In March 2023, Palmetto, a US-based clean energy platform, secured $150 million of development capital from TPG. The fund will be used to increase clean energy adoption and access to residential solar across the US.
In January 2023, Enpal, a rooftop solar installer, received $230 million in a Series D financing round led by TPG Rise Climate, the dedicated climate-investing subsidiary of TPG Rise. HV Capital, SoftBank Vision Fund II Capital, Princeville Climate Technology, Westly Group, and Activate Capital also participated in the round.
In October 2022, Form Energy, a grid-scale iron-air battery energy storage system developer, secured $450 million in a Series E financing round led by TPG’s global impact investing platform, TPG Rise. Temasek Holdings, ArcelorMittal, Coatue Management, and 10 other investors also participated in the round. The funds will be used to build Form Energy’s first manufacturing facility as well as to manufacture its multi-day battery.
In June 2022, CLEAResult, via its financial sponsor TPG, acquired Ecofitt, a Canada-based residential energy efficiency program implementer for utilities, retailers, and distributors, for an undisclosed amount. The acquisition provides both companies more opportunities to scale the impact of their decarbonization efforts from coast to coast.
In June 2022, Intersect Power, a utility-scale renewable energy developer, secured $750 million of development capital led by TPG. Trilantic North America, Climate Adaptive Infrastructure, and other undisclosed investors also participated in the round. The investment will provide significant capital to scale Intersect Power’s business, including the company’s renewable energy portfolio and new product pipeline.
In April 2022, Matrix Renewables, via its financial sponsor TPG, entered into a definitive agreement with Recurrent Energy to acquire a 105MW solar plus 80MWh energy storage project for an undisclosed sum. The Gaskell West 2 and 3 projects are located in Kern County, California.
In February 2022, Roeslein & Associates and Smithfield Foods sold a stake in Monarch Bioenergy to TPG for an undisclosed amount. Monarch Bioenergy is a producer of renewable natural gas based in Saint Louis, Missouri
In November 2021, Matrix Renewables acquired a portfolio of 91MW solar projects across Italy via its financial sponsor TPG for an undisclosed amount.
In August 2021, Form Energy, a developer of sodium-based energy storage systems, raised $240 million through a combination of debt and Series D venture funding in a deal led by ArcelorMittal. Eni Next, Perry Creek Capital, TPG, Sleeping Bear Capital and 11 other investors participated in the round.
