November 2024

KKR acquired a 25% stake in Eni’s biofuel business, Enilive, valuing the unit at €11.75 billion, including debt. KKR’s investment of €2.94 billion strengthens Eni’s financial position while allowing the company to maintain control of Enilive. This transaction is part of Eni’s “satellite” strategy, which aims to attract co-investors for growth businesses. The strategy is designed to raise funds to assist Eni in decarbonizing its products

Recurrent Energy, a subsidiary of Canadian Solar Inc., successfully closed a $500 million investment from BlackRock, facilitated through a fund managed by its Climate Infrastructure business. This investment represents 20% of Recurrent Energy’s outstanding fully diluted shares on an as-converted basis. Canadian Solar will retain ownership of the majority of shares in Recurrent Energy

EDP Renovaveis SA completed the buyback of a 49% stake in a 970MW wind portfolio in Europe for roughly €580 million. The company acquired the interest from two funds related to China Three Gorges (CTG), namely ACE Investment Fund I LP and ACE Investment Fund II LP. The assets within the portfolio are located in Portugal, Poland and Italy

Atrato Onsite Energy plc signed a conditional agreement to sell its entire portfolio of operational solar assets with a combined capacity of 204MW to a joint venture of Brookfield Asset Management and an affiliate of investment manager RAIM. The portfolio comprises committed or deployed funding into 51 projects across 14 off-takers. It is sold at a headline price of £218.7 million

Octopus Renewables Infrastructure Trust plc completed the acquisition of a newly-built 42MW solar farm in Ireland, the last of a five-site bundle. The purchase price for all five assets amounted to €198 million. Located close to Dublin, the facility is part of a 241MW portfolio developed and built by Statkraft Ireland Limited under ORIT’s oversight. Earlier in 2024, the British investment trust completed the acquisition of the first four facilities, which had a combined capacity of 199MW, for €160 million

The European Commission selected 85 net-zero projects in its Innovation Fund, which includes 3GW of solar PV manufacturing. In total, the projects will receive a combined €4.8 billion in grants from the Innovation Fund

The European Investment Fund (EIF) announced its investment of €100 million in the Prime Green Energy Infrastructure Fund II. The fund in turn will provide capital to renewable energy infrastructure projects, including onshore wind farms, battery storage and green hydrogen production in Scandinavian countries, including Sweden and Finland

The US Department of Energy (DOE), through its Loan Programs Office, announced a $861.3 million loan guarantee to finance the construction of two solar photovoltaic farms equipped with battery storage and two standalone battery energy storage systems in Puerto Rico. The borrower is Clean Flexible Energy, an indirect subsidiary of The AES Corporation and TotalEnergies Holdings US, which is managed under a joint venture agreement between the two companies

BNZ closed a financing deal worth €680 million to fund its ongoing solar portfolio expansion plans in southern Europe. According to the company, the debt financing facility would enable it to ramp up project construction work already underway in Italy, Portugal and Spain as well as explore new markets and technologies. The deal, which BNZ described as a “multi-country total IPP financing”, combines a €420 million green loan facility from a number of European banks with a €260 million Holdco debt financing facility from private equity investors

Solar project developer Primergy Solar closed $350 million in tax equity financing for a 408MWac solar project in Hill County, Texas, US. This brings the total capital funding for the Ash Creek project to over $900 million, following a $588 million raise for construction and credit loans in March, 2024. This $350 million tax equity funding was led by an undisclosed Fortune 500 telecommunications company, with additional investment from Truist Bank, a US commercial bank