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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-nexamp-secures-520-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Nexamp, a developer of solar and storage projects, <a href="https://mercomcapital.com/solar-and-storage-developer-nexamp-secures-520-million/" target="_blank" rel="noopener">secured</a> $520 million in a funding round led by Manulife Investment Management, alongside existing investors Diamond Generating Corporation and Generate Capital. The company said this investment would enable them to expand and expedite their existing renewable project pipeline across the country. Additionally, it will help develop partnerships in both new and existing markets, as well as consumer-driven offerings.
esVolta, a large-scale energy storage project developer, has <a href="https://mercomcapital.com/esvolta-secures-185-million-senior-secured-credit-facility/" target="_blank" rel="noopener">closed</a> a $185 million senior secured credit facility. The credit facility will provide additional development capital to secure obligations principally relating to interconnection, power purchase agreements (PPA), equipment deposits, and early pre-NTP construction funding for its 20+ GWh pipeline energy storage projects across the U.S.
GridBeyond, an intelligent energy and smart grid platform for distributed energy resource management, has <a href="https://mercomcapital.com/gridbeyond-raises-series-c-funding/" target="_blank" rel="noopener">closed</a> €52 million (~$55 million) in Series C funding led by Alantra’s Energy Transition Fund, Klima. The round also included new investors, including Energy Impact Partners, Mirova, ABB, Constellation, Yokogawa Electric Corporation, and existing investor Act Venture Capital. The funding will be used to further improve GridBeyond’s technology and boost its expansion efforts.
Arcadia, a utility data and community solar company, <a href="https://mercomcapital.com/arcadia-secures-50-million-financing/" target="_blank" rel="noopener">secured</a> $50 million in financing to support the growth of its community solar program. The funding will also support the company’s product innovation, leveraging AI to unlock new applications based on its energy data. The round includes a fund managed by Macquarie Asset Management as a new equity investor alongside existing investors.
Husk Power Systems, a decentralized solar-hybrid mini-grids provider, has <a href="https://www.mercomindia.com/husk-electrifi-mini-grids-india" target="_blank" rel="noopener">secured</a> a $4 million investment in debt financing from Electrifi. This impact investment facility will enable the company to accelerate its efforts to provide clean energy access in rural India. The latest funding adds to ElectriFi’s $6 million investment in September 2022, which allowed Husk to implement solar microgrids that electrified 80 communities.
AutoNxt Automation, a Maharashtra-based e-mobility tech startup, has <a href="https://www.mercomindia.com/autonxt-pre-series-a-funding" target="_blank" rel="noopener">raised</a> funds in a Pre-Series A funding round to finance the launch of its first electric tractor with self-driving options. The funding round was led by Saama, an India-based early-stage venture capital firm. Amit Singhal, former Head of Google’s search division, Suveer Sinha, India Head for KKR Capstone, Bluehill Capital, Keiretsu Forum, Soonicorn Ventures, and other marquee investors also participated in the funding round. The companies did not disclose the amount raised.
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-torus-raises-67-million" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Nexamp Secures $520 Million

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					</table><a href="https://huskpowersystems.com/" target="_blank" rel="noopener">Husk Power</a> Systems, which operates solar-hybrid microgrids across rural Asia and Africa, has signed a debt facility of $6 million from the EU- funded Electrification Financing Initiative (<a href="https://www.electrifi.eu/" target="_blank" rel="noopener">EDFI ElectriFI</a>).
The funding will be used to implement 80 solar microgrids that will electrify 80 communities in India, benefitting an estimated 60,000 people and connecting nearly 10,000 new customers. The new microgrids will displace a significant amount of diesel generators, avoiding the equivalent of 11,640 tons of CO2 emissions.
The long-term $6 million debt financing is one of the largest investments in the microgrid industry by EDFI ElectriFI.
Besides providing electricity to the communities, Husk&#8217;s platform will also address the rural energy ecosystem, offering access to productive and lifestyle appliances.
This investment complements Husk&#8217;s largest-ever local currency debt financing in the microgrid industry from the India Renewable Energy Development Agency (IREDA), <a href="https://mercomindia.com/husk-power-secures-debt-financing/" target="_blank" rel="noopener">announced</a> earlier this year. Husk Power already had about 150 net-zero microgrids in operation in India.
&#8220;The EDFI ElectriFI debt will enable Husk to become EBITDA positive before the end of 2022 and demonstrates our increased ability to absorb larger amounts of long-term, low-cost debt, which is necessary to scale microgrids profitably. More importantly, we will be achieving a net zero, broad-based economic impact on businesses and households in rural India, and help MSMEs double their income through reduced energy costs,&#8221; said Manoj Sinha, co-founder and CEO of Husk Power.
&#8220;Mini-grids are at the heart of EDFI ElectriFI&#8217;s strategy. We have been following Husk&#8217;s progress in the last years with attention and are very pleased to add this leading developer to our portfolio. The new facility will enable the company to reach the next stage of growth, achieve profitability and create long-term impact in rural India,&#8221; said Corentin Billiet, ElectriFI Senior Investment Officer, EDFI Management Company.
Husk Power was <a href="https://mercomindia.com/mercom-india-solar-awards-2022/" target="_blank" rel="noopener">declared</a> the winner in the &#8216;best off-grid project category&#8217; in Mercom India Awards 2022, announced during the Mercom India Solar Summit 2022. Husk Power&#8217;s solar hybrid microgrid in Aurai village, one of more than 120 net-zero microgrids owned and operated by the company in rural North and  East India, provides clean and reliable energy to the village community.

Husk Power Secures $6 Million Debt Facility to Implement Solar Microgrids

<a href="https://huskpowersystems.com/" target="_blank" rel="noopener">Husk Power Systems</a>, a renewable energy company working towards rural electrification, announced that it has secured ₹310 million (~$4.2 million) in debt financing from the Indian Renewable Energy Development Agency (IREDA).
IREDA is a state-owned non-banking financial institution under the administrative control of the Ministry of New and Renewable Energy that promotes, develops, and extends financial support to renewable energy projects.
In addition to the IREDA loan, the company expects to raise another $18 million in debt in 2022 to accelerate project deployment while initiating a Series D equity raise in the first quarter.
The company will use the loan to finance 140 microgrids in Uttar Pradesh and Bihar. The IREDA loan to Husk represents one of India&#8217;s biggest debt financings for rural microgrids to date.
Husk Power said it had built a robust project pipeline in India and Africa and expects to have around 1,300 grids in operation by 2025 across multiple markets.
Manoj Sinha, Chief Executive Officer and Co-Founder of Husk Power Systems said, “The IREDA financing demonstrates the Government of India’s vision in making microgrids an integral part of its net-zero goal put forward at COP26. The IREDA funding will give Husk a much-needed boost to achieve our target of expanding our microgrid fleet ten times by 2025.”
Husk Power signed Energy Compact with the United Nations on January 26, 2022, committing to install 5,000 microgrids with one million connections by 2030 in India, Nigeria, and other countries in South Asia and Sub-Saharan Africa. This was in line with the company’s targets set at COP26 to scale the rural energy economy and mini grids in sub-Saharan Africa and South Asia by 2030.
Energy Compacts are voluntary commitments from United Nations member states and non-state entities, such as companies, regional and local governments, NGOs, and others. These stakeholders commit to an Energy Compact that includes specific actions to support progress on SDG7 (one of the 17 Sustainable Development Goals established by the United Nations General Assembly in 2015).
Last month, the Cabinet Committee on Economic Affairs <a href="https://mercomindia.com/center-%e2%82%b915-billion-ireda-boost-lending-renewable-sector/" target="_blank" rel="noopener">approved</a> the equity infusion of ₹15 billion (~$201.27 million) in IREDA. The additional equity infusion would help IREDA lend ₹120 billion (~$1.61 billion) to the renewable energy sector, facilitating the debt requirement for an additional 3.5 GW – 4 GW capacity.
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Husk Power Secures ₹310 Million in Debt Financing to Expand Solar Microgrids

Husk Power Systems, a renewable utility company working towards rural electrification, has received an equity investment worth $20 million to expand the renewable mini-grid business in Africa and Asia.
<a href="http://www.huskpowersystems.com/" target="_blank" rel="noopener">Husk</a> designs, builds, owns and operates power plant and distribution network in India and Tanzania.
The investment has been provided by three entities: <a href="https://www.shell.com/about-us/what-we-do/new-energies.html" target="_blank" rel="noopener">Shell Technology Ventures</a>, <a href="https://www.swedfund.se/en" target="_blank" rel="noopener">Swedfund International</a> (Swedish development finance institution) and <a href="https://www.engie.com/en/commitments/providing-sustainable-energy-access-for-all/the-rassembleurs-denergies-initiative/solidarity-investment-fund/" target="_blank" rel="noopener">ENGIE</a> Rassembleurs d’Energies, (ENGIE group’s impact investment fund).
With the new investment, Husk endeavors to accelerate its contribution towards the development of an estimated $190 billion mini-grid market leading up to the year 2030.
“Together with our strategic partners, we are now confident of achieving our vision of becoming the world’s largest rural utility company providing 24/7, 100 percent renewable and affordable power to drive inclusive and sustainable development in growth markets“, Manoj Sinha, the co-founder of Husk, said in a media release.
“Access to reliable electricity drives development and is essential for job creation, women empowerment and combating poverty. The private sector plays a central role when electrifying the rural areas of developing countries. We are very pleased to be part of Husk’s expansion, where our long-term capital and extensive experience of evolving sustainable businesses will give multiple effects for the whole society”, Gerth Svensson, the chief executive officer at Swedfund said.
Husk Power Systems was founded in the year 2008 and kickstarted the much-needed rural electrification in the energy deficient state of Bihar through off-grid power generation and distribution solution.
According to Mercom’s <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">India Solar Project Tracker</a>, Bihar currently has 110 MW of installed solar capacity.
Micro grids are a viable option in areas where setting up mega projects is difficult due to topographical and accessibility limitations. Mercom had recently <a href="https://mercomindia.com/63-micro-grids-installed-in-india/" target="_blank" rel="noopener">reported</a> that about 63 solar micro grids totaling 1,899 kWp have been installed in India so far.

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