ENERGY PRESPECTIVE

April 2022

Monthly Market Update

Notable Mergers & Acquisitions and Asset Transactions

MERGERS & ACQUISITIONS

  • Equatorial Energia SA through its subsidiary Equatorial Transmissao SA, completed the acquisition of Echoenergia Participacoes SA from Ipiranga Fundo de Investimento em Participacoes Multistrategia. The transaction was valued at about $1.4 billion. Echoenergia holds a wind power portfolio of approx. 1.2GW, with a further 1.2GW of shovel-ready projects, mostly solar
  • Macquarie Asset Management, British Columbia Investment Management Corporation (BCI) and MEAG reached an agreement to acquire Reden Solar, from InfraVia Capital Partners and Eurazeo for an enterprise value of €2.5 billion. Reden Solar develops, finances, builds and operates solar power plants across Europe and Latin America, with a 762MW operational portfolio and a 15GW development pipeline
  • Macquarie Asset Management through Macquarie Green Investment Group Renewable Energy Fund 2 (MGREF2), reached an agreement to acquire a 50% stake in Island Green Power and separately agreed to acquire a stake in a ready-to- build 65MW solar project in UK, from the same. Island Green Power has developed more than 1GW of renewable assets and has a combined development pipeline of 11GW

ASSET TRANSACTIONS

  • Greencells acquired over 300MWp of solar projects in Spain and Greece, boosting its development pipeline in Europe
  • to over 3.5GWp. The deal comprises, combined 29MWp Leda and Bizarrona projects in Spain and 275MWp Megalo Monastiri project in Greece
  • Eurowind Energy A/S struck a deal to acquire a 325MW portfolio of onshore wind development projects in Denmark from Vattenfall AB. The portfolio comprises 4 projects namely Norrekaer Enge 2 near Logstor, Norre Okse So located close to Brovst, Hjelm Hede in Holstebro, and Rejsby Hede. The value of the deal was not disclosed

Notable Fund Raisings & Project Finance Transactions

FUND RAISINGS

  • Hull Street Energy, LLC reached the final close of its second institutional fund, Hull Street Energy Partners II, L.P at its hard cap of $1.13 billion. The fund targets investments in the North American power sector as the economy electrifies and decarbonizes
  • Greenbacker Capital Management LLC raised $142 million for its first sustainable infrastructure private equity fund. The Greenbacker Development Opportunities Fund I has almost reached its hard cap of $150 million. The fund provides capital to developers of renewable energy and sustainable infrastructure projects

PROJECT FINANCE TRANSACTIONS

  • Cubico Sustainable Investments secured $700 million to refinance their existing debts and support its expansion plans. BNP Paribas, CIBC, Credit Agricole, Export Development Canada, HSBC, ING, National Australia Bank, Scotiabank and Societe Generale took part in the transaction
  • Ares Management Corp led a strategic equity investment of up to $600 million for SB Energy Global LLC. Ares funds have committed most of the financing, while the rest of the funds will come from unnamed co-investors
  • Engie North America Inc completed $800 million in financing for a portfolio of recently-commissioned renewable energy plants with a combined capacity of 665MW. Engie concluded tax equity financing for the 297.6MW Iron Star and 302.4MW Priddy wind projects and equity financing for the same two wind parks plus the 65MW Hawtree solar park. The financing package included long-standing tax equity relationships with Bank of America and Wells Fargo, while InfraRed Capital Partners (US) provided equity investments
  • Solaria Energia y Medio Ambiente SA reached an initial in- principle and non-binding agreement to obtain financing for 736MW of PV projects. The company, in long-term project financing, expects to get up to $420 million from ABN AMRO Bank NV, Commerzbank AG and the European Investment Bank

April 2022


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