Uncovering actionable deal opportunities for private equity, venture capital, angel investors, and investment bankers by reading the data, not the rumors.
Highlighting companies that have a high likelihood of being “in-market” for a transaction.
BetterEarth.Solar
Company Summary
Better Earth Solar is one of the fastest growing solar companies in the United States, with over $150M in reported sales. This company installs solar panels on consumer homes and has a long term roadmap describing growth of the company into the space sector.
Ancillary Signals
Better Earth raised a 214K pre-seed funding in 2019. They are vertically integrated and have end-to-end confidence from initial contact of the company to final solar installation.
They plan to expand into other solar friendly states such as Florida, Texas, and Nevada.and have products roadmapped to move into sustainable media, artificial intelligence, proprietary technology, and we’ll probably even get into the cryptocurrency and NFT.
| Key Data Points | |
|---|---|
| Founded | 2019 |
| Headcount | 51-100 |
| Funding to Date | 214K |
| Last Round | 214K |
| Last Round of Investors | Pre-Seed 2019 |
| Estimated Revenue | >50M |
| CEO | Zain Jan |
Aspen Power Partners
Company Summary
Aspen Power Partners, a Dallas-based developer and operator of solar power and energy storage projects, is evaluating bolt-ons of solar developer platforms to accelerate growth, said Jackson Lehr, managing partner.
It will use acquisitions to build a pipeline of early-stage distributed solar and storage projects in the US with 12-to-24-month development timelines. In addition to acquiring portfolios of assets it can develop with partners, it will look at corporate M&A to bolt-on complementary development platforms, Lehr said.
“We’re actively assessing a couple opportunities now,” he said.’
Aspen was founded in 2020 and incubated at Energy Impact Partners before being spun out in 2021, Lehr said.
Ancillary Signals
On 24 February, the company announced USD 120m in funding from Ultra Capital, Redball Power, a global Swiss asset manager, as well as family offices and high net worth individuals. Lehr said the funding, the first institutional capital announced by the company, is a mix of equity and a revolver for funding project development. The company could go out for more capital, possibly with a similar structure, towards year end, with existing or new investors, he added.
In the funding announcement, Aspen said it has a near-term development pipeline of 48 community and distributed solar projects totaling over 200 megawatts (MW) across California, Maine, Maryland, New York and Pennsylvania. Lehr said the company has a significant interest in “accelerating and democratizing decarbonization,” building projects that serve customers of all income levels as well as hard-to-reach property types.
Its first project to go online is a community solar installation in upstate New York that is fully subscribed and serves low and moderate-income customers. As a community solar project, it also provides a way for consumers to access clean energy when a solar energy system cannot be placed on a rooftop.
Lehr said the company is not focusing on a particular exit strategy but said Aspen could attract acquisition attention within a couple years, particularly as its pipeline of development projects matures and institutional investors, driven by ESG concerns, look to make significant investments in renewables.
In such a scenario, Aspen could become a platform for building out an even larger collection of assets, he said. He did not discuss a timeline for profitability.
| Key Data Points | |
|---|---|
| Founded | 2020 |
| Headcount | 11-50 |
| Funding to Date | 120M |
| Last Round | 120M |
| Last Round of Investors | Venture-Series Unknown Feb 2022 |
| Estimated Revenue | <10M |
| CEO | Jackson Lehr |
Gore Street Capital
Company Summary
Gore Street Capital, the publicly traded renewables investment firm based in London, will aggressively pursue additional storage asset purchases in ERCOT, CAISO and the Northeast corridor of the US, CEO Alex O’Cinneide told sister publication SparkSpread.
The firm this month acquired eight energy storage assets in Texas from Perfect Power Solutions Texas, a portfolio company of SER Capital Partners.
“Texas is a good entry point for us,” O’Cinneide said, adding that his firm seeks to be among the largest asset holders in any market where it establishes a presence. Storage will be the main thrust of the firm’s strategy but there may be a solar component to some transactions as well.
Ancillary Signals
That transaction was Gore Street’s first in the US. O’Cinneide said the firm will likely open an office in the US and hire staff there soon. Money for transactions can continuously be raised through the London Stock Exchange, deployed from the Gore Street Energy Storage Fund, O’Cinneide said.
The firm raised USD 400m for the fund in 2021. “You’d expect to see that double every year,” he said. Additionally, the firm has discussed entering the market for project and holdco debt, O’Cinneide said. The firm is “consistently talking to the debt markets,” but there are no solid plans for a capital raise in the near term. The firm has worked with Verdonck Partners on US transactions and could work with additional advisors.
Gore Street does not take greenfield development risks with its capital, preferring to acquire assets and hold them long-term for income, O’Cinneide said. Globally, Gore Street has 1.2 GW of storage in its pipeline.
| Key Data Points | |
|---|---|
| Founded | 2015 |
| Headcount | 26 |
| Funding to Date | NA |
| Last Round | NA |
| Last Round of Investors | NA |
| Estimated Revenue | NA |
| CEO | Alex O’Cinneide |
New Energy Solar
Company Summary
New Energy Solar Manager is a leading global investment manager focused on sustainable infrastructure. New Energy Solar Manager is the investment manager for two publicly listed solar funds, New Energy Solar (ASX:NEW) and US Solar Fund (LSE:USF). NEW and USF are investment funds focused on delivering attractive, sustainable dividends by investing in a diversified portfolio of large-scale solar power plants.
New Energy Solar Manager, through its two listed funds, has acquired and operates approximately 1.2 GW of large-scale solar projects across North America and Australia.
Ancillary Signals
RBC Capital Markets has officially launched a sale process for New Energy Solar, The Australian Financial Review reported on 16 March. According to the report in the paper’s Street Talk column, RBC sent a sale flyer to potential buyers this week highlighting New Energy Solar’s portfolio and outlining the two-part auction. RBC bankers are seeking indicative bids in April, the paper said.
The flyer said that New Energy Solar is seeking offers for its entire portfolio, which includes equity interest in 14 US solar projects worth around AUD 370m (USD 266m). The assets generate a combined 442 megawatts from sites in California and North Carolina.
| Key Data Points | |
|---|---|
| Founded | 2015 |
| Headcount | 11-50 |
| Funding to Date | 377.4M |
| Last Round | 2017 |
| Last Round of Investors | NA |
| Estimated Revenue | 1.3M |
| CEO | Liam Thomas |
Black Bear Energy
Company Summary
Black Bear Energy, a Boulder, Colorado-based renewable energy firm, has hired Marathon Capital to run a sale process, two sources familiar with the process told sister publication SparkSpread.Messages to Black Bear and Marathon Capital were not returned as of press time.
Founded in 2015 by former Prologis Vice President Drew Torbin, Black Bear provides renewable energy services, including solar and energy storage, to businesses. The firm specializes in rooftop solar and outdoor and indoor batteries and LEDs.
Ancillary Signals
The firm has participated in the development of more than 450 projects, according to its website, totaling more than 390 MW of executed solar projects and 15 MWh of executed storage projects.
In November, Black Bear worked with DSD Renewables to install a 1.4 MW community solar project atop a parking garage in White Plains, New York. And in December, Black Bear completed a 9.2 MW rooftop solar installation in Hampstead, Maryland at a STAG Industrial facility.
The latter project was co-developed with Summit Ridge Energy. Black Bear was founded with support from Rocky Mountain Institute and Carbon War Room.by Andrew Vitelli and Kyle Younker.
| Key Data Points | |
|---|---|
| Founded | 2015 |
| Headcount | 25-100 |
| Funding to Date | 4.3M |
| Last Round | 2018 |
| Last Round of Investors | 1.8M-Equity |
| Estimated Revenue | 5M-25M |
| CEO | Drew Torbin |
Companies Looking for Advisory Services
Scale Microgrid Solutions
Company Summary
Scale Microgrid Solutions, a Ridgewood, NJ-based clean energy and microgrid platform backed by Warburg Pincus, has acquired three solar projects from Nexus Renewables. The New York-based projects with a capacity of 14MW were acquired from Nexus Renewables, a Toronto, Ontario-based integrated platform for renewable energy infrastructure.
Ancillary Signals
This initial acquisition represents the first tranche of a larger USD 100m agreement between Nexus and Scale.
As per the agreement, Scale will fund the development, construction, and acquisition of a portfolio of distributed grid-connected solar and battery energy storage projects across the USA.
This initial acquisition represents the first tranche of a larger $100 million agreement between Nexus and Scale whereby Scale will fund the development, construction, and acquisition of a portfolio of distributed grid-connected solar and battery energy storage projects across the United States. Concurrent with the acquisition, Scale has issued notice to proceed under a fixed-price turnkey EPC agreement with an anticipated commercial operations date in the first quarter of 2023. The community solar capacity is expected to generate enough renewable electricity to meet the typical demands of over 2,550 households or small businesses in the Upstate New York area. Qualifying residents and businesses will be able to purchase their electricity through cleaner energy sources, providing a sustainable option for those that might not own their own homes or business facilities, have insufficient roof conditions or that might not be able to afford a standalone system.
“This initial acquisition underscores our commitment to provide a full-stack capital solution and demonstrates our capabilities to engage in late-stage project development with valued partners like Nexus Renewables,” says Julian Torres, Chief Investment Officer at Scale. “Investing in community solar is an important part of the mission here at Scale – these projects allow us to make renewable energy more accessible to all, and help to address one of the largest challenges facing humanity. As we add to our rapidly growing distributed solar and energy storage projects across the United States, we’re proud to add Nexus as a trusted partner,” says Ryan Goodman, CEO at Scale.
Belltown Power
Company Summary
Belltown Power, a solar and storage developer focused on the ERCOT and PJM markets, has initiated a process to explore strategic alternatives. Scotiabank is advising on the sale, which is codenamed Project Monarch, according to two sources familiar with the matter.
An official at Belltown did not respond to an email seeking comment. Scotiabank declined to comment. Belltown is looking for a capital partner to help it deliver on its development pipeline and expand into MISO and other markets, according to a teaser.
Ancillary Signals
The developer has 61 projects in its pipeline, consisting of 45 solar and 16 standalone storage projects, with more than 50% of those in interconnection queues as of this month. Belltown has sold 1,822 MW in ERCOT and has an additional 2,800 MW solar pipeline and 3,765 MW storage pipeline in Texas. In PJM and other markets, Belltown has sold 547 MW and has an additional 3,099 MW of solar and 1,475 MW of storage in its pipeline.
Hanwha Solutions-backed Q Cells USA acquired a battery energy storage system project in Texas from Belltown last November. And IFM Investors-backed Buckeye Partners acquired a 180 MW solar development project in Hill County, Texas, from Belltown in July.
