Notable Mergers & Acquisitions and Asset Transactions
ASSET TRANSACTIONS
Norges Bank Investment Management signed an agreement to acquire a 49% stake in Iberdrola’s upcoming renewable energy portfolio, comprising 7 solar PV and 5 onshore wind projects with a combined capacity of 1.3GW in Spain for $649 million
Engie acquired 2 solar and storage projects with a combined capacity of 1.25GW from Revolve Renewable Power. The portfolio comprises the 250MW Parker solar & storage project plus the 1GW Bouse solar & storage project in Arizona, US. The transaction includes an upfront payment of $2 million inclusive of the reimbursement of development costs, which was paid on completion of the deal
WEC Energy Group agreed to acquire an 80% stake in the 250MW Samson I Solar Energy Centre from Invenergy, for $250 million in Texas, US
Copenhagen Infrastructure Partners, on behalf of Copenhagen Infrastructure Fund IV, sold its 100% stake in the 465MWac Travers Solar project to a fund managed by Axium Infrastructure in Alberta, Canada. Financial details of the transaction were not disclosed
Innergex Renewable Energy agreed to acquire the 60MW Sault Ste Marie solar portfolio in Canada from Fengate Asset Management for a purchase price of $50 million along with the assumption of $170 million of existing debt. The solar portfolio comprises the Sault Ste Marie I, II, and III facilities
Lightsource BP reached an agreement to sell 5 solar PV projects with a combined capacity of 247MW to Plenium Partners and Bankinter Investment for an undisclosed sum in Aragón, Spain
Suburban Renewable Energy LLC, a subsidiary of Suburban Propane, acquired 2 operational biogas facilities from Equilibrium Capital Group for $190 million
Notable Fund Raisings & Project Finance Transactions
FUND RAISINGS
NextEnergy Capital launched its most recent international solar capital fund, namely, NextPower V ESG. The fund has a target of $1.5 billion in capital commitments with a ceiling of $2 billion and will target investments in assets in the Organisation for Economic Development and Cooperation regions where NextEnergy has an existing foothold and operational presence
SUSI Partners reached the first close of the SUSI Partners’ Energy Efficiency and Transition Credit Fund (SEETCF) with €132 million in investor commitments. The fund has a target size of €400 million and will target sustainable energy transition investments
FINANCE RELATED
Hecate Energy closed a five-year $550 million credit facility package inclusive of a $250 million term loan and $300 million letter of credit facility to support further expansion of its solar and energy storage project pipeline. Investec Inc. and Nomura Securities International led the financing round while the National Bank of Canada and Deutsche Bank served as initial coordinating lead arrangers and syndication agents, with Generate Capital acting as a coordinating lead arranger and documentation agent in the transaction
Sunrun closed $835 million in non-recourse financing to expand its assets which will enable the company maintain its growth trajectory across various segments of its business
Lightsource bp closed a tax equity deal worth $267 million with Wells Fargo for a 481MW solar portfolio in the US. The investment will support the construction and operation of 2 projects, including the 346MW Oxbow solar farm project in Louisiana and the 135MW Conway solar project in Arkansas
