Funding and M&A Roundup_ Sunnova Completes Acquisition of SunStreet

From: Mercom Capital Group

Sunnova Energy International, a residential solar and storage service provider, announced that it completed the acquisition of SunStreet Energy Group, Lennar Corporation’s residential solar platform, and has become Lennar’s residential solar and storage service provider for new home communities with solar across the U.S. Additionally, as part of the transaction, Lennar committed to provide tax equity investments to support Sunnova’s homebuilder customer pipeline.

Paramount Equity Mortgage (dba Loanpal), a solar loan origination platform that loans to install solar panel systems and batteries closed a $343.3 million term ABS securitization. Kroll Bond Rating Agency (KBRA) assigned ratings to three classes of notes issued by Loanpal Solar Loan 2021-2 and Loanpal Solar Loan 2021-2, an asset-backed securitization collateralized by a pool of residential solar loans. The collateral pool consists of approximately $421.3 million residential solar loans. The loan proceeds were used to finance either a Solar Energy System or a Solar Energy System with an Energy Storage System and any related Home Efficiency Items installed at the time of installation.

Enphase Energy, a supplier of micro inverter-based solar-plus-storage systems, announced that it had completed the acquisition of the Solar Design Services business of DIN Engineering Services.


NovaSource Power Services, a portfolio company of Clairvest Group, has closed the acquisition and corresponding merger with the North American operations and maintenance (O&M) business of First Solar. The combined business will operate as NovaSource Power Services.

Cubico Sustainable Investments (Cubico), an investor in renewable energy, has completed the acquisition of Grupo T-Solar, a solar power generation platform with assets across Spain and Italy, from I Squared Capital. The company has also acquired the minority shareholding of KKR in Grupo T-Solar’s Spanish PV assets.

Adani Green Energy Limited (AGEL) announced that it had completed the acquisition of 100% share capital of all the securities of Spinel Energy & Infrastructure Limited. It has acquired the equity stakes in Spinel Energy from Hindustan Clean energy Limited and Peridot Power Ventures Limited.

Vinci has signed an agreement to buy the energy business of Actividades de Construccion y Servicios SA for around 4.9 billion (~$5.75 billion) in cash. The French construction and infrastructure company said that the move aims to create a global player in energy contracting and develop a platform for renewables projects.

The profit for impact startup betteries has closed its €2.1 million (~$2.4 million) Seed funding round led by impact funds Factor[e] Ventures and Beyond Black. Munich-based family office ISAR, an undisclosed French family office, and existing shareholders have completed the round. Funding will allow betteries to refine its business model, serve more customers in developed economies and frontier markets, get its first two products – the betterPack and the betterGen – launched into the market in 2021 kick-start the development of the betterStore.

Enverus, an energy SaaS company, announced that it had acquired Energy Acuity, a provider of power generation and power delivery market data with specific expertise in renewable energy. Enverus will integrate Energy Acuity’s data into Prism, the company’s hallmark single technology platform. The combination with Enverus’ existing power and renewables data and analytics will allow Enverus to produce unique content and insights for existing and prospective developers, institutional investors, and corporate and government clients.

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.