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S4 Energy, an energy storage project developer and a majority-owned subsidiary of Castleton Commodities International (CCI), has <a href="https://cms.mercomindia.com/s4-energy-to-acquire-310-mw-battery-energy-storage-portfolio-in-germany/" target="_blank" rel="noopener">agreed</a> to acquire a 310 MW portfolio of German battery energy storage projects from Terra One Climate Solutions, a Germany-based energy storage project developer. The portfolio comprises projects in shovel-ready and advanced stages of development and is expected to reach commercial operation between 2026 and 2028.
esVolta, an energy storage project developer, <a href="https://cms.mercomindia.com/esvolta-secures-110-million-financing-for-hummingbird-energy-storage-project/" target="_blank" rel="noopener">completed</a> a $110 million tax equity transaction with Greenprint Capital Management to develop and construct the 300 MWh Hummingbird battery energy storage project in San Jose, California. The project is under construction and is expected to be completed in 2025.
ACME Sun Power, a wholly owned subsidiary of ACME Solar Holdings, has <a href="https://www.mercomindia.com/acme-secures-37-billion-loan-from-rec" target="_blank" rel="noopener">secured</a> a ₹37.53 billion (~$444.68 million) loan from REC Limited to develop 320 MW Firm and Dispatchable Renewable Energy projects in collaboration with SJVN. The project is located in high-resource potential regions, with the solar capacity situated in Jaisalmer, Rajasthan, and wind power generation at Bhuj and Jam Khambhaliya in Gujarat.
Standard Solar, a developer and owner of commercial and community solar projects, <a href="https://cms.mercomindia.com/standard-solar-acquires-25-mw-solar-project-from-balanced-rock-power/" target="_blank" rel="noopener">acquired</a> 25 MWdc of the Windhub Solar B solar project in Kern County, California, from Balanced Rock Power, a renewable energy project developer. The project’s construction will begin in the first half of 2025.
Field, an energy storage project developer, <a href="https://cms.mercomindia.com/field-acquires-200-mw-800-mwh-battery-storage-project-in-the-uk/" target="_blank" rel="noopener">announced</a> the acquisition of the 200 MW/800 MWh Hartmoor battery storage project near Hartlepool, England, UK, from independent project developer Clearstone Energy. According to Field, the project is expected to be operational in 2026 and will store up to 800 MWh of clean electricity.
AXIAN Energy, a renewable energy project developer, <a href="https://cms.mercomindia.com/axian-energy-secures-90-million-financing-for-solar-plus-storage-projects/" target="_blank" rel="noopener">secured</a> €84 million (~$89.69 million) financing for two solar plants with energy storage systems in the southern Senegalese region of Kolda. A group of lenders comprising the Dutch entrepreneurial development bank FMO, the Emerging Africa &amp; Asia Infrastructure Fund (EAAIF), and Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG) provided the funding.
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 project finance <a href="https://cms.mercomindia.com/project-finance-brief-edp-acquires-solar-project-brazil/" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: S4 Energy to Acquire 310 MW BESS Portfolio in Germany

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					</table>From: <a href="https://mercomcapital.com/project-finance-brief-s4-energy-bess-portfolio-germany/" target="_blank" rel="noopener">Mercom Capital Group</a>
S4 Energy, an energy storage project developer and a majority-owned subsidiary of Castleton Commodities International (CCI), has <a href="https://mercomcapital.com/s4-energy-to-acquire-310-mw-battery-energy-storage-portfolio-in-germany/" target="_blank" rel="noopener">agreed</a> to acquire a 310 MW portfolio of German battery energy storage projects from Terra One Climate Solutions, a Germany-based energy storage project developer. The portfolio comprises projects in shovel-ready and advanced stages of development and is expected to reach commercial operation between 2026 and 2028.
esVolta, an energy storage project developer, <a href="https://mercomcapital.com/esvolta-secures-110-million-financing-for-hummingbird-energy-storage-project/" target="_blank" rel="noopener">completed</a> a $110 million tax equity transaction with Greenprint Capital Management to develop and construct the 300 MWh Hummingbird battery energy storage project in San Jose, California. The project is under construction and is expected to be completed in 2025.
ACME Sun Power, a wholly owned subsidiary of ACME Solar Holdings, has <a href="https://www.mercomindia.com/acme-secures-37-billion-loan-from-rec" target="_blank" rel="noopener">secured</a> a ₹37.53 billion (~$444.68 million) loan from REC Limited to develop 320 MW Firm and Dispatchable Renewable Energy projects in collaboration with SJVN. The project is located in high-resource potential regions, with the solar capacity situated in Jaisalmer, Rajasthan, and wind power generation at Bhuj and Jam Khambhaliya in Gujarat.
Standard Solar, a developer and owner of commercial and community solar projects, <a href="https://mercomcapital.com/standard-solar-acquires-25-mw-solar-project-from-balanced-rock-power/" target="_blank" rel="noopener">acquired</a> 25 MWdc of the Windhub Solar B solar project in Kern County, California, from Balanced Rock Power, a renewable energy project developer. The project’s construction will begin in the first half of 2025.
Field, an energy storage project developer, <a href="https://mercomcapital.com/field-acquires-200-mw-800-mwh-battery-storage-project-in-the-uk/" target="_blank" rel="noopener">announced</a> the acquisition of the 200 MW/800 MWh Hartmoor battery storage project near Hartlepool, England, UK, from independent project developer Clearstone Energy. According to Field, the project is expected to be operational in 2026 and will store up to 800 MWh of clean electricity.
AXIAN Energy, a renewable energy project developer, <a href="https://mercomcapital.com/axian-energy-secures-90-million-financing-for-solar-plus-storage-projects/" target="_blank" rel="noopener">secured</a> €84 million (~$89.69 million) financing for two solar plants with energy storage systems in the southern Senegalese region of Kolda. A group of lenders comprising the Dutch entrepreneurial development bank FMO, the Emerging Africa &amp; Asia Infrastructure Fund (EAAIF), and Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG) provided the funding.
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’s project finance <a href="https://mercomcapital.com/project-finance-brief-edp-acquires-solar-project-brazil/" target="_blank" rel="noopener">brief</a>.

<a href="https://www.s4-energy.com/" target="_blank" rel="noopener">S4 Energy</a>, an energy storage project developer and a majority-owned subsidiary of Castleton Commodities International (CCI), has agreed to acquire a 310 MW portfolio of German battery energy storage projects from Terra One Climate Solutions, a Germany-based energy storage project developer. The acquisition marks S4 Energy&#8217;s entrance into the German market.
The portfolio comprises projects in shovel-ready and advanced stages of development and is expected to reach commercial operation between 2026 and 2028. The company will build, own, and operate the battery energy storage projects. The financial details of the transaction remained undisclosed.
Earlier this month, S4 Energy also announced the <a href="https://cms.mercomindia.com/s4-energy-acquires-lc-energy-grid-services/" target="_blank" rel="noopener">acquisition</a> of LC Energy Grid Service (LCEGS), a high-voltage battery storage platform and a subsidiary of LC Energy. In addition to the LCEGS acquisition, S4 Energy also acquired a 6 GW portfolio of energy storage projects in the Netherlands from LC Energy.
The company has plans to advance the development of its 7.5 GW project pipeline, which includes a fully-permitted 2 GWh energy storage facility in Groningen.
&#8220;This transaction demonstrates our conviction in the sector and belief in the vital role that battery energy storage plays in delivering Germany&#8217;s decarbonization goals,&#8221; said Mohit Singh, principal in CCI&#8217;s European Principal Investments team.
According to Mercom&#8217;s 9M and Q3 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-and-q3-2024-funding-and-ma-report-for-storage-and-grid/" target="_blank" rel="noopener">Report</a> for Energy Storage and Smart Grid, in 9M 2024, there were 22 energy storage project M&amp;A transactions (one disclosed) compared to 22 transactions (four disclosed) in 9M 2023.
Earlier this month, SSE Renewables, a developer specializing in renewable energy projects, announced the <a href="https://cms.mercomindia.com/sse-acquires-120-mw-240-mwh-battery-storage-project-in-ireland/" target="_blank" rel="noopener">acquisition</a> of project development rights for a 120 MW/240 MWh grid-scale battery energy storage system in Ireland. SSE Renewables acquired the rights from Low Carbon, a U.K.-based renewable energy firm.

S4 Energy to Acquire 310 MW Battery Energy Storage Portfolio in Germany

Redoxblox, a thermochemical energy storage company, <a href="https://cms.mercomindia.com/redoxblox-raises-30-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> an additional $30 million in Series A funding. The funding round was led by Prelude Ventures and joined by Imperative Ventures, New System Ventures, and existing investors Breakthrough Energy Ventures and Khosla Ventures. The company was also awarded $8.9 million from the California Energy Commission and $6.7 million from the U.S. Department of Energy this year.
eSmart Systems, an inspection and asset information management solutions provider for utilities, <a href="https://cms.mercomindia.com/esmart-systems-raises-32-million-funding/" target="_blank" rel="noopener">raised</a> €30 million (~$32 million) in new capital funding, bringing its total to €63 million (~$65 million) in the past two years. The funding round was led by TiLT Capital Partners, a French growth capital impact fund, along with Quanta Services, a U.S.-based energy infrastructure solutions company, which joined as a strategic investor.
Jupiter Power, a utility-scale energy storage project developer, <a href="https://cms.mercomindia.com/jupiter-power-secures-225-million-in-corporate-credit-facility/" target="_blank" rel="noopener">secured</a> a $225 million corporate credit facility that includes up to $175 million in letters of credit and $50 million in revolving loans. This transaction was led by Barclays Bank PLC, HSBC Bank USA, and Sumitomo Mitsui Banking Corporation on the lender side, serving as coordinating lead arrangers. Kirkland &amp; Ellis acted as the borrower’s counsel, and Latham &amp; Watkins as the lenders’ counsel.
Birch Creek Energy, a utility-scale solar and energy storage project developer, has <a href="https://cms.mercomindia.com/project-developer-birch-creek-energy-closes-150-million-credit-facility/" target="_blank" rel="noopener">secured</a> a $150 million credit facility provided by KKR’s high-grade asset-based finance strategy via insurance accounts managed by KKR. This funding will extend and upsize its previous $100 million facility, and the company&#8217;s development expenses and equipment will be used for solar farms in its development portfolio.
S4 Energy, a Dutch-based grid-scale energy storage developer, <a href="https://cms.mercomindia.com/s4-energy-acquires-lc-energy-grid-services/" target="_blank" rel="noopener">announced</a> the acquisition of LC Energy Grid Service, a high-voltage battery storage platform and subsidiary of LC Energy. S4 Energy is majority-owned by Castleton Commodities International. With this acquisition, S4 Energy will be able to continue developing its existing portfolio of projects, which includes four 10 MW medium-voltage, 4-hour duration systems in the Netherlands, all of which are scheduled to become operational in 2025.
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-adden-energy-secures-15-million-in-series-a-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Redoxblox Raises $30 Million in Series A Funding

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					</table>Redoxblox, a thermochemical energy storage company, <a href="https://mercomcapital.com/redoxblox-raises-30-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> an additional $30 million in Series A funding. The funding round was led by Prelude Ventures and joined by Imperative Ventures, New System Ventures, and existing investors Breakthrough Energy Ventures and Khosla Ventures. The company was also awarded $8.9 million from the California Energy Commission and $6.7 million from the U.S. Department of Energy this year.
eSmart Systems, an inspection and asset information management solutions provider for utilities, <a href="https://mercomcapital.com/esmart-systems-raises-32-million-funding/" target="_blank" rel="noopener">raised</a> €30 million (~$32 million) in new capital funding, bringing its total to €63 million (~$65 million) in the past two years. The funding round was led by TiLT Capital Partners, a French growth capital impact fund, along with Quanta Services, a U.S.-based energy infrastructure solutions company, which joined as a strategic investor.
Jupiter Power, a utility-scale energy storage project developer, <a href="https://mercomcapital.com/jupiter-power-secures-225-million-in-corporate-credit-facility/" target="_blank" rel="noopener">secured</a> a $225 million corporate credit facility that includes up to $175 million in letters of credit and $50 million in revolving loans. This transaction was led by Barclays Bank PLC, HSBC Bank USA, and Sumitomo Mitsui Banking Corporation on the lender side, serving as coordinating lead arrangers. Kirkland &amp; Ellis acted as the borrower’s counsel, and Latham &amp; Watkins as the lenders’ counsel.
Birch Creek Energy, a utility-scale solar and energy storage project developer, has secured a $150 million credit facility provided by KKR’s high-grade asset-based finance strategy via insurance accounts managed by KKR. This funding will extend and upsize its previous $100 million facility, and the company&#8217;s development expenses and equipment will be used for solar farms in its development portfolio.
S4 Energy, a Dutch-based grid-scale energy storage developer, announced the acquisition of LC Energy Grid Service, a high-voltage battery storage platform and subsidiary of LC Energy. S4 Energy is majority-owned by Castleton Commodities International. With this acquisition, S4 Energy will be able to continue developing its existing portfolio of projects, which includes four 10 MW medium-voltage, 4-hour duration systems in the Netherlands, all of which are scheduled to become operational in 2025.
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://mercomcapital.com/funding-and-ma-roundup-adden-energy-secures-15-million-in-series-a-funding/" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.lowcarbon.com/" target="_blank" rel="noopener">Low Carbon</a>, a renewable energy project developer, sold 6 GW of energy storage projects in the Netherlands. LC Energy, a joint venture between Low Carbon and QING, developed those storage assets.
The projects were acquired by <a href="https://www.s4-energy.com/" target="_blank" rel="noopener">S4 Energy</a>, a Dutch-based grid-scale energy storage developer and operator, majority-owned by Castleton Commodities International (CCI). KPMG Deals acted as the exclusive M&amp;A advisor to LC Energy on the sale of the portfolio.
According to Low Carbon, the sale is one of the largest-ever investments in battery storage capacity in the renewables sector globally and supports the Netherlands’ 2030 climate goals.
“The Netherlands is now positioned to prove that we can seize the opportunities of the decarbonization mission with highly attractive, investible green energy infrastructure. I cannot emphasize the scale of this portfolio enough – at 6 GW, it is among the very largest ever brought to market globally,” said Low Carbon’s Founder and Chief Executive, Roy Bedlow.
Headquartered in the U.K., Low Carbon operates in nine countries in total, including Ireland, where it provides 20% of the country’s operational storage capacity. The company says it aims to deliver 20 GW of renewable energy, enough to power 7 million homes.
According to Mercom’s 9M and Q3 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-and-q3-2024-funding-and-ma-report-for-storage-and-grid/" target="_blank" rel="noopener">Report</a> for Energy Storage and Smart Grid, in 9M 2024, there were 22 energy storage project M&amp;A transactions (one disclosed) compared to 22 transactions (four disclosed) in 9M 2023.
In August, OX2, a solar and energy storage project developer, <a href="https://cms.mercomindia.com/ox2-sells-energy-storage-project-in-finland/" target="_blank" rel="noopener">signed</a> an agreement to sell the ready-to-build 50 MW/110 MWh Uusnivala battery energy storage project to the L&amp;G NTR Clean Power Fund, which will manage the project’s construction.

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