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August 2023

Monthly Market Update

Notable Mergers & Acquisitions and Asset Transactions


  • Cero Generation acquired the remaining 50% stake in Nara Solar in Spain from Univergy. Nara Solar is a joint venture company established in 2019 between Cero and Univergy with each owning 50%. Nara Solar owns 2GW of solar projects under construction and in development across Spain, France and the Netherlands

  • Total Energies entered an agreement with Bpifrance, Tikehau Capital, Peugeot Invest, and NextWorld to fully acquire Total Eren, increasing its stake in the latter from 30% to 100%. TotalEnergies agreed to buy out 70.8% stake for a net investment of $1.7 billion, representing an enterprise value of $4.2 billion

  • Aviva Investors acquired a 35% stake in Innovo Renewables for an undisclosed sum in Italy. According to the deal, Aviva Investors has the option to increase its holding in Innovo to 50% over the next 2 years. Innovo has over 2.8GW pipeline of renewable energy projects across the UK, Italy and Spain. Pan American Finance worked as a strategic financial advisor of Aviva Investors in the deal


  • EDPR divested a 257MW onshore wind portfolio comprising 9 operating wind farms to Verbund AG for an enterprise value of $0.51 billion in Spain

  • EverWind Fuels acquired an onshore wind portfolio comprising 3 wind farms namely the Windy Ridge, Bear Lake and Kmtnuk in Nova Scotia, Canada. The portfolio has a combined capacity of 530MW and represents a private investment of $757 million. The portfolio will be developed in partnership with RES and are currently undergoing environmental assessment (EA) field investigations to allow for the commencement of a full EA process in the fall of 2023

  • Ingka Investments acquired a 49% stake in a 460MWp solar PV portfolio from Avapa Energy for an undisclosed sum in Italy. The projects are waiting for building permits, with Avapa Energy leading the permitting process

Notable Fund Raisings & Project Finance Transactions


  • Copenhagen Infrastructure Partners reached the first close of its fifth flagship fund Copenhagen Infrastructure V at €5.6 billion. The fund’s target size is €12 billion. The fund will focus on greenfield investments within large-scale renewable energy infrastructure in low-risk OECD countries in North America, Western Europe, and Asia Pacific

  • Itochu Corporation launched a new fund named Overland Capital Partners, focusing on investing in renewable energy generation assets in the US and Canada. The fund is set to allocate up to approximately US$2 billion towards this initiative

  • NextEnergy Capital reached the first close of its fifth investment vehicle NPV ESG at $480 million, which comprised $330 million in direct commitments and $150 million in co-investment allocations. It is an OECD-focused solar strategy targeting capital commitments of $1.5 billion with a $2 billion hard cap


  • MaxSolar secured $460 million in financing to support the development of 2GW of solar PV & co-located storage projects in Germany. The financing was provided by Infranity, I Squared Capital, and Rivage Investment

  • Heelstone secured $757 million in financing to support the development of its 4 solar projects with a combined capacity of 320MW in Georgia, US. The financial package consisted of a $357 million debt financing plus a $400 million tax equity investment. The four projects are Bird Dog Solar, Blackwater Solar, Hobnail Solar and Wolfskin Solar, which are expected to be commissioned in late 2023 or early 2024

  • Engie Energía Chile S.A secured $400 million in financing from The International Finance Corporation to fund the installation of new BESS facilities in Chile

  • Endesa signed two loans with Instituto de Crédito Oficial (ICO) and the European Investment Bank (EIB) worth $545 million to develop 3.85GW of solar and 950MW of wind projects in Spain. As part of the financing ICO will provide $327 million and EIB will provide c.$218 million

November 2022

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