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September 2023

Monthly Market Update

Environmentally friendly installation of photovoltaic power plant and wind turbine farm situated by landfill.Solar panels farm built on a waste dump and wind turbine farm. Renewable energy source

Notable Mergers & Acquisitions and Asset Transactions


  • A group of investors comprising Sandbrook Capital, PSP Investments and IMCO agreed to acquire German onshore wind company NeXtWind Capital Ltd from a syndicate led by US investment manager, Crestline Investors. As part of the transaction, Sandbrook, PSP Investments and IMCO committed up to $750 million of equity capital to NeXtWind to acquire its existing portfolio of operating wind assets and to further fund its future growth

  • Engie signed an agreement to acquire 100% of US-based BESS company, Broad Reach Power, from EnCap and Apollo for an equity value of over $1 billion. The deal includes 350MW of operational assets and 880MW of assets under construction, with commissioning expected by the end of 2024. Additionally, it involves 1.7GW of advanced-stage projects and a substantial pipeline of early-stage projects. It excludes the 1.8GW solar and wind projects portfolio, as well as 4GWh of battery storage in the Mountain West region of the US

  • Spanish investment management firm Asterion Industrial Partners is to acquire German renewables developer Steag GmbH from the consortium Kommunale Beteiligungsgesellschaft at an enterprise value of €2.6 billion. The proposed transaction is expected to close by the end of 2023


  • IRGAH, a JV between Invenergy, CDPQ and funds managed by Blackstone Infrastructure Partners, closed on the acquisition of American Electric Power’s 1,365MW unregulated, contracted renewables portfolio for $1.5 billion. The portfolio includes 14 projects comprising 1.2GW of wind generation and 165MW of solar projects

  • Crédit Agricole Assurance signed an agreement with Canadian company Innergex to acquire a 30% minority stake in the latter’s French portfolio for an amount of $140.8 million. Innergex’s renewables portfolio in France comprises 17 operating assets, including 324MW of wind energy, 9MW/9MWh of storage capacity and a set of projects in various stages of development

Notable Fund Raisings & Project Finance Transactions


  • AB CarVal, part of global investment management firm AllianceBernstein, reached the final close of CVI Clean Energy Fund II, raising $1.5 billion to make credit and hard-asset investments with a primary focus on North America and Europe. CVI Clean Energy Fund II, which builds on AB CarVal’s platform for renewable energy private debt transactions, attracted both new and existing investors, including pension funds, sovereign wealth funds, private banks and high-net- worth individuals, among others


  • Invenergy secured $1.5 billion revolving credit facility from Natixis Corporate & Investment Banking to support the former’s growing project development pipeline in the US

  • Swift Current Energy secured a project financing of $779 million from MUFG, Societe Generale and Truist, for its 593MW Double Black Diamond Solar project in Illinois, US. The financial package comprised a $695 million in construction and tax equity bridge loan plus a $84 million letter of credit facility. MUFG and Societe Generale along with Truist acted as the coordinating lead arrangers, while the joint bookrunners for the project financing were only MUFG and Societe Generale

  • Origis Energy established a $750 million funding facility that it plans to use to develop 2GW of large-scale solar and energy storage facilities over the next 3 years across 15 US states. In the transaction, Santander Corporate and Investment Banking, served as the structuring agent, green loan coordinator, and coordinating lead arranger, while Rabobank and Natixis Corporate & Investment Banking acted as coordinating lead arrangers, hedge providers and letter of credit issuers

  • Peregrine Energy Solutions closed a financing agreement of over $700 million including credit, equity and debt with AB CarVal in the US. The financial package will support the development of Peregrine’s 7GW pipeline of renewable projects, comprising standalone battery, solar and wind technologies

September 2023

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