ESGEN Acquisition Corp. (ESAC) and Sunergy Renewables have announced updated terms for their pending business combination. The revised terms include a commitment from ESGEN's sponsor to purchase up to $15 million in Convertible Preferred Equity Securities, with $10 million funded at closing and an option for an additional $5 million within six months. The pro forma implied enterprise value of the combined company is $390 million. Energy Spectrum will fund the purchase and has increased its original commitment. The transaction is expected to close in the first half of 2024 and is subject to customary closing conditions.