ESGEN Acquisition called a March 6 meeting for shareholders to vote on its proposed combination with Sunergy Renewables, a Florida-based provider of residential solar and energy efficiency solutions. If approved, the combined company will change its name to Zeo Energy Corp. and is expected to list on the Nasdaq.
Updated last month, the pro forma implied enterprise value of the combined company is expected to be $390 million, and proceeds are expected to be used to fund operations and growth. The deal was announced last April at a pro forma implied enterprise value of $475 million.
ESGEN’s sponsor has committed to purchase up to $15 million in convertible preferred equity securities, of which $10 million will be funded at the close of the business combination and the remaining $5 million can be funded at the combined company’s discretion up to six months after closing. The purchase of the securities will be funded by Energy Spectrum Partners VIII. Read more.
