Residential solar co Sunergy to listing on Nasdaq via SPAC

Apr 20, 2023 12:32 PM ET
  • US domestic solar company Sunergy Renewables LLC is readied to go public on Nasdaq through a merger with a special purpose acquisition company (SPAC) created by investment firm Energy Spectrum Capital, with the awaited USD 65 million (EUR 59.2 m) in purchase proceeds to be made use of to money procedures and development.
Residential solar co Sunergy to listing on Nasdaq via SPAC
Image: Frédéric BISSON

New Port Richey, Florida-based Sunergy has accepted merge with ESGEN Acquisition Corp (NASDAQ: ESAC). The tie-up offers the combined entity a pro-forma indicated enterprise value of USD 475 million, a joint press release claimed on Wednesday.

The business mix is backed by USD 10 million in the form of private investment in public equity, or PIPE, to be given by ESGEN's sponsor, an affiliate of Energy Spectrum. The celebrations also prepare for protecting various other potential financings before the closing of the deal.

The solar power firm intends to use the proceeds from the tie-up to increase client offerings as well as basic business purposes in addition to for possible not natural growth investments.

The purchase depends upon common closing conditions and is expected to enclose the fourth quarter of 2023.

Developed in 2005, Sunergy offers solar (PV) solar and battery-based power along with storage space systems for domestic customers. It is focused on the Florida, Texas and also Arkansas markets, with plans to expand further in the future. Business, which reported nearly 2,400 installments last year, produced regarding USD 123 million in income and about USD 11 million in EBITDA in 2022.

ESGEN went public in October 2021. The blank check company presently holds USD 30 million in cash in its trust account.

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