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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-ev-charging-erapid-raises-32-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Erapid, an electric vehicle (EV) charging solutions provider, <a href="https://mercomcapital.com/ev-charging-firm-erapid-raises-32-million/" target="_blank" rel="noopener">raised</a> €30 million (~$32 million) from Aviva Investors, the global asset management business of Aviva. The phased investment by Aviva Investors, as part of its Climate Transition Real Assets strategy, will enable Erapid to expand its operational capabilities and network of chargers across Ireland. Erapid trades in Ireland as EasyGo and CarCharger EV and currently manages over 4,000 charging points in 1,500 locations across the country. In addition, and as part of the transaction, Rubicon Capital Advisors, an Irish-based merchant banking boutique and one of Erapid’s largest shareholders, will also increase its stake in the company to further assist with the growth of the business.
Cosmos Innovation, a solar AI tech solutions firm, has <a href="https://mercomcapital.com/solar-ai-startup-cosmos-innovation-raises-19-7-million/" target="_blank" rel="noopener">raised</a> $19.7 million in Series A funding led by Xora Innovation, an early-stage, deep-tech investment platform of Temasek, a global investment company headquartered in Singapore. The funding will help support the company’s AI-driven approach to developing perovskite silicon tandem solar cell technology. The round also saw investments from Endeavors, which led the seed round; Two Sigma Ventures; DeepMind CEO Demis Hassabis; MIT professor Tomaso Poggio; Richard Socher, natural language processing researcher, CEO of You.com and managing partner at AIX Ventures; and Western Technology Investments, a venture debt fund in Silicon Valley.
Oil and Natural Gas Corporation is set to acquire PTC Energy Limited (PEL), a wholly-owned subsidiary of PTC India, at a transaction <a href="https://www.mercomindia.com/ongc-acquire-ptc-renewable-subsidiary-%e2%82%b99-25-billion" target="_blank" rel="noopener">valued</a> at ₹9.25 billion (~$111.18 million). Through PEL, its subsidiary formed in 2008, PTC has commissioned seven wind power projects spread across Andhra Pradesh, Karnataka, and Madhya Pradesh with a generation capacity of 288.8 MW. This transaction is subject to the fulfillment of conditions precedent and other terms and conditions per the share purchase agreement to be executed between the parties.
Ampacimon, a grid monitoring solutions provider, <a href="https://mercomcapital.com/ampacimon-grid-monitoring-raises-series-c-funding/" target="_blank" rel="noopener">raised</a> €10 million (~$11 million) in Series C funding from Junction Growth Investors along with existing investors Korys, Noshaq, Creos, and Gesval. The company provides dynamic line rating, partial discharge monitoring, and fault detection solutions, which they claim can enhance power transmission capacity by an average of 30%. Simultaneously, they strengthen operational reliability by enabling early detection, diagnosis, and pinpointing of potential failures. The company harnesses data from advanced sensors deployed on grids to optimize its customer’s T&amp;D assets.
Fastned, a provider of EV Charging solutions, <a href="https://fastnedcharging.com/hq/fastned-raises-more-than-30-million-in-new-bonds-to-further-grow-its-network-across-europe/" target="_blank" rel="noopener">raised</a> €30.4 million (~$32.3 million) through the issue of new bonds. In addition, investors have extended €3.5 million (~$3.7 million) worth of investments from earlier issues, bringing the total issued amount in this round to €33.9 million (~$36 million). The bonds have a 6% coupon and a five-year maturity. This 13th round in the bond program brings the total outstanding investments raised with retail investors to more than €163 million (~$173 million).
Canadian Solar announced the successful <a href="https://investors.canadiansolar.com/news-releases/news-release-details/canadian-solar-successfully-issues-jpy-185-billion-green-samurai" target="_blank" rel="noopener">placement</a> of a JPY18.5 billion (~$120 million) green samurai private placement to help fund the company&#8217;s growth strategy. Goldman Sachs Japan was the lead arranger and sole book runner with the domestic bond investors. The private placement has a three-year tenor with a mix of both semi-annual fixed (1.82% p.a.) and floating (circa 1.49% p.a.) coupons.
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-skeleton-technologies-raises-114-million" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: EV Charging Company Erapid Raises $32 Million

The Central Electricity Regulatory Commission (<a href="http://www.cercind.gov.in/" target="_blank" rel="noopener">CERC</a>) has granted Pranurja Solution Limited (<a href="https://www.pranurja.com/" target="_blank" rel="noopener">PSL</a>) registration right to establish and operate a power exchange.
It would make PSL the third power exchange in India after India Energy Exchange (IEX) and Power Exchange India (PXIL).
PSL was incorporated in 2018 as a consortium of PTC India (PTC), BSE Investments, and ICICI Bank. In 2018, The Bombay Stock Exchange (BSE), ICICI Bank, and PTC <a href="https://mercomindia.com/bse-icici-ptc-appeal-cerc-power-exchange/" target="_blank" rel="noopener">filed</a> a petition with the CERC for a license grant to set up a new power exchange.
In February this year, the Commission <a href="https://mercomindia.com/india-another-power-exchange/" target="_blank" rel="noopener">proposed</a> granting registration to PSL to establish and operate a power exchange. The Commission said that it would invite suggestions and comments on its proposal.
PSL had earlier filed a petition for a grant of registration to establish and operate a power exchange under Regulation 16 of the CERC (Power Market) Regulations 2010. In the interim period, it had requested the Commission to grant provisional registration to align its structure, management, and activities per CERC Regulations, 2010.
The Commission observed that the company had fulfilled the net-worth requirement of ₹250 million (~$3.4 million) and that its net worth was ₹500 million (~$6.86 million). The promoter companies, i.e., PTC, BSE Investments, and ICICI Bank, were 25%, 25%, and 9.99% of shares. Also, there were 11 other shareholders, each of whom had a shareholding of 5% or less.
The Commission is satisfied that PSL, as an applicant, has complied with the shareholding pattern under Regulation 19 of the PMR 2010.
Meanwhile, in a hearing on April 4, 2021, IEX had raised PSL’s compliance issues with the provisions of Power Market Regulations 2021. IEX argued that PSL’s registration as a power exchange should be considered under the Power Market Regulations 2021 and not 2010. Similarly, PXIL submitted that the software of PSL’s proposed power exchange should allow seamless integration regarding market coupling as envisaged in the Power Market Regulations 2021.
However, the Commission noted that since the Power Market Regulations 2021 is still not in force,  the argument put forth by IEX and PXIL has no merit.
Under Regulation 21(i) and Regulation 16(vii) of the Power Market Regulations 2010, the Commission granted registration to PSL to establish and operate a power exchange subject to complying with the conditions within three months from the issuance of this order.
PSL’s power exchange will operate for 25 years from the date of commencement of operation.
Meanwhile, the IEX <a href="https://mercomindia.com/trade-volume-of-solar-in-iexs-green-term-ahead-market-soars-in-april-2021/" target="_blank" rel="noopener">traded</a> a record 78 MU of solar power in April, a 272% surge from the 21 MU traded in March 2021. The exchange’s real-time power market registered a trading volume of 7,707 MU in April 2021, achieving a 90.2% year-over-year (YoY) growth.

CERC Approves Registration of India’s Third Power Exchange

Power project financier <a href="https://www.ptcfinancial.com/" target="_blank" rel="noopener noreferrer">PTC Financial Services</a> (PFS) has announced its FY 2019 results which indicate a good year for the company.
The total revenue for PFS for FY 2019 was ₹13.36 billion ($192.5 million) compared to ₹11.85 billion ($170.8 million) in FY 2018, an increase of almost 12.7%. Profit before Tax (PBT) and profit after tax (PAT) for the year ended March 31, 2019, stood at ₹2.81 billion ($40.5 million) and at ₹1.84 billion ($26.5 million) respectively. Interest income for the year was ₹12.85 billion ($185.2 million).
On a quarterly basis, the company declared that its total revenue for Q4 FY 2019 stood at ₹3.31 billion ($47.68 million), compared to ₹2.96 billion ($42.6 million) in Q4 FY 2018, representing an increase of almost 11.55%. PBT for Q4 FY 2019 stood at ₹572 million ($8.24 million) as compared to a loss of ₹4.02 billion ($57.9 million) in Q4 FY 2018.
Commenting on the performance for the quarter and year, Pawan Singh, the managing director and CEO of PFS said, “Last year was a challenging year for the financial sector as a whole and for NBFCs in particular. Our position continued to focus on improving our consolidated portfolio quality, to execute better yields structured finance to corporates of good credit standings and to explore new areas for generation of fee-based income.
“We will continue to grow in the renewable sector in which we are having negligible stress and having huge growth opportunities in future. We will also be tapping the growth opportunities in new similar areas of businesses like SBG city gas distribution, annuity-based sewage treatment plants, electrical transportation and charging stations, last mile energy efficiency solutions. We tied over the liquidity challenges, and our strategy is to work on all possible dimensions simultaneously to strengthen our credit standing and to generate more value to our stakeholders, the result of our efforts is expected in coming quarters. Our dedicated efforts have cultivated a way to achieve our intention of being perceived as one of the valuable NBFC of the country,” Singh added.
The company’s gross non-performing assets (NPA) of PFS were reduced to 6.04 % as on March 31, 2019, from 6.85% as on December 31, 2018. Net NPAs were reduced to 3.12% as on March 31, 2019, from 3.29% as on December 31, 2018, on account of higher provisioning.
Recently, Mercom <a href="https://mercomindia.com/pfs-usicef-partner-finance-distributed-solar-india/" target="_blank" rel="noopener noreferrer">reported</a> on PFS partnering with the <a href="https://www.usicef.org/" target="_blank" rel="noopener noreferrer">U.S.-India Clean Energy Finance</a> (USICEF) to mobilize debt financing for distributed solar energy projects in India. This was good news as financing distributed solar projects has been a major <a href="https://mercomindia.com/small-rooftop-solar-companies-struggle-viable-financing/" target="_blank" rel="noopener noreferrer">challenge</a> in India and one of the primary reasons why the country has only installed 3 GW of rooftop solar to date.

Solar Project Financier PFS Announces 12% Increase in Revenues for FY 2019

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