Funding and M&A Roundup: Doral Renewables Secures $400 Million

From: Mercom Capital Group

Doral Renewables, a utility-scale renewable energy project developer, secured a $400 million minority equity investment from Dutch pension APG on behalf of Dutch pension fund ABP. APG said it would provide its pro rata share of corporate credit support and funding for the company’s energy business, amounting to an additional $185 million in capital over time. This investment and APG partnership will help develop the company’s energy projects pipeline.

Eos Energy, a zinc-based long-duration energy storage solution provider, secured $315.5 million from Cerberus Capital Management.  The company produces aqueous zinc batteries, which are claimed to overcome the limitations of conventional lithium-ion technology. The funding will support Eos’s plan to scale operations and execute its path to profitability. In addition, Eos will utilize some of the proceeds to retire its existing $100 million senior secured term loan on favorable terms.

Masdar (Abu Dhabi Future Energy Company), a UAE-based renewable energy project developer, has reached a definitive agreement with Gek Terna and other shareholders to acquire an initial 67% stake in European clean energy developer TERNA ENERGY, subject to regulatory approvals and other conditions. After this transaction, Masdar plans to launch an all-cash mandatory tender offer to acquire the remaining shares with the intention of reaching 100%.

Nextracker, a solar tracker and software solutions provider, announced the acquisition of Ojjo, a company specializing in foundation technology and services used in utility-scale ground-mount applications, in an all-cash transaction valued at approximately $119 million. According to Nextracker, this acquisition will advance its existing foundation capabilities and is expected to accelerate the future development of new solar foundation solutions to meet customer demand.

SC Oscar, a Singapore-based fund manager specializing in renewable energy investments, announced the acquisition of a 100% stake in Rānui Generation, a New Zealand-based solar project developer, through its renewable energy infrastructure fund, SC Renewable Energy Plus Fund 1. The acquisition includes four development-stage solar projects in New Zealand with a total capacity of around 157 MW. The Overseas Investment Office in New Zealand granted consent for the investment by the fund in October 2023. The total investment in the portfolio is approximately $135 million.

Battery Smart, a battery swapping network for electric two- and three-wheelers, has secured $65 million in a Series B funding round led by LeapFrog Investments. This equity round included both primary and secondary investments and saw participation from new and existing investors, such as MUFG Bank, Panasonic, Ecosystem Integrity Fund, Blume Ventures, and British International Investment.

Battery manufacturer Amara Raja Energy & Mobility has invested an additional €20 million (~$21.4 million) in electric vehicle (EV) battery firm InoBat, Norway, for a 4.5% equity stake. Amara Raja’s stake in the Slovakia-headquartered InoBat now stands at 9.32%. It had earlier invested €10 million in the company to enable it to secure a foothold in the European EV ecosystem. Last September, Chinese battery manufacturer Gotion High-Tech acquired a 25% stake in InoBat.

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

Read last week’s funding roundup.


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