Chennai:
Venture
Capital (VC) funding for the wind sector during the third quarter amounted to
$57 million in six deals compared to a weak second quarter where $17 million
went into three deals, according to a report by Mercom Capital Group, a global
clean energy communications and consulting firm.
The
disclosed venture capital deals this quarter included $21.5 million raised by
Mainstream Renewable Power and $15.3 million raised by Trishe Developers, both
wind project developers, the report stated.
The
large-scale project funding announced in third quarter totaled $1.1 billion in
11 deals, all going to onshore projects.
Top
large-scale project funding deals announced in the third quarter included $350
million raised by Nareva Renouvelables and Kharabel FZE for its 300 MW Tarfaya
Wind Project in Morocco, $165 million raised by Alto Holding for its 120 MW
Karaburun Wind Farm in Turkey, and $141 million raised by NuPower Renewables
for its 150 MW onshore wind farm in India.
Other
top deals were $86 million raised by InfraVest and wpd for its 53 MW Tongyuan
Wind Project in Taiwan and the $85 million loan to Newcom for its 50 MW Salkhit
Wind Farm in Mongolia.
Corporate
Merger and Acquisition (M&A) activity in third quarter amounted to $53
million in 11 transactions compared to $93 million in five transactions in second
quarter. Mergers and acquisitions transactions disclosed this quarter were the
$33.2 million acquisition of Shear Wind, a developer of wind energy properties
in Canada by Sprott Power Corp, and the $20 million acquisition of certain assets
of Otter Tail Corporation’s DMI Industries, a manufacturer of wind towers, by
Trinity Industries.
There
were four debt funding deals announced in third quarter totaling $359 million.
Suzlon Energy raised $281 million in short-term loans to repay holders of its
foreign convertible bonds, signing an 18 month loan facility with 11 lenders.
Mainstream
Renewable Power secured a credit facility of $51 million from Macquarie Group.
Finally, Broad Wind Energy closed on a $20 million credit facility with AloStar
Business Credit, and Wind Power Energia received a $7 million loan from
Inter-American Investment Corporation.
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