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Canadian Solar, a solar module manufacturer, has <a href="https://cms.mercomindia.com/canadian-solar-announces-200m-private-placement-secured-convertible-notes/" target="_blank" rel="noopener">signed</a> a definitive agreement with investment firm PAG. Under this agreement, PAG will subscribe to $200 million in convertible notes to be issued by the company. The transaction is anticipated to close in the fourth quarter of 2024, pending certain closing conditions. Canadian Solar will maintain some flexibility on drawdowns and plans to use the net proceeds to optimize its capital structure, repay existing debt, and invest in solar development projects.
Voltera, an electric vehicle charging solutions provider, <a href="https://cms.mercomindia.com/ev-charging-company-voltera-secures-100-million-debt-funding/" target="_blank" rel="noopener">secured</a> $100 million in debt funding. ING Capital acted as the book-runner, Investec as lead arranger, and Green Loan as co-coordinator for the financing. The funding will support developing multiple Voltera-owned and operated charging sites, continued corporate growth, and other initiatives. Under the terms of the agreement, Voltera will have the option to increase commitments over time as the facility is utilized.
VARTA AG, the German battery manufacturer, has <a href="https://cms.mercomindia.com/varta-ag-announces-debt-reduction-and-investment/" target="_blank" rel="noopener">announced</a> that it has agreed with its financial creditors and strategic investors on a viable restructuring concept. The restructuring of the balance sheet initially focuses on a haircut. The second component of the reorganization plan involves a complete reduction of VARTA AG’s share capital to zero. Following this reduction, VARTA AG will receive €60 million (~$66 million) in new equity through a capital increase, with €40 million (~$44 million) provided in cash.
Intercity electric bus startup Fresh Bus has <a href="https://www.mercomindia.com/e-bus-startup-fresh-bus-secures-10-42-million-in-series-a-funding" target="_blank" rel="noopener">raised</a> ₹875 million (~$10.42 million) in a Series A funding round. The financing was led by the international early-stage transportation-focused VC fund Maniv. Shell Ventures, Alteria Capital, and existing investor Riverwalk Holdings also participated in the funding round. Fresh Bus will utilize the funds to launch 150 e-buses, expand its network to 15 new routes, enhance its technological capabilities, and strengthen its strategic team to drive growth.
NOVA Infrastructure, a middle-market infrastructure investment firm, has finalized the <a href="https://cms.mercomindia.com/nova-acquires-community-solar-developer-uge-international/" target="_blank" rel="noopener">acquisition</a> of UGE International, a company specializing in community solar and battery storage. In May of this year, NOVA agreed to acquire roughly 70% of UGE&#8217;s common shares. The transaction has now received the necessary security holder and regulatory approvals. UGE’s portfolio currently includes over 12 operational projects and 81 advanced backlog projects across 11 U.S. states.
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-and-ma-roundup-trina-solar-secures-235-million-loan/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Canadian Solar to Raise $200 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-canadian-solar-to-raise-200-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Canadian Solar, a solar module manufacturer, has <a href="https://mercomcapital.com/canadian-solar-announces-200m-private-placement-secured-convertible-notes/" target="_blank" rel="noopener">signed</a> a definitive agreement with investment firm PAG. Under this agreement, PAG will subscribe to $200 million in convertible notes to be issued by the company. The transaction is anticipated to close in the fourth quarter of 2024, pending certain closing conditions. Canadian Solar will maintain some flexibility on drawdowns and plans to use the net proceeds to optimize its capital structure, repay existing debt, and invest in solar development projects.
Voltera, an electric vehicle charging solutions provider, <a href="https://mercomcapital.com/ev-charging-company-voltera-secures-100-million-debt-funding/" target="_blank" rel="noopener">secured</a> $100 million in debt funding. ING Capital acted as the book-runner, Investec as lead arranger, and Green Loan as co-coordinator for the financing. The funding will support developing multiple Voltera-owned and operated charging sites, continued corporate growth, and other initiatives. Under the terms of the agreement, Voltera will have the option to increase commitments over time as the facility is utilized.
VARTA AG, the German battery manufacturer, has <a href="https://mercomcapital.com/varta-ag-announces-debt-reduction-and-investment/" target="_blank" rel="noopener">announced</a> that it has agreed with its financial creditors and strategic investors on a viable restructuring concept. The restructuring of the balance sheet initially focuses on a haircut. The second component of the reorganization plan involves a complete reduction of VARTA AG’s share capital to zero. Following this reduction, VARTA AG will receive €60 million (~$66 million) in new equity through a capital increase, with €40 million (~$44 million) provided in cash.
Intercity electric bus startup Fresh Bus has <a href="https://www.mercomindia.com/e-bus-startup-fresh-bus-secures-10-42-million-in-series-a-funding" target="_blank" rel="noopener">raised</a> ₹875 million (~$10.42 million) in a Series A funding round. The financing was led by the international early-stage transportation-focused VC fund Maniv. Shell Ventures, Alteria Capital, and existing investor Riverwalk Holdings also participated in the funding round. Fresh Bus will utilize the funds to launch 150 e-buses, expand its network to 15 new routes, enhance its technological capabilities, and strengthen its strategic team to drive growth.
NOVA Infrastructure, a middle-market infrastructure investment firm, has <a href="https://mercomcapital.com/nova-acquires-community-solar-developer-uge-international/" target="_blank" rel="noopener">finalized</a> the acquisition of UGE International, a company specializing in community solar and battery storage. In May of this year, NOVA agreed to acquire roughly 70% of UGE&#8217;s common shares. The transaction has now received the necessary security holder and regulatory approvals. UGE’s portfolio currently includes over 12 operational projects and 81 advanced backlog projects across 11 U.S. states.
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://www.mercomindia.com/funding-and-ma-roundup-trina-solar-secures-235-million-loan" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.novainfrastructure.com/" target="_blank" rel="noopener">NOVA Infrastructure</a>, an infrastructure investment firm, announced the acquisition of <a href="https://ugei.com/news/" target="_blank" rel="noopener">UGE International</a>, a community solar and battery storage company. In May this year, NOVA agreed to acquire approximately 70% of UGE&#8217;s shares.
The transaction has now received security holder and regulatory approval. The financial details have not been disclosed.
Blank Rome and Bennett Jones advised NOVA, while Mintz and CP advised UGE in this transaction.
&#8220;NOVA committed acquisition capital as well as growth capital to support the expansion of the UGE platform and installed MW,&#8221; shared Allison Kingsley, Co-Founder and Partner at NOVA. Founded in 2010, UGE owns, finances, develops, builds, and operates solar and battery storage projects in New York, New Jersey, Maine, California, Pennsylvania, Oregon, Texas, Illinois, Maryland, Virginia, and Massachusetts. UGE currently has a portfolio of more than 12 operating and 81 advanced backlog projects in 11 states.
&#8220;Community solar represents a fast-growing segment of the US power generation market with strong regulatory tailwinds supporting UGE&#8217;s portfolio of long-lived assets,&#8221; said Chris Beall, Co-Founder and Managing Partner at NOVA. &#8220;UGE provides customers with attractive electricity rates under long-term contracts that provide strong downside protection for investors. We have identified value-add initiatives that will accelerate growth in the UGE portfolio and drive strong cash flow generation.&#8221;
According to Mercom&#8217;s recently released 1H and Q2 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-and-q2-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, in the first half of 2024, there were 40 solar M&amp;A transactions, compared to 48 in the first half of 2023. The largest deal was made by Brookfield Asset Management, an asset management firm, along with institutional partners, including Brookfield Renewable and Singapore&#8217;s Temasek Holdings.
Earlier this year, Swell Energy, an energy management and grid solutions provider, <a href="https://cms.mercomindia.com/swell-energy-acquires-renu-energy-solutions/" target="_blank" rel="noopener">acquired</a> Renu Energy Solutions, a company that offers customized residential and commercial solar and energy storage solutions. The combination brings together a complementary set of operational and technological capabilities as well as a bi-coastal presence to enable the deployment of Virtual Power Plants (VPPs) in key energy markets.

NOVA Acquires Community Solar Developer UGE International

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