ENERGY PRESPECTIVE

March 2022

Monthly Market Update

Notable Mergers & Acquisitions and Asset Transactions

MERGERS & ACQUISITIONS

  • Energy Infrastructure Partners (EIP) acquired a 30% stake in the French renewables operations of Canadian power company Boralex Inc for $604 million. The assets under the deal include more than 70 solar & wind parks in operation with total output exceeding 1GW and a 1.5GW development pipeline across France
  • Infrastructure Investments Fund, an investment vehicle advised by J.P. Morgan Investment Management completed the acquisition of 60% stake in Falck Renewables SpA
  • Innergex Renewable Energy Inc agreed to acquire 332MW bundle of newly-built wind parks from a joint venture between Actis & Mainstream Renewable Power, for a total purchase price of $686 million. Innergex signed the deal to buy the holding companies Aela Generacion SA and Aela Energia SpA for the assets • Stem Inc completed its $695 million acquisition of solar asset management software developer Also Energy Holdings Inc.

ASSET TRANSACTIONS

  • Axium Infrastructure finalised the acquisition of a 49% equity interest in a 1.4GW portfolio of wind & solar farms in the US. Axium bought the stake in Constellation Renewables Partners LLC, a portfolio of 24 operating wind & solar farms, from Canada’s Manulife Investment Management, acting on behalf of John Hancock Infrastructure Fund and its affiliates. US power company Constellation Energy Corp owns the remaining 51% equity interest
  • Aquila Capital Holding GmbH signed an agreement to acquire a developing solar PV portfolio with 500MW of projects in Spain from Viridi RE & Solar Ambition, subsidiary of Green Enesys Group. Under the agreement, Viridi RE & Solar Ambition will work on the development until the projects reach a ready-to-build status
  • Sol Systems has acquired a 540MW direct current PV portfolio in Illinois from renewable energy company Arevon Energy Inc. The solar development portfolio consists of 3 projects located in southeastern Illinois’ Hamilton, Randolph, Saline and White counties. Each scheme has a capacity of 180MW DC

Notable Fund Raisings & Project Finance Transactions

FUND RAISINGS

  • Pioneer Point Partners, the sustainable infrastructure investment firm, has reached a final close of €575 million on its maiden institutional fund, Pioneer Infrastructure Partners. The final close exceeded the €500 million target that Pioneer initially set
  • German clean power asset manager CEE Group raised €350 million for its Renewable Fund 7 named Luxembourg special AIF. The fund has a target of €500 million and term of 20 years plus an extension option of two times five years
  • Copenhagen Infrastructure Partners (CIP) is launching its first debt fund, which has €320 million in seed capital. The CI Green Credit Fund I (CI GCF I) is targeting a fund size of €1 billon and will invest in Europe, North America and Asia Pacific region. The fund seeks to make investments in greenfield and brownfield projects in offshore wind, onshore wind, solar PV, biomass and storage industry

PROJECT FINANCE TRANSACTIONS

  • Ampyr Solar Europe (ASE) secured $454 million loan from CarVal Investors to deploy more than 2GW of solar power across Europe by 2025 with a focus on Germany, the Netherlands and the UK
  • Macquarie Asset Management completed refinancing of a portfolio of 365MW solar power plants in the UK, owned by Vantage Solar UK. The portfolio comprises 24 ground- mounted solar PV plants located across England and Wales. As a sole lender Macquaire has provided debt financing of £275 million with a 13-year tenor
  • Neoenergia SA signed a deal with the European Investment Bank (“EIB”) to obtain green financing for 1,187MW of wind and solar projects. The EIB financing has a total limit of $225 million and is backed by the capex of Neoenegia’s 567MW Oitis and 471MW Chafariz wind complexes as well as the 148MWp Luzia solar park. The term of the loan is up to ten years, with a grace period of up to three years for the principal and estimated cost

March 2022


Latest Articles

Copyright © 2022 Pan American Finance, LLLP
PAF Securities, LLC is a member of FINRA and SIPC