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January 2023

Monthly Market Update

Notable Mergers & Acquisitions and Asset Transactions


  • EQT, via its EQT Infrastructure VI fund, agreed to acquire Madison Energy Investments (MEI) from affiliates of Stonepeak Partners LP. The transaction is subject to customary conditions and approvals and is expected to close in Q1 2023. MEI is a leading developer, owner and operator of distributed solar and energy storage projects for C&I and community-based customers and has a portfolio of more than 386MW across the US

  • Repsol acquired renewables manager Asterion Energies. According to the terms of the deal, Repsol will pay a consideration of $594 million and an additional amount of up to $21 million in contingent payments. Asterion’s asset portfolio includes 4.9GW of solar PV and 2.8GW of wind generation, of which 2.5GW are at an advanced stage of development or under construction

  • Plenitude agreed to buy 100% stake in Italian wind and solar developer PLT, thereby strengthening its presence in Italy and Spain. PLT has 400MW of operational and under-construction assets in Italy and 1.2GW of projects under development in Italy and Spain, 60% of which are at an advanced maturity stage


  • Boralex Inc. completed the acquisition of EDF Renewables North America’s interest in 5 operating wind farms in US with a total installed capacity of 894MW for $250 million. EDF Renewables’ interest represents 50% or 447MW of the total capacity

  • Northern Indiana Public Service Co LLC agreed to acquire the 200MW Crossroads Solar Project from EDP Renovaveis SA for $300 million in Indiana, US

  • Bruc acquired 6 solar PV projects with a combined capacity of 384MW from Opdenergy in Spain. The assets are part of the 1.1GW portfolio, which is part of an agreement reached by the two companies in 2021, where Bruc agreed to purchase these projects

Notable Fund Raisings & Project Finance Transactions


  • Energy Infrastructure Partners AG (EIP) reached the first close of its global transition infrastructure fund by raising $1.06 billion in collaboration with Credit Suisse Investment Foundation. As of the first close, the fund’s investors will participate in two major investments EIP completed earlier this year: the 30% stake in Boralex Inc’s French renewables platform with more than 1GW of installed generation capacity and the 25% stake EIP shares with Crédit Agricole Assurances in Repsol’s global renewable energy unit, Repsol Renovables, with more than 1.6GW of installed capacity globally


  • Alternus Energy Group completed a €500 million financing agreement with Deutsche Bank to fund its solar project acquisitions in Europe. The financial package will enable Alternus to support the closure of currently contracted acquisitions as well as help finance the construction of up to 600MW of development pipeline on a revolving basis

  • Enpal secured €855 million in new debt funding. Out of the total funding, a debt commitment of €585 million was provided by BlackRock Alternatives, ING, Pricoa Private Capital and UniCredit. Two ancillary RCF & VAT facilities of a further €150 million was provided by ING while the remaining €120 million was provided by Infranity in the form of a Holdco loan

  • Engie Brasil Energia SA signed a $288 million financing agreement with Brazil’s National Bank for Economic and Social Development for the construction of 846MW Serra do Assurua Wind complex in Brazil

  • Octopus Energy Development Partnership fund invested $234 million in FF New Energy Ventures to develop 1.6GW of solar and storage projects in Spain and Portugal

  • SunVest Solar LLC closed a $113 million debt facility led by Silicon Valley Bank and $41 million of tax equity financing from Rockwood Group. The financial package will support the construction and operation of a 56MW portfolio of solar PV projects across the US in Illinois, Maine, Minnesota and Wisconsin

January 2023

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