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NineDot Energy, a developer of community-scale battery energy storage systems (BESS), has <a href="https://cms.mercomindia.com/energy-storage-project-developer-ninedot-raises/" target="_blank" rel="noopener">secured</a> a $225 million equity capital commitment from Manulife Investment Management along with their existing institutional equity investor, Carlyle. The new equity funding, which Manulife Investment Management led with a $135 million commitment, is expected to enable NineDot to advance its project pipeline in the New York City area and explore opportunities for geographic expansion and potential acquisitions.
Independent renewable power producer ReNew has <a href="https://www.mercomindia.com/renew-refinances-non-convertible-debentures" target="_blank" rel="noopener">refinanced</a> Non-Convertible Debentures (NCDs) worth ₹23.91 billion (~$288.3 million), issued by its subsidiaries in October 2020. The refinancing was achieved through the redemption of USD bonds. The NCDs, initially issued to India Green Energy Holdings, a Mauritius-based special purpose vehicle, were backed by $325 million raised through senior secured bonds. These bonds, carrying a coupon rate of 5.375%, were slated to mature in April 2024.
Cactos, a developer of energy storage systems, has <a href="https://cms.mercomindia.com/energy-storage-company-cactos-raises-equity-funding/" target="_blank" rel="noopener">secured</a> over €26 million (~$28 million) in equity funding from OP Finland Infrastructure and the Finnish Climate Fund. Cactos Fleet Finland LP aims to secure around €70 million (~$75 million) in equity and debt financing. The capital will be used to grow the company’s portfolio of battery energy storage systems across Finland. The financing round enables the large-scale deployment of smart energy storage systems.
India-based electric vehicle logistics startup EVIFY has <a href="https://www.mercomindia.com/ev-logistics-evify-raises-1-3-million" target="_blank" rel="noopener">raised</a> $1.3 million in a pre-series A round to finance its operational expansion across Gujarat and product innovation. The funding was led by venture capital firms GVFL and Piper Serica Angel Fund and saw participation from existing investors We Founder Circle and IVY Growth and a few angel investors. The company aims to grow its existing fleet from 400 operational in Surat and Ahmedabad to 4,000 electric bikes by March 2025.
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-brightnight-secures-to-expand-re-portfolio/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: BESS Developer NineDot Raises $225 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-bess-developer-ninedot-raises-225-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
NineDot Energy, a developer of community-scale battery energy storage systems (BESS), has <a href="https://mercomcapital.com/energy-storage-project-developer-ninedot-raises/" target="_blank" rel="noopener">secured</a> a $225 million equity capital commitment from Manulife Investment Management along with their existing institutional equity investor, Carlyle. The new equity funding, which Manulife Investment Management led with a $135 million commitment, is expected to enable NineDot to advance its project pipeline in the New York City area and explore opportunities for geographic expansion and potential acquisitions.
Independent renewable power producer ReNew has <a href="https://www.mercomindia.com/renew-refinances-non-convertible-debentures" target="_blank" rel="noopener">refinanced</a> Non-Convertible Debentures (NCDs) worth ₹23.91 billion (~$288.3 million), issued by its subsidiaries in October 2020. The refinancing was achieved through the redemption of USD bonds. The NCDs, initially issued to India Green Energy Holdings, a Mauritius-based special purpose vehicle, were backed by $325 million raised through senior secured bonds. These bonds, carrying a coupon rate of 5.375%, were slated to mature in April 2024.
Cactos, a developer of energy storage systems, has <a href="https://mercomcapital.com/energy-storage-company-cactos-raises-equity-funding/" target="_blank" rel="noopener">secured</a> over €26 million (~$28 million) in equity funding from OP Finland Infrastructure and the Finnish Climate Fund. Cactos Fleet Finland LP aims to secure around €70 million (~$75 million) in equity and debt financing. The capital will be used to grow the company’s portfolio of battery energy storage systems across Finland. The financing round enables the large-scale deployment of smart energy storage systems.
India-based electric vehicle logistics startup EVIFY has <a href="https://www.mercomindia.com/ev-logistics-evify-raises-1-3-million" target="_blank" rel="noopener">raised</a> $1.3 million in a pre-series A round to finance its operational expansion across Gujarat and product innovation. The funding was led by venture capital firms GVFL and Piper Serica Angel Fund and saw participation from existing investors We Founder Circle and IVY Growth and a few angel investors. The company aims to grow its existing fleet from 400 operational in Surat and Ahmedabad to 4,000 electric bikes by March 2025.
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-brightnight-secures-375-million" target="_blank" rel="noopener">roundup</a>.

<a href="https://nine.energy/" target="_blank" rel="noopener">NineDot Energy</a>, a developer of community-scale battery energy storage systems (BESS), has secured a $225 million equity capital commitment from Manulife Investment Management along with their existing institutional equity investor, Carlyle.
The new equity funding, which Manulife Investment Management led with a $135 million commitment, is expected to enable NineDot to advance its project pipeline in the New York City area and explore opportunities for geographic expansion and potential acquisitions.
Manulife Investment Management also acquired an equity interest in NineDot as part of the transaction.
NineDot has now secured a capital base of approximately $400 million, including existing project financings from CIT, Sumitomo Mitsui Banking Corporation, and NY Green Bank, a New York State Energy Research and Development Authority (NYSERDA) division.
Earlier this year, NYSERDA <a href="https://cms.mercomindia.com/energy-storage-developer-ninedot-energy-raised-25-million/" target="_blank" rel="noopener">provided</a> a $25 million revolving credit debt facility to build more battery storage projects that support New York’s shift to greener energy sources.
NineDot’s initial battery storage site, located in the Pelham Gardens neighborhood of the Northeast Bronx, became operational last summer. The company is said to have approximately 30 projects under construction across the New York metro area, with more in development.
The company plans to develop 400 MW of battery storage capacity by the end of 2026.
Recep Kendircioglu, Global Head of Infrastructure at Manulife Investment Management, said, “We have been believers in community-scale battery storage for a long time and are pleased to form a long-term equity partnership with NineDot Energy. We view NineDot as the leading BESS developer in a complex but attractive market.”
According to Mercom’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. Corporate funding in the energy storage sector was down 31% in 9M 2023, with $15.2 billion raised in 94 deals compared to $22 billion in 93 deals in 9M 2022. Corporate funding in Energy Storage increased 67% in Q3 2023 with $8.2 billion in 35 deals compared to $4.9 billion in 32 deals in Q2 2023.

Energy Storage Project Developer NineDot Raises $225 Million

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