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Daily News Wrap-Up: APTEL Criticizes MERC for Denying Petitioner Relief

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-invenergy-secures-900-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Invenergy, a developer of renewable energy projects, <a href="https://mercomcapital.com/invenergy-secured-additional-900-million-from-natixis-cib/" target="_blank" rel="noopener">secured</a> a $900 million Green Letter of Credit facility to support the development of Invenergy Renewables Finance North America’s project pipeline. The funding will also support Invenergy’s development pipeline of large-scale renewable and other clean energy generation and storage facilities in the Americas. Natixis Corporate &amp; Investment Banking (Natixis CIB) acted as Sole Bookrunner, Syndication Agent, Administrative Agent, Documentation Agent, and Green Loan Coordinator.
The Japan Bank for International Cooperation (JBIC) has <a href="https://www.mercomindia.com/ntpc-nhpc-loan-jbic-renewable-projects" target="_blank" rel="noopener">entered</a> into strategic loan agreements with NTPC Renewable Energy and NHPC to help develop renewable energy projects across India. The loans for the public sector undertakings are co-financed with Sumitomo Mitsui Banking Corporation and the Bank of Fukuoka, with JBIC providing 60% of the total financing. NTPC Renewable Energy has secured a loan of JPY15 billion (~$99.11 million) to fund its renewable energy projects, with JBIC contributing JPY9 billion (~$59.46 million).
Energy storage developer Lightshift Energy (formerly Delorean Power) <a href="https://mercomcapital.com/lightshift-energy-secures-financing-energy-storage-projects/" target="_blank" rel="noopener">secured</a> $100 million from Greenbacker Capital Management (GCM), a renewable energy asset manager. Of the total funds secured, $20 million originated from a GCM-affiliated investment vehicle focused on equity investments in sustainable infrastructure development platforms. These funds will be used to expand Lightshift’s team, accelerate sales, and enhance its project pipeline. Lightshift secured $80 million from a second GCM-affiliated investment vehicle specialized in sustainable infrastructure assets.
Independent power producer AmpIn Energy Transition has <a href="https://www.mercomindia.com/ampin-energy-secures-manufacturing-facility-in-odisha" target="_blank" rel="noopener">secured</a> an investment from Oesterreichische Entwicklungsbank (OeEB), the Development Bank of Austria, totaling €25 million (~$26.9 million) in long-term financing. The capital infusion is expected to aid AmpIn Energy Transition in establishing a 1 GW domestic solar cell and module production facility in Odisha and expanding its renewable energy portfolio. The company has a diverse portfolio spanning 3 GW across 21 states in India and plans to expand it to 10 GW by 2030.
Ionobell, a silicon battery technology company, <a href="https://mercomcapital.com/silicon-battery-technology-startup-ionobell-raises-3-9-million-financing/" target="_blank" rel="noopener">raised</a> $3.9 million in a recent seed extension round led by Dynamo Ventures and Trucks VC, bringing the total funding amount to $7.3 million in seed investment fundraising. The initial equity round was led by Trucks VC, with participation from Dynamo Ventures and Alumni Ventures. The company claims its silicon material is 500% more energy-dense than Graphite. With this funding, Ionobell plans to expand its production across the U.S.
MN8 Energy, an independent power producer, has announced the completion of its private placement, <a href="https://mercomcapital.com/mn8-energy-announces-closing-private-placement/" target="_blank" rel="noopener">raising</a> $325 million through the issuance and sale of convertible preferred stock. The funds obtained from the private placement will be allocated towards supporting the company&#8217;s expanded operations and facilitating its growth. The $325 million private placement comprises a $200 million investment from Mercuria Energy Group, an independent energy and commodity group, and $125 million from Ridgewood Infrastructure.
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-enapi-raises-2-7-million" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Invenergy Secures $900 Million Green Loan

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					</table>Sustainable infrastructure investor Greenbacker Capital Management has <a href="https://mercomcapital.com/greenbacker-acquires-bess-project-california/" target="_blank" rel="noopener">acquired</a> a 30-MW/120-MWh battery energy storage system project in Imperial County, California, from the solar and storage developer SunCode. The project has a long-term power purchase agreement in place with an investment-grade utility and is expected to enter commercial operation in the third quarter of 2023.
Altus Power, an independent solar power producer, <a href="https://mercomcapital.com/altus-power-secures-funding-funding/" target="_blank" rel="noopener">secured</a> an incremental $47 million in debt funding from Blackstone. The total debt will provide long-term fixed-rate financing for 35 MW of operating assets in Altus Power’s portfolio. The proceeds will be used to pay off $15.8 million outstanding under the company’s construction facility, with the remainder as net cash proceeds to be reinvested in its business.
European Energy, a solar project developer, <a href="https://mercomcapital.com/european-energy-sells-solar-project-italy/" target="_blank" rel="noopener">signed</a> an agreement with IREN, an Italian energy group, for the sale of the ready-to-build 20.39 MW of Noto solar project in Sicily. The agreement falls within the framework of the partnership signed between the companies in January 2022 for the pipeline of more than 437.5 MW photovoltaic projects on sites in Lazio, Puglia, and Sicily.
Investment firm Blackstone Infrastructure Partners has <a href="https://mercomcapital.com/blackstone-completes-equity-investment-invenergy-renewables/" target="_blank" rel="noopener">finalized</a> an approximately $1 billion equity investment in sustainable energy solutions provider Invenergy Renewables Holdings. The infusion of funds will play a vital role in supporting Invenergy’s diverse portfolio of projects, which encompasses solar and onshore wind farms, energy storage facilities, offshore wind initiatives, high-voltage direct current interregional transmission lines, clean hydrogen projects, solar module manufacturing, and the burgeoning its Reactivate venture that focuses on community solar initiatives.
Uzma, an energy service provider company, announced that through its subsidiary, Uzma Kuala Muda successfully <a href="https://mercomcapital.com/uzma-secures-solar-project/" target="_blank" rel="noopener">secured</a> RM225 million (~$48.44 million) Syndicated Islamic Financing Facilities to support the construction, development, operation, and maintenance of a 50 MW solar project. Affin Islamic Bank and the Export-Import Bank of Malaysia provided the funding. The project will be constructed at Lot 4, Bukit Selambau, Mukim Kuala Muda, Sungai Petani, Kedah Darul Aman.
Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.
Read last week’s project finance <a href="https://www.mercomindia.com/project-finance-brief-grenergy-solar-project-spain" target="_blank" rel="noopener">brief</a>.

Project Finance Brief: Greenbacker Acquires 120 MWh BESS Project in California

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					</table>Investment firm <a href="https://www.blackstone.com/our-businesses/infrastructure/" target="_blank" rel="noopener">Blackstone Infrastructure Partners</a> have finalized an approximately $1 billion equity investment in sustainable energy solutions provider <a href="https://invenergy.com/" target="_blank" rel="noopener">Invenergy Renewables Holdings</a>.
The infusion of funds will play a vital role in supporting Invenergy&#8217;s diverse portfolio of projects, which encompasses solar and onshore wind farms, energy storage facilities, offshore wind initiatives, high-voltage direct current interregional transmission lines, clean hydrogen projects, solar module manufacturing, and the burgeoning its Reactivate venture that focuses on community solar initiatives.
In Jan 2022, Blackstone announced that funds managed by Blackstone Infrastructure Partners have entered into a definitive agreement with Caisse de depot et placement du Quebec (CDPQ) and Invenergy for an approximately $3 billion equity investment in Invenergy Renewables, a renewable energy company in North America.
Invenergy&#8217;s ownership includes Blackstone, CDPQ, and Invenergy management. The Invenergy management will continue as the company&#8217;s managing member with day-to-day responsibility for the execution of the business.
&#8220;The additional equity capital from Blackstone will help accelerate the execution of our existing project portfolio and our new business initiatives,&#8221; said Jim Murphy, President, and Corporate Business Leader at Invenergy. &#8220;We greatly value our long-term relationship with Blackstone and CDPQ and look forward to continuing to lead the clean energy transition with the support of these trusted partners.&#8221;
Invenergy and its affiliated companies have successfully developed over 30 GW of projects in operation, construction, or contracted, including wind, solar, transmission infrastructure, natural gas power generation, and advanced energy storage projects focused on partnerships with utilities, financial institutions, and commercial and industrial customers.
Last February, Invenergy <a href="https://www.mercomindia.com/project-finance-brief-enfinity-global-japan" target="_blank" rel="noopener">announced</a> an agreement with Ameren Missouri, a subsidiary of Ameren to sell a 150 MW solar project being developed in southeastern Illinois. The project will begin generating clean energy by 2024.
IRG Acquisition Holdings, a company owned by Invenergy, CPDQ, and funds managed by Blackstone Infrastructure, recently <a href="https://www.mercomindia.com/aep-sell-renewable-irg" target="_blank" rel="noopener">acquired</a> 1,365 MW of renewable portfolio from American Electric Power at an enterprise value of $1.5 billion.

Blackstone Completes $1 Billion Equity Investment in Invenergy Renewables

Global investment firm <a href="https://www.blackstone.com/" target="_blank" rel="noopener">Blackstone</a> has announced that funds managed by Blackstone Infrastructure Partners will invest approximately $3 billion equity investment in Invenergy Renewables Holdings.
Caisse de dépôt et placement du Québec (CDPQ) and Invenergy management will remain the company&#8217;s majority owners, and <a href="https://invenergy.com/" target="_blank" rel="noopener">Invenergy</a> will continue as the managing member.
Invenergy Renewables is one of the largest private renewable energy companies in North America.
The investment is expected to increase Invenergy&#8217;s renewable deployment activities. The company has over 175 projects totaling nearly 25 GW developed across four continents, and the company&#8217;s projects have offset 167 million tons of carbon dioxide.
Invenergy Renewables has a significant development and construction pipeline, and its affiliate Invenergy Transmission is developing some of the world&#8217;s most innovative transmission infrastructure projects. The company is also developing wind and solar projects in the United States to deliver a combined capacity of 3 GW of clean energy by 2023.
The company has been working towards expanding its portfolio to include solar power generation since 2012. Currently, Invenergy has nearly 6 GW of solar capacity with 49 projects and nearly 17.5 GW of wind capacity with 110 projects.
Early last year, Invenergy had <a href="https://mercomindia.com/invenergy-financing-america-largest-solar/" target="_blank" rel="noopener">reported</a> the completion of construction financing for the first phase of Samson Solar Energy center in Northern Texas, one of the largest solar energy facilities in the US.
Since 2019, Blackstone has committed nearly $13 billion in investments that the company believes are consistent with the broader energy transition. In September 2020, it had <a href="https://mercomindia.com/blackstone-sets-up-250-million-fund-for-distributed-projects/" target="_blank" rel="noopener">announced</a> a $250 million fund for distributed and sustainable energy infrastructure assets to ride on the renewable energy wave that&#8217;s sweeping energy markets globally.
Earlier, Loanpal, a U.S.-based financial technology company, had <a href="https://mercomindia.com/blackstone-to-invest-300-million/" target="_blank" rel="noopener">revealed</a> that Blackstone would invest nearly $300 million (~₹22.44 billion) in residential solar loans on the Loanpal platform.
According to Mercom’s 9M and Q3 2021 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/9m-q3-2021-solar-funding-ma-report" target="_blank" rel="noopener">Report</a>, corporate funding activity in the global solar market, including venture capital funding, public market, and debt financing in the first nine months (9M) of 2021, came to $22.8 billion in 112 deals, a 190% increase compared to $7.9 billion in 72 deals in 9M 2020. In 9M 2021, the solar sector raised $2.2 billion in VC funding in 39 deals, a 466% increase compared to $394 million in 29 deals in 9M 2020.

Blackstone to Invest Nearly $3 Billion in Renewable Energy Developer Invenergy

Here are some noteworthy cleantech announcements of the day from around the world:
EDF Renewables North America and Clean Power Alliance (CPA) <a href="https://www.edf-re.com/press-release/edf-renewables-north-america-and-clean-power-alliance-sign-power-purchase-agreement-for-solar-plus-storage-project/" target="_blank" rel="noopener">signed</a> a 15-year Power Purchase Agreement (PPA) for a solar-plus-storage project. The project includes a 300 MWac solar project coupled with a 600 MWh battery energy storage system. It is expected to begin delivering clean electricity to CPA&#8217;s customers by February 2024. The expected electricity generated at full capacity is enough to meet the consumption of more than 163,000 average California homes, offsetting 669,000 tons of CO₂ emissions annually.
Australia has <a href="https://www.minister.industry.gov.au/ministers/taylor/media-releases/introducing-legislation-unlock-investment-offshore-energy-projects" target="_blank" rel="noopener">introduced</a> legislation to increase new investment in offshore electricity generation and transmission projects. The Offshore Electricity Infrastructure Bill 2021 will establish a framework for construction, operation, maintenance, and decommissioning offshore electricity projects. The legislation covers infrastructure projects for offshore electricity transmission cables and offshore renewable energy generation, including offshore wind. Under the legislation, the National Offshore Petroleum Titles Administrator will oversee licenses for offshore projects.
The National Hydroelectric Power Corporation (NHPC) has <a href="https://www.pib.gov.in/PressReleasePage.aspx?PRID=1751394" target="_blank" rel="noopener">renovated and modernized</a> its 180 MW Baira Siul Power Station in Chamba, Himachal Pradesh. The Baira Siul Power Station is NHPC&#8217;s first power station, operating commercially since April 1, 1982, and had completed its useful life of 35 years. The renovation and modernization of all three units have been completed and have commenced commercial operation extended the power station&#8217;s life by another 25 years.
AMPYR Solar Europe and KlimaVest <a href="https://www.ampyrenergy.com/2021/09/03/ampyr-solar-europe-announces-it-has-entered-into-a-strategic-partnership-with-commerz-reals-klimavest-for-the-development-of-a-pipeline-of-large-scale-solar-pv-assets-in-germany/" target="_blank" rel="noopener">signed</a> an agreement to develop, build and commission a pipeline of large-scale solar PV projects in Germany. AMPYR will be in charge of developing the projects to a ready-to-build state and then providing engineering, procurement, and construction management services. The firm will also be responsible for putting in place operations and maintenance services. The initial portfolio of three solar parks in Germany will have a combined capacity of 200 MWp, and be owned by KlimaVest.

Daily News Wrap-Up: EDF, Clean Power Alliance Sign PPA for 300 MW Solar Project with Storage

Mercom Capital Group, llc, a global communications and consulting firm, today released its report on funding and merger and acquisition (M&amp;A) activity for the wind sector during the second quarter of 2012.
<a href="https://mercomindia.com/wp-content/uploads/2017/07/WindVCFunding2009-12-Q22012.jpg"><img loading="lazy" decoding="async" class="aligncenter wp-image-6207 size-full" src="https://mercomindia.com/wp-content/uploads/2017/07/WindVCFunding2009-12-Q22012.jpg" alt="" width="513" height="282" srcset="https://cms.mercomindia.com/wp-content/uploads/2017/07/WindVCFunding2009-12-Q22012.jpg 513w, https://cms.mercomindia.com/wp-content/uploads/2017/07/WindVCFunding2009-12-Q22012-300x165.jpg 300w" sizes="(max-width: 513px) 100vw, 513px" /></a>
Global Venture Capital (VC) funding in the second quarter of 2012 amounted to just $17 million in three deals compared to a strong first quarter where $240 million went into 12 deals. The Top VC deal this quarter was the $9.8 million raised by India’s ReGen Powertech, a manufacturer of wind turbines.
Announced large-scale project funding in Q2 2012 totaled $5.4 billion in 23 deals. Of that, $4 billion went to onshore projects and $1.4 billion went to offshore projects.The top announced large-scale project funding deal this quarter was the $741 million raised by Colruyt for its 216 MW Northwind offshore wind farm, followed by $662 million raised by Lincs Wind Farm Limited for its 270 MW offshore wind farm, and $650 million raised by Terra-Gen Power for its 300 MW Alta Wind VII &amp; IX wind projects. Other top project funding deals included $444 million raised by Invenergy for its 200 MW California Ridge Wind Energy Project, and $379 million raised by Iberdrola and Neoenergia for 10 wind farms totaling 288 MW. Also on the list was India’s Beta Wind Farm, which raised $50 million by Nordic Investment and AXIS Bank for seven wind turbine parks in India. Five of the seven units are being constructed in the state of Tamil Nadu, and the remaining two units will be built in Andhra Pradesh and Gujarat.
<a href="https://mercomindia.com/wp-content/uploads/2017/07/Top5WindProjectMATrans-Q22012.jpg"><img loading="lazy" decoding="async" class="aligncenter wp-image-6208 size-full" src="https://mercomindia.com/wp-content/uploads/2017/07/Top5WindProjectMATrans-Q22012.jpg" alt="" width="478" height="257" srcset="https://cms.mercomindia.com/wp-content/uploads/2017/07/Top5WindProjectMATrans-Q22012.jpg 478w, https://cms.mercomindia.com/wp-content/uploads/2017/07/Top5WindProjectMATrans-Q22012-300x161.jpg 300w" sizes="(max-width: 478px) 100vw, 478px" /></a>
Large-scale project funding investors with multiple deals this quarter included BNDES, KfW IPEX-Bank, Union Bank, Bank of Tokyo-Mitsubishi UFJ, BayernLB, EBRD, Lloyds, Rabobank and Santander.
Corporate Merger and Acquisition (M&amp;A) activity in Q2 2012 amounted to $93 million in five transactions compared to $872 million in 11 transactions in Q1 2012. The $60 million acquisition of Suzlon (Suzlon Energy Tianjin Limited), a wind turbine manufacturer, by China Power New Energy Development Co. (CPNE) was the top M&amp;A transaction for the quarter.
<a href="https://mercomindia.com/wp-content/uploads/2017/07/WindMAByQuarter-Q22012.jpg"><img loading="lazy" decoding="async" class="aligncenter wp-image-6209 size-full" src="https://mercomindia.com/wp-content/uploads/2017/07/WindMAByQuarter-Q22012.jpg" alt="" width="408" height="265" srcset="https://cms.mercomindia.com/wp-content/uploads/2017/07/WindMAByQuarter-Q22012.jpg 408w, https://cms.mercomindia.com/wp-content/uploads/2017/07/WindMAByQuarter-Q22012-300x195.jpg 300w" sizes="(max-width: 408px) 100vw, 408px" /></a>
There were 17 project M&amp;As announced in Q2 2012 amounting to $705 million in six disclosed transactions. Top project M&amp;A transactions were the $301 million acquisition of Agaoglu Group’s two wind farms (126 MW) by Dogan Sirketler Grubu Holding, and the $174 million acquisition of AGL Energy’s Hallett 5 wind farm (52.5 MW) by Eurus Energy. Other top transactions included the $85.5 million acquisition of a 49 percent stake in each of four AES Corporation wind farms (120 MW) by Sembcorp, the $62 million acquisition of the Dobrich wind farm (40 MW) by LUKERG Bulgaria, and the $42 million acquisition of AES Southern Europe Holdings’ St. Patrick wind farm and three InnoVent projects by Boralex (90.5 MW).

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