Notable Mergers & Acquisitions and Asset Transactions
MERGERS & ACQUISITIONS
Spanish firm Repsol is to acquire full ownership of its 50/50 renewable energy JV from Grupo Ibereolica Renovables in Chile. At the end of 2023, Repsol had 846MW of wind and 1,242MW of solar in operation across Spain, Italy, the US and Chile, including the the stake in the Repsol Ibereolica JV. The transaction could be valued at €200 million to €300 million
ASSET TRANSACTIONS
EDP Renovaveis SA completed the divestiture of a 80% stake in a 297MW onshore wind project to CC&L for an enterprise value of $508 million in Canada
Italian independent power producer ERG SpA completed the acquisition of a 75% stake in a 317MW solar and wind portfolio, which comprises the 92MW Mulligan Solar plant in Illinois and 225MW Great Pathfinder Wind asset in Iowa, for $270 million. The wind and solar assets were acquired from US renewables developer Apex Clean Energy Holdings LLC, which will hold the remaining 25% stake in the portfolio
Macquarie Asset Management, through its Green Energy and Climate Opportunities Fund, is to acquire a portfolio comprising 6 solar, wind, energy storage and natural climate solutions investments for an undisclosed amount. The portfolio includes investments in six companies and projects across the Americas, Asia-Pacific and Europe, including Galehead Development, Treaty Oak Clean Energy, Aula Energy, Blueleaf Energy, Outer Dowsing and Forliance. It represents over 17GW of green energy capacity in development, construction and operation
EDF Renewables Brazil and Brazilian sector player Serena Energia SA completed the acquisition of their respective stakes in a 765MW renewable portfolio, thereby increasing their individual ownership to 100% and ending their JV.
The portfolio comprises the 365MW Ventos da Bahia Wind Complex and the 400MWp Pirapora Solar Complex. Earlier, both companies held a 50:50 stake in each of these projects. According to the agreement, Serena, through its subsidiary Serena Geracao, becomes the sole owner of the Ventos da Bahia Wind, while the EDF unit becomes the owner of the Pirapora Solar. Financial details of the transaction have not been disclosed
Notable Fund Raisings & Project Finance Transactions
FUND RAISINGS
Quinbrook Infrastructure Partners, raised $600 million in capital commitments for the Quinbrook Valley of Fire Fund, which will continue developing and constructing solar- plus-storage projects in the US. The fund is a continuation of Quinbrook’s Low Carbon Power Fund (LCPF) strategy, focusing on large-scale solar and storage projects. The money raised was used to acquire a 51% stake in the Gemini solar- plus-storage project, which comprises 690MWac of solar and 1.4MWh battery facilities, and 100% of the remaining Valley of Fire development portfolio from LCPF. Blackstone Strategic Partners is the lead investor in the new fund, with Dutch pension asset manager APG holding a 49% stake in the Gemini project
PROJECT FINANCE TRANSACTIONS
Pine Gate Renewables, a US developer and owner of solar and energy storage projects, received $650 million in financing to support the development of an additional 3GW clean energy infrastructure by 2025. The financing was provided by a US sustainable investment platform Generate Capital, the Healthcare of Ontario Pension Plan (HOOPP), which serves the healthcare workers of Ontario, and HESTA, an Australian superannuation fund
Spanish renewables investment platform Bruc received $606 million in financing from a banking consortium comprising Santander, ING, BNP Paribas, Crédit Agricole CIB, Sabadell, BBVA, and Unicaja to support the construction of 842MW of solar PV projects in Spain
US community solar developer Nexamp secured $520 million in financing from Manulife Investment Management to advance its existing project pipeline and expand its operation into new markets
Greenbacker Renewable Energy, a leading climate-focused investment manager and independent power producer secured $437 million in financing for the repowering of 3 wind farm projects in Iowa and Minnesota. The financing package includes an $82 million construction bridge loan from Bayerische Landesbank and an $355 million long-term debt and tax equity financing from Huntington National Bank via sale-leasebacks
