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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.varta-ag.com/en/" target="_blank" rel="noopener">VARTA AG</a>, the German battery manufacturer, has announced 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, which will reduce the existing financial liabilities by €285 million (~$314 million) from €485 million (~$535 million) to €200 million (~$221 million) in the future.
The second component of the reorganization plan involves a complete reduction of VARTA AG&#8217;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.
The company will also secure another €60 million (~$66 million) in new funds through a senior secured loan. These funds are expected to bolster the Group&#8217;s liquidity and support future strategic investments in technological development.
&#8220;With the financial restructuring measures and the commitments of individual investors, we have created the balance sheet basis to fully realize VARTA&#8217;s potential for innovation and technology leadership as well as being a reliable partner and employer,&#8221; said CFO Marc Hundsdorf.
The capital increase will be initially subscribed to by the German sports car manufacturer Porsche and a company controlled by DDr Michael Tojner (MT InvestCo). The new senior financing of €60 million (~$66 million) will be provided by existing lenders. In the future, they will also participate in the economic equity of VARTA AG via a virtual shareholding of 36%, with the remaining 64% being shared by MT InvestCo and Porsche &#8211; each with 32%.
&#8220;Despite the current economic challenges, the company offers great potential to make Europe&#8217;s battery cell research and production less dependent on Asian suppliers. Together with Porsche, we want to contribute to this. With today&#8217;s agreement, we have together taken an important first step that secures the stability of VARTA AG and paves the way for a new start,&#8221; said DDr Michael Tojner, Chairman of the Supervisory Board and majority shareholder.
According to Mercom&#8217;s 1H and Q2 2024 Funding and M&amp;A <a href="https://cms.mercomindia.com/product/1h-q2-2024-funding-ma-report-storage-grid/" target="_blank" rel="noopener">report</a> for Energy Storage and Smart Grid, Corporate funding for energy storage companies in the first half of 2024 reached $15.4 billion across 64 deals, marking a 117% increase year-over-year compared to $7.1 billion in 59 deals in the first half of 2023, driven by a strong first quarter.
Earlier this year, Verkor, a manufacturer of lithium-based battery cells and modules, <a href="https://cms.mercomindia.com/battery-manufacturer-verkor-secures-1-4-billion-green-loan/" target="_blank" rel="noopener">secured</a> over €1.3 billion (~$1.41 billion) in green financing supported by 16 commercial and three public banks.

VARTA AG Announces Debt Reduction and Investment

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