From: Mercom Capital Group

Clearway Energy Group, a developer and operator of clean energy projects, secured over $1 billion in corporate credit funding, with Natixis Corporate and Investment Banking (Natixis CIB) acting as coordinating lead arranger and administrative agent for the financing. The funding consists of a $400 million revolving credit facility, a $350 million letter of credit facility, and a $169 million term loan. Natixis CIB also provided an additional $100 million letter of credit facility.

Enfinity Global, a renewable energy project developer, announced the expansion of its structured credit facility in the U.S. to $245 million. Nomura was the lead arranger of the asset-based credit facility, with participation from other institutional investors. Proceeds from the funding will be used to finance Enfinity’s development and ready-to-build projects in the U.S.

Japan-based financial services group ORIX Corporation has announced it will reenter a share transfer agreement to divest part of its holdings in Hyderabad-based renewable energy company Greenko Energy Holdings to AM Green Power. The transaction involves selling 17.5% of its 20% stake in Greenko to Netherlands-based AM Green Power.  Following the transaction, ORIX’s shareholding in Greenko will stand at 2.5%.

Melvan, a renewable energy producer and developer, raised €25 million (~$29.1 million) in funding from a consortium of investors. The funding round was led by Bpifrance, through its France Investissement Énergie Environnement 2 fund, and IDIA Capital Investissement, through its Crédit Agricole Energie & Economie Bas Carbone I fund, as well as a pool of investors from the Crédit Agricole group, and OCCTE, through its FPCI OCCTE OCCIGEN fund.

Solar module manufacturer Rayzon Solar has filed a draft red herring prospectus with the Securities and Exchange Board of India to raise ₹15 billion (~$175 million) through an initial public offering of shares. The company will utilize up to ₹12.65 billion (~$147.5 million) of the net proceeds to invest in its wholly owned subsidiary, Rayzon Energy, and partly finance the development of a 3.5 GW TOPCon solar cell manufacturing plant in Surat, Gujarat.

Non-banking financial company and lender to the renewable energy sector, Aseem Infrastructure Finance has secured external commercial borrowing and a green loan amounting to $80 million (~₹6.88 billion) from DBS Bank. The funding will enable Aseem Infrastructure Finance to accelerate the development of renewable power projects across India. DBS Bank was the sole mandated lead arranger through its branch in the Gujarat International Finance Tec-City.

Adani Electricity Mumbai, India, has concluded the open-market repurchase of its senior secured notes worth $49.5 million (~₹4.25 billion). The transaction is part of a senior secured note issue of $1 billion (~₹86.03 billion) at a coupon rate of 3.9%, secured by AEML in February 2020. The distribution company also confirmed its purchase notes were canceled after acquiring the senior secured notes. The repurchase was funded through Adani Electricity’s internal cash flows.

Enviro Infra Engineers Renewables (EIE Renewables), a subsidiary of Enviro Infra Engineers, has acquired a 49% equity stake in renewable energy company Soltrix Energy Solutions for ₹13.2 million (~$153,352). Soltrix has been awarded a contract for the engineering, procurement, and construction, and maintenance of a 29 MW solar power project for the Maharashtra State Electricity Distribution Company to be set up in the state.

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.