Home Energy assets Funding and M&A roundup: Battery storage company Zenobe secures £241m debt

Funding and M&A roundup: Battery storage company Zenobe secures £241m debt

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Zenobe Energy (formerly Battery Energy Storage Solutions), a developer, operator and owner of battery storage assets in the UK, has secured a multi-source debt structure of £241 million (~$326.2 million) to accelerate the expansion of the electric vehicle rental sector. The NatWest-advised funding platform brings total debt support from UK financial institutions to over £300m (~$406.1m).

TotalEnergies, a French oil and gas major, has sign a definitive agreement with SunPower to acquire its Commercial & Industrial Solutions business for $250 million, including $60 million of the additional price subject to regulatory changes. TotalEnergies is the majority shareholder of SunPower, a provider of solar technologies and energy services.

RES, a UK-based independent renewable energy developer, has acquired Blueshore based in Australia, which offers commercial, technical and financial asset management services for solar and wind assets. Financial terms of the acquisition were not disclosed. Blueshore also offers portfolio management services to investors in the Australian market. The company currently has 1.6 GW of assets under management in the country.

Allumia, an Energy Efficiency-as-a-Service (EaaS) technology platform, raised $7.5 million in Series A2 funding. Existing investor JW Asset Management led the financing round with participation from American Electric Power and Duke Investments. The company plans to use the new funds to accelerate the development of its EaaS technology platform for large-scale deployment for commercial and industrial customers.

Reliance New Energy Solar Limited, the green energy arm of Reliance Industries, has completed the acquisition of 40% of the capital of Sterling and Wilson Renewable Energy Limited. Reliance acquired the stake through a primary investment, a secondary purchase and an open offer. On February 9, 2022, Reliance had purchased 19.66 million shares of Sterling and Wilson Renewable Energy in an off-market deal.

The Cologne start-up Sunvigo raised 15 million euros (~$17 million) in the last funding round. Sparta Capital and Eneco, which provide the largest share of financing, invest 10 million euros (~$11.4 million) with existing investors Ecosummit, High-Tech Grunderfonds and Ubermorgen Ventures. Deutsche Kreditbank AG is providing an additional €5m (~$5.6m) in loan capital.

Ion Storage Systems (ION), a manufacturer of high energy density lithium metal batteries, firm a $30 million Series A first round of funding. The funding round was led by Clear Creek Investments, VoLo Earth Ventures and Alsop Louie Partners. As part of the funding agreement, Todd Crescenzo, founder and managing partner of Clear Creek Investments, and Joseph Goodman, Ph.D., co-founder and managing partner of VoLo Earth Ventures, will join ION’s board of directors.

KBRA has assigned preliminary ratings of three classes of notes issued by issuer Sunnova Helios VII; Solar Loan Backed Notes, Series 2022-A (Sunnova 2022-A), a $297.9 million residential solar loan ABS operation. The transaction will be secured by approximately $425.6 million in residential solar loans, of which approximately $121.6 million will be funded at closing.

Utilidata, an energy technology company digitizing the grid edge to unlock the full potential of clean energy, has secured $26.75 million in new capital. The round was led by Moore Strategic Ventures (MSV), with participation from Microsoft Climate Innovation Fund and NVIDIA and existing investors Keyframe Capital, Braemar Energy Ventures and MUUS Asset Management.

Three subsidiaries of Adani Green Energy, the renewable energy branch of the Adani Group – Adani Green Energy (UP), Prayatna Developers and Parampujya Solar Energy have raised ₹6.123 billion (~$82.04 million) through their first domestic bond issue on a private placement basis. According to the company’s statement, non-convertible debentures (NCDs) rated, listed, secured and redeemable with a face value of ₹1 million (~$13,383.55) each, in several series, have a coupon rate annualized average of 7.83% per year, which is significantly lower than existing debt. NTMs have a lifespan of up to about 12 years. Proceeds from the NCDs will be used to partially refinance an existing rupee term loan carrying a higher interest cost. NCDs are rated AA/Stable by CRISIL Limited and AA(CE)/Stable by India Ratings.

Virescent Renewable Energy Trust (VRET), a renewable energy infrastructure investment trust (InvIT) of Virescent Infrastructure, raised ₹6.5 billion (~$87 million) through domestic bond issuance through 7.33-year (₹1.5 billion (~$20 million)) and 10-year (₹5 billion (~$67 million)) installments. The bonds’ average quarterly coupon is 7.93%, fully fixed for the entire term. VRET, backed by KKR, a leading global investment firm, will use the bond proceeds to fund its immediate acquisition-related borrowing needs while expanding its portfolio from the 450 MWp of operational solar projects existing. VRET maintains that this transaction is the largest issuance in a single round of ₹5 billion (~$67 million) over a 10-year term by a renewable energy company. CRISIL and India Ratings have assigned the bonds a “AAA stable” rating.

Smart grid technology provider Tantalus Systems has acquired DLC Systems d/b/a Congruitive, a provider of smart grid management solutions, for a purchase price that includes $8 million closing date and up to $5 million through a two-year earn-out. Congruitive will become a wholly owned subsidiary of Tantalus’ US operating subsidiary. Tantalus has agreed to acquire 100% of the issued and outstanding common shares of Congruitive pursuant to the terms of a share purchase agreement. The purchase price was comprised of closing consideration of $8 million in the form of approximately $3.5 million in cash, 869,565 shares of Tantalus common stock based on a C$1.76 (~$1.38) share price and the assumption of certain liabilities on Congruitive’s balance sheet at closing time.

AC Energy Corporation, through its wholly owned subsidiary, AC Energy Vietnam Investments (ACEV), and Super Energy Corporation Public Company Limited (SUPER), through its subsidiary, Super Energy Group (Hong Kong), have sign an agreement to form a strategic partnership to develop, own and operate renewable energy projects throughout ASEAN. ACEV has signed a share purchase agreement (with conditions precedent) to acquire a 49% stake in Solar NT, owned by Super HK. SUPER is a Thai renewable energy developer and investor. The transaction will be made through the acquisition of secondary shares for a total consideration of $165 million. After the restructuring, Solar NT will own and operate nine solar power plants across Vietnam with a total capacity of approximately 837 MW.

Uplift Solar, a manufacturer of smart electronics embedded in solar panels, has received an investment by the OZ Green Fund. The investment will support Uplift Solar as they expand their team and revenues.

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Read last week’s funding roundup.