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Green Gravity, a gravity-based energy storage solutions developer, <a href="https://cms.mercomindia.com/green-gravity-raises-6-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> AU$9 million (~$6 million) in a Series A funding to complete product development for its gravitational energy storage technology. The funding was led by HMC Capital, BlueScopeX, Pacific Channel, Sumisho Coal Australia Holdings, and other key institutional investors.
BNZ, a solar project developer and an independent power produce, <a href="https://cms.mercomindia.com/solar-project-developer-bnz-secures-over-744-million-in-funding/" target="_blank" rel="noopener">announced</a> that it has completed its first Total IPP Financing for over €680 million (~$744 million) in several countries. The funding includes a senior debt facility and ancillary credit facilities of €420 million (~$459 million), secured by Clean Energy Fund III of Nuveen’s portfolio from a group of financial institutions formed by the European Investment Bank, ABN AMRO, Intesa Sanpaolo, NatWest, SMBC, and Bankinter with Palmer acting as an agent.
NW, an energy storage project developer and energy transition group, has <a href="https://cms.mercomindia.com/energy-storage-developer-nw-secures-466-million-in-debt-financing/" target="_blank" rel="noopener">secured</a> € 430 million (~$466 million) in non-recourse bank financing from Santander CIB and Rabobank. The funding will enable the company to develop and upgrade the JBox-distributed electricity storage unit and establish more than 2GWh of energy storage projects in Finland and France by the end of 2025.
Roofsol Energy, a Maharashtra-based rooftop solar EPC services provider, has <a href="https://www.mercomindia.com/roofsol-energy-raises-%E2%82%B9255-million-through-equity-funding" target="_blank" rel="noopener">raised</a> ₹255 million (~$3.03 million) in its inaugural round of equity funding. The funds were raised through private placements from high net-worth individuals led by fund manager Equity4life IH Analytics. Roofsol Energy plans to utilize the funds to accelerate the development of OPEX business for developing solar assets in subsidiary companies.
Multi-business conglomerate Adani Enterprises has <a href="https://www.mercomindia.com/adani-42-billion-qip" target="_blank" rel="noopener">completed</a> a Qualified Institutional Placement (QIP) of equity shares, each with a face value of ₹1 (~$0.012), raising around ₹42 billion (~$500 million). A total of 14,179,608 equity shares were issued at a price of ₹2,962 (~$35) per share through the QIP. Proceeds from the QIP will be used to fund capital expenditures, repay debt, and support general corporate purposes.
Karnataka-based solar project developer Ravindra Energy has <a href="https://www.mercomindia.com/ravindra-energy-raises-%E2%82%B91-79-billion-through-sale-of-24-3-million-shares" target="_blank" rel="noopener">raised</a> ₹1.79 billion (~$21.29 million) by selling 24.3 million equity shares. The Securities and Exchange Board of India approved the allotment of 24.3 equity million shares at a face value of ₹10 (~$0.11) per equity share and a premium of ₹64 (~$0.76) per equity share on a preferential basis.
Azure Power Global has <a href="https://www.mercomindia.com/azure-prepays-350-million-debt-after-refinancing-deal-with-rec" target="_blank" rel="noopener">announced</a> the completion of its ₹24 billion (~$285.54 million) refinancing transaction, structured as a term loan underwritten by REC Limited. Following this transaction, the company has prepaid its green bonds, issued in 2019 for $350 million and backed by ten solar projects commissioned between 2016 and 2019.
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-form-energy-raises-405-million-series-f-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Green Gravity Raises $6 Million in Series A Funding

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-green-gravity-raises-6-million-series-a-funding/" target="_blank" rel="noopener">Mercom Capital Group</a>
Green Gravity, a gravity-based energy storage solutions developer, <a href="https://mercomcapital.com/green-gravity-raises-6-million-in-series-a-funding/" target="_blank" rel="noopener">raised</a> AU$9 million (~$6 million) in a Series A funding to complete product development for its gravitational energy storage technology. The funding was led by HMC Capital, BlueScopeX, Pacific Channel, Sumisho Coal Australia Holdings, and other key institutional investors.
BNZ, a solar project developer and an independent power produce, <a href="https://mercomcapital.com/solar-project-developer-bnz-secures-over-744-million-in-funding/" target="_blank" rel="noopener">announced</a> that it has completed its first Total IPP Financing for over €680 million (~$744 million) in several countries. The funding includes a senior debt facility and ancillary credit facilities of €420 million (~$459 million), secured by Clean Energy Fund III of Nuveen’s portfolio from a group of financial institutions formed by the European Investment Bank, ABN AMRO, Intesa Sanpaolo, NatWest, SMBC, and Bankinter with Palmer acting as an agent.
NW, an energy storage project developer and energy transition group, has <a href="https://mercomcapital.com/energy-storage-developer-nw-secures-466-million-in-debt-financing/" target="_blank" rel="noopener">secured</a> € 430 million (~$466 million) in non-recourse bank financing from Santander CIB and Rabobank. The funding will enable the company to develop and upgrade the JBox-distributed electricity storage unit and establish more than 2GWh of energy storage projects in Finland and France by the end of 2025.
Roofsol Energy, a Maharashtra-based rooftop solar EPC services provider, has <a href="https://www.mercomindia.com/roofsol-energy-raises-%E2%82%B9255-million-through-equity-funding" target="_blank" rel="noopener">raised</a> ₹255 million (~$3.03 million) in its inaugural round of equity funding. The funds were raised through private placements from high net-worth individuals led by fund manager Equity4life IH Analytics. Roofsol Energy plans to utilize the funds to accelerate the development of OPEX business for developing solar assets in subsidiary companies.
Multi-business conglomerate Adani Enterprises has <a href="https://www.mercomindia.com/adani-42-billion-qip" target="_blank" rel="noopener">completed</a> a Qualified Institutional Placement (QIP) of equity shares, each with a face value of ₹1 (~$0.012), raising around ₹42 billion (~$500 million). A total of 14,179,608 equity shares were issued at a price of ₹2,962 (~$35) per share through the QIP. Proceeds from the QIP will be used to fund capital expenditures, repay debt, and support general corporate purposes.
Karnataka-based solar project developer Ravindra Energy has <a href="https://www.mercomindia.com/ravindra-energy-raises-%E2%82%B91-79-billion-through-sale-of-24-3-million-shares" target="_blank" rel="noopener">raised</a> ₹1.79 billion (~$21.29 million) by selling 24.3 million equity shares. The Securities and Exchange Board of India approved the allotment of 24.3 equity million shares at a face value of ₹10 (~$0.11) per equity share and a premium of ₹64 (~$0.76) per equity share on a preferential basis.
Azure Power Global has <a href="https://www.mercomindia.com/azure-prepays-350-million-debt-after-refinancing-deal-with-rec" target="_blank" rel="noopener">announced</a> the completion of its ₹24 billion (~$285.54 million) refinancing transaction, structured as a term loan underwritten by REC Limited. Following this transaction, the company has prepaid its green bonds, issued in 2019 for $350 million and backed by ten solar projects commissioned between 2016 and 2019.
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’s funding <a href="https://mercomcapital.com/funding-ma-roundup-form-energy-raises-405-million-series-f-funding/" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.nw-groupe.com/en/" target="_blank" rel="noopener">NW</a>, an energy storage project developer, has secured € 430 million (~$466 million) in non-recourse bank financing from Santander CIB and Rabobank.
The funding will enable the company to develop and upgrade the JBox-distributed electricity storage unit and establish more than 2GWh of energy storage projects in Finland and France by the end of 2025.
“Today, NW is entering a new phase of growth, demonstrating the solidity of its business model. We are very proud to have won the confidence of Rabobank and Santander, international banks with a particularly strong reputation in the energy transition, and this is a fundamental step towards our ambition of operating more than 5 GWh of storage by 2028”, explains Jean-Christophe Kerdelhué, Founder and CEO of NW.
Since 2018, the company has been developing and supplying its own lithium-ion-based battery solutions called JBox, trying to offer stability and flexibility services to the electricity grid, operating with over 600 MW of installed energy storage capacity.
It also provides more than 130 ultra-fast charging stations for electric mobility. Combining the JBox with their proprietary charging solutions called IECharge, the company says that it can provide its users with the lowest charging price in Europe at around €5 (~$5.4)/100 km.
According to the recently released  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, Venture capital (VC) funding for Energy Storage companies in 9M 2024 came to $2.7 billion in 61 deals, a 69% decrease YoY compared to $8.6 billion in 68 deals in 9M 2023.
In April, Harmony Energy, a utility-scale energy storage project developer, <a href="https://cms.mercomindia.com/harmony-energy-secures-credit-facility/" target="_blank" rel="noopener">secured</a> a £10 million (~$12.5 million) credit facility from Triodos Bank U.K. to support the development of new projects and its expansion across Europe. The new facility is the bank’s first U.K. loan to the standalone energy storage sector.

Energy Storage Developer NW Secures $466 Million in Debt Financing

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