Notable Mergers & Acquisitions and Asset Transactions
MERGERS & ACQUISITIONS
Spanish utility Endesa signed an agreement with UAE state-owned renewable energy developer Masdar to divest a 49.99% stake in its subsidiary, Enel Green Power Spain Solar (EGPE Solar) for a sum of €817 million. EGPE Solar currently owns Endesa’s operational 2GW solar PV portfolio spread across 48 projects. It was stated that there are additional plans of integrating a 500MW battery energy storage system into the projects
US private equity investor KKR agreed to acquire a majority stake in Avantus, a US-based developer of utility-scale solar and solar-plus-storage projects. Since origination, the latter has developed and divested 6.5GW of solar and 6.3GWh of storage projects. Additionally, Avantus possesses 94GWh of battery storage capacity and 30GW of solar power projects in pipeline. With this acquisition, KKR and its existing investor EIG will become the only equity investors in Avantus. Financial details of the transaction have not been disclosed
Japanese sustainable infrastructure company Ichigo has acquired a 24.39% stake in GIGA.GREEN, a provider of renewable energy solutions based in Germany. GIGA.GREEN specializes in the design, development, and operation of commercial solar energy systems, battery storage, and charging infrastructure in Germany. This transaction marks a significant move for Ichigo as it expands its global footprint in sustainable infrastructure. Financial details of the transaction have not been disclosed
ASSET TRANSACTIONS
EDP Renovaveis SA completed the divestiture of a 191MW wind portfolio to a unit of renewables group PLT Energia for an enterprise value of $437 million in Italy. The wind portfolio comprises 7 wind farms that have been operational for an average of 1.4 years
Equitix completed the acquisition of a renewable portfolio with a combined capacity of 226MW in Spain. The portfolio comprises 2 operational wind farms, one located in Castilla-y-Leon and one located in Castilla-la-Mancha, both coupled with co-located hybrid solar PV developments; and a battery storage development. Financial details of the transaction have not been disclosed
Notable Fund Raisings & Project Finance Transactions
FUND RAISINGS
London-based renewables manager NextEnergy Capital announced that its solar fund NextPower UK ESG (NPUK ESG) has secured £653 million to date, surpassing its fundraising target of £500 million. NPUK ESG, has been backed by a number of LGPS (local government pension scheme) investors, with the latest additional funding coming from London LGPS CIV Ltd. NPUK ESG is a private UK solar fund focused on acquiring utility-scale solar and battery storage projects that are ready to build. It now has a portfolio of almost 500MW, of which 75% are operational and construction assets
PROJECT FINANCE TRANSACTIONS
US developer Leeward Renewable Energy secured $1.25 billion in financing to support the construction of its clean energy portfolio in the US. The portfolio encompasses 6 solar, wind, and battery storage projects with a combined capacity of over 890MW. In the transaction, Wells Fargo Bank served as the administrative agent for the 3-year credit facility while Wells Fargo Securities LLC and Canadian Imperial Bank of Commerce acted as coordinating lead arrangers, book-runners, and green loan coordinators
Renewables developer rPlus Energies secured over $1 billion in construction debt financing for the 400MW Green River Energy Center solar-plus-storage project in Utah, US. The transaction was facilitated by a group of financial institutions, including Crédit Agricole Corporate and Investment Bank, KeyBanc Capital Markets, MUFG Bank, Truist Securities, and Wells Fargo Securities
Wood Consulting, a leading global firm in consulting and engineering, successfully secured over €1 billion in funding on behalf of its clients for clean energy projects across Europe. This enabled three major renewable energy initiatives to reach their final investment decisions: a 264MW onshore wind farm in Lithuania, a 553MW onshore wind portfolio in Sweden, the Catalina green hydrogen project, which will combine a 1.5GW of wind and solar energy to power a 500MW electrolyzer to produce green hydrogen in Spain. The name of the borrower and the financiers involved have not been disclosed
