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November 2022

Monthly Market Update

Notable Mergers & Acquisitions and Asset Transactions


  • AMPYR Solar Europe acquired the solar business of SolarEnergyWorks’ for an undisclosed sum. The deal comprises 100MWp ready to build projects and 650MWp under-development assets

  • ReneSola Ltd acquired Emeren, a UK-based utility-scale solar power and battery projects developer for an undisclosed sum. Emeren has more than 2.5GW of capacity in its development pipeline, which includes more than 2GW of solar and more than 500MW of storage projects

  • MasTec completed the acquisition of Infrastructure and Energy Alternatives (IEA) in a cash-and-stock deal valued at around $1.2 billion. IEA provides EPC 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

  • RWE agreed to acquire Con Edison Clean Energy Businesses, Inc. for an enterprise value of $6.8 billion. Con Edison operates and develops renewable energy facilities in the US and has about 3GW of operating capacity, thereof 90% in solar energy, and over 7GW of projects under development


  • Fotowatio Renewable Ventures acquired 2 new BESS projects with a combined capacity of up to 100MW from RE Projects Development Limited. The projects are expected to reach the RTB stage during the third quarter of 2023

  • Ørsted A/S signed a deal with Energy Capital Partners to offload a 50% stake in the 862MW onshore wind and solar PV portfolio in the US. The project portfolio includes stakes in the Lincoln Land, Plum Creek and Willow Creek wind farms and the Muscle Shoals solar park. The value of the transaction is approximately $410 million

  • Quinbrook Infrastructure Partners sold a 49% stake in its Gemini solar plus storage project to APG in Nevada, US. The portfolio consists of 690MWac solar assets coupled with a 1.4GWh battery energy storage facility

Notable Fund Raisings & Project Finance Transactions


  • BlackRock, through its Infrastructure business, raised $4.5 billion in initial investor commitments for BlackRock Global Infrastructure Fund IV, thereby achieving over half of its targeted size at the first close. The fund has a target size of $7.5 billion and invests across energy & environmental, low carbon power, regulated utilities, transportation & logistics and digital infrastructure sectors

  • Capital Dynamics reached the final close of its latest renewable energy fund, namely, Capital Dynamics Clean Energy Infrastructure IX (CEI IX) at €521 million. The fund exceeded its initial target of €300 million by approximately 75% and will support zero-subsidy renewable energy projects, predominantly solar, across Europe


  • Matrix Renewables closed a $217 million financing for the construction of its Gaskell 2 and 3 solar-plus-storage projects, which are already in an advanced construction phase in California, US. The financial package was provided by MUFG, HSBC, National Bank of Canada and Commonwealth Bank to finance the construction loan, tax equity bridge loan and back- levered term loan for the projects on top of US$92 million received from Bank of America in June

  • Pivot Energy secured $100 million in debt financing from Fundamental Renewables. The financial package will accelerate the development and initial construction efforts of Pivot’s distributed generation solar projects pipeline throughout the loan’s 3-year term

  • Form Energy raised $450 million in a Series E financing round led by TPG’s global impact investing platform, TPG Rise.

  • GIC, Canada Pension Plan Investment Board, ArcelorMittal, Breakthrough Energy Ventures, Capricorn Investment Group, Coatue, Energy Impact Partners, MIT’s The Engine, NGP ETP, Temasek, Prelude Ventures and VamosVentures also took part in the transaction

November 2022

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