M&A roundup and financing: SunRoof, residential solar installer, raises € 4.5 million

PosiGen, supplier of renewable energy and efficiency solutions for low to middle income households, closed a Series D growth equity financing with an additional $ 27 million investment by a syndicate of private equity investors, including Activate Capital Kayne Anderson and SJF Ventures. The second Series D close brings the total round to $ 60 million. Marathon Capital acted as the exclusive financial advisor to PosiGen for the Series D fundraising and continues to advise PosiGen on increasing the investment in tax stocks to support the company’s accelerated growth plan.

The European Bank for Reconstruction and Development (EBRD) has with success participated in the first green Eurobond issue of the Greek industrial and energy group Mytilineos with an investment of 60 million euros (~ $ 72.74 million) out of the total supply of 500 million euros (~ $ 606.19 million). The proceeds of the issue will be used exclusively to finance eligible green projects with clear environmental benefits. These projects are aligned with the provisions of EU taxonomy and contribute to specific sustainable development goals as defined by the United Nations.

SunRoof, a residential solar installer based in Sweden, closed a € 4.5 million (~ $ 5.4 million) seed extension round, led by Inovo Venture Partners, with the support of SMOK Ventures – 2 million euros (~ $ 2.4 million) of which in the form of convertible notes. Other investors who participated in the oversubscribed cycle include LT Capital, EIT InnoEnergy, FD Growth Capital and KnowledgeHub.

Total, a large energy company that produces and markets fuels, natural gas and electricity, sign an agreement with wpd, operator and developer of renewable energy projects, to acquire a 23% stake in Yunlin Holding, the owner of the Yunlin offshore wind farm located off Taiwan. The project, currently under construction, represents 640 MW and benefits from a 20-year guaranteed price power purchase agreement (PPA) with the state-owned company Taipower of $ 250 / MWh for the first ten years and 125 $ / MWh for the next ten. years. The project is currently owned 48% by wpd, 25% by EGCO and 27% by a consortium of Japanese investors led by Sojitz (Sojitz Corporation, ENEOS Corporation, Chugoku Electric Power, Chudenko Corporation and Shikoku Electric Power).

Gridtential Energy, the creator of advanced Silicon Joule AGM battery technology, raised Funding of $ 12 million led by 1955 Capital with the participation of Silicon Valley Bank, David Marquardt, co-founder of August Capital, Yumin Liu, CEO of ReneSola, and existing investors East Penn Manufacturing, Crown Battery and the Roda Group are also joining. The latest funding will support a new production line of advanced benchmark lead-acid batteries, including a 24V one-piece deep-cycle lead-acid battery, made possible by solar-inspired Silicon Joule technology.

Sunseap Group, developer, owner and operator of solar energy systems in Singapore, raised an undisclosed amount in a Series E funding round. The new investors are Sumitomo Corporation, Shikoku Electric Power Company and Sumitomo Mitsui Finance and Leasing Company Limited. The proceeds will be used by Sunseap to invest in projects in Japan at a time when the country is committed to achieving carbon neutrality by 2050.

CDC Group, a UK government-owned financial development institution, has announced a ₹ 2.5 billion (~ $ 33.44 million) investment in distributed solar power company Fourth Partner Energy. The capital of CDC will be in the form of non-convertible debentures. CDC’s investment aims to support India’s clean energy transition and deliver cleaner energy to businesses. It will finance around 217 MW of renewable power generation in India to primarily replace thermal power generation, avoiding 258,000 tonnes of annual carbon emissions.

For reports and follow-ups on M&A financings and transactions in solar energy, energy storage, smart grids and efficiency, click on here.

Read last week’s funding roundup.

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