Monthly Market Update
Notable Mergers & Acquisitions and Asset Transactions
MERGERS & ACQUISITIONS
- Quinbrook Infrastructure Partners acquired PurposeEnergy. PurposeEnergy focuses on waste solutions for the food and beverage industries and has developed, owned and operated multiple projects that convert organic waste streams to biogas for use in industrial processes, conversion to renewable electricity, or refinement to RNG.
- Ethical Power Development Ltd acquired the development business of Public Power Solutions (PPS), including a pipeline of solar and energy storage projects with a combined capacity of over 250MW. PPS offers renewable energy generation and storage solutions for public sector organizations. Financial details of the transaction were not disclosed.
- Sol Systems acquired a 157MWdc solar development portfolio from Trajectory Energy Partners in Illnois, US. Financial details of the acquisition remain undisclosed.
- Renewable Connections and European Energy sold two shovel-ready co-located solar and BESS projects with a combined capacity of 121MW to EVC Kilt in Scotland, UK.
- Greenwood Sustainable Infrastructure acquired a pipeline of 1.4GW of early to late-stage solar & battery storage projects from Saturn Power for an undisclosed sum in the US. The portfolio comprises 72 solar projects coupled with 6 BESS projects.
- Qualitas Energy acquired DunoAir’s 1.4GW DunoAir Windpark Planung GmbH for an undisclosed sum in Germany.
Notable Fund Raisings & Project Finance Transactions
Legal & General Investment Management & NTR raised €390 million in capital and co-investment in the first close of its L&G NTR Clean Power fund. The financial commitments came from European asset management, Japanese institutional investors, and the NatWest Group Retirement Savings Plan. The fund aims to develop clean energy infrastructure across Europe.
PROJECT FINANCE TRANSACTIONS
- SunPower secured $450 million in financing from HASI and Credit Agricole CIB for its residential solar and storage loan program in the US.
- TSE closed €130 million in financing to support the company’s growth in the development of PV and agrivoltaic solar projects. The financial package was provided by Eurazeo, Bpifrance, Credit Agricole CIB, IDIA, and Amundi Private Equity Funds.
- Lightsource bp secured $327 million in financing from a group of lenders to develop the 250MW Driver solar project in Arkansas, US.
- Potentia Renewables Inc. and Greengate Power Corporation raised C$250 million in financing to construct the 190MW Paintearth Wind project in Alberta, Canada. The financial package was provided by KfW IPEX-Bank and Canadian Fédération des Caisses Desjardins du Québec.
- Alsol Energias Renovaveis SA secured a $138 million loan from The Brazilian Development Bank to install 49 solar PV plants with a combined capacity of 144MW in Brazil.
- Clearway Energy Group secured c.$1 billion in financing, comprised of construction loans and project letters of credit, from a consortium of banks including MUFG, Sumitomo Mitsui Banking Corporation, Societe Generale, DNB, Siemens Financial Services, CoBank, HSBC, and Wells Fargo. The financial package will be used to develop two utility-scale solar and storage projects with a combined capacity of 649MW in California, US.