Funding and M&A Roundup: Fundamental Renewables Secures $400 Million

Out of: Mercom Capital Group

Fundamental Renewables, Fundamental Advisors’ clean energy investment arm, has secured a $400 million credit facility to support its growing solar power investment strategy. Funding was provided by Delaware Life Insurance Company, a Group 1001 company, which also acted as arranger of the facility. Other lenders include CDPQ American Fixed Income V Inc., a wholly owned subsidiary of CDPQ, and East West Bank.

New York-based electric vehicle charging infrastructure company TeraWatt has secured Raised over $1 billion in institutional capital to support the expansion of its fleet-focused charging centers and operations. Funds managed by Vision Ridge Partners have invested in TeraWatt along with existing investors Keyframe Capital and Cyrus Capital, who have increased their exposure to the company.

Goldman Sachs Asset Management (Goldman Sachs) and Cleanhill Partners acquired a majority stake in smart inverter provider EPC Power. The financial terms of the deal were not disclosed. Headquartered in San Diego, California, EPC Power manufactures inverters, a full PCS kit for utility scale energy storage and solar plus storage applications, and backup UPS systems for data centers.

Global investor Ontario Teachers’ Pension Plan becomes acquire a 30% stake in Mahindra Susten, a cleantech arm of Mahindra Group, for an equity value of £23.71bn (~$300m). The transaction involves the formation of an Infrastructure Investment Trust (InvIT) in accordance with applicable regulations of the Securities and Exchange Board of India.

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Monta, a charging management platform for electric vehicles, secured €30 million (~$30 million) at a valuation of €155 million (~$155 million) as part of the Series A+ funding round Led by Energize Ventures with participation from returning investors Creandum, Pale Blue Dot, byFounders and Headline. With the investment, the company intends to expand to North America.

Correlate Infrastructure Partners, a portfolio scale development and financing platform signed a non-binding letter of intent to acquire solar project developer Aegis Renewable Energy. Upon completion, Correlate’s acquisition of Aegis Renewable Energy will provide the Company with strategic capabilities to capitalize on the burgeoning renewable energy market in the North East.

DNV, a provider of digital solutions for managing risk and improving safety and asset performance signed a definitive agreement to acquire Clean Technology Partners (CTP), a network consulting firm based in Melbourne, Australia. DNV intends to expand its market presence in Australia and address the critical area of ​​connecting generation projects to the country’s electricity grid by leveraging CTP’s expertise in delivering over 1,500 consulting projects in the areas of electricity grids, renewable energy and storage technology.

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Yulu, a Bengaluru-based Shared Electric Mobility-as-a-Service (MaaS) and Battery-as-a-Service (BaaS) provider, has secured £6.5 billion ($82 million) in equity funding in a Series B funding round led by US mobility technology company Magna International. Yulu’s strategic partner Bajaj Auto also participated in the financing round. Yulu said the funds will be used to bolster product and technology innovation. The funds are also to be used to increase the electric vehicle fleet to over 100,000 electric two-wheelers and more than 500 battery charging and changing stations in one year.

Indian solar monitoring and analytics platform Prescinto Technologies has behaved Funding of $6.5 million and foray into the US market. The company is working with a major international energy storage company for real-time data monitoring. The fundraising will help Prescinto use analytics to evaluate its installed energy storage assets around the world.

Sense, a provider of home energy intelligence systems, announced the closing of a $127.6 million Series C financing, with Volery Capital Partners joining Blue Earth Capital, TELUS Ventures, MCJ Collective, Schneider Electric, Energy Impact Partners, Prelude Ventures, iRobot and others. The investment brings Sense’s previous funding to $179.6 million.

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Jiangsu Horizon New Energy Technology, a Chinese manufacturer of lithium-ion battery separators, has behaved 1.37 billion yuan ($195.4 million) from 11 investors to increase its valuation to $1 billion. The five-year-old company offered a total of 19.68% of its shares at a price of 3.98 yuan (~US$0.57) each to the consortium led by investors including the China Development Fund, an investment platform led by the country’s largest political bank, which backs China, is run by Development Bank, according to a recent stock market report.

SolarZero, a New Zealand-based provider of solar, battery storage and energy system services, announced that a fund managed by BlackRock Real Assets has approved acquire the enterprise. BlackRock’s climate infrastructure business, part of BlackRock Real Assets, will work with SolarZero’s management team to build on the company’s track record and drive its next phase of growth both in New Zealand and internationally.

For reports and trackers on solar, energy storage, smart grid and efficiency financings and M&A transactions, click here.

Read last week’s funding overview.

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