Funding and M&A Roundup_ Solar Energy Provider Sunseap Secures Series E Funding

Sunseap Group, a Singapore-based solar installer, secured equity in Series E funding round from Dubai-based conglomerate, Dutco. The proceeds will be deployed to Sunseap’s future solar projects in Singapore and the region.

Berlin-based start-up Zolar, a platform that serves as an online configurator for the planning and subsequent purchase of a rooftop PV system, received new investment and added ‎€10 million (~$11.9 million) to the ongoing Series B funding round, raising the total investment of this series to ‎€35 million (~$41.7 million). The new investment is led by Energy Impact Partners, headed by its managing partner Matthias Dill.

Sunlight Financial, a provider of loan financing for the residential solar market and storage installations in the U.S., announced that Tech CU, a Silicon Valley-based credit union, has committed to fund another nearly $2.5 billion in residential solar and storage systems sold and installed by Sunlight partners over the next three years, expanding on a long-term partnership between Sunlight and Tech CU that began in 2015.

Adani Green Energy Limited (AGEL) has raised $1.35 billion in a debt package for its under-construction renewable asset portfolio. The company has signed definitive agreements with international lenders. The finance facility would initially finance a total of 1.69 GW of solar-wind hybrid projects in Rajasthan, India. It is one of the largest revolving project financing deals in the renewable sector in Asia. According to the agreement, twelve international banks, including Standard Chartered Bank, Intesa Sanpaolo, MUFG Bank, Sumitomo Mitsui Banking Corporation, Cooperatieve Rabobank U.A., DBS Bank, Mizuho Bank, BNP Paribas, Barclays Bank, Deutsche Bank, Siemens Bank, and ING Bank N.V have committed their participation for the facility which will be the first green hybrid project loan in India.


Canadian Solar, a vertically integrated manufacturer of silicon ingots, wafers, PV cells, and modules, and SolarWorX, a Berlin-based off-grid solar pioneer, has entered into a strategic partnership in which Canadian Solar will invest in SolarWorX as part of the start-up’s Series A investment round. Canadian Solar, as the lead investor, is joined by co-investors EIT InnoEnergy, and DEG – Deutsche Investitions- und Entwicklungsgesellschaft, the German development finance institution. The funding will help SolarWorX expand its product portfolio and sales activities.

75F, the IoT-based building management system, announced a close of an additional $4.75 million, bringing 75F’s total Series A to just under $23 million. The additional funding was provided by a syndicate led by WIND Ventures – the corporate venture capital (CVC) group of Copec. The company intends to use the funds to further expand innovations in energy savings and market reach.

Skeleton Technologies, a manufacturer of ultracapacitor-based energy storage systems, unveiled its plans to develop production technology for manufacturing its ultracapacitors, following the official support announced by German authorities in January. The company will receive an additional €51 million (~$60 million) from Germany’s Federal Ministry for Economic Affairs and Energy and the Free State of Saxony to execute these plans.

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.