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UgoWork, a provider of advanced energy storage solutions for material handling equipment, <a href="https://cms.mercomindia.com/battery-developer-ugowork-raises-51-million-in-funding/" target="_blank" rel="noopener">secured</a> $51 million in Series C funding. Fonds de solidarité FTQ led the round, which included participation from returning investors Investissement Québec and Export Development Canada. The round also included a new credit facility from Desjardins Technology &amp; Innovation Banking, bringing UgoWork’s total funding to $77 million.
I Squared, an infrastructure investment manager, has <a href="https://cms.mercomindia.com/i-squared-announces-acquisition-of-priority-power/" target="_blank" rel="noopener">agreed</a> to acquire Priority Power, an energy management service provider, through its ISQ Global Infrastructure Fund III. I Squared is acquiring Priority Power from Ara Partners Group, Oaktree Capital Management, and other shareholders. With this acquisition, I Squared’s investment will allow Priority Power to expand its reach across the U.S. and make additional investments in high-growth markets.
Adani Energy Solutions has <a href="https://www.mercomindia.com/adani-energy-solutions-via-qip-route" target="_blank" rel="noopener">raised</a> ₹83.73 billion (~$1 billion) through a qualified institutional placement. The proceeds from the QIP will be used to invest in transmission assets, such as building bulk evacuation corridors for renewable power, the smart metering business, debt repayment, and general corporate purposes.
Renewable energy solutions platform Fourth Partner Energy (FPEL) has <a href="https://www.mercomindia.com/fourth-partner-energy-secures-275-million-from-global-consortium" target="_blank" rel="noopener">secured</a> an investment of $275 million from global impact investors IFC, ADB, and DEG. World Bank’s IFC is investing $125 million, while ADB is infusing $100 million and Germany’s DEG $50 million to complete this fundraising round.
BrightNight, an independent renewable power producer, has <a href="https://www.mercomindia.com/goldman-sachs-alternatives-in-brightnight" target="_blank" rel="noopener">secured</a> a $440 million strategic investment from Goldman Sachs Alternatives &#8216;Infrastructure division. The company said the transaction is expected to close in September 2024. BofA Securities and PJT Partners acted as financial advisors to BrightNight, while Jefferies LLC served as the sole financial advisor and Weil, Gotshal &amp; Manges as legal counsel to Goldman Sachs Alternatives.
India-based solar irrigation services company Oorja Development Solutions <a href="https://www.mercomindia.com/oorja-raises-1-5-million-to-deploy-agri-energy-infrastructure" target="_blank" rel="noopener">closed</a> its Pre-Series A funding round, raising $1.5 million from six investors. The company plans to use the funding to deploy agri-energy infrastructure for irrigation and milling and deepen operations in the existing and new states. It also plans to launch a B2B2C vertical to deliver solar irrigation solutions to agribusinesses and SMEs who engage with smallholder farmers for procurement.
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-recurrent-energy-secures-1-4-billion/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Battery Developer UgoWork Raises $51 Million in Funding

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-battery-developer-ugowork-raises-51-million-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
UgoWork, a provider of advanced energy storage solutions for material handling equipment, <a href="https://mercomcapital.com/battery-developer-ugowork-raises-51-million-in-funding/" target="_blank" rel="noopener">secured</a> $51 million in Series C funding. Fonds de solidarité FTQ led the round, which included participation from returning investors Investissement Québec and Export Development Canada. The round also included a new credit facility from Desjardins Technology &amp; Innovation Banking, bringing UgoWork’s total funding to $77 million.
I Squared, an infrastructure investment manager, has <a href="https://mercomcapital.com/i-squared-announces-acquisition-of-priority-power/" target="_blank" rel="noopener">agreed</a> to acquire Priority Power, an energy management service provider, through its ISQ Global Infrastructure Fund III. I Squared is acquiring Priority Power from Ara Partners Group, Oaktree Capital Management, and other shareholders. With this acquisition, I Squared’s investment will allow Priority Power to expand its reach across the U.S. and make additional investments in high-growth markets.
Renewable energy solutions platform Fourth Partner Energy (FPEL) has <a href="https://www.mercomindia.com/fourth-partner-energy-secures-275-million-from-global-consortium" target="_blank" rel="noopener">secured</a> an investment of $275 million from global impact investors IFC, ADB, and DEG. World Bank’s IFC is investing $125 million, while ADB is infusing $100 million and Germany’s DEG $50 million to complete this fundraising round.
Adani Energy Solutions has <a href="https://www.mercomindia.com/adani-energy-solutions-via-qip-route" target="_blank" rel="noopener">raised</a> ₹83.73 billion (~$1 billion) through a qualified institutional placement. The proceeds from the QIP will be used to invest in transmission assets, such as building bulk evacuation corridors for renewable power, the smart metering business, debt repayment, and general corporate purposes.
BrightNight, an independent renewable power producer, has <a href="https://www.mercomindia.com/goldman-sachs-alternatives-in-brightnight" target="_blank" rel="noopener">secured</a> a $440 million strategic investment from Goldman Sachs Alternatives‘ Infrastructure division. The company said the transaction is expected to close in September 2024. BofA Securities and PJT Partners acted as financial advisors to BrightNight, while Jefferies LLC served as the sole financial advisor and Weil, Gotshal &amp; Manges as legal counsel to Goldman Sachs Alternatives.
India-based solar irrigation services company Oorja Development Solutions <a href="https://www.mercomindia.com/oorja-raises-1-5-million-to-deploy-agri-energy-infrastructure" target="_blank" rel="noopener">closed</a> its Pre-Series A funding round, raising $1.5 million from six investors. The company plans to use the funding to deploy agri-energy infrastructure for irrigation and milling and deepen operations in the existing and new states. It also plans to launch a B2B2C vertical to deliver solar irrigation solutions to agribusinesses and SMEs who engage with smallholder farmers for procurement.
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-addionics-raises-39-million" target="_blank" rel="noopener">roundup</a>.

<a href="http://www.oorjasolutions.org" target="_blank" rel="noopener noreferrer">Oorja Development Solutions</a> has won the Cisco Global Problem Solver Challenge for its community solar pumping systems implemented in rural India through the pay-as-you-go (PAYGO) business models.
The cash prize is an amount of $100,000, which is expected to help fund the company’s projects in the rural agricultural sector.
The competition is an initiative by Cisco to encourage problem solvers focused on socially conscious projects and ventures. Overall, 335 teams competed for $330,000 in prizes. The participants competed based on their work in technological innovations being developed to solve pressing global issues plaguing the world today.
Oorja Development Solutions, which is a spin-out company from Imperial College London, was started in 2016 by Amit Saraogi, a social entrepreneur, and Dr. Clementine Chambon from the Department of Chemical Engineering. The company aims to tackle the lack of access to energy in the Indian rural community by installing off-grid solar energy systems. The venture is helping to replace diesel generators that are currently being used in agricultural and industrial applications. The company’s round the clock supply of renewable energy services help businesses increase income due to the increased energy efficiency of the products and saving on diesel costs, helping the transition away from fossil fuels.
Diesel irrigation pumps are financially burdensome to farmers. Solar pumps are an economically viable alternative to diesel pumps as they have almost no operation costs once installed. Solar pumps have low maintenance and long product life. Since 2016, Oorja has run three community solar pump projects in Uttar Pradesh and is planning to launch a similar operation in Assam.
Realizing the <a href="https://mercomindia.com/program-farmers-solar-pumps-solar-projects/" target="_blank" rel="noopener noreferrer">impact these solar pumps</a> can have in the turnaround of the agricultural sector, the central government has approved the launch of the Kisan Urja Suraksha evam Utthaan Mahabhiyan (KUSUM) program for farmers. This program is aimed at helping the farmers install solar pumps and grid-connected solar power projects. The program aims to add a solar capacity of 25,750 MW by 2022.
Various state governments like <a href="https://mercomindia.com/farmers-maharashtras-vidarbha-solar-pumps/" target="_blank" rel="noopener noreferrer">Maharashtra</a> and <a href="https://mercomindia.com/himachal-approves-program-agricultural-solar-pumps/" target="_blank" rel="noopener noreferrer">Himachal Pradesh</a> have also allocated funds for similar programs that aim to provide some relief to the farmers in the country’s distressed agriculture sector. <a href="https://mercomindia.com/gujarat-program-solar-panels-farmers/">Mercom had also reported</a> that the Gujarat government had announced a similar program under which it would provide farmers with solar panels to generate solar power on their lands.
According to a <a href="https://mercomindia.com/solar-pump-help-40-gw-target-study/" target="_blank" rel="noopener noreferrer">joint study</a> by Greenpeace India, Gujarat Energy Research Management Institute (GERMI), and IWMI-Tata Water Policy Program, if net-metered solar pumps are installed across all states for complete agricultural energy consumption, India would surpass its distributed solar goal of 40 GW by a wide margin.
Image credit: GIPL Solar

Off-Grid Solar Solutions Provider Oorja Wins $100,000 for Installing Solar Pumps

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