June 2024

Canadian company Brookfield Asset Management agreed to acquire a 53.32% share in Neoen SA in a deal valued at $6.58 billion. This acquisition marks a strategic move for Brookfield into Neoen’s global portfolio, which operates in solar, wind and energy storage markets. As per official statements by the end of March, Neoen had a secured portfolio of almost 9.1GW, including 8GW in operation or under construction

CPP Investments and GIP agreed to acquire Allete, a US- based energy company, in a deal valued at $6.2 billion. The acquisition terms stipulate a cash payment of $67 per share to take Allete private, a 19.1% premium over the company’s closing share price as of December 4, 2023. Going forward, Allete will withdraw from the New York Stock Exchange and revert to private ownership. CPP Investments and GIP have agreed to merger agreement terms, including retaining the workforce, maintaining compensation and benefits, and ensuring that Allete’s subsidiaries, Minnesota Power and Superior Water, Light and Power, continue to operate independently and under local management

Spanish infrastructure builder and operator Ferrovial SE acquired a 257MWp solar PV project in Leon County, Texas, US. This project marks the first investment in the US market by Ferrovial. Financial details of the transaction remain undisclosed

RWE Clean Energy, a subsidiary of German utility RWE, acquired a portfolio comprising 3 solar farms and BESS facilities with a combined capacity of 599MW from Galehead Development. The acquisition expands RWE’s renewable energy presence in Idaho, Washington State, and New York. The portfolio comprises the Cedar Ridge project in Blaine County, Idaho, featuring a 300MW solar facility coupled with a 150MW BESS project; the Remington project in Oregon, a 199MW standalone BESS and the Champlain project in New York, a 100MW solar PV project. The financial details of the transaction have not been disclosed

Hannon Armstrong Sustainable Infrastructure Capital collaborated with global investment firm KKR to launch the CarbonCount Holdings 1 (CCH1) fund. This fund will invest up to $2 billion, with each firm committing $1 billion, in climate- positive projects and clean energy assets across the US over the next 18 months. The capital will be invested in line with HASI’s existing investment strategy focused on behind-the- meter, grid-connected, renewable natural gas and transport projects

Recurrent Energy secured a multi-currency revolving credit facility financing worth up to €1.3 billion for developing and constructing solar and battery energy storage projects across Spain, Italy, UK, Netherlands, France and Germany. The financing will be available for 3 years with optional extensions. It is initially sized at €674 million, but the company’s statement indicates its potential upsizing to approximately €1.3 billion. The transaction was facilitated by Santander CIB, serving as the global co-ordinator and sole book-runner, and ING as the sole issuing bank and sole sustainability coordinator. Other financial partners include ABN AMRO, BBVA, Banco Sabadell, Rabobank, HSBC, Intesa Sanpaolo, Natwest and NORD/LB

Danish power company Ørsted secured $680 million in financing from JP Morgan to develop a portfolio of solar and solar-plus-storage projects in the US. The portfolio consists of two projects: the Eleven Mile Solar Center, which includes a 300MW solar facility and a 300MW/1,200MWh battery energy storage system (BESS) in Arizona, and the Sparta solar project, a 250MW solar farm in Mineral, Texas

RPC secured $603 million in financing to facilitate the construction and operation of a 553MW onshore wind portfolio, comprising 4 wind farms in the municipalities of Kramfors and Sollefteain, Sweden. The long-term financial package was provided by a group of lenders, including CIBC, Danske Bank, Export Development Canada, NatWest, and NordLB. In the transaction, Apex served as the facility and security agent