Energy Perspectives

MERGERS & ACQUISITIONS

• The AES Corporation entered into an agreement to be acquired by a consortium led by BlackRock Inc.’s Global Infrastructure Partners and EQT AB in a transaction with an enterprise value of approximately $33.4 billion. Under the terms of the deal, AES shareholders will receive $15 per share in cash, implying an equity valuation of around $10.7 billion

• LRE acquired the 350MW Harvey Solar project in Ohio, expanding its development pipeline amid rising regional power demand. The project, located in Licking County and originally developed by Open Road Renewables, is in late-stage development, with construction expected to commence in autumn 2026 and commercial operations targeted for late 2028

• Equinor acquired the 230MW Esquina do Vento onshore wind project in Brazil from Vestas Wind Systems A/S. Located in Rio Grande do Norte in northeastern Brazil, the project was fully developed by Vestas

• Flower acquired its first utility-scale battery storage project in Germany, a planned 63MW/257M-Wh facility in Saxony-Anhalt from CCE. The company will assume responsibility for financing, EPC, operations, and commercialisation, with construction set for 2027 and operations targeted for 2028

Financing Deals

• BrightNight announced the first close of its upsized corporate credit facility, securing total commitments of up to $850 million to accelerate its growth strategy and advance its Western US pipeline. The financing, supported by a mix of existing and new lenders, comprises up to $550 million for letters of credit, $200 million for equipment deposits and limited notice-to-proceed facilities, along with an additional $100 million in revolving credit capacity

• Enerparc AG secured up to €1 billion in financing to support its medium-term growth and expansion of solar and battery storage portfolios, including a €500 million loan for projects in Germany, France, and Spain, and a long-term project financing framework of up to €425 million (expandable to €500 million) covering construction and operations of eligible projects within a 36-month period

Fund Raisings

• Copenhagen Infrastructure Partners secured €1.3 billion at the first close of its flagship credit strategy, CI Green Credit Fund II, which provides financing solutions for renewable energy and energy transition projects, with a total fundraising target of €2 billion. The fund has garnered strong interest from global institutional investors, including sovereign wealth funds, insurance companies, and pension funds, alongside a substantial commitment from CIP itself