Funding and M&A Roundup: Alberton Acquires Solarmax in Another Cleantech SPAC Deal

Alberton Acquisition signs merger agreement with SolarMax Technology

November 2, 2020

thumbnail

From: Mercom Capital Group

Kroll Bond Rating Agency (KBRA) assigned preliminary ratings to three classes of notes issued by Loanpal Solar Loan 2020-3 and Loanpal Solar Loan 2020-3, an asset-backed securitization collateralized by a pool of residential solar loans. The collateral in the deal includes approximately $434.50 million of residential solar loans as of the September 28, 2020 cut-off date. The preliminary ratings reflect the initial credit enhancement levels ranging from 25.01% for the Class A notes to 10.80% for the Class C notes.

Sweden-based solar energy company Absolicon has signed a framework agreement with Temiz Yaratici Teknolojiler (TYT), a Turkish company developing renewable technologies, to acquire a production line for the T160 solar collector in Turkey during 2023. The total sales value covered by the agreement is estimated at €4-5 million (~$4.7- 5.8 million) plus a monthly license fee of 4% and sales of components. The framework agreement prescribed the principles for the separate agreements to be drawn up.

Alberton Acquisition, along with its wholly-owned subsidiary Alberton Merger Subsidiary, and SolarMax Technology has inked a merger agreement, wherein Merger Subsidiary would combine with SolarMax and the combined surviving corporation of the Merger, SolarMax will become a direct wholly-owned subsidiary of Alberton. Under the terms of the Merger Agreement, SolarMax stockholders will receive consideration in the form of newly issued Alberton equity securities, having a value of $300 million.

Leading Edge Equipment Technologies, a U.S.-based silicon wafer manufacturer, announced that it secured $7.6 million through Series A financing led by Prime Impact Fund. Clean Energy Ventures and DSM Venturing also participated in the Series A financing round. According to the company, it’s a new drop-in manufacturing technology that produces single-crystal silicon wafers would reduce silicon wafer costs by around 50%. It would also enhance commercial solar panel power by 7% while reducing the manufacturing emissions by over 50%, the company added.

Deutsche Investitions- und Entwicklungsgesellschaft (DEG), a development finance institution and a KfW Group subsidiary, has pledged $10 million in funding to Indian solar energy company Avaada Energy Private Limited.

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.

RELATED POSTS

Get the most relevant India solar and clean energy news.

RECENT POSTS