ENERGY PRESPECTIVES

April 2023

Monthly Market Update

Notable Mergers & Acquisitions and Asset Transactions

Birch Creek Energy, LLC acquired Foundation Solar Partners. Foundation Solar has developed and sold over 800MW of solar projects and has an additional pipeline of nearly 5GW of solar and storage projects across the US
AB CarVal acquired SolAmerica, a developer, EPC, and O&M provider of solar PV projects for C&I and government clients. SolAmerica is currently developing over 500MW of solar and storage projects in 19 states across the US
RWE completed its acquisition of Con Edison Clean Energy Businesses for an enterprise value of $6.8 billion in the US. Con Edison is an operator and developer of renewable energy plants with an operational capacity of c.3GW and a development pipeline of over 7GW
RWE acquired JBM Solar, a developer of solar and battery storage systems in the UK. With the acquisition, RWE has taken over JBM Solar’s pipeline with a combined capacity of around 6.1GW, comprising 3.8GW of solar and 2.3GW of BESS projects

BluEarth Renewables US acquired 7 wind and solar projects with a combined capacity of 1GW from Ozone Renewables in the US. The financial details of the deal remain undisclosed
Spearmint Energy acquired 3 BESS projects, with a combined capacity of up to 900MW in Texas, US. The 3 projects have a target capacity of 300MW each. The financial details of the deal and the name of the seller remains undisclosed
Aypa Power acquired 2 standalone BESS projects with a combined capacity of 268MW from Blue Steel Power in Indiana, US. The portfolio comprises the 150MW Williams Power plus the 118MW Fletcher Power projects. Financial details of the transaction were not disclosed

Excelsior Renewable Energy reached the first close of its second fund Excelsior Renewable Energy Investment Fund II, at $502 million. The fund has a target size of $750 million and will invest in middle-market wind, solar, and energy storage projects across North America

Mirova reached the first close of its Mirova Gigaton Fund, raising $171 million for the blended finance debt fund to accelerate the clean energy transition in emerging markets. The fund’s target size is $500 million and seeks to provide medium to long-term debt financing for clean energy projects. The fund will focus primarily on SMEs, targeting solar home systems, agri-solar, C&I solar, telecom tower solarization, mini-grids, e-mobility, battery storage, climate-smart food systems, energy efficiency, and carbon credit pre-financing

Vattenfall secured a credit facility of €3 billion from Danske Bank, Nordea and Societe Generale. The new credit facility will replace the bilateral facilities of €4.3 billion that were established in 2022
Navisun secured financing of up to $235 million from MUFG to support its growth strategy and execute its project pipeline. The financial package consisted of a $105 million construction credit facility plus a $130 million five-year term loan facility
Leeward Renewable Energy closed $75 million in green loan construction financing from MUFG Bank and c.$105 million in tax equity commitment from Wells Fargo for its 200MW Horizon solar facility in Texas, US. The project is expected to reach commercial operations later in 2023
Amarenco secured €300 million of development capital from Arjun Infrastructure Partners. The financial package will help the company develop its 105MW Claudia BESS project in Gironde, France. It will also allow Arjun Infrastructure Partners to acquire a minority stake in Amarenco