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October 2023

Monthly Market Update

Notable Mergers & Acquisitions and Asset Transactions


  • Spanish energy group Repsol SA agreed to acquire US-based renewable energy platform ConnectGen from Quantum Capital Group’s clean energy investment platform, 547 Energy, for an amount of $768 million. Connectgen has a 20GW development pipeline comprising onshore wind, solar and energy storage projects across the US

  • US-based private equity firm KKR is to acquire joint control of a UK-based battery storage developer, Zenobē, in partnership with existing investor Infracapital. KKR will acquire a 45% stake in Zenobē, making it the largest shareholder in the company alongside Infracapital. The acquisition will comprise a total investment of approximately $1 billion which will include KKR to provide an amount of $750 million and Infracapital with the remaining $339 million


  • European Energy completed the divestment of a 49% stake in its 304MW Kassø solar PV plan to Japanese conglomerate Mitsui & Co. for an undisclosed sum. The acquisition also includes the under-construction 52MW e-methanol facility connected to the solar project. The solar project has been online since H1 2023, while the e-methanol facility is expected to be operational in 2024

  • Enfinity Global Inc acquired a solar portfolio with a combined capacity of 546MW from CS Energy for an undisclosed amount in the US state of Colorado. The portfolio consists of 3 solar projects which will enter the construction phase in the next 2 years

  • Swedish renewables developer OX2 AB divested the 115MW Anglarna wind project for an amount of $248 million. The name of the buyer remain undisclosed and the wind project is expected to come online in the end of 2026

  • UK-based renewables developer RES finalised to divest the 280MW Forty Mile wind project to Acciona Energia for an undisclosed sum in Alberta, Canada. It is expected that the wind farm will be ready for operation in early 2025

Notable Fund Raisings & Project Finance Transactions


  • Denmark-based investment firm, Glentra Capital reached the first close of its energy transition fund, Glentra Fund I. With a total commitment of €443 million from anchor investors Novo Holdings and PKA and several other investors, Glentra Fund I will invest and grow companies that leads to the development and deployment of renewable energy such as offshore and onshore wind, solar, sustainable fuels, energy storage, electric mobility and other related sectors

  • SET Ventures announced the launch of its fourth fund, SET Fund IV, worth €200 million. The fund has €127 million of committed capital to invest in the next generation of technology leaders that will shape the carbon-free energy system of the future. SET Fund IV is raised from a combination of existing and new investors, including the European Investment Fund (EIF), Triodos Energy Transition Europe Fund, a.s.r. and Carbon Equity. SET Ventures invests across Europe at the Series A stage with the ability to keep supporting portfolio companies through multiple rounds of financing. It is managed by a diverse and experienced team led by Wouter Jonk, Anton Arts, Julia Padberg, Till Stenzel and René Savelsberg as Partners


  • Spanish renewables owner and investor Bruc secured $636 million in a financing agreement from Banco Santander, ING, Instituto de Credito Oficial, BNP Paribas, Intesa Sanpaolo, Schroders Capital and Infranity to support the development and operation of an 8.5GW portfolio comprising solar and wind power projects across Spain. In the transaction, Banco Santander, ING, Instituto de Credito Oficial, BNP Paribas and Intesa Sanpaolo acted as bookrunners and mandated lead arrangers (MLAs), while Schroders Capital and Infranity served only as MLA

  • Spanish renewable energy developer Solaria secured €1.7 billion in framework financing from The European Investment Bank to support the construction of 120 solar PV power plants with a combined capacity of 5.6GW across Spain, Italy and Portugal. The solar plants are expected to begin operations by the end of 2028

October 2023

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