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December 2023

Monthly Market Update

Notable Mergers & Acquisitions and Asset Transactions


  • Spanish infrastructure builder Elecnor SA entered into an agreement to divest its renewables unit, Enerfin, to Norwegian state-owned power company Statkraft AS for an enterprise value of $2 billion. With this deal, Statkraft now adds 1.5GW of operational wind power, wind and solar capacity currently under construction plus a sizeable pipeline of projects in development to its portfolio

  • Enel Américas and Enel Perú S.A.C jointly signed an agreement with Niagara Energy S.A.C for the sale of all the equity stakes held by them in power generation companies Enel Generación Perú S.A.A and Compañía Energética Veracruz S.A.C. Specifically, the agreement establishes that Niagara Energy will acquire the stakes held by Enel Perú and Enel Américas in Enel Generación Perú’s share capital (equal to approximately 66.50% and 20.46%, respectively) as well as those held by Enel Perú in Compañía Energética Veracruz’s share capital (equal to 100%) for a total consideration value of about $1.4 billion

  • British oil and gas giant BP Plc agreed to acquire the remaining 50.03% stake in solar developer and operator Lightsource BP. The former will now have full ownership of the latter at an equity value of $322 million. According to the agreement, the full acquisition of Lightsource BP will enable BP to take advantage of BP’s financial and trading capabilities to further grow its business and create more value. The deal is expected to close in the middle of 2024


  • Zara agreed to acquire a 49% stake in a 618MW portfolio which includes 12 wind farms and 2 solar PV plants from Repsol SA for an amount of $427 million in Spain

  • US-based insurance company Global Atlantic Financial Group divested its 33% stake in the 2.2GW solar and energy storage operating portfolio to Dutch pension provider APG for an undisclosed sum in the US. The portfolio comprised 26 solar farms and 2 energy storage facilities located across 6 states. The majority shareholder of the portfolio Southern Power will continue as the general partner alongside APG

Notable Fund Raisings & Project Finance Transactions


  • Spanish renewables investor Qualitas Energy announced the final close of its latest flagship renewables fund, Qualitas Energy Fund V, amassing nearly €2.4 billion for investments in renewable energy and infrastructure. The oversubscribed Energy Fund had an initial target size of €1.6 billion and eventually exceeded its hard cap of €2.3 billion. The new fund targets investments in renewable energy assets both in operation and under development as well as assets with repowering potential and other infrastructure projects enabling the energy transition, mainly located in Europe

  • US investment giant BlackRock’s Evergreen Infrastructure fund, focused on investments in energy transition and energy security in Europe and North America, raised nearly USD1 billion at its first close. Evergreen Infrastructure has attracted commitments from various European founding partners, including Italian lender Intesa Sanpaolo SpA and pension fund Inarcassa. About 50% to 60% of its total capital is expected to be invested in Western Europe, including Italy. The fund has already started building its portfolio of investments and has agreed to acquire Lighthouse, which boasts an operating portfolio across six US states

  • French independent renewable power producer Technique Solaire raised $214 million in a funding round among its founders and existing shareholders Credit Agricole Group and Bpifrance. The fresh capital is aimed at supporting the company’s efforts to expand both on the domestic market and abroad. Technique Solaire currently has more than 450MWp of solar assets, including ground-mounted, rooftop and carport installations, and a 2GWp pipeline


  • Portuguese renewable energy developer Hyperion Renewables received $153 million in financing from French sustainable investment manager Mirova, an affiliate of Natixis Investment Managers, to support its transition from a developer to an IPP. In particular, the funding will advance the initial deployment of Hyperion’s current 3.4GW pipeline, which comprises solar, wind, storage and green hydrogen projects in Portugal

December 2023

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