Notable Mergers & Acquisitions and Asset Transactions
MERGERS & ACQUISITIONS
Spain’s Iberdrola SA received the final regulatory approval needed to complete the acquisition of the stake it did not own in US utility holding Avangrid Inc. The all-cash deal, valued at $2.55 billion, will see Iberdrola raise its stake in Avangrid from around 81.6% to 100% and run the US grids and power generation business as a private company, maintaining its headquarters in Connecticut, US
High Court of Justice of England and Wales cleared Atlantica Sustainable Infrastructure plc’s agreed $2.55 billion acquisition by energy transition investor Energy Capital Partners (ECP). The court clearance follows a nod from shareholders of the target company that approved the go-private deal in August 2024
TotalEnergies SE agreed to acquire VSB Group, valuing the Dresden-based renewable energy developer at €1.57 billion. The acquisition will make TotalEnergies the full owner, following agreements with the majority shareholder, Swiss private equity firm Partners Group, and VSB’s founder, who holds the remaining shares
ASSET TRANSACTIONS
ContourGlobal acquired portions of the Oasis de Atacama solar-plus-storage portfolio in northern Chile from Spain’s Grenergy Renovables SA for up to $962 million in enterprise value, including potential earn-outs. The Spanish renewables firm sold the first three phases of its flagship project in Chile; Quillagua I, Quillagua II, and Victor Jara; representing a combined solar capacity of 451MWp and 2.5GWh of battery storage
TotalEnergies agreed to sell half of its 2GW solar and battery energy storage systems portfolio in Texas to Apollo Global Management for $800 million. The deal includes a 50% stake in three solar projects (1.7GW) and two BESS schemes (300MW)
Ørsted A/S plans to sell 50% equity stake in three US solar and battery storage projects to Energy Capital Partners (ECP) for $572 million. The deal includes the 468MW Mockingbird Solar and 250MW Sparta Solar power plants in Texas, US as well as the Eleven Mile Solar Center, a 300MW solar plus 300MW battery storage project, in Arizona, US
Notable Fund Raisings & Project Finance Transactions
FUND RAISINGS
The European Investment Fund (EIF) reached a guarantee agreement with Nordea Bank which will enable financing of up to €437 million for green projects in the areas of solar power, electric vehicles, energy efficiency, and the adoption of digital technologies in Finland. The financing will be provided in the form of loans from Nordea to small and medium-sized enterprises as well as small mid-caps in Finland.
PROJECT FINANCE TRANSACTIONS
US Department of Energy’s (DOE) Loan Programs Office (LPO) announced a conditional commitment of up to $15 billion in loan guarantees to California, US based utility Pacific Gas & Electric Company (PG&E). The funding will support PG&E’s Project Polaris, which includes expanding hydropower and battery storage, upgrading transmission capacity with advanced technologies, and enabling virtual power plants (VPP) within its service area
The US Department of Agriculture (USDA) awarded more than $4.37 billion in clean energy investments to 10 rural electric cooperatives to secure access to clean energy by procuring renewable power and grind modernisation, among other initiatives. The financing came from the USDA’s Empowering Rural America Program. Among the recipients were San Miguel Electric Cooperative Inc., Seminole Electric Cooperative Inc., Connexus, Oglethorpe Power Corporation, Georgia Transmission Corporation, CORE Electric Cooperative, Nebraska Electric G&T, Arizona’s Trico Electric Cooperative Inc., United Power and Yampa Valley Electric Association.
Sonnedix Power Holdings secured €3.25 billion through two refinancing transactions in Europe. A €750 million transaction with CaixaBank refinanced Sonnedix’s 197MW portfolio of regulated assets in Spain, consolidating seven existing financings. A second transaction, valued at €2.5 billion, refinanced a 1.1GW portfolio of renewable energy assets across Spain, Italy, and France, with the option to add new assets in Europe and the UK. This second facility, structured as a green and sustainability-linked loan, was provided by 15 commercial lenders and institutional investors.
