Tandem PV Secures $50 Million in Funding and M&A Roundup
A perovskite-based solar panel developer, Tandem PV, has recently secured $50 million in Series A and debt funding to establish a commercial-scale manufacturing facility in the United States and accelerate the adoption of its innovative solar panels. Leading the funding round was Eclipse, with contributions from Constellation Energy, Planetary Technologies, Uncorrelated Ventures, Trellis Climate, Tom Werner, former CEO of SunPower, Stifel Bank, CSC Leasing, and other investors, both existing and new.
In a significant move for the renewable energy sector, the global investment group CDPQ has declared its intention to acquire all outstanding common shares of Innergex Renewable Energy for $13.75 per share in cash. This acquisition represents an impressive 58% increase over the closing price of Innergex’s common shares on the Toronto Stock Exchange, with the total transaction value amounting to $10 billion. Innergex’s common shareholders have approved this acquisition, meeting all necessary closing conditions.
Adding to the investment activity, Lithium Americas, a prominent mineral and mining company, has unveiled plans for a $250 million investment from Orion Resource Partners to support the development of Phase 1 of the Thacker Pass lithium project in Humboldt County, Nevada. This strategic investment from Orion is anticipated to facilitate a positive final investment decision on the Thacker Pass joint venture for Phase 1, showcasing a commitment to advancing sustainable energy solutions.
In a bid to enhance its sustainable technology portfolio, Wang & Lee Group (WLG), specializing in energy storage systems and smart infrastructure, has acquired SolarHK, a solar energy company, through a share allotment valued at approximately HK$15 million. This acquisition aims to leverage the synergy between WLG’s lithium-ion battery research, developed in collaboration with the City University of Hong Kong, and SolarHK’s cutting-edge solar technology and network, paving the way for integrated solutions in the renewable energy sector.
Further consolidating its position in the market, Omnidian, a provider of performance assurance for renewable energy assets, has successfully completed the acquisition of Solar Service Guys (SSG), a company offering system lifecycle service and support for residential and commercial solar investors. As part of the agreement, SSG will operate as a fully integrated subsidiary of Omnidian within its Australian division, signaling a strategic move to enhance service offerings in the solar energy sector.
JSW Energy, an independent power producer, has raised ₹12 billion through a private placement of Non-Convertible Debentures (NCDs), underscoring the continued investor interest and confidence in the renewable energy market. This issuance of 120,000 unsecured, rated, listed, taxable, redeemable NCDs with varying tenures and interest rates reflects the company’s commitment to expanding its presence and operations in the evolving energy landscape.
These recent developments underscore the dynamic and growing nature of the renewable energy sector, with investments, acquisitions, and strategic partnerships playing a pivotal role in driving innovation and accelerating the transition towards a sustainable energy future. As stakeholders continue to collaborate and invest in renewable energy projects, the sector is poised for further growth and advancement in the years to come.
