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Navisun, an independent power producer, announced it has <a href="https://cms.mercomindia.com/navisun-secures-debt-solar-and-storage-projects-us/" target="_blank" rel="noopener">secured</a> up to $235 million in debt financing through two facilities. The funding will support the company’s growth strategy, allowing it to execute its project pipeline of distributed and small utility-scale solar and storage projects across the United States. The funding was led by MUFG, which acted as an administrative agent, issuing bank, and coordinating lead arranger. Export Development Canada served as the mandated lead arranger for both facilities.
Scale Microgrids, a commercial-scale distributed energy developer, announced <a href="https://cms.mercomindia.com/scale-microgrids-raises-225-million/" target="_blank" rel="noopener">closing</a> its $225 million debt facility to help the company build and operate future projects. The new debt facility will be used to construct and operate a portfolio of future microgrids, and other distributed energy projects across the U.S. Warburg Pincus initially seeded Scale Microgrids with a $300 million line of equity commitment in late 2019. The startup has since delivered multiple distributed energy resources projects across industries in the U.S.
Canada-based solar module manufacturer Silfab Solar has <a href="https://mercomindia.com/silfab-raises-125-million-arc-financial/" target="_blank" rel="noopener">completed</a> the second investment round of $125 million led by ARC Financial Corp, an energy-focused private equity fund manager. The capital infusion will allow Silfab to embark on its next phase of expansion, which includes establishing a third manufacturing facility in the United States.
Indra, an electric vehicle charging and energy technology company, has announced that it has <a href="https://cms.mercomindia.com/ev-charging-provider-indra-raises-21-million/" target="_blank" rel="noopener">secured</a> over £20 million (~$21 million) in Series B Funding. The lead investor was Gulf Oil International, which significantly increased its equity stake in Indra. The new funding will help Indra accelerate the development and deployment of its bidirectional charging technology and will also enable the company to expand its customer base, increase its revenue stream and grow its presence in domestic and international markets.
itselectric, a curbside electric vehicle charging provider in Brooklyn, <a href="https://cms.mercomindia.com/itselectric-raises-2-2-million-to-deploy-curbside-ev-charging/" target="_blank" rel="noopener">secured</a> $2.2 million in Seed funding. Brooklyn Bridge Ventures led the investment round with participation from The Helm, XFactor, Graham &amp; Walker, Clean Energy Venture Group, and Pericles. The funding will be used to install the company’s curbside EV chargers pilot chargers across major cities in the U.S. in 2023.
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-palmetto-raises-150-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Navisun Raises $235 Million for Solar Projects

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-navisun-raises-235-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Navisun, an independent power producer, announced it has <a href="https://mercomcapital.com/navisun-secures-debt-solar-and-storage-projects-us/" target="_blank" rel="noopener">secured</a> up to $235 million in debt financing through two facilities. The funding will support the company’s growth strategy, allowing it to execute its project pipeline of distributed and small utility-scale solar and storage projects across the United States. The funding was led by MUFG, which acted as an administrative agent, issuing bank, and coordinating lead arranger. Export Development Canada served as the mandated lead arranger for both facilities.
Scale Microgrids, a commercial-scale distributed energy developer, announced <a href="https://mercomcapital.com/scale-microgrids-raises-225-million/" target="_blank" rel="noopener">closing</a> its $225 million debt facility to help the company build and operate future projects. The new debt facility will be used to construct and operate a portfolio of future microgrids, and other distributed energy projects across the U.S. Warburg Pincus initially seeded Scale Microgrids with a $300 million line of equity commitment in late 2019. The startup has since delivered multiple distributed energy resources projects across industries in the U.S.
Canada-based solar module manufacturer Silfab Solar has <a href="https://mercomindia.com/silfab-raises-125-million-arc-financial/" target="_blank" rel="noopener">completed</a> the second investment round of $125 million led by ARC Financial Corp, an energy-focused private equity fund manager. The capital infusion will allow Silfab to embark on its next phase of expansion, which includes establishing a third manufacturing facility in the United States.
Indra, an electric vehicle charging and energy technology company, has announced that it has <a href="https://mercomcapital.com/ev-charging-provider-indra-raises-21-million/" target="_blank" rel="noopener">secured</a> over £20 million (~$21 million) in Series B Funding. The lead investor was Gulf Oil International, which significantly increased its equity stake in Indra. The new funding will help Indra accelerate the development and deployment of its bidirectional charging technology and will also enable the company to expand its customer base, increase its revenue stream and grow its presence in domestic and international markets.
itselectric, a curbside electric vehicle charging provider in Brooklyn, <a href="https://mercomcapital.com/itselectric-raises-2-2-million-to-deploy-curbside-ev-charging/" target="_blank" rel="noopener">secured</a> $2.2 million in Seed funding. Brooklyn Bridge Ventures led the investment round with participation from The Helm, XFactor, Graham &amp; Walker, Clean Energy Venture Group, and Pericles. The funding will be used to install the company’s curbside EV chargers pilot chargers across major cities in the U.S. in 2023.
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-palmetto-raises-150-million/" target="_blank" rel="noopener">roundup</a>.

Anglo-Australian mining conglomerate <a href="https://www.riotinto.com/en" target="_blank" rel="noopener">Rio Tinto Group</a> has issued a Request for Proposal (RfP) to develop 4 GW of utility-scale wind and solar power projects in Central and Southern Queensland bordering South Australia for its aluminum projects.
The large-scale renewable projects would help the company meet its targets aligning with the Paris Accord for climate change.
The formal market proposal would support Rio Tinto’s new solar and wind power projects under development by initiating power supply to the company’s Gladstone assets through the Queensland grid by 2030.
Rio Tinto currently has three production assets in the Gladstone region, a local government area in Australia: the Boyne smelter, the Yarwun alumina refinery, and the Queensland Alumina refinery.
Rio Tinto requires 1,140 MW of reliable electricity to operationalize the assets, totaling around 4,000 MW of quality wind or solar power with firming.
Rio Tinto Aluminum Chief Executive Ivan Vella said, “As Queensland’s largest energy user, we have an important role in driving the development of competitive renewable energy sources for our Gladstone assets and supporting the State’s renewable energy targets. It is early in the process, but this is an important step towards meeting both our Group climate change target of halving our emissions by the end of the decade and our commitment to net zero emissions by 2050.”
The proposals follow Rio Tinto’s target announced in October 2021 to reduce its Scope 1 and 2 carbon emissions by 50% by the end of the decade, tripling its previous target. The company has set a 15% CO2 emission reduction target until 2025, supported by investments amounting to around $7.5 billion.
Last October, a climate tech company, Carbon Capture, raised $35 in a Series A funding round, securing over $43 million in equity funding. Rio Tinto was one of the companies that <a href="https://mercomindia.com/carbon-capture-raises-35-million-series-a-funding/" target="_blank" rel="noopener">participated</a> in the funding round.
Rio Tinto is also backing InoBat Auto, an electric vehicle battery company focused on scaling manufacturing with several gigafactories planned across Europe and globally. It has also partnered with RESOLVE, a Washington-based nonprofit, to launch Regeneration. The start-up will use the re-mining and processing of waste from legacy mine sites to support rehabilitation activities and restore natural environments.

Rio Tinto Issues RfP to Develop 4 GW of Solar and Wind Projects in Australia

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