Notable Mergers & Acquisitions and Asset Transactions
MERGERS & ACQUISITIONS
US private equity company KKR & Co Inc acquired an 87.4% stake in German wind and solar parks operator Encavis through its voluntary public takeover offer for a total equity value of about $3 billion. Encavis boasts a portfolio with a total generation capacity of approximately 3.5GW, along with roughly 1.2GW under construction
Italian utility group Enel SpA sold a 49% stake in its regulated capacity services business, Enel Libra Flexsys Srl, to asset manager Sosteneo SGR SpA for $1.18 billion. Enel Libra Flexsys is a company dedicated to developing and operating BESS facilities with a combined capacity of 1.7GW alongside 3 renovation projects for open-cycle gas turbine (OCGT) plants totalling 900MW
BlackRock Inc., through its climate infrastructure fund, is to acquire a 20% stake in the outstanding fully diluted shares of Recurrent Energy, a unit of Canadian Solar, on an as- converted basis. This strategic move marks the initial closing of BlackRock’s previously disclosed investment in the solar and storage development platform. In January, BlackRock announced its $500 million investment for the minority stake, while Canadian Solar will retain the majority shares in Recurrent Energy
ASSET TRANSACTIONS
Bitech Technologies Corporation completed the sale of a 2.4GW new solar project as it transitions to concentrate on its core BESS business. The projects were divested to an unrelated third-party buyer and are part of a larger 3.8GW solar portfolio obtained by acquiring Emergen Energy LLC. Finacial details have not been disclosed
US infrastructure investor Lotus Infrastructure Partners acquired the US division of German renewables developer PNE AG, PNE USA, thereby taking complete ownership of the latter’s 3GW project portfolio, which comprises wind, solar, and BESS facilities of varying stages. The acquired portfolio includes 877MW of wind and solar projects being developed and monetised to date, plus a pipeline of 18 projects. Subsequent to this deal, PNE USA will be renamed as Allium Renewable Energy. Financial details of the transaction have not been disclosed
Notable Fund Raisings & Project Finance Transactions
FUND RAISINGS
British investment manager Foresight Group Holdings Ltd announced the first closing of Foresight Energy Infrastructure Partners II SCSp (FEIP II), the second vintage of its flagship energy transition fund. FEIP II, the subsequent fund to FEIP I, is dedicated to fostering long-term value growth. It aims to build a diverse portfolio comprising energy infrastructure assets in the renewable energy generation, energy storage, and grid infrastructure sectors. The firm expressed its strong belief in reaching its minimum fundraise target of $1.36 billion during 2025
PROJECT FINANCE TRANSACTIONS
Recurrent Energy, a subsidiary of Canadian Solar, secured $513 million in financing for its 1.2GWh Papago Storage project in Arizona, US. The transaction was facilitated by MUFG and Nord LB, who acted as coordinating lead arrangers, and Bank of America, CoBank, DNB, Rabobank, Siemens, and Zions, who served as joint lead arrangers
US independent power producer Doral Renewables secured $400 million in financing to facilitate the construction and development of its 13GW renewable energy project pipeline. The company stated that it expects projects around 2GW to commence construction in the next 24 months
Highview Power secured a $384 million financing to commence the construction of a 50MW/300MWh long-duration energy storage project in the UK. The transaction was led by the state-owned UKIB and utility Centrica with participation from mining firm Rio Tinto, bank Goldman Sachs, private equity firm Mosaic Capital and KIRKBI
German wind and solar parks operator Encavis AG secured a $321 million financing in the form of a revolving credit facility to support its new project acquisitions and advance its wind and solar portfolio. The transaction was provided by a funding consortium led by Dutch Cooperative Rabobank UA and eight other lenders
US independent power producer Doral Renewables secured $400 million in financing to facilitate the construction and development of its 13GW renewable energy project pipeline. The company stated that it expects projects around 2GW to commence construction in the next 24 months
