ENERGY PRESPECTIVE

May 2022

Monthly Market Update

Notable Mergers & Acquisitions and Asset Transactions

MERGERS & ACQUISITIONS

  • Albioma SA reached an agreement with KKR & Co to divest its entire portfolio in an all-cash deal valued at about $1.72 billion. Albioma’s portfolio includes 14 renewable power plants with an installed capacity of over 1GW
  • TotalEnergies acquired Core Solar and its 4GW portfolio of solar and battery storage assets which are at different stages of development. Financial details of the transaction were not disclosed
  • Schroders Plc finalised the acquisition of a 75% stake in Greencoat Capital Holdings Ltd. Under the terms of the deal, Schroders was to buy the shareholding for an initial consideration of $466 million in a cash deal that included a potential earn-out and options to eventually take full ownership over Greencoat
  • Rubis SCA finalised the purchase of an 80% stake in solar project developer and power producer Photosol SA. The stake was bought in an all-cash deal worth $415 million. Photosol owns 330MW of operating capacity, 145MW under- construction, and 3GW in the development pipeline
  • Allete Inc completed the acquisition of New Energy Equity LLC for $166 million. New Energy Equity LLC has developed more than 250 projects in different parts of the US with a total capacity of over 330MW and has a development pipeline of roughly 2GW

ASSET TRANSACTIONS

  • Ventient Energy completed the acquisition of a 443MW renewables portfolio in the Castilla y Leon region in Spain from Vapat. The portfolio comprises 203MW of onshore wind and 240MW of solar capacity
  • Eolus Vind AB and Hydro REIN agreed to sell a combined 75% stake in the 260MW Stor-Skälsjön wind project in Sweden to MEAG. According to the terms of the deal, Eolus will sell a 51% stake and Hydro REIN will sell a 24% interest in the project company at an enterprise value of $391 million
  • Ingka Investments acquired a 440MW solar PV project portfolio in Germany and Spain from Enerparc AG for $371 million. The deal comprises 4 projects in Germany with 300MW capacity and 5 projects in Spain totalling 140MW

Notable Fund Raisings & Project Finance Transactions

FUND RAISINGS

  • Copenhagen Infrastructure Partners (CIP) reached the first close of $397 million for its new CI Advanced Bioenergy Fund I (CI ABF I). Apart from CIP, the first close commitments have been secured from PensionDanmark, Industriens Pension, Andra AP-fonden, Fjarde AP-fonden, and Vestas. The fund targets equity investments in advanced bioenergy infrastructure in Europe and North America
  • Ardian launched the Ardian Clean Energy Evergreen Fund (ACEEF), which targets $1.09 billion of investments in renewable energies in its first cycle. ACEEF invested more than half of its target in a seed portfolio of 12 wind and solar assets in Europe and the Americas with a combined capacity of 1GW. Apart from wind and solar the fund will also support hydro, biogas, biomass, storage, and energy efficiency assets

PROJECT FINANCE TRANSACTIONS

  • Quinbrook Infrastructure Partners and Primergy Solar closed almost $2 billion in debt and tax equity financing for the 966MW Gemini solar project and 380MW storage facility in Nevada, US. The debt financing consists of $1.3 billion in credit facilities, including a construction/term loan, tax equity bridge loan, and letter of credit facility, and separately an additional $532 million in tax equity commitments provided by Truist Bank and Bank of America. The construction facilities were led by KeyBanc Capital Markets, MUFG Bank, Bank of America, and Norddeutsche Landesbank Girozentrale
  • Pivot Energy secured $190 million in debt and equity to back the construction of a 90MW solar bundle in the US. Silicon Valley Bank provided the debt financing, consisting of a construction loan, tax equity bridge loan, and permanent loan whereas Foss & Company will provide the tax equity component
  • KfW IPEX-Bank is financing around $482 million in debt capital to finance the construction and operation of 5 onshore wind projects of a combined 548MW in Alberta. The project portfolio developed by Potentia Renewables Inc comprises Jenner 1, 2, and 3 wind farms with a total capacity of 305MW as well as the Stirling and Wheatland wind farms, having a combined capacity of 243MW

May 2022


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