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Canadian Solar, a solar module manufacturer, has <a href="https://cms.mercomindia.com/canadian-solar-announces-200m-private-placement-secured-convertible-notes/" target="_blank" rel="noopener">signed</a> a definitive agreement with investment firm PAG. Under this agreement, PAG will subscribe to $200 million in convertible notes to be issued by the company. The transaction is anticipated to close in the fourth quarter of 2024, pending certain closing conditions. Canadian Solar will maintain some flexibility on drawdowns and plans to use the net proceeds to optimize its capital structure, repay existing debt, and invest in solar development projects.
Voltera, an electric vehicle charging solutions provider, <a href="https://cms.mercomindia.com/ev-charging-company-voltera-secures-100-million-debt-funding/" target="_blank" rel="noopener">secured</a> $100 million in debt funding. ING Capital acted as the book-runner, Investec as lead arranger, and Green Loan as co-coordinator for the financing. The funding will support developing multiple Voltera-owned and operated charging sites, continued corporate growth, and other initiatives. Under the terms of the agreement, Voltera will have the option to increase commitments over time as the facility is utilized.
VARTA AG, the German battery manufacturer, has <a href="https://cms.mercomindia.com/varta-ag-announces-debt-reduction-and-investment/" target="_blank" rel="noopener">announced</a> that it has agreed with its financial creditors and strategic investors on a viable restructuring concept. The restructuring of the balance sheet initially focuses on a haircut. The second component of the reorganization plan involves a complete reduction of VARTA AG’s share capital to zero. Following this reduction, VARTA AG will receive €60 million (~$66 million) in new equity through a capital increase, with €40 million (~$44 million) provided in cash.
Intercity electric bus startup Fresh Bus has <a href="https://www.mercomindia.com/e-bus-startup-fresh-bus-secures-10-42-million-in-series-a-funding" target="_blank" rel="noopener">raised</a> ₹875 million (~$10.42 million) in a Series A funding round. The financing was led by the international early-stage transportation-focused VC fund Maniv. Shell Ventures, Alteria Capital, and existing investor Riverwalk Holdings also participated in the funding round. Fresh Bus will utilize the funds to launch 150 e-buses, expand its network to 15 new routes, enhance its technological capabilities, and strengthen its strategic team to drive growth.
NOVA Infrastructure, a middle-market infrastructure investment firm, has finalized the <a href="https://cms.mercomindia.com/nova-acquires-community-solar-developer-uge-international/" target="_blank" rel="noopener">acquisition</a> of UGE International, a company specializing in community solar and battery storage. In May of this year, NOVA agreed to acquire roughly 70% of UGE&#8217;s common shares. The transaction has now received the necessary security holder and regulatory approvals. UGE’s portfolio currently includes over 12 operational projects and 81 advanced backlog projects across 11 U.S. states.
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-and-ma-roundup-trina-solar-secures-235-million-loan/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Canadian Solar to Raise $200 Million

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-canadian-solar-to-raise-200-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
Canadian Solar, a solar module manufacturer, has <a href="https://mercomcapital.com/canadian-solar-announces-200m-private-placement-secured-convertible-notes/" target="_blank" rel="noopener">signed</a> a definitive agreement with investment firm PAG. Under this agreement, PAG will subscribe to $200 million in convertible notes to be issued by the company. The transaction is anticipated to close in the fourth quarter of 2024, pending certain closing conditions. Canadian Solar will maintain some flexibility on drawdowns and plans to use the net proceeds to optimize its capital structure, repay existing debt, and invest in solar development projects.
Voltera, an electric vehicle charging solutions provider, <a href="https://mercomcapital.com/ev-charging-company-voltera-secures-100-million-debt-funding/" target="_blank" rel="noopener">secured</a> $100 million in debt funding. ING Capital acted as the book-runner, Investec as lead arranger, and Green Loan as co-coordinator for the financing. The funding will support developing multiple Voltera-owned and operated charging sites, continued corporate growth, and other initiatives. Under the terms of the agreement, Voltera will have the option to increase commitments over time as the facility is utilized.
VARTA AG, the German battery manufacturer, has <a href="https://mercomcapital.com/varta-ag-announces-debt-reduction-and-investment/" target="_blank" rel="noopener">announced</a> that it has agreed with its financial creditors and strategic investors on a viable restructuring concept. The restructuring of the balance sheet initially focuses on a haircut. The second component of the reorganization plan involves a complete reduction of VARTA AG’s share capital to zero. Following this reduction, VARTA AG will receive €60 million (~$66 million) in new equity through a capital increase, with €40 million (~$44 million) provided in cash.
Intercity electric bus startup Fresh Bus has <a href="https://www.mercomindia.com/e-bus-startup-fresh-bus-secures-10-42-million-in-series-a-funding" target="_blank" rel="noopener">raised</a> ₹875 million (~$10.42 million) in a Series A funding round. The financing was led by the international early-stage transportation-focused VC fund Maniv. Shell Ventures, Alteria Capital, and existing investor Riverwalk Holdings also participated in the funding round. Fresh Bus will utilize the funds to launch 150 e-buses, expand its network to 15 new routes, enhance its technological capabilities, and strengthen its strategic team to drive growth.
NOVA Infrastructure, a middle-market infrastructure investment firm, has <a href="https://mercomcapital.com/nova-acquires-community-solar-developer-uge-international/" target="_blank" rel="noopener">finalized</a> the acquisition of UGE International, a company specializing in community solar and battery storage. In May of this year, NOVA agreed to acquire roughly 70% of UGE&#8217;s common shares. The transaction has now received the necessary security holder and regulatory approvals. UGE’s portfolio currently includes over 12 operational projects and 81 advanced backlog projects across 11 U.S. states.
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-trina-solar-secures-235-million-loan" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.novainfrastructure.com/" target="_blank" rel="noopener">NOVA Infrastructure</a>, an infrastructure investment firm, announced the acquisition of <a href="https://ugei.com/news/" target="_blank" rel="noopener">UGE International</a>, a community solar and battery storage company. In May this year, NOVA agreed to acquire approximately 70% of UGE&#8217;s shares.
The transaction has now received security holder and regulatory approval. The financial details have not been disclosed.
Blank Rome and Bennett Jones advised NOVA, while Mintz and CP advised UGE in this transaction.
&#8220;NOVA committed acquisition capital as well as growth capital to support the expansion of the UGE platform and installed MW,&#8221; shared Allison Kingsley, Co-Founder and Partner at NOVA. Founded in 2010, UGE owns, finances, develops, builds, and operates solar and battery storage projects in New York, New Jersey, Maine, California, Pennsylvania, Oregon, Texas, Illinois, Maryland, Virginia, and Massachusetts. UGE currently has a portfolio of more than 12 operating and 81 advanced backlog projects in 11 states.
&#8220;Community solar represents a fast-growing segment of the US power generation market with strong regulatory tailwinds supporting UGE&#8217;s portfolio of long-lived assets,&#8221; said Chris Beall, Co-Founder and Managing Partner at NOVA. &#8220;UGE provides customers with attractive electricity rates under long-term contracts that provide strong downside protection for investors. We have identified value-add initiatives that will accelerate growth in the UGE portfolio and drive strong cash flow generation.&#8221;
According to Mercom&#8217;s recently released 1H and Q2 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-and-q2-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">report</a>, in the first half of 2024, there were 40 solar M&amp;A transactions, compared to 48 in the first half of 2023. The largest deal was made by Brookfield Asset Management, an asset management firm, along with institutional partners, including Brookfield Renewable and Singapore&#8217;s Temasek Holdings.
Earlier this year, Swell Energy, an energy management and grid solutions provider, <a href="https://cms.mercomindia.com/swell-energy-acquires-renu-energy-solutions/" target="_blank" rel="noopener">acquired</a> Renu Energy Solutions, a company that offers customized residential and commercial solar and energy storage solutions. The combination brings together a complementary set of operational and technological capabilities as well as a bi-coastal presence to enable the deployment of Virtual Power Plants (VPPs) in key energy markets.

NOVA Acquires Community Solar Developer UGE International

Solar power optimization and EV charging tech provider <a href="https://enteligent.com/" target="_blank" rel="noopener">Enteligent</a> raised $7 million in seed funding from strategic and institutional investors to fast-track the commercialization of its solar optimization platform, a DC-to-DC solar hybrid bi-directional EV charger, the world&#8217;s first.
This seed round included investments from several strategic investors, including NOVA, the venture arm of Saint-Gobain, a building material company, and Taronga Ventures, a real-asset technology investor, and other institutional investors.
The capital raised will fund efforts to fast-track the company&#8217;s solar optimization and solar-EV technology that will enable consumers to shift energy consumption habits by providing technology, making it affordable and convenient to charge during the day.
The company&#8217;s solar optimization technology—with rapid shutdown safety capabilities—optimizes local delivery and the use of solar panel electricity generation providing intelligent monitoring to maintain maximum solar array production. Similarly, the Enteligent solar EV charger takes DC electricity directly from solar with dramatically more usable energy leading to significant cost savings per kW. Enteligent is targeting residential, commercial, and industrial customers.
Avi Naidu, the Managing Partner at Taronga Ventures, said, &#8220;there is a growing demand for EV charging to become more accessible. We are seeing this across our real asset partners globally. Enteligent&#8217;s DC-input EV charger significantly improves energy efficiency and price-point, which is crucial to encourage the adoption of clean energy in commercial assets.&#8221;
Sean Burke, Enteligent Founder and CEO, said, &#8220;our goal is to provide technology that addresses the immediate electrification challenges posed by the EV revolution, enabling widespread daytime EV charging using clean, on-site generated solar electricity.&#8221;
Smart grid companies experienced a substantial <a href="https://cms.mercomindia.com/product/annual-q4-2022-funding-ma-report-for-storage-grid-efficiency/" target="_blank" rel="noopener">increase</a> in VC funding during 2022: $3.3 billion raised in 46 deals, representing a 175% increase from the previous year&#8217;s $1.2 billion and 35 deals. Smart charging companies had the largest share of VC funding in the sector in 2022, with $2.2 billion in 26 deals, according to Mercom Capital Research.
Enteligent is a client of Mercom Communications, a division of Mercom Capital Group.

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