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Sunenergy solar enters $475M SPAC merger

Alan Neuhauser
Apr 19, 2023
Illustration of golden solar panels.

Illustration: Gabriella Turrisi/Axios

Residential solar and storage installer Sunenergy Renewables announced it's going public through a merger with blank-check company ESGEN Acquisition Corp. in a deal that pegs the pro forma implied enterprise value at $475 million.

Why it matters: Like the prisoners who keep trying to climb out of Bane's pit in "The Dark Knight Rises," we'll keep watching the renewables companies pursuing SPAC mergers.

Details: The deal is expected to gross $65 million cash, underpinned by a $10 million common-stock PIPE from investor Energy Spectrum Partners VIII at $10 per share.

  • Energy Spectrum Partners VIII is affiliated with Dallas-based VC Energy Spectrum Capital.

Zoom in: Sunenergy, based in New Port Richey, Fla., generated about $123 million in revenue last year, with roughly $11 million in EBITDA.

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