ENERGY PRESPECTIVE

July 2022

Monthly Market Update

Notable Mergers & Acquisitions and Asset Transactions

MERGERS & ACQUISITIONS

Qair Group clinched a deal to acquire the core business of renewables developer Green City AG. Green City Group is a holistic provider of the development, construction, financing, and operation of renewable energy plants in Europe and has implemented environmentally friendly power plants for wind turbines, solar projects, and hydropower with an output of over 300MW in Germany, Italy, France and Spain

Solarwatt GmbH acquired Dutch power electronics developer REConvert in order to strengthen its expertise in power electronics for energy storage systems and inverters. The financial details of the transaction were not disclosed

Repsol SA agreed to sell a 25% stake in its renewables subsidiary Repsol Renovables to Credit Agricole Assurances and Energy Infrastructure Partners for $961 million

CleanCapital acquired a 100% stake in BQ Energy (BQE) for an undisclosed amount. BQE has a 1GW project pipeline, including 300MW of late-stage development and 700MW of mid-stage development solar projects

ASSET TRANSACTIONS

Clearway Energy Inc sealed a binding agreement to acquire 5 wind farms with a combined capacity of 413MW in Texas, Nebraska and Wyoming in a cash-and-debt deal for $415 million from Capistrano Wind Partners LLC

EDP Renovaveis SA finalised the divestment of a 181MW portfolio of wind farms in Spain to China Three Gorges SA for $347 million

A2A SpA closed the acquisition of 353MW of wind and solar power capacity from Ardian in Spain and Italy with a combined equity value of €452 million. Separately, A2A has purchased 4 wind and solar projects with a combined capacity of 157MW from Ardian for an equity consideration of €187 million

Renewable Power Capital acquired a 528MW cluster of RTB onshore wind projects in Sweden. The transaction was valued at €800 million which includes the acquisition of the projects and the commitment of the capital required for construction

Notable Fund Raisings & Project Finance Transactions

FUND RAISINGS

Brookfield reached the final institutional close for the Brookfield Global Transition Fund with $15 billion capital raised. The capital includes investments from institutional investors in and alongside the Fund, as well as amounts reserved for the private wealth channel

True Green Capital Management LLC reached the final close of True Green Capital Fund IV, L.P. with capital commitments of $660 million

Bluefield Solar Income Fund Ltd (BSIF) raised about $189 million in gross proceeds through its placing and offer for subscription. The proceeds raised will be used to pay down the company’s revolving credit facility. BSIF is a closed- ended investment fund and focuses on the acquisition and management of a portfolio of low carbon assets in the UK

PROJECT FINANCE TRANSACTIONS

Intersect Power LLC raised $750 million in growth equity capital from TPG’s global impact investing platform TPG Rise Climate to grow its renewables portfolio and new product pipeline. Climate Adaptive Infrastructure LLC and Trilantic Energy Partners North America also took part in the transaction.

Generate Capital committed a $500 million investment in Pine Gate Renewables which includes a $200 million equity investment and an additional $300 million commitment to a long-term asset partnership for solar project financing.

Svea Solar secured $107 million from CarVal Investors to develop and build 500MW of utility-scale solar projects in sweden and abroad.

Doral Renewables closed the construction project financing for a 400MW solar project in Indiana. Deutsche Bank AG arranged a $392 million financing package consisting of a $157 million construction-to-term loan facility, a $170 million tax equity bridge loan and a $65 million letter of credit facility. Doral also signed a nearly $175 million tax equity commitment for the project from Bank of America NA, with Marathon Capital Markets LLC serving as exclusive financial advisor.

July 2022


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