Daily News Wrap-Up: India Adds 16 GW Solar Capacity in 9M 2024

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India Adds an Unprecedented 16 GW Solar Capacity in 9M 2024

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MNRE Sets Terms for Real Estate Developers to Avail CFA Under PM Surya Ghar

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					</table>From: <a href="https://cms.mercomindia.com/daily-news-wrap-merc-net-metering-cap-rooftop-solar-5-mw/" target="_blank" rel="noopener">Mercom Capital Group</a>
Element Energy, a battery management technology company, <a href="https://mercomcapital.com/battery-management-company-element-energy-secures/" target="_blank" rel="noopener">closed</a> $111 million in funding comprising a $73 million Series B equity investment and a $38 million debt facility provided by Keyframe Capital Partners. The funding will be used to deploy the company&#8217;s technology across target markets and applications, including SaaS for existing and new energy storage systems, hardware and software for new energy storage systems, and full-battery energy storage systems using second-life batteries.
Norway-based renewable energy company Statkraft has <a href="https://www.mercomindia.com/statkraft-acquires-enerfin-2-billion" target="_blank" rel="noopener">completed</a> the acquisition of Enerfin, a Spain-based renewables business and subsidiary of Elecnor Group, in a transaction valued at €1.8 billion (~$1.97 billion), encompassing equity and debt. The transaction, contingent on public approvals in respective countries, is slated for closure in the first half of 2024. Enerfin’s assets include 1.5 GW of operational and under-construction wind and solar capacity.
DSD Renewables, a business <a href="https://mercomcapital.com/dsd-renewables-secures-250-million-cox-enterprises/" target="_blank" rel="noopener">backed</a> by BlackRock Real Assets’ Global Renewable Power platform and GE Renewable Energy and a provider of customized solar PV energy and energy storage solutions, secured a $250 million strategic investment from Cox Enterprises to support DSD’s renewable energy deployment. The company has raised over $2 billion in project capital since 2019, developing and deploying over 600 MW of solar and storage.
Northvolt, a Sweden-based manufacturer of lithium-ion batteries, <a href="https://mercomcapital.com/battery-manufacturer-northvolt-raises-150-million/" target="_blank" rel="noopener">received</a> around CAD200 million (~$150 million) from CDPQ. The funding is in the form of a convertible debt, which will help facilitate the Northvolt Six project in Québec. The groundwork for constructing the Northvolt Six facility, a fully integrated battery factory in Saint-Basile-le-Grand and McMasterville, is expected to start by the end of 2023. The factory will have an annual production capacity of up to 60 GWh, with facilities to manufacture cathode active material, cells, and recycled materials, effectively closing the battery loop on site.
TSUN, a provider of solar kits, microinverters, and energy storage solutions, <a href="https://mercomcapital.com/solar-microinverter-firm-tsun-secures-21-million/" target="_blank" rel="noopener">raised</a> over RMB150 million (~$21 million) in Series B funding led by IDG Capital, marking the second round of funding for TSUN in 2023. The amount raised will primarily be allocated to the construction of automated production lines, expansion of production capacity, technological iteration of core products such as microinverters, and the development of the supply chain. The funds will be used to expand domestic and international business channels.
DIF Capital, an independent infrastructure equity fund manager, has <a href="https://mercomcapital.com/dif-capital-acquires-50-stake-in-solar-company-novar-from-ib-vogt/" target="_blank" rel="noopener">acquired</a> 50% shares of ground-mounted solar solutions provider Novar from ib vogt for an undisclosed amount. The divestment by ib vogt, a solar development and engineering, procurement, and construction platform, is expected to generate funds for its future investments. Novar currently owns and operates 440 MW of utility-scale solar photovoltaic, rooftop solar, and battery energy storage systems and has developed a multi-GW project pipeline.
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>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-otovo-raises-41-million" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Element Energy Secures $111 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-arcadia-raises-125-million-for-electric-grid-decarbonization/" target="_blank" rel="noopener">Mercom Capital Group</a>
Arcadia, a climate software and data startup focused on decarbonizing the electric grid, <a href="https://mercomcapital.com/arcadia-raises-125-million-to-accelerate-digital-decarbonization/" target="_blank" rel="noopener">raised</a> $125 million in new funding to support the development of the company’s Arc platform, a technology platform aimed to help decarbonize the grid and expand its community-solar business. Magnetar Capital and existing investor Keyframe Capital led the financing round, with participation from Macquarie Asset Management’s Green Investment Group.
Global manufacturer of advanced silicon battery technology Group14 Technologies said it has <a href="https://mercomindia.com/battery-tech-company-group14-million-series-c-funding-round/" target="_blank" rel="noopener">raised</a> $214 million in additional financing and completed its $614 million series C funding round. The additional financing follows the company’s $400 million Series C funding announced in May 2022. A consortium of Microsoft’s Climate Innovation Fund, Lightrock’s Climate Impact Fund, Moore Strategic Ventures, Oman Investment Authority, and Molicel provided the finance.
Photovoltaics leasing firm Enpal has <a href="https://mercomcapital.com/pv-leasing-firm-enpal-raises-908-million-for-solar-projects-in-germany/" target="_blank" rel="noopener">raised</a> €855 million (~$908.78 million) from international investors to jointly refinance over 30,000 new solar systems, energy storage systems, and electric vehicle chargers in Germany. The company said that the funds would be used to increase the accessibility of green energy to homes and businesses
Madrid-based energy and petrochemical company Repsol has <a href="https://mercomcapital.com/repsol-acquires-clean-energy-investment-platform-asterion-energies-for-e560-million/" target="_blank" rel="noopener">acquired</a> renewable energy investment platform Asterion Energies for €560 million (~$595 million) along with contingent payments of up to €20 million (~$21 million). With this acquisition, Repsol targets achieving 6 GW of installed renewable generation capacity in the next three years and 20 GW by 2030 under the company’s 2021-2025 Strategic Plan.
Element Energy, a provider of advanced battery management systems, has <a href="https://mercomcapital.com/battery-management-tech-company-element-energy-secures-28-million/" target="_blank" rel="noopener">announced</a> closing a $28 million Series B Funding round co-led by Cohort Ventures and an undisclosed energy generation company. The funding is expected to provide growth capital for continued investment in assets, logistics, and infrastructure related to upcoming utility-scale deployments of second-life electric vehicle (EV) batteries utilizing the company’s adaptive battery management system.
EnviroSpark, a provider of electric vehicle (EV) charging solutions, has <a href="https://mercomcapital.com/ev-charging-company-envirospark-secures-10-million/" target="_blank" rel="noopener">announced</a> the completion of a $10 million funding round to help expand the company’s services and increase its workforce by nearly four times. The financing brings the company’s total funds raised to $15 million, including a $5 million Series A funding round earlier this year.
Redaptive, a provider of Efficiency-as-a-Service solutions for commercial and industrial customers, has <a href="https://redaptive.com/news/cpp-investments-invests-us200-million-in-redaptive" target="_blank" rel="noopener">received</a> $200 Million from Canada Pension Plan Investment Board. According to the company’s CEO, Arvin Vohra, the funding will help to accelerate their growth and help customers reach their energy efficiency and sustainability goals.
PowerFlex, an EDF Renewables North America affiliate and provider of intelligent solar, storage, and electric vehicle charging solutions,<a href="https://www.businesswire.com/news/home/20221213005303/en/PowerFlex-Receives-a-100M-Investment-from-Manulife-Investment-Management" target="_blank" rel="noopener"> announced</a> a $100 million investment from Manulife Investment Management (Manulife IM). With this transaction, Manulife IM will hold a minority stake in PowerFlex, while EDF Renewables will retain majority ownership. PowerFlex plans to use the proceeds of this capital raise to further invest in PowerFlex X, its proprietary line of software and hardware that intelligently integrates and co-optimizes onsite energy assets and centralizes control, data collection, and reporting into a single digital platform.
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>.
Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-nrg-energy-buys-smart-grid-company-vivint-for-2-8-billion/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Arcadia Raises $125 Million for Electric Grid Decarbonization

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