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<p>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-scatec-private-placement/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Scatec Solar, an independent power producer, has </strong><a href="https://tinyurl.com/mercomsctr" target="_blank" rel="noopener noreferrer"><strong>completed </strong></a><strong>a private placement, raising approximately NOK 4,750 million (~$514.94 million) in gross proceeds by allocating 20,652,478 shares subscription price of NOK 230 (~$24.93) per share</strong>. This represents a 6.08% discount to the 10-day volume-weighted average price and a 6.43% discount to the last closing price. The private placement&#8217;s net proceeds will be used to refinance $300 million of the acquisition facilities totaling $700 million provided by BNP Paribas, DNB Bank ASA, Nordea Bank Abp, filial i Norge and Swedbank for the acquisition of SN Power. The remaining amount would be used for growth capital and general corporate purposes.</p>
<p><strong>IDB Invest, a member of the IDB Group, </strong><a href="https://idbinvest.org/en/news-media/idb-invest-supports-grid-solar-energy-access-rural-communities-guatemala-and-colombia" target="_blank" rel="noopener noreferrer"><strong>made</strong></a><strong> a $5 million equity investment in Ignite Holding Company (Kingo Energy), a prepaid solar energy provider for homes and small businesses in rural communities not connected to the electricity grid. </strong>The funds will help Kingo Energy to finance its growth business plan through its subsidiaries in Guatemala and Colombia and improve its business model. The transaction includes a $4 million equity investment from the Clean Technology Fund (CTF) managed by IDB Invest.</p>
<p><strong>Budderfly, a provider of energy efficiency as a service model, </strong><a href="https://tinyurl.com/mercombdfy" target="_blank" rel="noopener noreferrer"><strong>announced</strong></a><strong> a $7.8 million equity funding round led by Balance Point Capital and Edison Partners with additional participation from Connecticut Innovations. </strong>The funding will help triple Budderfly&#8217;s existing North American footprint of 2,000 customers and fund the implementation of the Budderfly Energy Cloud, a patented solution that combines the management and oversight of all aspects of the customer&#8217;s energy systems, all at no cost to customers.</p>
<p><strong>Avangrid, a sustainable energy company, and PNM Resources </strong><a href="https://tinyurl.com/mercomangr" target="_blank" rel="noopener noreferrer"><strong>announced</strong></a><strong> that their respective boards approved the merger of PNM Resources into Avangrid. </strong>AVANGRID will add two independent board members from PNM Resources to its board of directors, and one independent board member from PNM Resources will join the AVANGRID Networks board. Avangrid&#8217;s majority shareholder, Iberdrola, has provided the company with a funding commitment letter for the transaction&#8217;s entire equity proceeds. As a result of this transaction, PNM&#8217;s shareholders will receive approximately $4.31 billion. Regulatory approvals are expected to be completed in about 12 months.</p>
<p><strong>Pacific Green Technologies, a company providing sustainable cleantech solutions, </strong><a href="https://ir.pacificgreentechnologies.com/press-releases/detail/130" target="_blank" rel="noopener noreferrer"><strong>announced</strong></a><strong> that it acquired Innoergy, a battery energy storage systems designer. </strong>The acquisition marks Pacific Green Technologies entry into the battery energy storage system market in conjunction with its joint venture partner, PowerChina SPEM.</p>
<p><strong>SemaConnect, a provider of electric vehicle charging infrastructure solutions to North American commercial, residential, and fleet markets, </strong><a href="https://www.businesswire.com/news/home/20201020005172/en/SemaConnect-Secures-Investment-from-Trilantic-North-America" target="_blank" rel="noopener noreferrer"><strong>announced</strong></a><strong> it received a substantial minority </strong>investment from Trilantic North America, a private equity firm.</p>
<p>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 noreferrer"><strong>here</strong></a>.</p>
<p>Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-wrap-up-array-technologies/" target="_blank" rel="noopener noreferrer"><strong>roundup</strong></a>.</p>
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Funding and M&A Roundup: Scatec Solar Raises $515 Million in a Private Placement

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