of new renewable generation and storage facilities in Australia.
Birch Creek Energy, a renewable energy company, <a href="https://cms.mercomindia.com/birch-creek-energy-acquires-foundation-solar-partners/" target="_blank" rel="noopener">announced</a> the acquisition of Foundation Solar Partners, a solar developer from private equity firm Hull Street Energy, for an undisclosed amount. Foundation Solar has developed and sold over 800 MW of solar projects. It has a pipeline of nearly 5 GW in operation solar and storage projects.
Innova Renewables, a solar and energy storage project developer, <a href="https://cms.mercomindia.com/innova-renewables-secures-funding-triple-point-energy-transition/" target="_blank" rel="noopener">announced</a> a £5 million (~$6.1 Million) Development Facility with Triple Point Energy Transition, a specialist investment trust focused on supporting the transition to a low-carbon economy. The new funding will enable Innova to enhance its existing development funding and accelerate the development of its UK renewable pipeline, which includes solar and ESS projects across the country. Innova has previously worked with Triple Point, which provided funding for developing Innova Energy, a ground-mounted solar asset portfolio of 61.5 MW.
Ethical Power Development, a renewable energy developer and investor, <a href="https://cms.mercomindia.com/ethical-power-development-acquires-public-power-solutions/" target="_blank" rel="noopener">announced</a> the acquisition of the development business of Public Power Solutions (PPS), a wholly owned subsidiary of Swindon Borough Council. The deal includes the transfer of the development team and its current solar/storage project pipeline, which has a combined capacity of more than 250 MW. PPS and Ethical Power have been working together since July 2021, developing large-scale solar PV and battery energy storage system (BESS) co-located projects across the UK.
Click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-and-ma-roundup-beam-global-secures-100-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Logical Raises $110 Million for Virtual Power Plants

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-logical-raises-110-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Logical Buildings, a sustainability, smart building, and virtual power plant (VPP) software and solutions provider <a href="https://mercomcapital.com/logical-buildings-raises-110-million-to-deploy-virtual-power-plants/" target="_blank" rel="noopener">closed</a> a $110 million VPP project facility with Keyframe Capital. The project facility will be used to pursue VPP projects within New York City- and New Jersey-based multifamily residential buildings, providing thousands of operators with reputational and financial incentives to invest in initiatives that will drive energy savings, lower greenhouse gas emissions, and establish new channels for grid services revenue.
A consortium of Brookfield Asset Management and MidOcean Energy, the global LNG platform owned and managed by EIG, has <a href="https://www.mercomindia.com/brookfield-eig-consortium-buy-origin-energy" target="_blank" rel="noopener">agreed</a> to acquire Australia-based integrated power generator and retailer Origin Energy for A$18.7 billion (~$12.5 billion). As part of its acquisition of Origin Energy&#8217;s Energy Markets segment, Brookfield plans to expedite the development of renewable energy generation capacity. Brookfield has formulated a business plan for Origin Energy Markets that involves investing at least $20 billion over the next ten years to construct up to 14 GW of new renewable generation and storage facilities in Australia.
Birch Creek Energy, a renewable energy company, <a href="https://mercomcapital.com/birch-creek-energy-acquires-foundation-solar-partners/" target="_blank" rel="noopener">announced</a> the acquisition of Foundation Solar Partners, a solar developer from private equity firm Hull Street Energy, for an undisclosed amount. Foundation Solar has developed and sold over 800 MW of solar projects. It has a pipeline of nearly 5 GW in operation solar and storage projects.
Innova Renewables, a solar and energy storage project developer, <a href="https://mercomcapital.com/innova-renewables-secures-funding-triple-point-energy-transition/" target="_blank" rel="noopener">announced</a> a £5 million (~$6.1 Million) Development Facility with Triple Point Energy Transition, a specialist investment trust focused on supporting the transition to a low-carbon economy. The new funding will enable Innova to enhance its existing development funding and accelerate the development of its UK renewable pipeline, which includes solar and ESS projects across the country. Innova has previously worked with Triple Point, which provided funding for developing Innova Energy, a ground-mounted solar asset portfolio of 61.5 MW.
Ethical Power Development, a renewable energy developer and investor, <a href="https://mercomcapital.com/ethical-power-development-acquires-public-power-solutions/" target="_blank" rel="noopener">announced</a> the acquisition of the development business of Public Power Solutions (PPS), a wholly owned subsidiary of Swindon Borough Council. The deal includes the transfer of the development team and its current solar/storage project pipeline, which has a combined capacity of more than 250 MW. PPS and Ethical Power have been working together since July 2021, developing large-scale solar PV and battery energy storage system (BESS) co-located projects across the UK.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-beam-global-secures-100-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://logicalbuildings.com/" target="_blank" rel="noopener">Logical Buildings</a> &#8211; a sustainability, smart building, and virtual power plant (VPP) software and solutions provider &#8211; closed a $110 million VPP project facility with Keyframe Capital.
The project facility will be used to pursue VPP projects within New York City- and New Jersey-based multifamily residential buildings, providing thousands of operators with reputational and financial incentives to invest in initiatives that will drive energy savings, lower greenhouse gas emissions, and establish new channels for grid services revenue.
“Imagine providing residents with smart thermostats that reduce building energy usage, lower resident utility bills, and generate cash rewards while simultaneously enhancing comfort and convenience. With our new project facility, this is now a reality,” said Jeff Hendler, CEO at Logical Buildings. “The multifamily market remains largely untapped when it comes to impactful decarbonization and energy transition projects. Our project facility provides building owners with access to new opportunities to create thousands of grid-connected smart apartments at once, instead of the traditional ‘one home at a time’ approach to residential energy savings.”
Buildings are the largest contributor of greenhouse gas emissions, with energy-related <a href="https://www.globenewswire.com/Tracker?data=hvAWL4i5wTkNDTK3fUFO8N7jzUsnZDvJ7qQBH3nFXWtYu8VvGOYhx880efWdeGQB6jVGgabZyQiNPQpojVuLX9UR1Si9xRndD8hQd5Tum8JIfyhgY6xyCaKBVlGwdhZBqMdG99DbIeqUyRxHbdlKcxaXa4Bt3EgVVgXcT2UAZ9Hb2R5Tp-r7eQTSrZhPbuhnaRnbrvFNhBhmUR6JExm-WfdkJLTQZmNQf0MR15YYXiV5xR7u0zRG_hVyZFdAV2_NvWBWzk0QCJz1sNZOO7Kzqg==" target="_blank" rel="noopener">emissions</a> from both residential and commercial properties representing 34% of total emissions in the U.S. With the Climate Mobilization Act and its many equivalents going into effect on January 1, 2024, every kilowatt-hour and therm used by a multifamily building and its residents will count against new carbon emissions caps. In New York City alone, 50,000 buildings are <a href="https://www.globenewswire.com/Tracker?data=T3LJM5IuQJgzQ6QKO5qyDruHu7TpVjo5ouV7d-PWbNUbAtOpkJAItPgksur5lT28FdeirIzkoUL2iNVvoYYL1lf1uS1Bc8EnlR7mVA8iiDNregz6ASiIq605sYocjiz0VSedbJ4b0cXta7XWo6I_3gxY_SaguxzVS4az9Ragb0I-plQLSopNKDDZ7fTRhfvBRXOYw5revSNL_122AzRiikEVxgs8gMgdOaNJsmOgnUU=" target="_blank" rel="noopener">subject</a> to the new legislation, most of which are multifamily.
According to Mercom’s Annual And Q4 2022 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2022-funding-ma-report-for-storage-grid-efficiency" target="_blank" rel="noopener">Report</a> for Storage, Grid &amp; Efficiency. Smart grid companies raised $3.3 billion in VC funding in 46 deals in 2022, a 175% increase compared to $1.2 billion in 35 deals in 2021. Recently, <a href="https://www.indra.co.uk/">Indra</a>, an electric vehicle charging and energy technology company, has announced that it secured over £20 million (~$21 million) in Series B Funding. The lead investor was Gulf Oil International, which significantly increased its equity stake in Indra.

Logical Buildings Raises $110 Million to Deploy Virtual Power Plants

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