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July 2023

Monthly Market Update

Notable Mergers & Acquisitions and Asset Transactions


  • Lichtblick SE acquired a 50% stake in local project developer Eventus Wind GmbH, securing access to a 250MW wind project portfolio in Germany

  • Duke Energy Corp agreed to sell its unregulated utility-scale commercial renewables business to Brookfield Renewable for an enterprise value of $2.8 billion. Duke Energy has more than 3.4GW of utility-scale solar, wind, and battery storage assets across the US

  • Fiera Infrastructure and Palisade Infrastructure Group completed a joint acquisition of 100% equity interests in Amp US Primary Holdings Inc. Amp US is a developer, owner, and operator of US community solar and storage projects and currently operates a portfolio totalling 200MWdc capacity across 39 operating or under-construction assets


  • AES Andes acquired the 146MW Bolero solar project from EDF Renewables Chile and Marubeni Corporation in Chile

  • European Energy North America agreed to sell its 350MW utility-scale solar project to Osaka Gas USA for an undisclosed sum in Texas, US. The project is expected to reach commercial operations in 2025

  • AES Corporation acquired the 2GW Bellefield project from Avantus for an undisclosed sum in the US. The portfolio comprises 1GW of solar and 1GW of energy storage projects

  • Linea Energy acquired a 490MWdc solar project from Horus Energy in Texas, US. The project will generate 900GWh of clean power annually

  • Metka-EGN, a subsidiary of Mytilineos Energy & Metals, agreed to acquire a portfolio of 5 solar projects with a combined capacity of 1.4GW from Westbridge Renewable Energy Corp in Alberta, Canada. The projects currently under development include the 230MW Georgetown solar farm, the 280MW Sunnynook project, the 200MW Dolcy, 300MW Eastervale, and the 225MW Red Willow project

  • Shell acquired 12 solar projects with a total capacity of 1.1GW from Isemaren in Spain. Financial details of the transaction were not disclosed

Notable Fund Raisings & Project Finance Transactions


  • NGP reached the final close of its NGP Energy Transition IV, L.P. fund at $700 million of total capital commitments. The fund will provide growth capital to companies that drive or enable the growth of renewable energy, electrification of the economy, efficient use of energy and resources, and the management/reduction of carbon emissions. It was activated in April 2022 and has invested over $100 million in seven portfolio companies which include Noveon Magnetics, Dandelion Energy, Form Energy, and Rubicon Carbon


  • Intersect Power secured an $800 million revolving credit line to support its development pipeline of renewable energy, energy storage, and green hydrogen projects. Deutsche Bank, Nomura Securities International and Santander CIB led the financing, with additional support from First Citizens Bank, HSBC and participating lender Celtic Bank Corporation

  • Blackstone Infrastructure invested $1 billion in equity investment in Invenergy Renewables to support its expansion. The financial package will help Invenergy accelerate the execution of its existing project portfolio as well as its new business initiatives

  • Eolian, L.P. closed a $515 million renewable energy green loan. The financial package was extended by Banco Santander, MUFG, National Australia Bank, Natixis Corporate & Investment Banking, and SMBC

  • Heelstone Renewable Energy secured $357 million in financing to construct three portfolios consisting of 5 utility- scale solar projects with a combined capacity of 345MW in the US. Fifth Third Bank and JPMorgan Chase Bank served as the co-lead arrangers in the transaction, while City National Bank, Comerica Bank, First Horizon Bank, and United Community Bank, acted as co-documentation agents

  • Lightsource BP secured $460 million in financing to construct 2 utility-scale solar projects with a combined capacity of 368MW in the US. The financial package was extended by Bank of America, ING Capital LLC, Lloyds Banking Group, NatWest and Societe Generale

July 2023

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