ENERGY PRESPECTIVE

August 2022

Monthly Market Update

Notable Mergers & Acquisitions and Asset Transactions

MERGERS & ACQUISITIONS

  • MasTec agreed to acquire Infrastructure and Energy Alternatives (IEA) in a cash-and-stock deal valued at around $1.1 billion. IEA provides engineering, procurement, construction and other related services to developers of infrastructure projects and has finalised over 260 utility-scale wind and solar projects across North America till date
  • Ørsted entered into an agreement to acquire a 100% Stake in Ostwind for an enterprise value of $705 million. Ostwind’s portfolio currently includes 152MW in operation and under construction, around 526MW in advanced development and an additional 1GW in its development pipeline
  • BlackRock Real Assets acquired Vanguard Renewables for $700 million. Vanguard Renewables is a developer of organics-to-renewable energy projects based in Massachusetts, US and operates through two distinct business lines – Vanguard Organics and Vanguard AG
  • Equinor signed an agreement to acquire US-based battery storage developer East Point Energy. East Point Energy has a 4.1GW pipeline of early to mid-stage battery storage projects focused on the US East Coast. The financial details of the deal were not disclosed

ASSET TRANSACTIONS

  • The asset management arm of the UBS Group AG acquired a 700MW portfolio of energy storage projects in Texas from Black Mountain Energy Storage. The portfolio comprises 5 standalone, development-stage projects and is expected to come into operation in 2024
  • FGE Power LLC offloaded the Goodnight I and II wind projects each with a combined capacity of 265.5MW to Omega Energia SA in Texas, US. Both wind farms are expected to become operational by the end of next year. The financial details of the deal were not disclosed
  • Onward Energy agreed to acquire a 1,171MW portfolio of operating solar PV projects in the US from Global Atlantic Financial Group, a majority-owned subsidiary of investment firm KKR. The financial details of the deal were not disclosed

Notable Fund Raisings & Project Finance Transactions

PROJECT FINANCE TRANSACTIONS

  • Opdenergy signed a $355 million green financing agreement with BBVA and the European Investment Bank to build and commission some 605MW of solar PV projects in Spain
  • Octopus Energy Group secured a total of $550 million of investment which includes $325 million from existing shareholders from the close of a fundraising round and an additional $225 million from the Canada Pension Plan Investment Board. The proceeds will be used to improve its energy technology platform and expand its renewables business
  • Iberdrola SA secured a $561 million green loan from the European Investment Bank to finance 1.8GW of wind and solar energy projects in Spain
  • Opdenergy closed an up to $255 million corporate debt facility from EIG and Generali Global Infrastructure to redeem outstanding bonds and finance its growth projects
  • Capital Energy closed an agreement to obtain $165 million financing for 206MW of wind and solar farm projects in Spain. The financial package was provided by MEAG, Munich Re and ERGO
  • Umbrella Solar Investment secured a $107 million loan and an equity co-investment to finance its 212MWp portfolio of 14 PV projects in Spain from Incus Capital and RGreen Invest’s Infragreen IV Fund
  • Fred Olsen Renewables AS secured €480 million in equity financing from Kommunal Landspensjonskasse, MEAG Munich ERGO AssetManagement GmbH and Keppel Infrastructure Trust
  • Vestas Wind Systems A/S entered into an agreement with the European Investment Bank for a $489 million green loan to support research, development and innovation activities through 2025

August 2022


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