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February 2024

Monthly Market Update

Notable Mergers & Acquisitions and Asset Transactions


  • Global renewables investment platform Qualitas Energy acquired a US-based solar and storage platform, Heelstone Renewable Energy, for an undisclosed sum. The transaction involved the acquisition of Heelstone’s extensive portfolio of solar and storage projects, with a total capacity of 20GW. Majority of the projects are in the development or ready-to-build stage, with 179MW operational and 175MW under construction

  • Cubico Sustainable Investments acquired a 50% stake from Peel NRE, thus assuming full ownership in its JV company, Peel Cubico Renewables Ltd. The transaction involved the transfer of the Peel NRE renewables development team into Cubico, as well as the joint business’ current onshore wind and solar PV development pipeline. As a result of the transaction, Cubico now possesses a pipeline of development projects with a combined capacity of over 350MW, encompassing utility-scale wind and solar projects across England and Scotland, plus a 1.7GW feasibility pipeline. Financial details remain undisclosed


  • Schroders Greencoat has agreed to acquire a solar portfolio from Toucan Energy in the UK in a deal valued at $890 million. The portfolio comprised 53 solar farms with a combined capacity of 514MWp across England, Wales and Northern Ireland

  • Eviny acquired 2 onshore wind farms with a combined capacity of 365MW from Blackrock in Norway. The transaction involved the acquisition of the 197MW Guleslettene and the 168MW Tellenes wind power plants valued at $587 million

  • US-based utility company American Electric Power signed an agreement to divest its 625MW solar PV portfolio to investment firm Exus Asset Holdings for an amount of $230 million in New Mexico, US. The portfolio comprised 15 solar projects, out of which 9 are operational with a combined capacity of 185MW, and 6 are in the development stage with a combined capacity of 440MW

Notable Fund Raisings & Project Finance Transactions


  • Helsinki-based renewables developer and fund manager Taaleri Energia held a second close of its sixth renewable energy fund, securing commitments totalling $476 million. The second close enabled the acquisition of new development projects to grow the fund’s portfolio to 61 schemes totalling 5.9GW in power generation capacity. The fund will operate in the Nordic and Baltic markets, Poland, Southeastern Europe, Spain and Texas and will remain open for new commitments until December 2024. The European Bank for Reconstruction and Development (EBRD), the European Investment Fund, KBC Verzekeringen, Varma Mutual Pension Insurance Company, Taaleri and the Taaleri Energia team are among Taaleri SolarWind III Fund’s investors

  • Swiss power and heat supplier EBL raised over $108 million in the first closing of its European energy transition fund, aiming to accumulate investor capital and own money to finance a 1GW renewables portfolio. The renewables fund will invest in 20 to 25 ready-to-build onshore wind, solar power and energy storage projects, with a focus on medium-sized solar PV development in Germany and Spain


  • Recurrent Energy, the solar project development subsidiary of global solar manufacturer Canadian Solar, received $500 million in financing from Blackrock to support the growth of its project development pipeline, which included 26GW of solar and 55GWh of energy storage capacity. Upon completion of the investment, Blackrock will acquire a 20% minority stake in Recurrent Energy, while Canadian Solar will retain the remaining majority stake

  • Órigo Energia received a $400 million financing commitment from infrastructure investment manager I Squared Capital to advance the development of over 2GW of distributed generation solar PV projects across 20 states in Brazil

  • Greek renewables developer Mytilineos secured $437 million in financing from The European Investment Bank to support its solar and storage development plans

February 2024

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