Sometimes it takes a while to get rid of those extra pounds.

After announcing plans in 2005 to exit its water activities in the U.S. and the U.K., Germany's RWE is on its way to losing American Water Works.

The New Jersey water utility and wastewater treatment company has filed for a $1.5 billion initial public offering, but it won't be seeing any of that cash, so it plans to run a concurrent $500 million equity offering.

There was some steamy news on the geothermal front as well, with Iceland's Glitnir Bank announcing plans to invest $1 billion in the market in the U.S. over the next five years.

Geysir Green Energy, partly owned by Glitnir, has already made moves in geothermal, putting $6.3 million into Vancouver's Western GeoPower, which is developing a plant in California.

Deals we saw this week:

• New Jersey's American Water Works, a water and wastewater utility, filed for a $1.5 billion initial public offering as part of parent company RWE's plans to exit its water activities in the U.S. and the U.K. American Water plans to concurrently offer $500 million of its equity units. The company will use the cash from the equity offering to repay debt and for general corporate purposes, but it won't be getting any money from the IPO. RWE is selling all of the shares in the public stock sale through another subsidiary. Goldman Sachs, Citigroup, and Merrill Lynch are the joint book runners on the IPO and the equity offering.
• Iceland's Glitnir Bank said it plans to invest $1 billion in U.S. geothermal energy projects over the next five years. The bank released a report estimating that a total of $39.4 billion in investments will be needed to develop geothermal resources available in the States through 2025, and Glitnir wants a piece of the action (see Cleantech.com's Glitnir pouring cash into geothermal).
• Vancouver geothermal developer Western GeoPower raised $18.6 million in financing from a private placement and the sale of warrants and options. Iceland's Geysir Green Energy put in $6.3 million, grabbing all 25 million shares in the private placement, with $11.7 million coming from warrants, and agents options accounting for an additional $652,562 (see Cleantech.com's Western GeoPower raises $18.6M).
• SolFocus, a Mountain View, Calif.-based maker of concentrator photovoltaic systems, closed $52 million in funding. A little more than half the cash is going toward SolFocus' new European operations, based in Madrid, with the balance going to the U.S. group. The Series A for SolFocus Europe and the Series B for SolFocus were both led by New Enterprise Associates. SolFocus raised $32 million in Series A in October 2006, also led by New Enterprise (see Cleantech.com's SolFocus raises $52M).
• London-based investment firm Climate Change Capital closed a $271.5 million fund. The group said it is targeting high growth areas of cleantech in Europe with its Climate Change Capital Private Equity Fund. Investors include AlpInvest, Robeco, HSBC, USS, Alliance Trust, Bankinter, Woelbern Group and Harcourt (see Cleantech.com's Climate Change Capital closes $271.5M fund).
• Akron, Ohio's reXorce Thermionics, a developer of low-temperature heat pumps that it says can use heat from waste, solar thermal and geothermal, took in $1.8 million in funding. Cleveland investment firm JumpStart put $400,000 into the company, with the remaining cash coming from mTerra Ventures and Bally Energy (see Cleantech.com's reXorce Thermionics raises $1.8M).
• Tioga Energy, a San Mateo, Calif., renewable energy services provider, completed its initial $14 million funding round. Nth Power, NGEN Partners, Draper Fisher Jurvetson, RockPort Capital, DFJ Frontier and Kirlan Ventures participated in the Series A financing. Tioga creates solar power purchase agreements, owning and operating solar installations and selling the energy to customers at fixed rates.
• ClearEdge Power, a fuel cell developer based in Hillsboro, Ore., raised $6.5 million of a $19.5 million Series C round, according to a regulatory filing. Applied Ventures is listed as a backer. ClearEdge has a 33,000 square foot plant in Hillsboro that is says has the capacity to pump out 3 megawatts of power products annually.
• Sacramento, Calif.-based solar power startup Sierra Nevada Solar raked in $4.5 million in Series A funding, according to a filing. Investors reportedly include EarthBright, led by Jonathan Bonanno, and Ryan Scott, who has also invested in Tesla.
• Kovio, a Sunnyvale developer of semiconductor products using thin-film technologies, raised $19.5 million in the first part of a fourth round of funding. Pinnacle Ventures led the deal, which included previous investors Bessemer Venture Partners, DAG Ventures, DEA Capital, Flagship Ventures, Harris & Harris Group, Jerusalem Venture Partners, Kleiner Perkins Caufield & Byers, NCD Investors and Yasuda Enterprise Development. Kovio has raised $34 million since 2001.

Browse previous deals here.

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