Solar and stealthy

August 2, 2007 - Exclusive
By David Ehrlich, Cleantech Group

Who knows what funding lurks in the hearts of investors? The stealth solar company does!

Technology Partners formed a new investment fund this week, giving us the cloak and dagger treatment when referring to an initial investment in an unnamed solar company.

Stealthy or not, solar came up big, with Acciona leading the pack with $266 million in long-term financing. Sierra Solar, as well as our secret solar friend, also received funding.

Deals we saw this week:

  • Technology Partners formed a new $300 million investment fund, to be split equally between cleantech and life sciences opportunities. Fund VIII initial investments have already been completed in two cleantech companies, Tesla Motors and a "stealth" solar company. (see Cleantech.com's Technology Partners starts new $300M fund)
  • Acciona Energy closed $266 million in long-term financing for its 64-megawatt Nevada Solar One project. The leveraged lease was financed by debt participants Banco Santander and BBVA, headquartered in Spain, and Portugal's CAIXA Geral de Depositos. The lease was also funded by equity investors JPMorgan Capital, Northern Trust and Wells Fargo. (see Cleantech.com's Acciona gets long-term solar financing)
  • Keewatin Windpower completed its financing consisting of the sale of 1.1 million restricted shares of its common stock at a price of $1.20 each, taking in $1.3 million. Backed by Vision Opportunity Master Fund, Keewatin said it will use the proceeds to cover ongoing pre-development costs in connection with its proposed project in southwestern Saskatchewan, as well as for general working capital.
  • Sierra Solar, a Sunnyvale, Calif.-based developer of thin-film photovoltaics, raised $6.86 million in Series A funding led by GSR Ventures, according to a regulatory filing.
  • Nevada Geothermal Power received a bridge loan facility of up to $20 Million from Glitnir Bank. The loan will go toward the development of the 35 MW Blue Mountain, Faulkner I project in Nevada. Phase 1 at Blue Mountain is expected to commence power generation in late 2009.
  • US Renewables closed on $475 million of third party capital commitments in its most recent private equity fund, USRG Power & Biofuels Fund II, topping the fund's original target of $250 million. The Fund II investments focus on renewable power generation, clean fuels and related logistics.
  • Cnano Technology received $6 million in venture funding co-led by CMEA Ventures and Pangaea Ventures. The investment also included WI Harper. Cnano's carbon nanotubes have applications in energy and environmental markets, specialty materials, and electronics.
  • Abengoa Bioenergy closed on $300 million of senior secured credit facilities to finance the construction of two 88 million gallons per year ethanol plants in the U.S. Midwest. WestLB and Banco Santander acted as joint lead arranger and joint bookrunner.

Browse previous deals here.

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