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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-crux-secures-500-million-debt-facility/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>Crux, a clean energy finance platform, has <a href="https://mercomcapital.com/crux-secures-500m-debt-facility-clean-energy-tax-investments/" target="_blank" rel="noopener">closed</a> a $500 million debt financing facility</strong> with Nuveen Energy Infrastructure Credit, Nuveen’s infrastructure credit investment platform. Skadden, Arps, Slate, Meagher &amp; Flom served as Crux’s legal adviser. Milbank served as legal adviser to Nuveen. Crux said it will use the facility to finance Crux-led tax-driven investments. These investments include hybrid tax equity transactions. The financing expands Crux’s role as a general partner in tax-driven investment strategies.</p>
<p><strong>MN8 Energy, a U.S.-based renewable independent power producer, <a href="https://mercomcapital.com/mn8-energy-expands-corporate-credit-facility-to-650-million/" target="_blank" rel="noopener">closed</a> an upsizing and extension of its corporate credit facility</strong>, increasing it from $350 million to $650 million. The maturity of the facility has been extended from the first quarter of 2028 to the third quarter of 2030. The upsized facility provides up to $550 million in revolving borrowing capacity and an additional $100 million in new capacity for performance letters of credit. MN8 said the letters of credit will support development-stage requirements, including power purchase agreements and interconnection security deposits.</p>
<p><strong>Elong Power Holding, a company that provides lithium-ion battery solutions for energy storage systems and EVs, announced the <a href="https://mercomcapital.com/elong-power-holding-closes-6-million-public-offering/" target="_blank" rel="noopener">closing</a> of its $6 million underwritten public offering</strong>. The company issued 4,615,500 units at $1.30 per unit. Each unit consisted of one Class A ordinary share, or a pre-funded warrant instead of a share, and one common warrant to purchase one Class A ordinary share, carrying a par value of $0.0128 per share.</p>
<p><strong>Nextpower, a solar PV solutions provider, has entered into a definitive agreement to <a href="https://mercomcapital.com/nextpower-to-acquire-zigors-power-conversion-assets-and-apex-power/" target="_blank" rel="noopener">acquire</a></strong><strong> complementary assets of Zigor Corporation’s power-conversion business and its U.S.-based subsidiary, Apex Power</strong>. The transaction is expected to expand Nextpower’s product portfolio and capabilities in utility-scale solar power conversion. It would also support its entry into the battery energy storage and data center markets. Nextpower said the transaction is expected to support the scale-up of inverter manufacturing capacity in the U.S., with production expected to ramp in 2027.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-nyobolt-raises-60-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Crux Secures $500 Million Debt Facility


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					</table><p><a href="https://www.cruxclimate.com/" target="_blank" rel="noopener">Crux</a>, a clean energy finance platform, has closed a $500 million debt financing facility with <a href="https://www.nuveen.com/en-us/" target="_blank" rel="noopener">Nuveen Energy Infrastructure Credit</a>, Nuveen&#8217;s infrastructure credit investment platform.</p>
<p>Skadden, Arps, Slate, Meagher &amp; Flom served as Crux&#8217;s legal adviser. Milbank served as legal adviser to Nuveen.</p>
<p>Crux said it will use the facility to finance Crux-led tax-driven investments. These investments include hybrid tax equity transactions.</p>
<p>The financing expands Crux&#8217;s role as a general partner in tax-driven investment strategies. The company said it expects to continue committing capital alongside institutional partners as the U.S. clean energy tax equity market grows.</p>
<p>The financing follows Crux&#8217;s expansion beyond transferable tax credits into debt, preferred equity, and tax equity. The company said it has executed over $1 billion in signed term sheets since launching its tax and preferred equity offering. It has also issued more than $9 billion in indications of interest.</p>
<p>&#8220;We founded Crux to unlock bottlenecks in the financing of clean and critical infrastructure, and this facility marks a major milestone in that mission,&#8221; said Alfred Johnson, co-founder and CEO of Crux. &#8220;Our multi-disciplinary team, market-leading data, and AI-powered platform give us advantages in underwriting and executing deals across a growing, diversified pipeline. With this facility, we are well-positioned to invest at the speed and volume the current moment demands.&#8221;</p>
<p>Crux said its publicly announced transactions include a $340 million tax equity investment for a 413 MWdc utility-scale solar project in Texas. The company said its transactions are typically structured as hybrid partnership flips to monetize tax credits.</p>
<p>Announced debt financing in the solar sector came to $8.9 billion in the first quarter of 2026, 154% higher compared to $3.5 billion in Q1 2025, according to Mercom&#8217;s Q1 2026 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/q1-2026-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>.</p>
<p>In February 2025, MN8 Energy <a href="https://mercomcapital.com/mn8-energy-secures-612-million-financing-for-517-mw-solar-projects/" target="_blank" rel="noopener">closed</a> $612 million in construction bridge financing with Natixis Corporate &amp; Investment Banking to support the development and construction of three solar projects totaling 517 MW across North Carolina, Kentucky, and Illinois.</p>


Crux Secures $500 Million Debt Facility for Clean Energy Tax Investments


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					</table><p>Clean energy finance across clean power, fuels, and manufacturing in the U.S. hit $120 billion in 2025, according to the <a href="https://www.cruxclimate.com/" target="_blank" rel="noopener">Crux</a> “2025 Market Intelligence Report.”</p>
<p>The financing included pre-notice-to-proceed capital, bridge lending, and construction debt, representing a 5.8% increase over 2024. The capital deployment remained resilient in 2025 despite policy uncertainty, tariffs, permitting reversals, and legislative changes.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-91325 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-1.png" alt="Crux Clean Energy Finance" width="883" height="443" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-1.png 883w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-1-300x151.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-1-768x385.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-1-650x326.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-1-624x313.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-1-600x301.png 600w" sizes="auto, (max-width: 883px) 100vw, 883px" /></a></p>
<p>Investment activity was heavily front-loaded during the first half of 2025, as investors accelerated deployment to secure eligibility under existing policy frameworks and mitigate anticipated regulatory changes.</p>
<p>This safe harbor strategy allowed developers to lock in credit eligibility and protect project economics against future policy revisions. However, financing conditions became less favorable in the second half of 2025, with softer pricing, smaller deal sizes, and increased buyer hesitancy toward newer tax credits.</p>
<p>Despite these constraints, approximately $8 billion to $10 billion of 2025-vintage tax credits remained available as of 2026, suggesting continued transaction activity and potential pricing recovery, depending on buyer demand.</p>
<p><strong>Tax Credits and Hybrid Equity</strong></p>
<p>Tax credit monetization expanded significantly, reaching $63 billion, up 27% year-on-year, while transferable tax credit sales accounted for approximately $42 billion, marking a 48% increase.</p>
<p>Tax-equity investment totaled $36.6 billion, up 22% from the previous year. These financing channels, including tax equity, preferred equity, and transferable credits, have become central mechanisms supporting project deployment and capital formation.</p>
<p>Hybrid tax equity structures emerged as the dominant monetization mechanism, accounting for 68% of tax equity transactions in 2025, up from 58% in 2024. These hybrid structures integrate tax equity, preferred equity, and transferable credits, allowing sponsors to optimize capital costs and maximize tax credit utilization.</p>
<p>Long-dated production tax credit strips also gained traction, with $8.8 billion transacted during the year. Corporate participation increased significantly, with nearly 25% of Fortune 1000 companies purchasing transferable tax credits.</p>
<p>These purchases reduced corporate effective tax rates by approximately three percentage points on average, demonstrating the growing importance of tax credit markets beyond traditional energy investors.</p>
<p>Technology-neutral credits were priced approximately $0.01 to $0.02 lower than legacy credits in transferable credit markets, reflecting regulatory uncertainty and compliance risks. Credits associated with clean fuels under Section 45Z traded between $0.85 and $0.93, lower than other production tax credit categories.</p>
<p><strong>Storage Growth</strong></p>
<p>Energy storage deployment increased sharply to approximately 19 GW during the year, up from about 11 GW in 2024, representing a 72% increase.</p>
<p>Storage financing was supported by both traditional project finance lenders and private credit investors, although lenders showed a stronger preference for contracted projects rather than merchant exposure.</p>
<p>Declining storage costs, which fell 8% in 2025 and approximately 16% annually since 2010, contributed to the rapid expansion of battery deployment.</p>
<p>Safe harbor provisions also preserved eligibility for an estimated 170 GW of wind and solar projects, including 147 GW of solar and 23 GW of wind capacity, ensuring stable deployment pipelines through the end of the decade.</p>
<p>In contrast, clean energy manufacturing and fuel sectors faced tighter capital conditions. Investment in advanced manufacturing, including projects supported by Section 45X credits, declined in 2025, particularly among smaller manufacturers and critical mineral producers.</p>
<p>Hydrogen projects supported under Section 45V also faced shortened eligibility timelines, with construction required to begin by the end of 2027.</p>
<p>According to Mercom Capital’s Annual and Q4 2025 Funding and M&amp;A Report for Energy Storage, corporate funding for energy storage companies, including venture capital funding, debt, and public market financing, <a href="https://www.mercomindia.com/energy-storage-sees-increased-vc-investment-momentum-in-2025" target="_blank" rel="noopener">reached</a> $16.2 billion in 119 deals in 2025, a 19% decrease year-over-year compared to $19.9 billion in 116 deals in 2024.</p>
<p><strong>Grid Constraints</strong></p>
<p>Interconnection delays remained a major bottleneck, with some projects facing delays of up to seven years before securing grid connections.</p>
<p>These delays forced some large energy users, particularly data center operators, to bypass traditional interconnection processes and invest directly in dedicated generation capacity.</p>
<p>Natural gas remained the dominant generation source for these capacity-driven projects, despite corporate renewable energy commitments, due to its reliability and faster deployment timelines.</p>
<p><strong>Regional Demands</strong></p>
<p>Capacity market costs at PJM Interconnection increased sharply to approximately $16.4 billion in recent auctions, compared with historical averages of around $6 billion, reflecting increased demand and supply constraints.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-2.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-91326 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-2.png" alt="Crux Clean Energy Finance Regional" width="863" height="527" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-2.png 863w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-2-300x183.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-2-768x469.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-2-650x397.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-2-624x381.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/03/Crux-Clean-Energy-Finance-2-600x366.png 600w" sizes="auto, (max-width: 863px) 100vw, 863px" /></a></p>
<p>&nbsp;</p>
<p>Meanwhile, the Electric Reliability Council of Texas projected annual retail demand growth of approximately 11% through 2026, driven primarily by data center expansion and industrial electrification.</p>
<p>These demand increases contributed to greater reliance on bring-your-own-capacity strategies, in which large electricity consumers directly procure or develop generation capacity to secure a reliable supply.</p>
<p><strong>Policy Uncertainty</strong></p>
<p>Policy changes introduced new compliance and timing pressures across clean energy markets. Wind and solar projects must begin construction by July 4, 2026, to qualify for safe harbor protection under existing credit frameworks.</p>
<p>Safe harbor provisions allowed developers to preserve eligibility under prior rules and mitigate change-in-law risks, supporting medium-term deployment stability.</p>
<p>Capital availability remained strong overall but became increasingly selective. Financing conditions depended heavily on sponsor strength, interconnection progress, and development maturity.</p>
<p>Larger, more experienced developers secured better financing terms, while smaller developers faced higher capital costs and reduced access to funding.</p>
<p><strong>Outlook</strong></p>
<p>The safe-harbored pipeline of approximately 170 GW of wind and solar capacity is expected to experience sustained deployment over the next several years, even as legacy credits phase out and technology-neutral credits gradually gain adoption.</p>
<p>Battery storage, hybrid financing structures, and transferable tax credit markets are expected to remain the fastest-growing segments.</p>
<p>Last December, a Crux survey <a href="https://www.mercomindia.com/feoc-compliance-emerges-as-key-risk-for-us-clean-energy-credits-report" target="_blank" rel="noopener">suggested</a> the U.S. clean energy market is moving quickly on Foreign Entity of Concern compliance, but many firms still don’t feel ready for what is in store for 2026.</p>


Clean Energy Finance Hits $120 Billion in 2025 in the U.S. Amid Selective Capital Flows

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