Notable Mergers & Acquisitions and Asset Transactions
MERGERS & ACQUISITIONS
Canadian investment group and pension fund manager CDPQ entered into a definitive agreement to acquire Innergex Renewable Energy Inc for a total enterprise value of CAD10 billion. The transaction is expected to close by the fourth quarter of 2025, subject to shareholder and regulatory approvals, and other customary closing conditions
Altus Power Inc. agreed to be acquired by private equity firm TPG Inc. in a deal valued at about $2.2 billion, including debt. Under the terms of the all-cash deal, shareholders of Altus Power will be entitled to exchange each share held for $5.00 apiece
ASSET TRANSACTIONS
Swedish renewables developer Eolus Vind AB finalised the divestment of its 100MW Pome battery storage project in California’s San Diego County, US. The scheme was sold to a privately owned renewable energy producer in the US, with Eolus receiving an initial payment of $25 million. It estimates the enterprise value of the project at between $230 and $235.5 million. The standalone battery energy storage system is currently under construction in Poway and is anticipated to go live in the first half of 2025
Investment platform Energy Infrastructure Partners (EIP) acquired a majority stake in German renewable energy company BayWa r.e., increasing its shareholding from 49% to 65% through an agreed capital increase. EIP will take over as the majority shareholder, replacing BayWa AG. As part of the capital increase, EIP will invest €150 million in new capital into the company
MDU Resources Group Inc signed a deal to acquire a 49% stake in the 250MW Badger Wind Farm project under construction near Wishek, North Dakota, US, from a local unit of Ørsted A/S for $294 million in cash. The transaction, which represents 122.5MW of the project’s total generation capacity, is carried out through MDU’s subsidiary Montana-Dakota Utilities Co
Notable Fund Raisings & Project Finance Transactions
FUND RAISINGS
US investment giant Blackstone Inc raised €5.34 billion for its latest energy-transition-focused private equity fund, Blackstone Energy Transition Partners IV. The fund was closed after reaching its capital target and exceeds by 33% the size of the predecessor vehicle. Blackstone Energy Transition Partners is Blackstone’s energy-focused private equity business that supports energy companies
PROJECT FINANCE TRANSACTIONS
TransGrid Energy secured over $1.4 billion in financing for two battery energy storage projects in Arizona, US, with a combined capacity of 450MW. The financing package includes $705 million in debt financing, a $270 million tax equity commitment, and a tax credit transfer transaction of up to $490 million. Located in La Paz County, Arizona, the projects have 15-year resource adequacy contracts with Southern California Edison (SCE) and will participate in the California Independent System Operator (CAISO) market
US independent solar power producer MN8 Energy LLC secured $612 million in construction bridge financing to develop 517MWdc of solar projects across three states. Natixis Corporate & Investment Banking acted as the sole bookrunner and administrative agent for the transaction. The funds will support the development of three photovoltaic projects in North Carolina, Kentucky, and Illinois
Apex Energies secured €350 million in debt financing to support the construction of over 400MWp of new photovoltaic parks in France. The senior debt financing was co-arranged by Caisse d’Epargne Ile de France, Crédit Agricole Transitions et Energies, Crédit Agricole du Languedoc, Bpifrance, Caisse d’Epargne Midi-Pyrénées, Caisse d’Epargne Aquitaine Poitou-Charentes, and Caisse d’Epargne Languedoc Roussillon. This funding will enable the installation of more than 1,100 rooftop solar arrays, canopies, and ground-mounted systems across all metropolitan regions of France by the end of 2027
