From: Mercom Capital Group

Recurrent Energy, a solar and energy storage project developer and a wholly owned subsidiary of Canadian Solar, has announced BlackRock’s second and final closing of a $500 million investment through a fund managed by its Climate Infrastructure business. The transaction was announced in January 2024, and the first payment was made in June 2024. As per the agreement, BlackRock’s total investment has reached $500 million, representing 20% of the outstanding fully diluted shares of Recurrent Energy.

Peregrine Energy, an integrated clean energy platform focused on utility-scale energy storage solutions, secured a credit facility from insurance accounts managed by KKR that can provide financing for up to $250 million. The funding will be used to finance equipment, interconnection, and offtake credit security to support Peregrine Energy’s energy sector development and continue developing its portfolio across the U.S. The company operates within five independent system operators and 11 states, with approximately 37 projects in its pipeline.

Powin, an energy storage solutions provider, has secured a revolving credit facility of up to $200 million primarily from KKR, a global investment firm. Guggenheim Securities, a global investment and advisory firm, acted as Powin’s financial advisor and facilitated the completion of this capital raise. The company’s equity investors are Greenbelt Capital Partners, Trilantic, and Energy Impact Partners. The funding will be used to meet Powin’s working capital needs and enhance the company’s financial flexibility.

Voltfang, an energy storage solutions provider, has secured more than €8 million (~$8.7 million) in a Series A financing round, including €800,000 (~$877,000) in secured grants. Dutch deep tech venture capital firm FORWARD.One led the oversubscribed funding round. The company plans to use the funding to expand its product offerings and advance its energy management system to increase battery efficiency, strengthening its market position for commercial/industrial and grid-scale applications.

The board of directors at Inox Green Energy Services (INOX Green), a wind power operations and maintenance service provider, has allotted 2.76 million equity shares with a face value of ₹10 (~$0.12) each at a price of ₹145 (~$1.73) to non-promoter warrant holders. The allotment was made after receiving conversion requests and the balance payment of 75% of the issue price for the previously issued convertible warrants. The newly allotted equity shares will be on an equal footing with the company’s existing equity shares in all respects.

The Asian Development Bank will invest $25 million in a certified climate bond issue by Vivriti Capital. The proceeds will be used to finance companies engaged in sectors including electric vehicles, solar and wind energy, and waste management. At least 30% of the funds will be specifically allocated to electric vehicle financing, including charging stations and battery swapping stations. The investment is expected to have a significant impact on India’s nascent green bond market.

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.