Funding and M&A Wrap-Up_ Scatec Solar Raises $515 Million in a Private Placement

Scatec Solar, an independent power producer, has completed a private placement, raising approximately NOK 4,750 million (~$514.94 million) in gross proceeds by allocating 20,652,478 shares subscription price of NOK 230 (~$24.93) per share. This represents a 6.08% discount to the 10-day volume-weighted average price and a 6.43% discount to the last closing price. The private placement’s net proceeds will be used to refinance $300 million of the acquisition facilities totaling $700 million provided by BNP Paribas, DNB Bank ASA, Nordea Bank Abp, filial i Norge and Swedbank for the acquisition of SN Power. The remaining amount would be used for growth capital and general corporate purposes.

IDB Invest, a member of the IDB Group, made a $5 million equity investment in Ignite Holding Company (Kingo Energy), a prepaid solar energy provider for homes and small businesses in rural communities not connected to the electricity grid. The funds will help Kingo Energy to finance its growth business plan through its subsidiaries in Guatemala and Colombia and improve its business model. The transaction includes a $4 million equity investment from the Clean Technology Fund (CTF) managed by IDB Invest.

Budderfly, a provider of energy efficiency as a service model, announced a $7.8 million equity funding round led by Balance Point Capital and Edison Partners with additional participation from Connecticut Innovations. The funding will help triple Budderfly’s existing North American footprint of 2,000 customers and fund the implementation of the Budderfly Energy Cloud, a patented solution that combines the management and oversight of all aspects of the customer’s energy systems, all at no cost to customers.

Avangrid, a sustainable energy company, and PNM Resources announced that their respective boards approved the merger of PNM Resources into Avangrid. AVANGRID will add two independent board members from PNM Resources to its board of directors, and one independent board member from PNM Resources will join the AVANGRID Networks board. Avangrid’s majority shareholder, Iberdrola, has provided the company with a funding commitment letter for the transaction’s entire equity proceeds. As a result of this transaction, PNM’s shareholders will receive approximately $4.31 billion. Regulatory approvals are expected to be completed in about 12 months.


Pacific Green Technologies, a company providing sustainable cleantech solutions, announced that it acquired Innoergy, a battery energy storage systems designer. The acquisition marks Pacific Green Technologies entry into the battery energy storage system market in conjunction with its joint venture partner, PowerChina SPEM.

SemaConnect, a provider of electric vehicle charging infrastructure solutions to North American commercial, residential, and fleet markets, announced it received a substantial minority investment from Trilantic North America, a private equity firm.

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.