From: Mercom Capital Group
PosiGen, a provider of renewable energy and efficiency solutions for low-to-moderate-income households, closed a Series D growth equity financing with an additional $27 million investment from a syndicate of private equity investors, including Activate Capital Kayne Anderson and SJF Ventures. The second closing of Series D brings the total round to $60 million. Marathon Capital acted as PosiGen’s exclusive financial advisor for the Series D equity raise and continues to advise PosiGen on raising tax equity investment to support the company’s accelerated growth plan.
The European Bank for Reconstruction and Development (EBRD) has successfully participated in the first green Eurobond issuance by the Greek industrial and energy group Mytilineos with an investment of €60 million (~$72.74 million) of the total €500 million (~$606.19 million) offering. The proceeds of the issuance will be used exclusively to finance eligible green projects with clear environmental benefits. These projects are aligned with the provisions in the EU taxonomy and contribute to specific Sustainable Development Goals as defined by the United Nations.
SunRoof, a Sweden-based residential solar installer, closed a €4.5 million (~$5.4 million) in Seed extension round, led by Inovo Venture Partners, with support from SMOK Ventures – €2 million (~$2.4 million) of which came in the form of convertible notes. Other investors who participated in the oversubscribed round include LT Capital, EIT InnoEnergy, FD Growth Capital, and KnowledgeHub.
Total, a broad energy company that produces and markets fuels, natural gas and electricity, signed an agreement with wpd, a renewable energy project operator and developer, to acquire a 23% interest in Yunlin Holding, the owner of Yunlin offshore wind farm located off the coast of Taiwan. The project, currently under construction, represents 640 MW and benefits from a 20-year guaranteed-price power purchase agreement (PPA) with the state-owned company Taipower of $250/MWh for the first ten years and $125/MWh for the following ten years. The project is currently 48%-owned by wpd, 25% by EGCO, and 27% by a consortium of Japanese investors led by Sojitz (Sojitz Corporation, ENEOS Corporation, Chugoku Electric Power, Chudenko Corporation, and Shikoku Electric Power).
Gridtential Energy, the creator of advanced AGM battery technology Silicon Joule, raised $12 million in financing led by 1955 Capital with participation from Silicon Valley Bank, August Capital cofounder David Marquardt, ReneSola CEO Yumin Liu, and existing investors East Penn Manufacturing, Crown Battery, and the Roda Group joining as well. The latest funding will support a new production line of advanced lead reference batteries, including a single-block 24V deep-cycle lead battery, made possible by solar-inspired Silicon Joule technology.
Sunseap Group, a solar energy system developer, owner, and operator in Singapore, raised an undisclosed amount in a Series E funding round. The new investors are Sumitomo Corporation, Shikoku Electric Power Company, and Sumitomo Mitsui Finance and Leasing Company Limited. The proceeds will be used by Sunseap to invest in projects in Japan at a time when the country has pledged to achieve carbon neutrality by 2050.
CDC Group, a U.K. government-owned financial development institution, has announced a ₹2.5 billion (~$33.44 million) investment into distributed solar energy company Fourth Partner Energy. The capital from CDC will be in the form of non-convertible debentures. CDC’s investment aims to support India’s clean energy transition and provide cleaner energy to businesses. It will fund approximately 217 MW of greenfield renewable power generation in India to displace primarily thermal power generation, avoiding 258,000 tonnes of annual carbon emissions.
For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.
Read last week’s funding roundup.