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EQT, a private equity firm, announced that EQT Transition Infrastructure has <a href="https://cms.mercomindia.com/eqt-to-acquire-distributed-energy-company-scale-microgrids/" target="_blank" rel="noopener">agreed</a> to acquire Scale Microgrids. The transaction is subject to customary conditions and approvals. Scale Microgrids is a vertically integrated energy company that designs, builds, finances, owns, and operates microgrids and distributed energy assets in North America.
Solar module manufacturer Waaree Energies has entered into a share purchase agreement with Enel Green Power Development to <a href="https://www.mercomindia.com/waaree-energies-acquires-enel-india" target="_blank" rel="noopener">acquire</a> 100% of the share capital of Enel Green Power India for ₹7.92 billion (~$91.73 million). Enel Green Power India owns a solar and wind projects portfolio totalling 640 MWac (760 MWdc), including operational and projects under development in the country.
Electric tractor technology company Moonrider has <a href="https://www.mercomindia.com/e-tractor-company-moonrider-secures-2-2-million-in-seed-funding" target="_blank" rel="noopener">raised</a> $2.2 million (~₹182.6 million) in a seed funding round co-led by AdvantEdge Founders and Micelio Technology Fund. A group of angel investors also participated in the funding round. The company plans to use the funds to enhance its innovation capabilities in vehicle engineering, software development, and battery technology. The company has filed a patent for its in-house battery technology, which it considers a key feature of its electric tractors.
LS Power, a developer, owner, operator, and investor in power generation and electric transmission infrastructure, <a href="https://cms.mercomindia.com/ls-power-acquires-algonquin-powers-renewable-energy-business/" target="_blank" rel="noopener">announced</a> the acquisition of Algonquin Power &amp; Utilities renewable energy business. With this acquisition, LS Power will expand its renewable energy portfolio, adding more than 23 GW of renewable energy storage, flexible gas, and renewable fuels generation capacity, as well as a pipeline of projects in various stages of development.
Gridware, a power grid monitoring solution provider, <a href="https://www.gridware.io/post/release-gridware-powers-forward-with-26-4-million-series-a-round-led-by-sequoia-capital" target="_blank" rel="noopener">raised</a> $26.4 million in Series A funding. Sequoia Capital led the investment, alongside existing backers such as Fifty Years, Lowercarbon, True Ventures, and Convective Capital. This funding is expected to accelerate Gridware’s grid monitoring solutions. The company completed an initial pilot with PG&amp;E last year, the utility is stated to have since expanded to a large-scale deployment covering more than 1,000 miles of power lines and 10,000 poles.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-ma-roundup-greg-skinner-acquires-50-stake-in-ethical-power-group/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: EQT to Acquire Scale Microgrids

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-eqt-to-acquire-scale-microgrids/" target="_blank" rel="noopener">Mercom Capital Group</a>
EQT, a private equity firm, announced that EQT Transition Infrastructure has <a href="https://mercomcapital.com/eqt-to-acquire-distributed-energy-company-scale-microgrids/" target="_blank" rel="noopener">agreed</a> to acquire Scale Microgrids. The transaction is subject to customary conditions and approvals. Scale Microgrids is a vertically integrated energy company that designs, builds, finances, owns, and operates microgrids and distributed energy assets in North America.
Solar module manufacturer Waaree Energies has entered into a share purchase agreement with Enel Green Power Development to <a href="https://www.mercomindia.com/waaree-energies-acquires-enel-india" target="_blank" rel="noopener">acquire</a> 100% of the share capital of Enel Green Power India for ₹7.92 billion (~$91.73 million). Enel Green Power India owns a solar and wind projects portfolio totaling 640 MWac (760 MWdc), including operational and projects under development in the country.
Electric tractor technology company Moonrider has <a href="https://www.mercomindia.com/e-tractor-company-moonrider-secures-2-2-million-in-seed-funding" target="_blank" rel="noopener">raised</a> $2.2 million (~₹182.6 million) in a seed funding round co-led by AdvantEdge Founders and Micelio Technology Fund. A group of angel investors also participated in the funding round. The company plans to use the funds to enhance its innovation capabilities in vehicle engineering, software development, and battery technology. The company has filed a patent for its in-house battery technology, which it considers a key feature of its electric tractors.
LS Power, a developer, owner, operator, and investor in power generation and electric transmission infrastructure, <a href="https://mercomcapital.com/ls-power-acquires-algonquin-powers-renewable-energy-business/" target="_blank" rel="noopener">announced</a> the acquisition of Algonquin Power &amp; Utilities renewable energy business. With this acquisition, LS Power will expand its renewable energy portfolio, adding more than 23 GW of renewable energy storage, flexible gas, and renewable fuels generation capacity, as well as a pipeline of projects in various stages of development.
Gridware, a power grid monitoring solution provider, <a href="https://www.gridware.io/post/release-gridware-powers-forward-with-26-4-million-series-a-round-led-by-sequoia-capital" target="_blank" rel="noopener">raised</a> $26.4 million in Series A funding. Sequoia Capital led the investment, alongside existing backers such as Fifty Years, Lowercarbon, True Ventures, and Convective Capital. This funding is expected to accelerate Gridware’s grid monitoring solutions. The company completed an initial pilot with PG&amp;E last year, the utility is stated to have since expanded to a large-scale deployment covering more than 1,000 miles of power lines and 10,000 poles.
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/">here</a>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-greg-skinner-acquires-ethical-power-group" target="_blank" rel="noopener">roundup</a>.

<a href="https://eqtgroup.com/" target="_blank" rel="noopener">EQT</a>, a private equity firm, announced that EQT Transition Infrastructure has agreed to acquire Scale Microgrids. The transaction is subject to customary conditions and approvals.
Scale Microgrids is a vertically integrated energy company that designs, builds, finances, owns, and operates microgrids and distributed energy assets in North America.
EQT will support Scale Microgrids and its existing growth plans by investing in its commercial processes, tech platform, and project execution capabilities, enabling the company to own and operate several distributed generation assets.
EQT was advised by Weil, Gotshal &amp; Manges (legal) and Guggenheim Securities (financial). Scale Microgrids was advised by Latham &amp; Watkins (legal), Nomura Greentech (financial), and Truist Securities (financial).
&#8220;Today marks the start of an exciting new chapter for our company. EQT brings a depth of experience, resources, and capital that will enable us to continue pursuing our vision to power the world with distributed energy. I&#8217;m incredibly proud of what our team has built, and I believe this transaction will enable us to unlock even greater opportunities for the customers, employees, and communities we serve. We&#8217;re appreciative of our past shareholders, led by Warburg Pincus, for their support in getting us to where we are today.&#8221; Ryan Goodman, CEO of Scale Microgrids, said.
According to EQT, the acquisition will be its first North American investment in its recently launched Transition Infrastructure strategy, which aims to scale businesses that enable the transition to clean energy and a more resource-efficient, circular economy.
According to Mercom’s 9M and Q3 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-and-q3-2024-funding-and-ma-report-for-storage-and-grid/" target="_blank" rel="noopener">report</a> for Energy Storage and Smart Grid, in 9M 2024, there were seven Smart Grid M&amp;A transactions compared to eight transactions in 9M 2023.
In December, EQT Active Core Infrastructure Fund (EQT), a private equity company, and GIC, an investing company, announced the <a href="https://cms.mercomindia.com/eqt-and-gic-acquire-majority-stake-smart-meter-company-calisen/" target="_blank" rel="noopener">acquisition</a> of a majority stake in Calisen, an independent provider of smart meters and energy transition infrastructure in the U.K.

EQT to Acquire Distributed Energy Company Scale Microgrids

<a href="https://eqtgroup.com/" target="_blank" rel="noopener">EQT</a>, a private equity firm, announced the acquisition of a battery storage developer and operator, <a href="https://juniz.com/en" target="_blank" rel="noopener">ju:niz Energy</a>, from its founder, Dr. Franz Hauk. This acquisition was the first investment from the company’s EQT Transition Infrastructure strategy, which is expected to provide capital and industrial, technological, and sustainability expertise to scale businesses per the company.
ju:niz Energy specializes in developing and operating large-scale battery storage systems. The company’s value chain spans project development — from site acquisition to grid connection and project management.
EQT invests in infrastructure and private capital climate-related opportunities from early-stage ventures through scale-up to large buyouts. The company has helped 49 portfolio companies, corresponding to 57% of its invested equity, validate near-term science targets.
Jan Vesely, Partner and Head of EQT Transition Infrastructure said, “The pace of technological innovation and a steady reduction in costs, coupled with digitalization and the evolution of AI, continue to drive the need for a transformation of our energy systems and the economy. Against this backdrop, EQT Transition Infrastructure will help emerging but proven solutions and businesses scale to create the next generation of sustainable energy infrastructure.”
The transaction is subject to customary conditions and approvals. EQT was advised by UBS (financial), Gibson Dunn &amp; Crutcher, Norton Rose Fulbright (legal), and McKinsey (commercial).
According to Mercom’s 9M and Q3 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-and-q3-2024-funding-and-ma-report-for-storage-and-grid/" target="_blank" rel="noopener">report</a> for Energy Storage and Smart Grid, in 9M 2024, a total of 18 Energy Storage M&amp;A transactions were announced in 9M 2024, up from 11 M&amp;A transactions in 9M 2023.
In September, Return, an energy transition investment and development platform, <a href="https://cms.mercomindia.com/energy-transition-platform-return-acquires-stake-in-jp-batterie-projekte/" target="_blank" rel="noopener">acquired</a> a majority stake in J&amp;P Batterie Projekte, an energy storage system developer, through a €50 million (~$56 million) investment and commitment.

EQT to Acquire Energy Storage Developer ju:niz Energy

EQT Active Core Infrastructure Fund (<a href="https://eqtgroup.com/" target="_blank" rel="noopener">EQT</a>), a private equity company, and <a href="https://www.gic.com.sg/" target="_blank" rel="noopener">GIC</a>, an investing company, announced the acquisition of a majority stake in <a href="https://www.calisen.com/" target="_blank" rel="noopener">Calisen</a>, an independent provider of smart meters and energy transition infrastructure in the U.K.
EQT and GIC acquired the stake from funds managed by Global Infrastructure Partners (GIP), a part of BlackRock, the infrastructure business of Goldman Sachs Alternatives and Mubadala Investment Company. Equitix will remain a minority investor. The transaction is subject to the satisfaction of certain conditions, including regulatory approvals.
According to the company, this acquisition will support its growth ambitions and the continued rollout of its energy-transition-related assets, including smart meters, heat pumps, and renewable energy systems in the U.K. and abroad. It will also explore expanding into adjacent sectors, such as smart water metering.
Kunal Koya, Partner in EQT Active Core Infrastructure’s Advisory Team, said: “Calisen is an exciting investment opportunity, combining significant downside protection and cash flow visibility with tangible upside potential. Its critical role in the U.K.’s energy transition aligns perfectly with EQT’s commitment to investing in essential infrastructure that contributes to a more sustainable future. We look forward to partnering with management and GIC to embark on Calisen’s next growth phase.”
According to Mercom’s 9M and Q3 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-and-q3-2024-funding-and-ma-report-for-storage-and-grid/" target="_blank" rel="noopener">report</a> for Energy Storage and Smart Grid, in 9M 2024, there were seven Smart Grid M&amp;A transactions compared to eight transactions in 9M 2023.
In August, I Squared, an infrastructure investment manager, agreed to <a href="https://cms.mercomindia.com/i-squared-announces-acquisition-of-priority-power/" target="_blank" rel="noopener">acquire</a> Priority Power, an energy management service provider, through its ISQ Global Infrastructure Fund III. I Squared is acquiring Priority Power from Ara Partners Group, Oaktree Capital Management, and other shareholders.

EQT and GIC Acquire Majority Stake in Smart Meter Company Calisen

<a href="https://eqtgroup.com/" target="_blank" rel="noopener">EQT</a>, a private equity firm, through its EQT Infrastructure VI fund, has agreed to acquire <a href="https://stateraenergy.co.uk/" target="_blank" rel="noopener">Statera Energy</a>, a UK-based battery storage and flexible generation infrastructure developer and operator from InfraRed Capital Partners.
Statera has 1 GW of flexible generation in operation and under construction, enough to power around 750,000 homes, and a total project pipeline of over 16 GW, with plans to deliver 7.5 GW of flexibility assets by 2030.
EQT Infrastructure will support the Statera management team and platform by providing access to growth capital to accelerate the deployment of flexible generation across the UK.
&#8220;It is essential that flexible generation and energy storage technologies are deployed at scale to enable the vast amounts of renewables required to decarbonize power systems. Statera directly addresses this challenge by developing and operating projects that provide the resilience and flexibility required to balance the grid,&#8221; said Tom Vernon, Founder and CEO of Statera.
With this transaction, EQT Infrastructure VI is expected to be 20 &#8211; 25 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on the target fund size.
&#8220;In a world increasingly reliant on intermittent renewables and striving to achieve Net Zero emissions, battery storage and other flexible generation solutions are imperative. Both the public and private sectors must commit time, expertise, and capital to innovative solutions that can expedite the energy transition. The partnership between EQT and Statera is an exciting step towards achieving this goal,&#8221; said Francesco Starace, Partner within the EQT Infrastructure Advisory Team.
The transaction is subject to customary conditions and approvals. It is expected to close around the end of the year. DC Advisory served as financial advisor and Simpson Thacher &amp; Bartlett LLP as legal advisor to EQT Infrastructure.
According to Mercom&#8217;s 9M And Q3 2023 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Report </a>for Storage &amp; Smart Grid, In 9M 2023, 11 Energy Storage companies were acquired, compared to 23 in 9M 2022.
Enovix Corporation, a silicon battery company, recently <a href="https://cms.mercomindia.com/silicon-battery-company-evonix-acquires-routejade/" target="_blank" rel="noopener">acquired</a> Routejade, a Korea based battery manufacturer.

EQT To Acquire Battery Storage Developer and Operator Statera

<a href="https://eqtgroup.com/" target="_blank" rel="noopener">EQT Infrastructure</a>, an investment firm, announced that its EQT Infrastructure VI fund acquired <a href="https://www.madisonei.com/" target="_blank" rel="noopener">Madison Energy Investments</a> (MEI), a solar and energy storage project developer, from affiliates of Stonepeak Partners.
EQT Infrastructure will support the MEI management team and platform by providing the growth capital required to accelerate the deployment of distributed solar and storage assets.
Headquartered in Virginia, MEI is a leading developer, owner, and operator of distributed solar and energy storage projects for commercial and industrial (C&amp;I) and community-based customers within the U.S. The company has built a leading portfolio of more than 386 MW across the country.
It will also offer EQT&#8217;s in-house digital expertise to digitize the organization further and expand MEI&#8217;s reach across a broader customer base.
The transaction is expected to close in the first quarter of 2023, subject to customary conditions and approvals.
With the acquisition of MEI, EQT Infrastructure VI, which has a target fund size of €20 billion (~$21.31 billion), will be 0 to 5% invested based on the target fund size.
Barclays was the financial advisor to EQT Infrastructure for the deal, and Simpson Thatcher &amp; Bartlett was the legal advisor.
Alex Darden, Partner and Head of EQT&#8217;s U.S. Infrastructure platform, said, &#8220;EQT Infrastructure has followed the renewable distributed generation market and MEI closely for several years given the strong thematic tailwinds supporting the sector, prior EQT experience in solar development and operation, and MEI&#8217;s strong position as a leading integrated platform in the U.S. We are excited to partner with the MEI team as they build on their strong track record and continue to provide solar and storage energy solutions that are not only better for the environment, but also have tangible cost savings for their customers.&#8221;
Richard Walsh, the Managing Partner of MEI, said, &#8221; This is an exciting chapter we call &#8216;MEI 2.0&#8217; – a transformative time in the industry with strong policy tailwinds, compelling economics for our customers, and ever-increasing demand for resiliency and ESG solutions. Our focus remains on our customers and our partners to lead them through this critical energy transition. We could not be more excited to lean into the EQT portfolio and accelerate that mission.&#8221;
In July 2021, the EQT Infrastructure V fund acquired Cypress Creek Renewables, an integrated solar and storage company, from certain funds managed by HPS Investment Partners and Temasek.
According to Mercom’s recently published 9M and Q3 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/9m-q3-2022-solar-funding-ma-report/" target="_blank" rel="noopener">Report</a>, in 9M 2022, there were 90 solar M&amp;A transactions compared to 83 transactions in 9M 2021.

EQT Infrastructure Acquires Madison Energy Investments

<a href="https://www.temasek.com.sg/en/index.html" target="_blank" rel="noopener noreferrer">Temasek</a>, a Singapore-based Holdings company, has partnered with <a href="https://www.eqtgroup.com/" target="_blank" rel="noopener noreferrer">EQT</a>, a Swedish private equity company, to launch a renewable energy platform in India.
The platform, called 02 Power, aims to construct wind and solar projects in the country. The companies have allocated an initial equity commitment of $500 million (~₹35.34 billion) as the seed capital for this joint venture (JV).
This joint venture marks the companies’ first foray into the country.
Temasek is a global investment company headquartered in Singapore with a portfolio of operations in financial services, telecommunications, media, technology, real estate, transportation, industrials, life sciences, and agribusiness, as well as energy and resources.
EQT is a global investment organization that manages and advises investment funds across the world.
Back in 2017, Temasek partnered with EQT to expand its presence into Asia, particularly in Southeast Asia, India, Korea, Japan, New Zealand, and Australia to look for investment opportunities in communications, transportation, energy, and social infrastructure.
However, this is not the first joint venture by overseas corporations aimed at building the country’s renewable energy infrastructure.
In September 2018, Mercom <a href="https://mercomindia.com/engie-stoa-jv-wind-india/" target="_blank" rel="noopener noreferrer">reported</a> that in a similar deal, ENGIE, a global independent power producer, and STOA, a French infrastructure and investment firm, announced a joint venture to build wind projects in India, aiming to establish over 2 GW of wind energy capacity over five years.
Previously, global renewable energy development firm Lightsource BP and investment firm Everstone Group <a href="https://mercomindia.com/lightsourcebp-everstone-joint-venture-india/" target="_blank" rel="noopener noreferrer">teamed</a> up to create a major fund management platform called EverSource Capital for the development of green energy infrastructure in India with a fundraising target of £500 million (~₹45.49 billion).
Image credit: Tucson Electric Power

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