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November 2023

Monthly Market Update

Notable Mergers & Acquisitions and Asset Transactions


  • US utility Duke Energy completed the sale of its utility-scale renewables arm to renewables asset owner Brookfield Renewables for an amount of $2.8 billion. With the completion of the deal, Brookfield will add more than 3.4GW of solar, wind and battery storage projects in its portfolio across the US

  • Brookfield Asset Management reached an agreement to acquire Banks Renewables- the renewable energy division of British property developer The Banks Group, for an amount undisclosed in the UK. Banks Renewables currently owns 11 operating wind farms with a combined capacity of over 250MW, in addition to a number of under-development projects comprising wind , solar and energy storage

  • US-based energy holding company Duke Energy Corp finalised the divestiture of its commercial distributed generation (DG) portfolio to an affiliate of ArcLight Capital Partners LLC for an enterprise value of $364 million. The transaction comprised REC Solar’s operating assets, development pipeline and operations and maintenance (O&M) portfolio, and distributed fuel-cell projects managed by Bloom Energy


  • Zurich-based utility EWZ acquired the 115MW Ånglarna wind farm from OX2 AB for an amount of 2.7 billion SEK in Sweden. Construction will start in the fourth quarter of 2023 and commissioning is planned at the end of 2026

  • Arise sold its 105MW Fasikan wind farm to SCA, Europe’s largest private forest owner in Sweden. The transaction covers all the shares in Fasikan Vind AB at an enterprise value of approximately SEK1.6bn. The project is sold in ready-to-build status at a share purchase price of approximately SEK125 million

  • French utility Engie SA acquired a portfolio comprising 5 solar projects with a combined capacity of 545MWac from Atlas Renewable Energy. The deal was valued at $659 million by Engie. The portfolio consists of the Juazeiro, Sao Pedro, Sol do Futuro, Sertao Solar and Lar do Sol projects, in the eastern Brazilian states of Bahia, Ceara and Minas Gerais

Notable Fund Raisings & Project Finance Transactions


  • Appian Capital Advisory LLP reached the final close of its third fund, Fund III, raising its hard cap to US$2 billion following strong support from both large, new investors and existing top-tier investors globally. Fund III is targeting mid-tier opportunities, prioritizing profitability over scale to generate maximum returns. Investment in energy transition commodities will be balanced by investments in precious metals

  • French sustainable investment manager Mirova, an affiliate of Natixis Investment Managers, is to launch a new fund, Mirova Energy Transition 6 (MET6), seeking to raise up to $2 billion to invest in decarbonisation infrastructure mainly in Europe. The fund, aimed at institutional investors, will focus on proven technologies, such as onshore and offshore wind power, photovoltaics, hydropower, storage and energy efficiency. It will also continue to support the development of low-carbon electric mobility and hydrogen

  • NextPower UK ESG (NPUK ESG), the UK solar arm of NextEnergy Capital, has secured £600 million in commitments from investors, exceeding its £500million target. NPUK ESG achieved its first close in August 2022 and had further financial closes in the following months. The fund has already allocated circa 60% of its £595m committed capital, acquired 416MW across nine UK solar assets, and made its first distribution of circa 10% to investors


  • BESS developer and operator Plus Power completed a $1.8 billion financing for 5 projects including over $400 million in tax equity and $700 million for a single standalone project in Arizona and Texas, US. The financing comprised construction and term loans as well as tax equity financing for 5 projects with a combined capacity of 1.1GW. The name of the financier has not been disclosed in the transaction

  • Naturgy Energy Group SA received $743 million in financing from the European Investment Bank to support the modernisation of its electricity distribution grids in Spain. currently under construction. The name of the investors were not disclosed

November 2023

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