Financing, Mergers & Acquisitions Brief Report: Borrego Sells Solar & Storage Development Business to ECP - Mercom India

Financing, Mergers & Acquisitions Brief Report: Borrego Sells Solar & Storage Development Business to ECP – Mercom India

From: Mercom Capital Group

TotalEnergies, an integrated multinational oil and gas company, Occurred Agreement with Global Infrastructure Partners (GIP) to acquire a 50% stake in Clearway Energy Group (CEG), a developer of clean energy in the United States. CEG is a developer of renewable energy projects and controls and holds 42% of the economic interests of its listed subsidiary, Clearway Energy (CWEN), which projects are placed in when they reach commercial operation. The company has 7.7 GW of wind and solar assets in operation through CWEN and has a pipeline of 25 GW of renewable energy and storage projects, of which 15 GW are in advanced development. Under the deal, GIP will receive $1.6 billion in cash and 50% interest minus one share in its TotalEnergies subsidiary that owns 50.6% of SunPower Corporation. The transaction is valued at $35.1 per share for CWEN and $18 per share for SunPower.

Borrego, developer, EPC, and O&M provider of large-scale solar and energy storage projects in the United States, has I entered In a definitive agreement to separate and sell its development work to ECP, An investor focused on the energy transition. The development work includes a project pipeline with more than 8.4 GW of solar capacity and 6.4 GW/25 GWh of energy storage. After the transaction is completed, ECP will operate the development work as an independent company. The company will be headquartered in Lowell, Massachusetts, and will be led by the current development team as they continue to implement their long-term business strategy in partnership with ECP. Dan Berwick, current chief development officer, will become CEO.

Johnson Matthey, a sustainable technology company, agreed to sell part of its battery materials business to EV Metals Group, a battery chemical and technology provider, for 50 million pounds (about $53 million). Johnson Matthey will own a minority stake in EV Metals as part of the deal. The sale also includes eLNO technology from Johnson Matthey. EV Metals Group will continue to develop the eLNO. The acquisition includes Johnson Matthey’s assets at the Battery Technology Center in Oxford & Battery Technology Center and the pilot plant in Billingham, a research center in Moosburg, Germany, and the partially constructed site in Konin, Poland.

Natrion owns solid state battery technology provider for electric vehicles Starch $2 million in seed funding. Chicago-based TechNexus Venture Collaborative led the round with participation from Tamarack Global, Mark Cuban, Illinois Ventures and other private investors. This initial round marked the company’s first significant increase in private capital. Prior to that, the company received funding from the US Department of Defense, including a $200,000 Small Business Technology Transfer Research (STTR) contract from the US Naval Air Warfare Center Weapons Division. The company plans to use the new money to build internal pouch cell prototyping capabilities at its research and development centers in Champaign, Illinois, and Binghamton, New York, which will allow it to prototype and validate fully Lithium Ion Solid Compound (LISIC) cells of a size that mimics those used in Electric car battery packs.

Waaree Energies, Manufacturer of Solar Modules, announce It has been approved by the National Corporate Law Tribunal (NCLT) for Indosolar solar cell manufacturer. The court approved Waaree’s application for acquisition under the Corporate Insolvency Resolution Process (CIRP), which was initiated by Indosolar’s lenders in accordance with regulations under the Bankruptcy and Bankruptcy Act 2016. The company’s expansion strategies for manufacturing solar modules.

Britishvolt battery cell technology company has Occurred Purchase Sale Agreement (SPA) with Monbat Group to acquire its subsidiary EAS battery cell maker for €36 million (~$38 million). EAS, wholly owned by the Monbat Group, develops and produces large-format 7.5Ah to 50Ah cylindrical lithium-ion battery cells using advanced, compact electrode production technology.

Indian JSW Group Occurred Agreement to buy renewable energy producer Mytrah Energy India in a deal expected to be valued at $1.8 billion (~$139.27 billion) to $2 billion ($154.74 billion), According to Mercom sources. Hyderabad-based Mytrah has more than 1.8 gigawatts of operating assets in the renewable energy sector. The assets are spread across 17 wind farms and 21 solar projects in nine states – Punjab, Rajasthan, Gujarat, Madhya Pradesh, Maharashtra, Karnataka, Telangana, Andhra Pradesh and Tamil Nadu. It was learned that Barclays would manage the deal. The company has not officially confirmed the deal yet.

Singularity Energy, a SaaS platform that reports on carbon emissions for the power grid, Starch $4.5 million in an initial funding round. Spero Ventures and Energy Impact Partners led the round with existing investors, Third Sphere, J Ventures and other individual investors. As part of the funding, Tesla co-founder Mark Tarpenning and partner at Spero Ventures will join the company’s board of directors. The company plans to use new money to expand its product and technology roadmap, which consists of time and location-based network emissions data and other tools to provide data-driven decarbonization solutions to network operators, utilities and businesses.

For reports and trackers on financing and M&A transactions in the solar, energy storage, smart grid, and efficiency sectors, click over here.

Read a briefing on financing last week.


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