$300 million for CleanCapital: Distributed renewable energy independent power producer (IPP) CleanCapital has raised $300 million in HoldCo debt financing from investment firm Infranity. It will support the company’s expansion of its distributed generation (DG) solar and energy storage assets across the US. CleanCapital CEO Thomas Byrne said that this capital will accelerate the conversion of its development pipeline into high-performing operating projects.
Aspen secures capital from Deutsche Bank: Carlyle-backed DG platform Aspen Power has closed a $200 million capital raise provided by Deutsche Bank. It strengthens the company’s financial capacity, enabling it to respond quickly to increasing demand for clean energy solutions. The proceeds will also enable it to expand its project pipeline, including community solar, commercial & industrial solar (C&I), small-scale utility solar, and storage offerings.
Renewable Properties raises funds: AB CarVal, the global alternative investment manager and part of AllianceBernstein’s Private Alternatives business, has committed $40 million to Renewable Properties’ corporate credit facility. Renewable Properties states that the funds managed by AB CarVal will be used to acquire new project opportunities and enter newer markets. These funds increase its total corporate capital facility to $120 million. Its current portfolio of properties under development totals over 1.7 GW of solar and energy storage, while more than 300 MW is under construction or in operation.
Canadian Solar’s private offering: Canadian Solar has priced a $200 million private offering of convertible senior notes due 2031, with an option to raise up to $230 million. The company expects to receive about $194.6 million in net proceeds. The notes carry an annual interest rate of 3.25% and can be converted into shares at an initial price of about $27.63, a 42.5% premium to the recent share price. It plans to use the funds mainly for US manufacturing and to support its battery storage and solar value chain (see Canadian Solar Strategy: Direct Oversight Of US Operations).
JV for renewable energy investments: Investment adviser Crayhill Capital Management and impact investment funds manager Monarch Private Capital have launched a joint venture (JV) to facilitate preferred tax equity investments for renewable energy projects. Monarch JVT Funding will invest in tax partnerships to facilitate fair market value tax basis for renewable energy developers of utility-scale solar, battery storage, and distributed generation projects. The partners stress that the JV is designed to provide a single-point solution that maximizes project tax credit value while minimizing transfer friction.
Otovo enters California market: Norwegian home energy service provider Otovo has entered California, the largest residential solar and storage market in the US, with the acquisition of Solar Service Professionals (SSP). The latter has an installed customer base of 38,000 since it was founded in 2017. Otovo will integrate SSP into its growing service business. It will now convert the existing California base of SSP customers to its subscription service.
