From: Mercom Capital Group

UgoWork, a provider of advanced energy storage solutions for material handling equipment, secured $51 million in Series C funding. Fonds de solidarité FTQ led the round, which included participation from returning investors Investissement Québec and Export Development Canada. The round also included a new credit facility from Desjardins Technology & Innovation Banking, bringing UgoWork’s total funding to $77 million.

I Squared, an infrastructure investment manager, has agreed to acquire Priority Power, an energy management service provider, through its ISQ Global Infrastructure Fund III. I Squared is acquiring Priority Power from Ara Partners Group, Oaktree Capital Management, and other shareholders. With this acquisition, I Squared’s investment will allow Priority Power to expand its reach across the U.S. and make additional investments in high-growth markets.

Renewable energy solutions platform Fourth Partner Energy (FPEL) has secured an investment of $275 million from global impact investors IFC, ADB, and DEG. World Bank’s IFC is investing $125 million, while ADB is infusing $100 million and Germany’s DEG $50 million to complete this fundraising round.

Adani Energy Solutions has raised ₹83.73 billion (~$1 billion) through a qualified institutional placement. The proceeds from the QIP will be used to invest in transmission assets, such as building bulk evacuation corridors for renewable power, the smart metering business, debt repayment, and general corporate purposes.

BrightNight, an independent renewable power producer, has secured a $440 million strategic investment from Goldman Sachs Alternatives‘ Infrastructure division. The company said the transaction is expected to close in September 2024. BofA Securities and PJT Partners acted as financial advisors to BrightNight, while Jefferies LLC served as the sole financial advisor and Weil, Gotshal & Manges as legal counsel to Goldman Sachs Alternatives.

India-based solar irrigation services company Oorja Development Solutions closed its Pre-Series A funding round, raising $1.5 million from six investors. The company plans to use the funding to deploy agri-energy infrastructure for irrigation and milling and deepen operations in the existing and new states. It also plans to launch a B2B2C vertical to deliver solar irrigation solutions to agribusinesses and SMEs who engage with smallholder farmers for procurement.

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.