Wind energy VC funding off to a breezy start at $240 mn in Q1

NEW DELHI, Apr 22: The global venture capital funding in the wind energy sector has got off to a strong start with deals worth USD 240 million for 12 deals in the first quarter of this calender year.
According to Mercom Capital Group, a global clean energy communications and consulting firm, venture capital funding in the first quarter stood at USD 240 million through 12 deals, compared to just USD 12 million for two deals in fourth quarter of last calendar year.
The biggest VC deal in the first quarter was the USD 183 million fund raised by Element Power, a global project developer.
Other major VC deals in the sector during the quarter included a USD 20.2 million raised by ReGen Powertech, a turnkey solution provider and wind turbine maker, followed by USD 18.6 million raised by project developer Leap Green Energy, USD 10 million raised by Apex Wind Energy, and a USD 3.5 million raised by Pentalum.
Meanwhile, in terms of merger and acquisitions, the first quarter marked one of the strongest activity in the wind energy sector, in terms of transactions, as 11 deals were announced worth USD 872 million.
The top M&A deals included the USD 850 million acquisition of Seajacks International, a UK-based offshore Wind Power Service provider, by Marubeni Corporation and Innovation Network Corporation of Japan.
Other major M&A deals in the wind energy sector comprised the USD 12 million acquisition of Fuji Heavy Industries’ Wind Turbine Generator Business by Hitachi and the USD 10.2 million acquisition of a 49.9 per cent stake in OWEC Tower by KV Ventus. (PTI)