Green shoots emerge in cleantech

Germany's muscular cleantech sector is the source of some encouraging deal activity in today's otherwise bare market.

Notably, this month saw TCW Group lead a EUR60m equity investment into biogas company agri.capital GmbH, alongside historical investors Halcyon, Green Partners, Altima Partners and Ludgate Environmental Fund. In addition to the equity, Ecofin provided a EUR10m mezzanine loan. This follows just six months after a EUR10m funding round led by Valiance Special Situations Fund and Ludgate Investments.

agri.capital develops, owns and operates biogas-to-power and biomethane-to-pipeline operations in Germany and Austria, with a portfolio of 32.2 MW of installed capacity (see page 23).

Another expansion deal saw Yellow&Blue Investment Management, alongside existing investors Target Partners and Conduit Ventures, lead a EUR10m financing round for P21 GmbH. The company had previously received EUR23.5m in funding from Target Partners, Conduit Ventures, TechFund Capital, CDC Entreprises Innovation, Goldman Sachs and Kuwait-based ntec.

P21 was established in 2001 through a management buy-out from Vodafone. The company provides the hydrogen-powered PEM fuel cell system to mobile operators and equipment suppliers, which allows for an uninterrupted electrical power supply for telecom towers and base stations (see page 24).

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