ENERGY PRESPECTIVE

February 2022

Monthly Market Update

Notable Mergers & Acquisitions and Asset Transactions

MERGERS & ACQUISITIONS

  • US solar tracker maker Array Technologies Inc finalised the acquisition of Spanish peer Soluciones Tecnicas Integrales Norland SL. Earlier in Novemnber Array unvailed its plan to acquire the Spanish manufacturer for around $570 million in cash and stock

  • Reliance Industries Ltd acquired UK sodium-ion battery technology developer Faradion Ltd in a deal with an enterprise value of $135 million

    ASSET TRANSACTIONS

  • Energias de Portugal SA finalised the divestment of a 221MW Portuguese wind portfolio to Onex Renewables Sarl. Under the agreement, EDP Renovaveis SA sold its full equity shareholding in the portfolio for an enterprise value of $596 million. The transaction concerns five operational wind parks

  • Green Arrow Capital acquired a portfolio of solar PV projects under development in Spain with an overall expected capacity of 508MW and a total value of €400 million+ from Progressum Energy Development. The deal was carried out through its subsidiary Green Arrow Infrastructure of the Future Fund

  • A2A SpA struck two deals to buy 352MW of wind and solar power capacity in Spain and Italy from Ardian in a combined equity value of $512 million

  • Cordelio Power, fully-owned by Canada Pension Plan Investment Board, acquired a 900MW solar project pipeline in the US from SunEast Renewables LLC. The acquired projects are mainly located in New York and some in Pennsylvania.
    The portfolio includes more than 600MW of schemes that are fully contracted under 20 year deals with the New York State Energy Research Authority

  • Iberdrola SA through its UK unit ScottishPower, has signed agreements to acquire over 800MW of late-stage solar
    PV projects located in England, Scotland and Wales. The agreement consists of separate deals with developers Elgin Energy, which agreed to sell 12 projects and Lightsource BP, which is giving up 5 sites. Iberdrola plans to invest $686 million to have the solar farms built and commissioned

Notable Fund Raisings & Project Finance Transactions

FUND RAISINGS

German asset manager Prime Capital held the fourth and final close of its sustainable Prime Green Energy Infrastructure Fund with €586 million of commitments, exceeding the
target of €500 million. Launched in June 2020, the fund is focused on onshore wind in Scandinavia. Prime Green Energy Infrastructure Fund held its second close at €230 million and third close at €342 million

NextEnergy Capital secured $896 million in the final closing for its third solar fund NextPower III ESG targeting solar infrastructure investments in OECD countries. The 10-year closed-ended ESG fund had a target of $750 million and a hard cap of $1 billion. The total capital available to NextPower III ESG, including co-investments, will amount to $905 million. NPIII ESG will have an installed capacity of roughly 2.5GW when fully invested. Currently its portfolio includes 742MW

of solar assets, while an additional 521MW of projects are in exclusivity and 3GW are under review

PROJECT FINANCE TRANSACTIONS

Britishvolt Ltd secured support from the UK government, which unlocked $2.3 billion in funding from Tritax Group and abrdn Plc to progress construction of its lithium-ion battery Gigafactory in Blyth, Northumberland. The funding includes grant of £100 million from the British government through its Automotive Transformation Fund

Blackstone through its funds, signed a definitive agreement with Caisse de dépôt et placement du Québec (CDPQ) and Invenergy to make an equity investment of $3 billion in renewable energy developer Invenergy Renewables Holdings. CDPQ and Invenergy management will continue to own

a majority stake in Invenergy Renewables, with Invenergy continuing as managing member

Shell’s US solar platform Silicon Ranch Corporation raised $775 million in new equity capital to support construction of its contracted pipeline. Manulife Investment Management, on behalf of Manulife Infrastructure Fund II and John Hancock, led the round with about $400 million commitment. Manulife is joined in the round by existing Silicon Ranch shareholders, including Shell, TD Greystone Infrastructure Fund, and Mountain Group Partners

February 2022


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