From: Mercom Capital Group

Canadian Solar, a solar module manufacturer, has signed a definitive agreement with investment firm PAG. Under this agreement, PAG will subscribe to $200 million in convertible notes to be issued by the company. The transaction is anticipated to close in the fourth quarter of 2024, pending certain closing conditions. Canadian Solar will maintain some flexibility on drawdowns and plans to use the net proceeds to optimize its capital structure, repay existing debt, and invest in solar development projects.

Voltera, an electric vehicle charging solutions provider, secured $100 million in debt funding. ING Capital acted as the book-runner, Investec as lead arranger, and Green Loan as co-coordinator for the financing. The funding will support developing multiple Voltera-owned and operated charging sites, continued corporate growth, and other initiatives. Under the terms of the agreement, Voltera will have the option to increase commitments over time as the facility is utilized.

VARTA AG, the German battery manufacturer, has announced that it has agreed with its financial creditors and strategic investors on a viable restructuring concept. The restructuring of the balance sheet initially focuses on a haircut. The second component of the reorganization plan involves a complete reduction of VARTA AG’s share capital to zero. Following this reduction, VARTA AG will receive €60 million (~$66 million) in new equity through a capital increase, with €40 million (~$44 million) provided in cash.

Intercity electric bus startup Fresh Bus has raised ₹875 million (~$10.42 million) in a Series A funding round. The financing was led by the international early-stage transportation-focused VC fund Maniv. Shell Ventures, Alteria Capital, and existing investor Riverwalk Holdings also participated in the funding round. Fresh Bus will utilize the funds to launch 150 e-buses, expand its network to 15 new routes, enhance its technological capabilities, and strengthen its strategic team to drive growth.

NOVA Infrastructure, a middle-market infrastructure investment firm, has finalized the acquisition of UGE International, a company specializing in community solar and battery storage. In May of this year, NOVA agreed to acquire roughly 70% of UGE’s common shares. The transaction has now received the necessary security holder and regulatory approvals. UGE’s portfolio currently includes over 12 operational projects and 81 advanced backlog projects across 11 U.S. states.

For reports and trackers on funding and M&A transactions in solar, energy storage, and smart grid sectors, click here.

Read last week’s funding roundup.