Funding and M&A Roundup: iSun Raises $25M in Debt Funding



Of: Mercom Capital Group

iSun, a solar service provider for residential, commercial, industrial, municipal and large-scale projects, secured a 25 million dollars debt financing as a Senior Secured Convertible Notes Facility with a single investor. Proceeds will be used to repay debt and meet certain financial obligations, working capital and general corporate purposes.

Sembcorp Green Infra Limited, a wholly-owned subsidiary of Singapore-based renewable energy company, Sembcorp, has entered into an agreement with India Infrastructure Fund II, managed by Global Infrastructure Partners, to to acquire 100% green vector in a ₹27.8 billion ($474 million) deal. Including Vector Green, Sembcorp’s gross installed and under-development renewables portfolio in India will total 3 GW, comprising 1 GW of solar assets and 2 GW of wind assets. The acquisition would be financed by internal cash resources and external borrowings.

Pineapple Energy, a sustainable solar energy provider, announced the acquisition by SUNation Energy, a New York-based installer of solar and battery energy storage systems. Financial terms of the transaction were not disclosed. SUNation generated $48 million in full-year revenue for the period ending September 30. According to Pineapple Energy, the acquisition was valued at approximately $21.9 million.

BlackRock Alternatives, through a fund managed by its Diversified Infrastructure business, has agreed to to acquire Jupiterian power, an operator and developer of stand-alone utility-scale battery energy storage systems, from existing backers for an undisclosed amount. EnCap Energy Transition Fund I (EETF I) and its co-investment partners Yorktown Partners and Mercuria Energy are selling Jupiter. The transaction is expected to be finalized at the end of 2022.

Equinor Ventures has announcement a $0.9 million convertible note investment in Sol Clarity, a Boston-based startup that offers contactless, waterless automated solar cleaning. The seed capital will accelerate Sol Clarity’s efforts to bring its technology to market and support its mission to promote solar growth while conserving water. Sol Clarity’s patented technology, the Electrodynamic Shield, consists of rows of conductive parallel electrodes that charge dust particles clogging solar panels with static electricity before sweeping them away from the surface with a progressive electric wave generated .

Meyer Burger technology has completed a capital increase which raised gross proceeds of CHF 250 million (~$253 million). The fund will be deployed to support the Swiss solar module manufacturer’s annual production capacity expansion to around 3 GW. A total of 926.7 million new shares will be issued as a result of the injection of funds, including 17.9 million shares sold during the rights offering and 908.7 million new shares for which subscription rights have been exercised.

Electriq Power, a provider of smart energy storage and management for homes and small businesses, and TLG Acquisition One Corp, a publicly traded special purpose acquisition company, announcement that they have entered into a definitive merger agreement. The combined company will operate as Electriq Power Holdings Inc. and will be led by existing Electriq management, with Mike Lawrie joining the board as chairman. The transaction values ​​Electriq at a pro forma net worth of $495 million, and the combined company plans to trade on the NYSE under the symbol ELIQ. The transaction is expected to be finalized in the first half of 2023.

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Read last week’s funding roundup.

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