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Recurrent Energy, a solar and energy storage project developer and a wholly owned subsidiary of Canadian Solar, has <a href="https://cms.mercomindia.com/recurrent-energy-closes-500-million-in-funding-from-blackrock/" target="_blank" rel="noopener">announced</a> BlackRock’s second and final closing of a $500 million investment through a fund managed by its Climate Infrastructure business. The transaction was announced in January 2024, and the first payment was made in June 2024. As per the agreement, BlackRock’s total investment has reached $500 million, representing 20% of the outstanding fully diluted shares of Recurrent Energy.
Peregrine Energy, an integrated clean energy platform focused on utility-scale energy storage solutions, <a href="https://cms.mercomindia.com/peregrine-energy-secures-250-million-in-debt-funding/" target="_blank" rel="noopener">secured</a> a credit facility from insurance accounts managed by KKR that can provide ﬁnancing for up to $250 million. The funding will be used to ﬁnance equipment, interconnection, and offtake credit security to support Peregrine Energy’s energy sector development and continue developing its portfolio across the U.S. The company operates within ﬁve independent system operators and 11 states, with approximately 37 projects in its pipeline.
Powin, an energy storage solutions provider, has <a href="https://cms.mercomindia.com/energy-storage-provider-powin-secures-200-million-debt-funding/" target="_blank" rel="noopener">secured</a> a revolving credit facility of up to $200 million primarily from KKR, a global investment firm. Guggenheim Securities, a global investment and advisory firm, acted as Powin’s financial advisor and facilitated the completion of this capital raise. The company’s equity investors are Greenbelt Capital Partners, Trilantic, and Energy Impact Partners. The funding will be used to meet Powin’s working capital needs and enhance the company’s financial flexibility.
Voltfang, an energy storage solutions provider, has <a href="https://cms.mercomindia.com/energy-storage-provider-voltfang-secures-more-than-8-7-million/" target="_blank" rel="noopener">secured</a> more than €8 million (~$8.7 million) in a Series A financing round, including €800,000 (~$877,000) in secured grants. Dutch deep tech venture capital firm FORWARD.One led the oversubscribed funding round. The company plans to use the funding to expand its product offerings and advance its energy management system to increase battery efficiency, strengthening its market position for commercial/industrial and grid-scale applications.
The board of directors at Inox Green Energy Services (INOX Green), a wind power operations and maintenance service provider, has <a href="https://www.mercomindia.com/inox-green-allots-2-76-million-equity-shares-to-warrant-holders" target="_blank" rel="noopener">allotted </a>2.76 million equity shares with a face value of ₹10 (~$0.12) each at a price of ₹145 (~$1.73) to non-promoter warrant holders. The allotment was made after receiving conversion requests and the balance payment of 75% of the issue price for the previously issued convertible warrants. The newly allotted equity shares will be on an equal footing with the company’s existing equity shares in all respects.
The Asian Development Bank will <a href="https://www.mercomindia.com/adb-to-invest-certified-climate-bond-issue" target="_blank" rel="noopener">invest</a> $25 million in a certified climate bond issue by Vivriti Capital. The proceeds will be used to finance companies engaged in sectors including electric vehicles, solar and wind energy, and waste management. At least 30% of the funds will be specifically allocated to electric vehicle financing, including charging stations and battery swapping stations. The investment is expected to have a significant impact on India’s nascent green bond market.
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-ma-roundup-ev-charging-platform-ampup-raises-15-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Recurrent Energy Closes $500 Million Investment

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-recurrent-energy-closes-500-million-investment/" target="_blank" rel="noopener">Mercom Capital Group</a>
Recurrent Energy, a solar and energy storage project developer and a wholly owned subsidiary of Canadian Solar, has <a href="https://mercomcapital.com/recurrent-energy-closes-500-million-in-funding-from-blackrock/" target="_blank" rel="noopener">announced</a> BlackRock’s second and final closing of a $500 million investment through a fund managed by its Climate Infrastructure business. The transaction was announced in January 2024, and the first payment was made in June 2024. As per the agreement, BlackRock’s total investment has reached $500 million, representing 20% of the outstanding fully diluted shares of Recurrent Energy.
Peregrine Energy, an integrated clean energy platform focused on utility-scale energy storage solutions, <a href="https://mercomcapital.com/peregrine-energy-secures-250-million-in-debt-funding/" target="_blank" rel="noopener">secured</a> a credit facility from insurance accounts managed by KKR that can provide ﬁnancing for up to $250 million. The funding will be used to ﬁnance equipment, interconnection, and offtake credit security to support Peregrine Energy’s energy sector development and continue developing its portfolio across the U.S. The company operates within ﬁve independent system operators and 11 states, with approximately 37 projects in its pipeline.
Powin, an energy storage solutions provider, has <a href="https://mercomcapital.com/energy-storage-provider-powin-secures-200-million-debt-funding/" target="_blank" rel="noopener">secured</a> a revolving credit facility of up to $200 million primarily from KKR, a global investment firm. Guggenheim Securities, a global investment and advisory firm, acted as Powin’s financial advisor and facilitated the completion of this capital raise. The company’s equity investors are Greenbelt Capital Partners, Trilantic, and Energy Impact Partners. The funding will be used to meet Powin’s working capital needs and enhance the company’s financial flexibility.
Voltfang, an energy storage solutions provider, has <a href="https://mercomcapital.com/energy-storage-provider-voltfang-secures-more-than-8-7-million/" target="_blank" rel="noopener">secured</a> more than €8 million (~$8.7 million) in a Series A financing round, including €800,000 (~$877,000) in secured grants. Dutch deep tech venture capital firm FORWARD.One led the oversubscribed funding round. The company plans to use the funding to expand its product offerings and advance its energy management system to increase battery efficiency, strengthening its market position for commercial/industrial and grid-scale applications.
The board of directors at Inox Green Energy Services (INOX Green), a wind power operations and maintenance service provider, has <a href="https://www.mercomindia.com/inox-green-allots-2-76-million-equity-shares-to-warrant-holders" target="_blank" rel="noopener">allotted </a>2.76 million equity shares with a face value of ₹10 (~$0.12) each at a price of ₹145 (~$1.73) to non-promoter warrant holders. The allotment was made after receiving conversion requests and the balance payment of 75% of the issue price for the previously issued convertible warrants. The newly allotted equity shares will be on an equal footing with the company’s existing equity shares in all respects.
The Asian Development Bank will <a href="https://www.mercomindia.com/adb-to-invest-certified-climate-bond-issue" target="_blank" rel="noopener">invest</a> $25 million in a certified climate bond issue by Vivriti Capital. The proceeds will be used to finance companies engaged in sectors including electric vehicles, solar and wind energy, and waste management. At least 30% of the funds will be specifically allocated to electric vehicle financing, including charging stations and battery swapping stations. The investment is expected to have a significant impact on India’s nascent green bond market.
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’s funding <a href="https://mercomcapital.com/funding-ma-roundup-ev-charging-platform-ampup-raises-15-million/" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.peregrineenergysolutions.com/" target="_blank" rel="noopener">Peregrine Energy</a>, an integrated clean energy platform focused on utility-scale energy storage solutions, secured a credit facility from insurance accounts managed by KKR that can provide ﬁnancing for up to $250 million.
Sumitomo Mitsui Banking Corporation (SMBC) also participated in the funding. Troutman Pepper Hamilton Sanders advised Peregrine Energy as legal counsel, and Piper Sandler &amp; Co. acted as ﬁnancial advisor. KKR and SMBC were advised by White &amp; Case as legal counsel.
The funding will be used to ﬁnance equipment, interconnection, and offtake credit security to support Peregrine Energy&#8217;s energy sector development and continue developing its portfolio across the U.S. The company operates within ﬁve independent system operators (ISOs) and 11 states, with approximately 37 projects in its pipeline.
&#8220;We could not be more pleased to be working with KKR. We are conﬁdent in Peregrine&#8217;s ability to execute our strategic plan with the support of forward-thinking investors,&#8221; said Hagen Lee, Founder &amp; Chief Executive Officer of Peregrine. &#8220;This facility is a milestone achievement for Peregrine and shows capital is available for developers that continue to innovate in a challenging market. Our ability to site and develop high-value assets differentiates our team and creates an attractive investment opportunity.&#8221;
Founded in 2022, the company says it has developed 22 GWh of storage across SPP, MISO, ERCOT, PJM, and WECC. In August 2023, the company announced signing an agreement with funds managed by AB CarVal to raise over $700 million of credit, equity, and debt to support Peregrine&#8217;s projects.
According to Mercom&#8217;s 1H and Q2 2024 funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-q2-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">report</a> for Energy Storage and Smart Grid, announced debt and public market financing for Energy Storage companies in 1H 2024 came to $13 billion in 16 deals, a 294% increase year-over-year compared to $3.3 billion in 16 deals in 1H 2023.
In April, Harmony Energy, a utility-scale energy storage project developer, <a href="https://cms.mercomindia.com/harmony-energy-secures-credit-facility/" target="_blank" rel="noopener">secured</a> a £10 million (~$12.5 million) credit facility from Triodos Bank U.K. to support the development of new projects and expansion across Europe. The new facility is the bank&#8217;s first U.K. loan to the standalone energy storage sector.

Peregrine Energy Secures $250 Million in Debt Funding

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					</table>United States-based Peregrine Energy Solutions (<a href="https://www.peregrineenergysolutions.com/" target="_blank" rel="noopener">Peregrine</a>), a clean energy platform with a strategic focus on utility-scale energy storage, has announced a partnership with <a href="https://carvalinvestors.com/" target="_blank" rel="noopener">AB CarVal</a>, a global alternative investment manager, to raise more than $700 million in credit, equity, and debt financing.
The funding will be directed toward Peregrine&#8217;s substantial pipeline of projects, encompassing over 7 GW of technologies, including standalone battery, solar, and wind systems.
The company said its agreement with AB CarVal will help bring its diverse portfolio of projects to commercial operation. It will also help enhance grid stability, facilitate seamless integration of renewable resources, and develop structured energy solutions.
Hagen Lee, the founder and CEO of Peregrine, said, &#8220;AB CarVal&#8217;s commitment to providing substantial liquidity for Peregrine marks a crucial turning point in our journey of value creation. This capital injection holds the potential to expedite the development of our remarkable portfolio of renewable and storage projects, ensuring their successful operation and optimization.&#8221;
The collaboration between Peregrine&#8217;s experienced team and AB CarVal&#8217;s expertise is anticipated to result in a diverse set of storage and renewable assets.
Jody Gunderson, Managing Principal at AB CarVal, highlighted the strategic significance of the partnership, stating, &#8220;In the midst of this monumental energy transition, the demand for renewables and storage solutions is projected to surge. We firmly believe that Peregrine, with its technological prowess and market positioning, is primed to deliver top-tier assets and technologies to meet this escalating demand.&#8221;
Peregrine Energy Solutions specializes in sourcing, developing, constructing, and managing standalone battery energy storage and renewable energy assets across North America.
In January, AB CarVal and Nomura funded renewable energy company Enfinity Global to <a href="https://www.mercomindia.com/enfinity-global-acquires-400-mw-of-projects-in-the-us" target="_blank" rel="noopener">acquire</a> a 400 MW operational utility-scale solar portfolio to expand the company’s reach in the U.S.
According to Mercom Capital Group’s <a href="https://mercomcapital.com/product/1h-q2-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">1H and Q2 2023 Funding and M&amp;A Report Storage and Grid Report</a>, in the first half of 2023, corporate funding for energy storage companies reached $7.1 billion across 59 deals.

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