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Recurrent Energy, a solar and energy storage project developer and a wholly owned subsidiary of Canadian Solar, has <a href="https://cms.mercomindia.com/recurrent-energy-closes-500-million-in-funding-from-blackrock/" target="_blank" rel="noopener">announced</a> BlackRock’s second and final closing of a $500 million investment through a fund managed by its Climate Infrastructure business. The transaction was announced in January 2024, and the first payment was made in June 2024. As per the agreement, BlackRock’s total investment has reached $500 million, representing 20% of the outstanding fully diluted shares of Recurrent Energy.
Peregrine Energy, an integrated clean energy platform focused on utility-scale energy storage solutions, <a href="https://cms.mercomindia.com/peregrine-energy-secures-250-million-in-debt-funding/" target="_blank" rel="noopener">secured</a> a credit facility from insurance accounts managed by KKR that can provide ﬁnancing for up to $250 million. The funding will be used to ﬁnance equipment, interconnection, and offtake credit security to support Peregrine Energy’s energy sector development and continue developing its portfolio across the U.S. The company operates within ﬁve independent system operators and 11 states, with approximately 37 projects in its pipeline.
Powin, an energy storage solutions provider, has <a href="https://cms.mercomindia.com/energy-storage-provider-powin-secures-200-million-debt-funding/" target="_blank" rel="noopener">secured</a> a revolving credit facility of up to $200 million primarily from KKR, a global investment firm. Guggenheim Securities, a global investment and advisory firm, acted as Powin’s financial advisor and facilitated the completion of this capital raise. The company’s equity investors are Greenbelt Capital Partners, Trilantic, and Energy Impact Partners. The funding will be used to meet Powin’s working capital needs and enhance the company’s financial flexibility.
Voltfang, an energy storage solutions provider, has <a href="https://cms.mercomindia.com/energy-storage-provider-voltfang-secures-more-than-8-7-million/" target="_blank" rel="noopener">secured</a> more than €8 million (~$8.7 million) in a Series A financing round, including €800,000 (~$877,000) in secured grants. Dutch deep tech venture capital firm FORWARD.One led the oversubscribed funding round. The company plans to use the funding to expand its product offerings and advance its energy management system to increase battery efficiency, strengthening its market position for commercial/industrial and grid-scale applications.
The board of directors at Inox Green Energy Services (INOX Green), a wind power operations and maintenance service provider, has <a href="https://www.mercomindia.com/inox-green-allots-2-76-million-equity-shares-to-warrant-holders" target="_blank" rel="noopener">allotted </a>2.76 million equity shares with a face value of ₹10 (~$0.12) each at a price of ₹145 (~$1.73) to non-promoter warrant holders. The allotment was made after receiving conversion requests and the balance payment of 75% of the issue price for the previously issued convertible warrants. The newly allotted equity shares will be on an equal footing with the company’s existing equity shares in all respects.
The Asian Development Bank will <a href="https://www.mercomindia.com/adb-to-invest-certified-climate-bond-issue" target="_blank" rel="noopener">invest</a> $25 million in a certified climate bond issue by Vivriti Capital. The proceeds will be used to finance companies engaged in sectors including electric vehicles, solar and wind energy, and waste management. At least 30% of the funds will be specifically allocated to electric vehicle financing, including charging stations and battery swapping stations. The investment is expected to have a significant impact on India’s nascent green bond market.
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-ev-charging-platform-ampup-raises-15-million/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: Recurrent Energy Closes $500 Million Investment

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					</table>From: <a href="https://mercomcapital.com/funding-and-ma-roundup-recurrent-energy-closes-500-million-investment/" target="_blank" rel="noopener">Mercom Capital Group</a>
Recurrent Energy, a solar and energy storage project developer and a wholly owned subsidiary of Canadian Solar, has <a href="https://mercomcapital.com/recurrent-energy-closes-500-million-in-funding-from-blackrock/" target="_blank" rel="noopener">announced</a> BlackRock’s second and final closing of a $500 million investment through a fund managed by its Climate Infrastructure business. The transaction was announced in January 2024, and the first payment was made in June 2024. As per the agreement, BlackRock’s total investment has reached $500 million, representing 20% of the outstanding fully diluted shares of Recurrent Energy.
Peregrine Energy, an integrated clean energy platform focused on utility-scale energy storage solutions, <a href="https://mercomcapital.com/peregrine-energy-secures-250-million-in-debt-funding/" target="_blank" rel="noopener">secured</a> a credit facility from insurance accounts managed by KKR that can provide ﬁnancing for up to $250 million. The funding will be used to ﬁnance equipment, interconnection, and offtake credit security to support Peregrine Energy’s energy sector development and continue developing its portfolio across the U.S. The company operates within ﬁve independent system operators and 11 states, with approximately 37 projects in its pipeline.
Powin, an energy storage solutions provider, has <a href="https://mercomcapital.com/energy-storage-provider-powin-secures-200-million-debt-funding/" target="_blank" rel="noopener">secured</a> a revolving credit facility of up to $200 million primarily from KKR, a global investment firm. Guggenheim Securities, a global investment and advisory firm, acted as Powin’s financial advisor and facilitated the completion of this capital raise. The company’s equity investors are Greenbelt Capital Partners, Trilantic, and Energy Impact Partners. The funding will be used to meet Powin’s working capital needs and enhance the company’s financial flexibility.
Voltfang, an energy storage solutions provider, has <a href="https://mercomcapital.com/energy-storage-provider-voltfang-secures-more-than-8-7-million/" target="_blank" rel="noopener">secured</a> more than €8 million (~$8.7 million) in a Series A financing round, including €800,000 (~$877,000) in secured grants. Dutch deep tech venture capital firm FORWARD.One led the oversubscribed funding round. The company plans to use the funding to expand its product offerings and advance its energy management system to increase battery efficiency, strengthening its market position for commercial/industrial and grid-scale applications.
The board of directors at Inox Green Energy Services (INOX Green), a wind power operations and maintenance service provider, has <a href="https://www.mercomindia.com/inox-green-allots-2-76-million-equity-shares-to-warrant-holders" target="_blank" rel="noopener">allotted </a>2.76 million equity shares with a face value of ₹10 (~$0.12) each at a price of ₹145 (~$1.73) to non-promoter warrant holders. The allotment was made after receiving conversion requests and the balance payment of 75% of the issue price for the previously issued convertible warrants. The newly allotted equity shares will be on an equal footing with the company’s existing equity shares in all respects.
The Asian Development Bank will <a href="https://www.mercomindia.com/adb-to-invest-certified-climate-bond-issue" target="_blank" rel="noopener">invest</a> $25 million in a certified climate bond issue by Vivriti Capital. The proceeds will be used to finance companies engaged in sectors including electric vehicles, solar and wind energy, and waste management. At least 30% of the funds will be specifically allocated to electric vehicle financing, including charging stations and battery swapping stations. The investment is expected to have a significant impact on India’s nascent green bond market.
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-ev-charging-platform-ampup-raises-15-million/" target="_blank" rel="noopener">roundup</a>.

BrightNight, an independent power producer, <a href="https://cms.mercomindia.com/power-producer-brightnight-secures-375-million/" target="_blank" rel="noopener">announced</a> the completion of a $375 million corporate credit facility to expand its ~31 GW renewable energy portfolio in the U.S. BrightNight’s project portfolio in the country includes solar, energy storage, and integrated technologies. The funding specifically will support equipment deposits, letters of credit, and project buildout. The credit facility is structured as a Green Loan. BrightNight’s Green Loan was arranged by ING, Natixis CIB, and SMBC as Coordinating Lead Arrangers.
Aquila European Renewables (AER), an investment company with a focus on renewable energy technologies, <a href="https://cms.mercomindia.com/aquila-european-renewables-secures-loan-ing-bank/" target="_blank" rel="noopener">secured</a> a five-year debt facility of €50 million (~$55 million) from ING Bank, which is backed by AER’s solar project portfolio in Spain. The company’s solar projects, with a total capacity of 180 MW, are under long-term power purchase agreements. AER intends to use the net proceeds from the debt facility to repay the existing revolving credit facility, resulting in available capacity under the RCF of approximately €70 million (~$77 million) out of the €100 million (~$110 million) limit.
Recurrent, an electric vehicle (EV) and battery health data company, has <a href="https://cms.mercomindia.com/ev-and-battery-data-company-recurrent-secures-vc/" target="_blank" rel="noopener">secured</a> $16 million in an oversubscribed Series A funding round led by ArcTern Ventures. The funding round witnessed additional investments from Automotive Ventures, Goodyear Ventures, Wireframe Ventures, Pioneer Square Labs, and others. The company plans to use the funding to expand its EV Battery reports.
Technology Minerals, a battery raw material extraction and recycling company, has <a href="https://www.technologyminerals.co.uk/published/5-million-convertible-bond-facility-cln-extension-and-offer-to-warrantholders" target="_blank" rel="noopener">entered</a> into an agreement with CLG Capital where CLG can issue up to £5 million (~$6.4 million) through convertible bonds that can be changed into ordinary shares in the company later. The bonds have a lockup period of 40 days after they are issued. The company’s shares in Recyclus Group are the collateral for the facility. Technology Minerals will pay CLG a fee of 3% of the aggregate principal amount of each tranche of convertible Bonds.
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-lithium-tech-firm-element3-raises-seed-funding/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: BrightNight Secures $375 Million to Expand RE Portfolio

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-brightnight-secures-to-expand-re-portfolio/" target="_blank" rel="noopener">Mercom Capital Group</a>
BrightNight, an independent power producer, <a href="https://mercomcapital.com/power-producer-brightnight-secures-375-million/" target="_blank" rel="noopener">announced</a> the completion of a $375 million corporate credit facility to expand its ~31 GW renewable energy portfolio in the U.S. BrightNight’s project portfolio in the country includes solar, energy storage, and integrated technologies. The funding specifically will support equipment deposits, letters of credit, and project buildout. The credit facility is structured as a Green Loan. BrightNight’s Green Loan was arranged by ING, Natixis CIB, and SMBC as Coordinating Lead Arrangers.
Aquila European Renewables (AER), an investment company with a focus on renewable energy technologies, <a href="https://mercomcapital.com/aquila-european-renewables-secures-loan-ing-bank/" target="_blank" rel="noopener">secured</a> a five-year debt facility of €50 million (~$55 million) from ING Bank, which is backed by AER’s solar project portfolio in Spain. The company’s solar projects, with a total capacity of 180 MW, are under long-term power purchase agreements. AER intends to use the net proceeds from the debt facility to repay the existing revolving credit facility, resulting in available capacity under the RCF of approximately €70 million (~$77 million) out of the €100 million (~$110 million) limit.
Recurrent, an electric vehicle (EV) and battery health data company, has <a href="https://mercomcapital.com/ev-and-battery-data-company-recurrent-secures-vc/" target="_blank" rel="noopener">secured</a> $16 million in an oversubscribed Series A funding round led by ArcTern Ventures. The funding round witnessed additional investments from Automotive Ventures, Goodyear Ventures, Wireframe Ventures, Pioneer Square Labs, and others. The company plans to use the funding to expand its EV Battery reports.
Technology Minerals, a battery raw material extraction and recycling company, has <a href="https://www.technologyminerals.co.uk/published/5-million-convertible-bond-facility-cln-extension-and-offer-to-warrantholders" target="_blank" rel="noopener">entered</a> into an agreement with CLG Capital where CLG can issue up to £5 million (~$6.4 million) through convertible bonds that can be changed into ordinary shares in the company later. The bonds have a lockup period of 40 days after they are issued. The company’s shares in Recyclus Group are the collateral for the facility. Technology Minerals will pay CLG a fee of 3% of the aggregate principal amount of each tranche of convertible Bonds.
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://mercomindia.com/funding-and-ma-roundup-element3-raises-seed-funding" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.recurrentauto.com/" target="_blank" rel="noopener">Recurrent</a>, an electric vehicle (EV) and battery health data company, has secured $16 million in an oversubscribed Series A funding round led by ArcTern Ventures.
The funding round witnessed additional investments from Automotive Ventures, Goodyear Ventures, Wireframe Ventures, Pioneer Square Labs, and others.
The company plans to use the funding to expand its EV Battery reports.
Unlike conventional vehicles, EVs rely on batteries that degrade over time, affecting the vehicle’s range and efficiency. Recurrent aims to address the uncertainty about the battery’s health and performance faced by used EV buyers.
The company assesses the condition of the battery and estimates its future lifespan and range based on data collected from a network of volunteer EV drivers across the U.S.
“Our market indicators suggest that we are at the start of an inflection point for used electric cars in the U.S.,” said Scott Case, CEO of Recurrent.
Recently, Modo Energy, a London-based energy storage data and research software platform, <a href="https://cms.mercomindia.com/battery-saas-platform-modo-energy-secures/" target="_blank" rel="noopener">secured</a> $15 million in Series A funding led by MMC Ventures along with existing investors Triple Point Ventures and Fred Olsen. The funding will be used for expanding the business, product enhancement, and global expansion plans. The company is expected to fund its entry into the Texas and ERCOT markets, followed by the rest of the U.S., and expand to Europe.
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, VC funding in Energy Storage in the first nine months (9M) 2023 was up by 115% year-over-year with $8.6 billion in 68 deals compared to $4 billion in 74 deals in 9M 2022.

EV and Battery Data Company Recurrent Secures $16 Million

<a href="https://recurrentenergy.com/" target="_blank" rel="noopener">Recurrent Energy</a> &#8211; a utility-scale solar and energy storage developer and a subsidiary of Canadian Solar &#8211; secured a €150 million (~$164 million) multicurrency facility from Santander Corporate &amp; Investment Banking (Santander CIB), a financial institution. The funding will help Recurrent Energy grow its business and retain more ownership of its assets in select markets.
The company has a total global solar project pipeline of 25 GW and 47 GWh of battery storage, of which 14 GW and 12 GWh have interconnections granted.
The new facility from Santander CIB comprises a €30 million (~$33 million) plus a $20 million term loan and a $110.5 million revolving credit facility, totaling three years. This financing gives Recurrent Energy significant flexibility to execute its growth plans and accelerate its transition to a develop-to-own model in its core markets in North America and Europe.
This transaction marks the fourth corporate facility between Recurrent Energy and Santander CIB over the past three years, demonstrating Santander’s commitment and continuing support for Recurrent Energy’s business. Santander CIB invested more than €10 billion (~$10.9 billion) in the sector in 2022.
&#8220;Recurrent Energy is significantly accelerating its deployment of solar PV and battery energy storage by expanding its leading IPP (independent power producer) revenue base and growing stable and predictable cash flows. We continue to foster long-term community partnerships and create a lasting positive impact, as our success will come from a true commitment to community values,&#8221; said <a href="https://cms.mercomindia.com/greenbacker-acquires-bess-project-california/" target="_blank" rel="noopener">Dr. Shawn Qu</a>, Chairman and CEO of Canadian Solar.
Altus Power, an independent solar power producer, <a href="https://cms.mercomindia.com/altus-power-secures-funding-funding/" target="_blank" rel="noopener">recently secured</a> an incremental $47 million in debt funding from Blackstone. This total debt will provide long-term fixed-rate financing for 35 megawatts of operating assets in Altus Power’s portfolio.
According to Mercom’s Q1 2023 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/funding-and-ma-roundup-battery-company-talga-funding/" target="_blank" rel="noopener">report</a>, Announced debt financing for the solar sector in Q1 2023 totaled $3.9 billion in 17 deals, a 6% increase compared to the $3.7 billion raised in 21 deals in Q4 2022.

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