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Palmetto, a provider of solar-based software solutions, <a href="https://cms.mercomindia.com/residential-solar-solutions-provider-palmetto-raises/" target="_blank" rel="noopener">announced</a> $150 million in funding from TPG Rise Climate, investing strategy of TPG&#8217;s global impact investing platform TPG Rise. Additional terms of the investment were not disclosed. Palmetto provides solar software solutions to connect buyers, sellers, lenders, and installers through a single platform. With this investment, the company plans to expand its software ecosystem and accelerate its growth and expansion.
United States-based equity investment firm GQG Partners has closed a major deal involving secondary block trade <a href="https://mercomindia.com/gqg-partners-invests-adani-companies/" target="_blank" rel="noopener">transactions</a> amounting to ₹154.46 billion (~$1.87 billion) in the Adani Portfolio companies. The investments include ₹54.6 billion (~$663.21 million) in Adani Enterprises for 38.7 million shares at a price of ₹1,410.86 (~$17.14) per share. Adani Ports and Special Economic Zone received ₹52.82 billion (~$641.59 million) for 88.6 million shares at a price of ₹596.2 (~$7.24) per share. Adani Transmission received ₹18.98 billion (~$230.54 million) for 28.4 million shares at ₹668.4 (~$8.12) per share. The investment in Adani Green Energy stood at ₹28.06 billion (~$340.81 million) for 55.6 million shares at ₹504.6 (~$6.13) per share.
Sakuu Corporation, a provider of solid-state battery solutions, <a href="https://cms.mercomindia.com/sakuu-goes-public-via-a-spac-deal/" target="_blank" rel="noopener">entered</a> into a definitive business combination agreement with Plum Acquisition Corp. I, a special purpose acquisition company, for a merger resulting in Sakuu becoming a publicly traded company. The business combination values the company at an enterprise value of $705 million. The transaction is expected to close in the third quarter of 2023.
Renewable energy company Greenko Group announced the signing of definitive agreements for a primary equity <a href="https://mercomindia.com/greenko-700-million-pumped-storage/" target="_blank" rel="noopener">raising</a> of $700 million from affiliates of Singapore&#8217;s sovereign wealth fund GIC, ORIX Corporation, and a wholly owned subsidiary of the Abu Dhabi Investment Authority. The company will use the $700 million investment towards the capital expenditure of pumped storage projects with a more than 25 GWh storage capacity, enabling 45 billion units of dispatchable carbon-free energy.
Tata Power Renewable Energy (TPREL), a wholly-owned subsidiary of Tata Power, has <a href="https://mercomindia.com/tata-power-renewable-sale-shares-greenforest/" target="_blank" rel="noopener">approved</a> the allotment of 200 million compulsorily convertible preference shares to GreenForest New Energies. The shares have a face value of ₹100 (~$1.2) each at par, amounting to a total of ₹20 billion (~$242.4 million). The share sale completes the two investment tranches of ₹20 billion (~$242.4 million) each in TPREL by GreenForest.
RWE, a German power generation company, has <a href="https://cms.mercomindia.com/rwe-acquires-solar-and-battery-storage-company-jbm-solar/" target="_blank" rel="noopener">acquired</a> JBM Solar, an independent solar and battery storage developer based in the U.K. The company bought JBM Solar from renewables investor Susgen for an undisclosed sum. The acquisition will add a pipeline of more than 6 G.W. to RWE&#8217;s existing portfolio, including 3.8 GW of solar capacity and 2.3 GW of battery storage projects.
Energy-focused private equity firm EIG Partners has<a href="https://cms.mercomindia.com/solar-projects-developer-industrial-sun-receives-90-million-in-funding/" target="_blank" rel="noopener"> invested</a> $90 million in Industrial Sun, a utility-scale solar projects developer owned by U.S. clean energy company Modern Energy. This new investment brings EIG Partners&#8217; total investment in Modern Energy and its affiliate to $190 million, following the debt financing completed in mid-2020.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency 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-eo-charging-raises-80-million-in-equity-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Solar Solutions Provider Palmetto Raises $150 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-palmetto-raises-150-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Palmetto, a provider of solar-based software solutions, <a href="https://mercomcapital.com/residential-solar-solutions-provider-palmetto-raises/" target="_blank" rel="noopener">announced</a> $150 million in funding from TPG Rise Climate, investing strategy of TPG&#8217;s global impact investing platform TPG Rise. Additional terms of the investment were not disclosed. Palmetto provides solar software solutions to connect buyers, sellers, lenders, and installers through a single platform. With this investment, the company plans to expand its software ecosystem and accelerate its growth and expansion.
United States-based equity investment firm GQG Partners has closed a major deal involving secondary block trade <a href="https://mercomindia.com/gqg-partners-invests-adani-companies/" target="_blank" rel="noopener">transactions</a> amounting to ₹154.46 billion (~$1.87 billion) in the Adani Portfolio companies. The investments include ₹54.6 billion (~$663.21 million) in Adani Enterprises for 38.7 million shares at a price of ₹1,410.86 (~$17.14) per share. Adani Ports and Special Economic Zone received ₹52.82 billion (~$641.59 million) for 88.6 million shares at a price of ₹596.2 (~$7.24) per share. Adani Transmission received ₹18.98 billion (~$230.54 million) for 28.4 million shares at ₹668.4 (~$8.12) per share. The investment in Adani Green Energy stood at ₹28.06 billion (~$340.81 million) for 55.6 million shares at ₹504.6 (~$6.13) per share.
Sakuu Corporation, a provider of solid-state battery solutions, <a href="https://mercomcapital.com/sakuu-goes-public-via-a-spac-deal/" target="_blank" rel="noopener">entered</a> into a definitive business combination agreement with Plum Acquisition Corp. I, a special purpose acquisition company, for a merger resulting in Sakuu becoming a publicly traded company. The business combination values the company at an enterprise value of $705 million. The transaction is expected to close in the third quarter of 2023.
Renewable energy company Greenko Group announced the signing of definitive agreements for a primary equity <a href="https://mercomindia.com/greenko-700-million-pumped-storage/" target="_blank" rel="noopener">raising</a> of $700 million from affiliates of Singapore&#8217;s sovereign wealth fund GIC, ORIX Corporation, and a wholly owned subsidiary of the Abu Dhabi Investment Authority. The company will use the $700 million investment towards the capital expenditure of pumped storage projects with a more than 25 GWh storage capacity, enabling 45 billion units of dispatchable carbon-free energy.
Tata Power Renewable Energy (TPREL), a wholly-owned subsidiary of Tata Power, has <a href="https://mercomindia.com/tata-power-renewable-sale-shares-greenforest/" target="_blank" rel="noopener">approved</a> the allotment of 200 million compulsorily convertible preference shares to GreenForest New Energies. The shares have a face value of ₹100 (~$1.2) each at par, amounting to a total of ₹20 billion (~$242.4 million). The share sale completes the two investment tranches of ₹20 billion (~$242.4 million) each in TPREL by GreenForest.
RWE, a German power generation company, has <a href="https://mercomcapital.com/rwe-acquires-solar-and-battery-storage-company-jbm-solar/" target="_blank" rel="noopener">acquired</a> JBM Solar, an independent solar and battery storage developer based in the U.K. The company bought JBM Solar from renewables investor Susgen for an undisclosed sum. The acquisition will add a pipeline of more than 6 G.W. to RWE&#8217;s existing portfolio, including 3.8 GW of solar capacity and 2.3 GW of battery storage projects.
Energy-focused private equity firm EIG Partners has<a href="https://mercomcapital.com/solar-projects-developer-industrial-sun-receives-90-million-in-funding/" target="_blank" rel="noopener"> invested</a> $90 million in Industrial Sun, a utility-scale solar projects developer owned by U.S. clean energy company Modern Energy. This new investment brings EIG Partners&#8217; total investment in Modern Energy and its affiliate to $190 million, following the debt financing completed in mid-2020.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency 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://mercomindia.com/funding-and-ma-roundup-eo-charging-raises-80-million/" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.sakuu.com/" target="_blank" rel="noopener">Sakuu Corporation</a>, a provider of solid-state battery solutions,  entered into a definitive business combination agreement with Plum Acquisition Corp. I, a special purpose acquisition company (SPAC), for a merger resulting in Sakuu becoming a publicly traded company.
The business combination values the combined company at an enterprise value of $705 million. The transaction is expected to close in the third quarter of 2023. Upon closing, it is expected to be listed on a U.S. national exchange under the &#8216;SAKU&#8217; ticker. Sakuu&#8217;s current equity holders are expected to own approximately 80% of the pro forma company.
The proposed transaction is anticipated to produce approximately $100 million in gross proceeds. In connection with the transaction, the company intends to raise $100 million in private and public capital as a lead-up to and as part of the transaction&#8217;s closing, including from structured debt and equity solutions, secured debt, and Plum Acquisition Corp. I&#8217;s cash in trust.
“The arrival of transformative additive manufacturing will have profound implications across global legacy manufacturing. Our high-volume Kavian solution for printing batteries can potentially leap-frog decades of manufacturing stagnation. We believe Kavian is the only known solution for producing heavily in-demand products, such as solid-state batteries, that can be custom-printed rapidly and cost-effectively—taking next-generation battery manufacturing to realms never imagined. Since 2016, our talented team, with deep and diverse industry expertise, has worked diligently to develop Kavian, along with our next-generation battery products. We are not a concept company—we have successfully and consistently printed high-performance batteries since December 2022 and, with this progress, we have entered the first stages of commercialization. With this proposed merger, the strong support of the exceptional leadership team at Plum, and our dedicated investors, we feel Sakuu is well-positioned to create a paradigm shift in complex manufacturing, starting first with batteries”, said Sakuu Founder and Chief Executive Officer, Robert Bagheri.
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>, 2022 announced debt and public market financing for energy storage companies increased 151% with $20.6 billion in 28 deals compared to $8.2 billion raised in 2021.

Solid State Battery Company Sakuu to go Public via a SPAC Deal

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