ENERGY PRESPECTIVES

March 2023

Monthly Market Update

Notable Mergers & Acquisitions and Asset Transactions

AMPYR Solar Europe acquired the solar business of SolarEnergyWorks’ for an undisclosed sum. The deal comprises 100MWp ready to build projects and 650MWp under-development assets
ReneSola Ltd acquired Emeren, a UK-based utility-scale solar power and battery projects developer for an undisclosed sum. Emeren has more than 2.5GW of capacity in its development pipeline, which includes more than 2GW of solar and more than 500MW of storage projects
MasTec completed the acquisition of Infrastructure and Energy Alternatives (IEA) in a cash-and-stock deal valued at around $1.2 billion. IEA provides EPC and other related services to developers of infrastructure projects and has finalised over 260 utility-scale wind and solar projects across North America till date
RWE agreed to acquire Con Edison Clean Energy Businesses, Inc. for an enterprise value of $6.8 billion. Con Edison operates and develops renewable energy facilities in the US and has about 3GW of operating capacity, thereof 90% in solar energy, and over 7GW of projects under development

Fotowatio Renewable Ventures acquired 2 new BESS projects with a combined capacity of up to 100MW from RE Projects Development Limited. The projects are expected to reach the RTB stage during the third quarter of 2023
Ørsted A/S signed a deal with Energy Capital Partners to offload a 50% stake in the 862MW onshore wind and solar PV portfolio in the US. The project portfolio includes stakes in the Lincoln Land, Plum Creek and Willow Creek wind farms and the Muscle Shoals solar park. The value of the transaction is approximately $410 million
Quinbrook Infrastructure Partners sold a 49% stake in its Gemini solar plus storage project to APG in Nevada, US. The portfolio consists of 690MWac solar assets coupled with a 1.4GWh battery energy storage facility

NextEnergy Capital reached the third close of its NextPower UK ESG fund at £595 million, exceeding its initial target size of £500 million. The fund will focus on investments in unsubsidised new-build utility-scale solar projects with PPA in the UK. The third close was reached with commitments from existing investors Border to Coast Pensions Partnership and UKIB

Voltalia SA secured $268 million in syndicated debt financing. The financial package was provided by BNP Paribas, CACIB, Natixis, Arkea, Pireaus, La Banque Postale, CIC and Goldman Sachs. Volatalia will use the financial proceeds to pre-finance construction work on new renewable power plants
Our Next Energy Inc. (ONE) closed a $300 million Series. B round led by Fifth Wall and Franklin Templeton. The transaction was supported by ONE’s Series A investors and new growth equity investors including Temasek, Riverstone Holdings and Coatue. Two undisclosed strategic investors including a manufacturer of EV technology solutions and a renewable energy provider also participated in the round
Zenobe reached the financial close and started construction of the first 200MW phase of a 300MW BESS facility in Scotland, UK. The company secured a $283 million long- term loan structured by Natwest with financing provided by Canadian Imperial Bank of Commerce, Rabobank, Santander UK and Siemens Financial Services
Iberdrola secured $161 million in financing from the European Investment Bank to build 400MW of wind and solar PV projects in Italy
R.Power secured $160 million in financing from the Three Seas Initiative Investment Fund. The investment will support R.Power’s plan to achieve 1GWp of operating solar portfolio within the next 2 years across the EU markets