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Agri-Solar Solutions Provider GK Energy Files Papers for ₹5.01 Billion IPO


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					</table><p><a href="https://www.jsw.in/energy" target="_blank" rel="noopener">JSW Energy</a>, a private sector power producer, has completed a ₹50 billion (~$600 million) qualified institutions placement (QIP), attracting strong interest from marquee global and domestic institutional investors.</p>
<p>The QIP, marking the first-ever equity raise by the company since its listing in 2010, was oversubscribed over 3.2 times, it said in a statement. It claimed it was also the largest primary equity raise in the Indian power sector in the last decade and among the top three largest ever in the history of the Indian power sector.</p>
<p>The proceeds from the QIP will enable JSW Energy to strengthen its balance sheet and provide greater financial flexibility to execute its growth plans.</p>
<p>The issue saw participation from global asset managers, including <a href="https://gqg.com/" target="_blank" rel="noopener">GQG Partners</a>, <a href="https://www.blackrock.com/corporate" target="_blank" rel="noopener">Blackrock</a>, <a href="https://global.nomura-am.co.jp/" target="_blank" rel="noopener">Nomura</a>, <a href="https://www.wellington.com/en" target="_blank" rel="noopener">Wellington</a>, <a href="https://www.ubs.com/" target="_blank" rel="noopener">UBS</a>, and Abu Dhabi Investment Authority. Domestic mutual funds and insurance companies also participated in the QIP.</p>
<p>Funds managed by <a href="https://www.goldmansachs.com/">Goldman Sachs</a> were allotted 27.12% of the total issue size and 10% to Nomura.</p>
<p>The company&#8217;s board approved the issuance and allotment of 103 million equity shares to 97 qualified institutional buyers at the issue price of ₹485 (~$5.82) per equity share, which includes a discount of ₹25.09 (~$0.30) per share against the floor price.</p>
<p>Post the allotment, the company&#8217;s paid-up equity share capital rose from ₹16.4 billion (~$197 million) to ₹17.5 billion (~$210 million), consisting of 1.7 billion equity shares each.</p>
<p>&#8220;The overwhelming investor interest is a testament to their confidence in our strategy of transforming into a leading diversified energy player, with a focus on renewable energy generation and energy storage,&#8221; said Sharad Mahendra, CEO of JSW Energy.</p>
<p>JSW Energy has a total locked-in generation capacity of 12.5 GW comprising 7.2 GW operational, 2.6 GW under-construction assets across wind, thermal, and hydro, and letters of award and intent for 2.7 GW capacity from SECI (Solar Tranche XIII and Wind Tranche XVI), SJVN and GUVNL. In addition, the company has 3.4 GWh of locked-in energy storage capacity through battery energy storage systems and pumped hydro storage projects.</p>
<p>A JSW Energy subsidiary recently <a href="https://www.mercomindia.com/jsws-renewables-project-from-reliance-power" target="_blank" rel="noopener">expanded</a> its renewable energy portfolio with the ₹1.32 billion (~$15.8 million) acquisition of the 45 MW Vashpet wind project from Reliance Power.</p>
<p>The company&#8217;s third-quarter profit <a href="https://www.mercomindia.com/jsw-energys-profit-rises-on-renewables-q3-fy24" target="_blank" rel="noopener">jumped</a> 29% from last year as strong performance in the renewables segment and lower fuel costs helped the bottom line.</p>


JSW Energy Raises ₹50 Billion in Qualified Institutional Placement


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					</table><p>Tata Power Renewable Energy (TPREL), a fully owned subsidiary of <a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power</a>, has approved the allotment of 200 million compulsorily convertible preference shares to GreenForest New Energies. The shares have a face value of ₹100 (~$1.2) each at par, amounting to a total of ₹20 billion (~$242.4 million).</p>
<p>The share sale completes the two investment tranches of ₹20 billion (~$242.4 million) million) each in TPREL by GreenForest.</p>
<p>GreenForest is a joint investment vehicle of BlackRock Real Assets and Mubadala Investment Company owned by the Abu Dhabi government.</p>
<p>Last August, TPREL had <a href="https://mercomindia.com/tata-power-sale-of-83-6-million-shares-blackrock-mubadala/" target="_blank" rel="noopener">approved</a> the allotment of 83.6 million equity shares with a face value of ₹10 (~$0.12) each at a price of ₹239.22 (~$3) per share, including a premium of ₹229.22 (~$2.8). This aggregated to a total of ₹20 billion (~$242.4 million).</p>
<p>BlackRock and Mubadala <a href="https://mercomindia.com/blackrock-mubadala-to-invest-%e2%82%b940-billion-in-tata-power/" target="_blank" rel="noopener">entered</a> a binding pact to invest in Tata Power Renewable Energy. While BlackRock and Mubadala were to invest ₹40 billion (~$484.7 million) in equity in two equal tranches for a 10.53% stake in TPREL, the final shareholding would range from 9.76% to 11.43% on final conversion.</p>
<p>GreenForest’s investment includes a diverse portfolio of assets including businesses in utility-scale solar, wind, and hydro power generation, solar cell and module manufacturing, rooftop solar infrastructure, solar pumps and electric vehicle charging infrastructure.</p>
<p>The Competition Commission of India <a href="https://mercomindia.com/blackrock-mubadalas-acquisition-tata-power-renewables/" target="_blank" rel="noopener">approved</a> the acquisition of an 11.43% stake in TPREL by GreenForest last July.</p>
<p>TPREL was <a href="https://mercomindia.com/tata-power-renewable-energy-wins-255-mw-wind-solar-hybrid-auction/" target="_blank" rel="noopener">declared</a> the winner in Tata Power Delhi Distribution’s auction for 255 MW wind-solar hybrid power projects. The company quoted a price of ₹3 (~$0.037)/kWh, according to Mercom sources.</p>
<p>Mercom’s <a href="https://mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2022-market-shares-and-profiles/" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2022</a> ranks Tata Power Renewables second for the highest number of solar installations in 1H 2022, accounting for 10% of the total market share.</p>
<p>Tata Power Renewables was one of the <a href="https://mercomindia.com/solararise-sjvn-green-energy-tata-power-msedcls-500-mw-solar/" target="_blank" rel="noopener">winners</a> in Maharashtra State Electricity Distribution Company’s auction to procure 500 MW of power on a long-term basis from Phase IX of grid-connected intrastate solar projects.</p>
<p>Last September, the company <a href="https://mercomindia.com/tata-power-develop-100-mw-captive-solar-steel-plant/" target="_blank" rel="noopener">announced</a> it would set up a 100 MW captive solar project for stainless steel manufacturer Viraj Profile at Tarapur in Maharashtra.</p>


Tata Power Renewable Approves Sale of 200 Million Shares to GreenForest


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					</table><p><strong>From:</strong> <a href="https://mercomcapital.com/funding-and-ma-roundup-blackrock-acquires-jupiter-power/" target="_blank" rel="noopener"><strong>Mercom Capital Group</strong></a></p>
<p><strong>Through a fund managed by its Diversified Infrastructure business, BlackRock Alternatives has agreed to </strong><a href="https://mercomcapital.com/blackrock-acquires-energy-storage-developer-jupiter-power/" target="_blank" rel="noopener"><strong>acquire</strong></a><strong> Jupiter Power</strong>, an operator, and developer of stand-alone utility-scale battery energy storage systems, for an undisclosed amount. EnCap Energy Transition Fund I and co-investment partners Yorktown Partners and Mercuria Energy are selling Jupiter, and the transaction is expected to close in late 2022.</p>
<p><strong>WeaveGrid, an electrification software developer for the scalable deployment of EVs on the electric grid, has </strong><a href="https://mercomcapital.com/weavegrid-raises-35-million-in-series-b-funding/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $35 million in Series B funding</strong>. Salesforce Ventures led the round. The company plans to use the funds to support expanded product capabilities for utilities, deepen engagement with automakers, and enhance the driving experience.</p>
<p><strong>Upstart Power, a developer, and manufacturer of solid oxide fuel cells, announced the </strong><a href="https://mercomcapital.com/upstart-power-raises-17-million-in-series-c-funding/" target="_blank" rel="noopener"><strong>closing</strong></a><strong> of a $17 million Series C financing</strong>. ITOCHU Corporation led the round with participation from existing investors Enphase Energy, Sunnova, Rodgers Capital, H+ Partners, and Cricetus Felix Ventures. The funds will help accelerate the commercialization of Upstart’s Upgen platform of backup and grid-augmenting solid oxide fuel cell generators.</p>
<p><strong>Strata Clean Energy, a vertically integrated solar and storage development, engineering, procurement, construction, and operations &amp; maintenance company, </strong><a href="https://mercomcapital.com/strata-clean-energy-acquires-crossover-energy-partners/" target="_blank" rel="noopener"><strong>acquired</strong></a><strong> Crossover Energy Partners</strong>, a clean energy solutions company. The financial terms of the deals were not disclosed. Strata is purchasing 100% of Crossover’s assets and is interested in its development platform.</p>
<p><strong>Clean Electric </strong><a href="https://mercomindia.com/battery-manufacturing-startup-clean-electric-raises-2-2-million-in-seed-fund/" target="_blank" rel="noopener"><strong>raised</strong></a><strong> $2.2 million in a seed round</strong> led by a Bengaluru-based early-stage venture capital firm Kalaari Capital, to produce 5,000 electric vehicles (EV) battery packs monthly from a proposed manufacturing facility in Pune. Clean Electric said it would direct the funds raised to study safety and performance issues like EV fires, long charging times, and frequent battery replacement. A part of the funds will be used to develop improved products related to fast charging, renewable energy storage, battery swapping technology, and research and development. The other participants in the round involved Climate Angels, LV Fund, 7Square Ventures, and CIIE Regional Innovation Foundation.</p>
<p><strong>Virtual Power Plant (VPP) developer Swell Energy <a href="https://mercomcapital.com/swell-energy-raises-120-million-for-vpp-deployment/" target="_blank" rel="noopener">announced</a> a $120 million equity investment </strong><strong>round</strong>, led by SoftBank Vision Fund 2 and Greenbacker Development Opportunities Fund with participation from Ares Management Infrastructure Opportunities Fund, to boost the development and growth of its VPP-building tools. Including the latest round, Swell Energy has raised a total of $152 million in funding to date, including previous investments by Ares Infrastructure Opportunities fund, Aligned Climate Capital, Third Sphere, and others.</p>
<p><strong>ABB E-mobility, a provider of electric vehicle charging solutions, </strong><a href="https://www.businesswire.com/news/home/20221120005072/en/ABB-E-mobility-Raises-Approx.-CHF200-Million-in-a-Pre-IPO-Private-Placement-to-Support-Its-Growth-Journey" target="_blank" rel="noopener"><strong>announced</strong></a><strong> that it had signed a pre-IPO private placement of approximately CHF200 million (~$209 million)</strong> for newly issued shares led by new minority investors. ABB will use the proceeds to execute its growth strategy, driven by organic and M&amp;A investments in hardware and software. The transaction will close during the fourth quarter of 2022.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week’s funding <a href="https://mercomindia.com/funding-and-ma-roundup-isun-raises-25-million-in-debt-financing/" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: BlackRock Acquires Energy Storage Developer Jupiter Power


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					</table><p>Asset management firm <a href="https://www.blackrock.com/institutions/en-us" target="_blank" rel="noopener">BlackRock</a> has raised $4.5 billion in its initial investor commitments for a new fund to invest in climate and clean energy-focused projects.</p>
<p>The BlackRock Global Infrastructure Fund IV (Infra IV), with a target of $7.5 billion, will invest in essential infrastructure assets globally by securing initial commitments from a diverse group of institutional investors, including public and private pension funds, sovereign wealth funds, insurance companies, and family offices.</p>
<p>The new fund aims to invest across five sectors &#8211; Energy &amp; Environmental, Low Carbon Power, Regulated Utilities, Transportation &amp; Logistics, and Digital Infrastructure.</p>
<p>Infra IV aims to build a diversified portfolio of essential, contracted infrastructure assets and businesses worldwide that are well-positioned to capitalize on three long-term structural trends accelerated by the global energy transition – Decarbonization, Decentralization, and Digitalization.</p>
<p>The latest fund succeeds Global Energy &amp; Power Infrastructure Fund III (GEPIF III) and recognizes that the global energy transition is driving changes in many sectors beyond energy and power. The GEPIF III <a href="https://mercomindia.com/blackrock-raises-5-1-billion-for-renewable-energy/" target="_blank" rel="noopener">held</a> a final close of $5.1 billion in 2020.</p>
<p>The BlackRock Alternatives infrastructure platform offers a leading suite of strategies to help clients invest in climate solutions and accelerate the transition to a low-carbon economy.</p>
<p>The company said the energy transition presents many investment opportunities for infrastructure investors. The fund’s portfolio management team has significant experience investing in infrastructure assets aligned with the transition, including carbon capture, renewable power, energy efficiency, and renewable fuels. Infra IV is expected to continue to target investments in climate solutions while supporting the infrastructure needed to ensure a stable, affordable energy supply during the transition.</p>
<p>BlackRock Alternatives’ infrastructure platform currently manages over $50 billion in client assets across infrastructure equity, infrastructure debt, listed securities, and solutions strategies.</p>
<p>Earlier this year, BlackRock Alternatives Management and Abu Dhabi government’s investment vehicle Mubadala Investment Company announced an investment of ₹40 billion (~$525 million) in Tata Power Renewable Energy. The investment in terms of equity share allotment was recently <a href="https://mercomindia.com/tata-power-sale-of-83-6-million-shares-blackrock-mubadala/" target="_blank" rel="noopener">approved</a> by Tata Power.</p>
<p>In August last year, BlackRock Real Assets <a href="https://mercomindia.com/funding-and-ma-roundup-blackrock-solar/" target="_blank" rel="noopener">signed</a> an agreement to acquire an undisclosed equity stake in a South Korean solar aggregator and operator, Brite Energy Partners. The firm aims to inject more than $100 million in capital over time to fund the acquisition and construction of solar assets of over 350 MW in power generation capacity.</p>


BlackRock Raises $4.5 Billion for Clean Energy Focused-Infrastructure Fund

<p><a href="https://www.tatapower.com/" target="_blank" rel="noopener">Tata Power</a> and <a href="https://www.blackrock.com" target="_blank" rel="noopener">BlackRock Real Assets</a>-led consortium, including <a href="https://www.mubadala.com/" target="_blank" rel="noopener">Mubadala Investment Company</a>, have entered into a binding agreement to invest in Tata Power’s green subsidiary, Tata Power Renewable Energy Limited. BlackRock and Mubadala will invest ₹40 billion (~$525 million) in equity or compulsorily convertible instruments for a 10.53% stake in Tata Power Renewables.</p>
<p>The final shareholding will range from 9.76% to 11.43% on final conversion. The first round of capital infusion is expected to be completed by June 2022, and the balance funds will be infused by the end of 2022.</p>
<p>The proposed investment is expected to fund Tata Power Renewables’ aggressive growth plans.</p>
<p>This newly created platform will consist of five distinct businesses delivering long-term, customer-oriented solutions. It will house all renewable energy businesses of Tata Power, including those in &#8211;  utility-scale solar, wind &amp; hybrid generation assets; solar cell &amp; module manufacturing; engineering, procurement, and construction (EPC) contracting; rooftop solar infrastructure; solar pumps and electric vehicle charging infrastructure.</p>
<p>The broad-based portfolio of assets ensures diversified and stable revenue sources, including 25-year fixed-price power purchase agreements for grid-connected utility-scale projects.</p>
<p>Tata Power Renewables’ vertically integrated operations currently have approximately 4.9 GW of renewable energy assets. Over the next five years, Tata Power Renewables aims to achieve a portfolio of over 20 GW of renewables assets and a market-leading position in the rooftop and electric vehicle charging space across India.</p>
<p>Praveer Sinha, CEO and Managing Director of Tata Power Company, said that the collaboration with BlackRock and Mubadala will support the company to pursue exciting opportunities in the coming decades.</p>
<p>Tata Power Renewables recently <a href="https://mercomindia.com/daily-news-wrap-up-tata-power-3/" target="_blank" rel="noopener">commissioned</a> a 300 MW solar power project in Dholera, Gujarat. The project is claimed to be India&#8217;s largest single-axis solar tracker system. It will generate 774 million units (MUs) annually.</p>
<p>The company’s renewables portfolio <a href="https://mercomindia.com/tata-powers-renewable-portfolio-grows/" target="_blank" rel="noopener">grew</a> by 107% in Q3 2022 compared to the same period last year, adding 256 MW capacity and winning bids of 580 MW. The company’s solar EPC order book stands at ₹92.64 billion (~$1.23 billion) at the end of the quarter.</p>
<p>Total global corporate funding—including venture capital (VC) funding, public market, and debt financing—into the solar sector globally came to $7.5 billion through 49 deals in the first quarter (Q1) 2022, according to Mercom Capital Group’s recently published <a href="https://mercomcapital.com/product/q1-2022-solar-funding-ma-report/" target="_blank" rel="noopener">Q1 2022 Solar Funding and M&amp;A Report</a>.</p>


BlackRock, Mubadala to Invest ₹40 billion in Tata Power’s Renewables Arm for a 10% Stake

<p><a href="https://www.blackrock.com/corporate" target="_blank" rel="noopener noreferrer">BlackRock</a>’s Global Energy and Power Infrastructure Fund has achieved a $5.1 billion fundraise for Global Energy &amp; Power Infrastructure Fund III (GEPIF III), making it the most substantial alternative fundraise in the company’s history.</p>
<p>The final value of $5.1 billion (~₹386.62 billion) exceeded the original fund target of $3.5 billion (~₹265.33 billion) and a hard cap of $4.5 billion (~₹341.13 billion). The news was made public by the company in a press release.</p>
<p>Commenting on this latest development, Edwin Conway, Global Head of BlackRock’s Alternative Investors, tweeted, “This milestone is a testament to BlackRock’s focus on helping clients achieve better investment outcomes.”</p>
<p>The GEPIF III fund invests in long-term infrastructure projects that will have substantial returns in time.  “The current market volatility has underscored the value of our commitment to delivering solutions that can help our clients match their long-term liabilities and support their beneficiaries. Investor demand for this fundraise reinforces our belief that infrastructure will play an increasingly important role in portfolio construction moving forward,” he added.</p>
<p>The main aim of GEPIF III is to generate high returns on investments in essential energy infrastructure businesses and assets. The investments cater to energy sub-sectors, which include the power sector, including the power generated from renewable sources such as solar, wind, hydro, and natural gas, while at the same time excluding power generated from coal. The investments also cater to the midstream sector, which includes energy transportation and storage and the utility sector.</p>
<p>Commonly known as the ‘Fund,’ its commitments include investments from over 50 institutional investors, which include public and private pension funds, sovereign wealth funds, and non-profit organizations across the U.S., Asia, Europe, and the Middle East.</p>
<p>Commenting on the successful fundraise, Mark Florian, head of the power &amp; infrastructure team at BlackRock, said, “The success of the fundraise reflects the search for diversified returns in a yield-starved environment, which continues to be front of mind for investors. Our strong off-market sourcing capabilities are differentiated by a disciplined investment approach focused on creating an optimized risk-adjusted return for our investors and a tailored solution for our partners and their customers.”</p>
<p>BlackRock, one of the leading providers of financial technology, managed nearly $7.43 trillion in assets on behalf of investors worldwide as of December 31, 2019.</p>
<p>In July last year, BlackRock Real Assets had <a href="https://mercomindia.com/blackrock-buy-solar-projects-taiwan/" target="_blank" rel="noopener noreferrer">announced</a> its plans to expand its renewable power portfolio in Asia. The company had announced its intention to buy a 115 MW solar portfolio comprising 14 projects in Taiwan from New Green Power (NGP) and J&amp;V Energy. The acquisition was BlackRock’s second renewables investment in Taiwan after it had acquired the entire equity interest in a 59 MW solar portfolio comprising 28 projects in Taiwan from J&amp;V Energy Technology Company.</p>
<p>Earlier, Mercom had reported that GEPIF III had <a href="https://mercomindia.com/blackrock-fund-raises-1-5-billion/" target="_blank" rel="noopener noreferrer">secured</a> $1.5 billion in commitments from prominent institutional investors in North America, Middle East, Europe, and Asia, subject to certain post-closing conditions.</p>


BlackRock Raises $5.1 Billion for Renewable Energy

<p>Global Energy &amp; Power Infrastructure Fund III (GEPIF III), a <a href="https://www.blackrock.com" target="_blank" rel="noopener">BlackRock Real Assets</a> power and energy infrastructure fund, has secured $1.5 billion in commitments from prominent institutional investors in North America, Middle East, Europe and Asia, subject to certain post-closing conditions.</p>
<p>GEPIF III focuses on equity investments in the mid-market energy and power infrastructure value chain, operating mainly in the developed countries.</p>
<p>The GEPIF III team seeks to invest in energy infrastructure projects that will generate current income and long-term capital appreciation and have cash flows with a general positive correlation to inflation, which can enhance long-term returns.</p>
<p>“As the world undergoes a structural shift in how it powers industry, homes and transportation, there is significant need for new energy infrastructure and the capital to finance it. Our core philosophy has always been to make investments that we believe minimize risk and promote capital preservation, while providing an opportunity to enhance an asset or expand a business,” said Mark Florian, head of BlackRock’s global energy and power infrastructure team, in a media statement.</p>
<p>According to BlackRock’s 2018 Global Rebalancing Survey, more than 60 percent of institutional investors intend to increase their total allocation to real assets this year, more than any other asset class.</p>
<p>“The strength of our energy and power franchise enhances our ability to provide clients with comprehensive solutions as alternatives play an increasingly important role in their portfolios,” said Jim Barry, Global Head of BlackRock Real Assets.</p>
<p>Funding in the energy sector has been gradually increasing. Per Mercom’s <a href="http://store.mercom.mercomcapital.com/product/q2-2018-solar-funding-and-ma-report/" target="_blank" rel="noopener">Q2 2018 Solar Funding and M&amp;A Report</a>, In the first half (1H) of 2018, the total corporate funding, including venture capital funding, public market, and debt financing rose to $5.3 billion, compared to the $4.6 billion raised in 1H 2017. This implies a 15 percent increase year-over-year (YoY).</p>


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