Thailand-based BCPG Public acquires 99.99% stake in RPV Energy Company
Here are some of the last week's important funding and M&A updates from the global renewable energy industry:
Mumbai-based early-stage VC Unicorn India Ventures has announced its fourth investment in Probus Smart Things. Probus is an IoT (Internet of Things) enabled smart grid automation startup. Probus develops integrated hardware and software solutions for utility providers. The company has picked up an undisclosed seed round from Unicorn India, which will be used to scale the platform and enter new geography.
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ChargePoint, an open electric vehicle charging network provider, announced that it had closed $ 127 million in incremental equity financing. The funds will accelerate the expansion of Chargepoint's global commercial and fleet businesses, supporting changes in the world's electrical mobility.
Thailand-based BCPG Public Company signed a shareholders agreement with Eternity Power Public Company to acquire 99.99% shares in RPV Energy Company, an operator of four solar power plants in Thailand. The total capacity of these projects is 20 MW. Four solar projects, which have already commenced commercial operations, include a 5 MW solar project in Lopburi province, a 5 MW solar project in ancient Buri province and two solar projects with a total generation capacity of 10 MW in Kanchanpuri province.
Zenex Power has signed a $ 25 million share membership agreement with J-Power as part of the restructuring to finance the Kidston Pump Storage Hydro project. Under this new agreement, most of the terms from the original deal remain in force, but it adds a conditional agreement that allows J-Power to invest $ 25 million in Genex.
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40 North Ventures announced that it has acquired investments in eleven companies from GE Ventures' portfolio. 40 North Enterprises is an early-to-development phase venture capital fund focused on technology investment in the industrial sector. The new portfolio companies are providers of advanced manufacturing and engineering, vehicle electrification and distributed energy, among others.
Chevron USA and Algonquin Power & Utilities announced an agreement that seeks to code renewable power projects that will power the strategic assets in Chevron's global portfolio. Under the four-year agreement, Chevron plans to generate more than 500 megawatts of its current and future power demand from renewable sources. The projects will focus on powering Chevron's operations in the US Permit Basin (Texas and New Mexico), Argentina, Kazakhstan and Western Australia. The projects will be jointly owned and co-developed by both parties.
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SonAdix Japan financed a JPY 2.4 billion (~ $ 22.65 million) project led by Iyo Bank. The funding covers two operational solar PV projects acquired earlier this year, totalling 5.5 megawatts in the Shimane prefecture. Both are ground-mounted projects and have been in operation since 2018.
UBS-AM has acquired an operating portfolio of 14.4 MW of solar PV assets and 4 MW and biogas portfolios from affiliates of Eco Renewable Energy, a fund managed by Ekronji's partner, RGN Invest. It has also acquired the option of acquiring another 22 MW operating solar PV asset. In addition, UBS-AM has formed an exclusive partnership to build and operate a 1.1 GW solar PV and wind pipeline in Italy.
Insolite, a developer of concentrated photovoltaic, raised CHF5 million (~ $ 5.47 million) in Series A funding. The money was invested from investch.ch, Zurcher Kantonalbank, Swiss Immo Lab and several private business angels. This financing will enable Insolight to begin production and sale of the module, and the company said it intends to sell large solar power corporates for applications in agronomists.
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Solot, an independent power producer and Basalt Infrastructure Partners, announced its investment in a 28 MW solar portfolio. The investment was funded by the Helios Investment Vehicle that the partners created to own and operate solar assets. The portfolio consists of ten solar projects located in New Jersey, Illinois and South Carolina. All projects are under construction and will be put into service in 2020 and 2021. According to the company, this investment will take Sol Vol's total project capacity under construction to more than 100 MW in 2020.
Palmetto, the developer of a real-time energy consumption monitoring device, announced that it had raised a Series B of $ 29 million. Investors from many sectors including energy, financial technology and software participated in the capital round. The company said the capital raised would be used for team development, focusing on research and development, software, data science and building customer services.
Zinc-Air Flow Battery Company, Zinc 8 Energy Solutions, announced a non-brocade private placement of up to 8,750,000 units for a gross income of $ 8,400,000 at a price of $ 0.16 / unit.
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Bloom Energy, a maker of solid oxide fuel cell technology products, announced the price of offering green convertible senior notes 2.50% of the $ 200 million total principal amount due in 2025 to 2025 to qualified institutional buyers. The size of the original principal notes of $ 135 million was increased in size from the earlier offering offered.
Q CELLS announced that it has developed Growing Energy Labs, Inc. (Geli) has signed an agreement to acquire a 100% stake. Geli is a San Francisco-based software and business solutions provider to design, automate and manage energy storage systems. The combined capabilities will help provide smart energy storage solutions to customers.
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ANESCO announced that it had completed the sale of Clayhill, the UK's first solar farm developed free of government subsidies. The project has been sold to GRIDSERVE, an important power infrastructure solutions provider, for an undisclosed sum. According to the company, the project co-located 10 MW solar PV with a 6 MW energy storage facility and generates enough electricity for about 2,500 homes, saving about 4,500 tonnes of carbon annually.
United Kingdom-based SDCL Energy Efficiency Income Trust announced that it has acquired 112 rapid and ultra-fast EV charging stations across the UK with Electric Vehicle Network Ltd for a total consideration of £ 50 million (~ $ 65.5 million). ). The construction period for each project is expected to be around 6 -12 weeks. The project represents the company's first project in the EV charging infrastructure.
First Solar has entered into a membership interest purchase agreement with NovaSource Power Services, a portfolio company of Toronto-based private equity firm Clairvest Group. Under the agreement, NovaSource will acquire First Solar's North American operations and maintenance business. Following the closing of the transaction, approximately 220 First Solar O&M affiliates are expected to relocate with the acquired business. Financial terms of the transaction were not disclosed. The transaction is expected to close in the last quarter of 2020.
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Invenergy and CoBank announced the completion of construction financing for two solar projects totalling 100 MW. CoBank acted as the sole lead arranger and administrative agent for the financing, including a construction loan, letter of credit facility and back-leveraged term loan. The projects located in Crook County, Oregon, Prineville and Millikan projects are currently under construction and scheduled to be commissioned in late 2020.
Solar project developer European Energy has secured € 96.5 million (~ $ 114.5 million) from Natix for its Apulian solar project in Italy at 121.5 MW. The project is divided into three sections and was first brought online in November 2019.
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