Sunergy Renewables and ESGEN Acquisition today announced a definitive merger agreement at a pro forma implied enterprise value of $475 million. If approved, the solar energy company would list on the nasdaq.
ESGEN's sponsor Energy Spectrum Partners, has committed to a common stock PIPE investment of $10 million at $10 per share. Assuming no redemptions, the transaction is currently expected to provide gross proceeds of up to $65 million to the combined company, comprised of up to $30 million from ESGEN's trust account and $35 million from PIPE investments and other potential financing anticipated to be executed prior to the closing.
Founded in 2005 and headquartered in New Port Richey, Florida, Sunergy provides photovoltaic solar and battery-based power as well as storage systems for residential consumers.
Sunergy posted revenue of approximately $123 million and $11 million of EBITDA in 2022, underpinned by nearly 2,400 installations performed during the year.
ESGEN raised $240 million in an October 2021 IPO. The SPAC is led by CEO and Director Andrea “Andrejka” Bernatova, who served as CFO and senior advisor of Enchanted Rock Energy, a blue-chip resiliency microgrid company from 2019 to 2021. Read more.
Source: Solar Energy Company Sunergy Combining with ESGEN Acquisition in 5M Deal