Funding and M&A Roundup: Hanwha Solutions Acquires French Renewable Developer

From: Mercom Capital Group
Hanwha Solutions, a manufacturer and distributor of solar energy components, has closed a deal to acquire 100% of the equity interest of RES Mediterranee, which owns 100% of RES SAS (RES France). On August 9, 2021, Hanwha Solutions made public its intention to acquire RES France, having signed a Put Option Agreement, and subsequently signed a Share Purchase Agreement on September 28, 2021, with RES Group. The acquisition bolsters Q CELLS’ renewable energy portfolio in Europe, doubling its clean energy project pipeline to around 10 GW and bringing European wind power projects under its ownership for the first time. Q CELLS is the renewable energy business division of Hanwha Solutions.
OMERS Infrastructure, an investor and asset manager, announced that it has signed an agreement with a fund managed by Ares Management Corporation to acquire 100% of Navisun, an independent distributed generation solar power producer. Navisun acquires, co-develops, constructs, finances, owns, and operates distributed and small utility-scale solar and storage projects throughout the U.S. CohnReznick Capital Markets Securities served as financial advisor to OMERS. Shearman & Sterling was the legal advisor.
Yotta Energy, a U.S.-based energy storage solution provider, has raised $13 million in a Series A funding round. WIND Ventures led the funding round with participation from Doral Energy-Tech Ventures, Riverstone Ventures, EDP Ventures, and SWAN Impact Network. The company will utilize the fresh funding to expand product deployment in the U.S. and Latin America, grow its workforce, and increase power generation revenue from commercial flat-roof buildings. It will also use the funding to scale its modular energy storage and microgrid technology to transform buildings into self-generating power projects.
Generac Holdings, a manufacturer of energy technology solutions, announced the signing of an agreement to acquire ecobee, a manufacturer of a Wi-Fi-enabled smart thermostat, in a transaction valued up to $770 million. Generac will pay $200 million in cash and $450 million in Generac Holdings common stock to the current equity holders of ecobee. Additionally, upon achieving specific performance targets between closing and June 30, 2023, the sellers may receive up to $120 million in additional shares of Generac Holdings common stock. The acquisition is expected to close during the fourth quarter.
Solid-state battery (SSB) maker ProLogium Technology announced the completion of a $326 million financing round. The investment will strengthen and accelerate ProLogium’s focus on supplying OEMs with high-performing, safe and affordable EV batteries and accelerate the provision of SSB solutions for ProLogium’s EV strategic partners internationally.
Arcadia, a clean energy platform that connects homeowners to clean energy programs in the United States, announced the acquisition of iSolar, a direct sales channel for community solar. The acquisition brings together iSolar’s expansive, nationwide sales network and Arcadia’s portfolio of 5 TWh of residential and commercial energy demand.
EDP Renewables, a renewable energy producer, has bought a substantial stake in Sunseap in a deal that values at S$1.1 billion (~$0.8 billion), making EDPR a major shareholder in Sunseap. EDPR is investing when Sunseap is expanding its footprint in the region, particularly with a 2.2 GW project to build a floating solar PV and an energy storage system in Indonesia’s Batam island.
The African Development Bank has approved a $57.67 million loan to Eskom Holdings, South Africa’s public electricity utility, to harness battery storage technology to increase electricity generation from reliable and efficient renewable energy sources. The project involves the development of 200 MW of battery storage with four hours of energy storage capacity per day, or 800 MWh in total, at seven sites in South Africa’s Western Cape, Northern Cape, Eastern Cape, and KwaZulu-Natal provinces.
Brazil’s Equatorial Energia has agreed to buy wind power company Echoenergia in a deal valuing the renewable energy firm and its debts close to BRL10 billion (~$1.8 billion). Echoenergia’s controlling shareholder, British private equity fund Actis, is expected to fetch around BRL6.5 billion (~$1.15 billion) for the company.
For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.
Read last week’s funding roundup.