Debt funding: Sunsure Energy, a solar turnkey solutions provider, raised zero-collateral based debt capital worth $2.2 million from TATA Cleantech Capital, L&T Finance, and cKers Finance.

 

Project funding deal: Azure Power, an Indian renewable energy project developer, raised $135 million in debt financing from a consortium of development finance institutions to finance approximately 200 MW of Azure Power’s rooftop solar PV projects across India. The line of credit was led by International Finance Corporation, FMO – the Dutch development bank, Proparco, Oesterreichische Entwicklungsbank.

 

Project acquisition deals: Fortum, a clean energy company, signed an agreement to sell 54 per cent share of its solar power company operating four solar projects in India to UK Climate Investments (40 per cent) and Elite Alfred Berg (14 per cent). Elite Alfred Berg has the option to buy up to an additional 16 per cent from Fortum. The total capacity of this portfolio is 185 MW. The total consideration from the divestment of the 54 per cent stake on a debt and cash free basis, including the effect of deconsolidating Fortum’s minority part of the net debt, is expected to be approximately $177 million.

 

M&A Deals: Hinduja Group, an Indian business conglomerate, acquired Kiran Energy, a solar independent power producer. The financial details of the transaction were undisclosed. 

 

Statkraft, a renewable energy developer, acquired BLP’s shares in the joint venture Statkraft BLP Solar Solutions (SBSS), a provider of hybrid solar-wind energy solutions including ground mounted and rooftop installations, monitoring, project management, and operation and maintenance services.

 

ReNew Power, an Indian renewable energy project developer, acquired solar and wind energy project developer Ostro Energy. The acquisition is valued at close to ~$1.63 billion and was supported with financing of $247 million from the Canada Pension Plan Investment Board.

 

The Greenko Group, an owner and operator of solar and wind projects, acquired Orange Renewables. The deal is for an enterprise value of approximately $1.02 billion, which includes $680 million of debt which will be taken over by Greenko from Orange.