Skip to main content

March 2024

Monthly Market Update

Notable Mergers & Acquisitions and Asset Transactions


  • American Electric Power Company Inc. and PNM Resources divested their JV company, New Mexico Renewable Development LLC (NMRD) to Exus North America Holdings LLC for $234 million in the US. NMRD holds a solar portfolio, which includes 9 operating projects with a combined capacity of 185MW and 6 projects under development with an estimated capacity of 440MW

  • The Renewables Infrastructure Group Ltd acquired Fig Power for an undisclosed sum in the UK. The latter’s portfolio comprises a 1.7GW renewable development pipeline

  • Brookfield Asset Management through its Brookfield Global Transition Fund, acquired Banks Renewables, the former development platform of British property developer The Banks Group. Following the transaction the latter has been rebranded as OnPath Energy. Banks Renewables owns 11 operational wind farms in Scotland and northern England with a combined capacity of just over 250MW, plus more than 4GW of renewable energy projects in pipeline. Brookfield agreed to acquire Banks Renewables in a deal that valued the company nearly $1 billion in October 2023 but official reports regarding the financial details have not been released


  • EDP Renovaveis SA reached an agreement to divest an 80% stake in a 297MW wind farm to Connor, Clark & Lunn Infrastructure for $443 million in Alberta, Canada

  • EDP Renovaveis SA completed the divestiture of an 80% stake in a 340MW solar portfolio to an unnamed buyer for an enterprise value of $400 million in the US. The transaction covers the sale of 3 operational solar facilities- 2 in Ohio and 1 in Texas

  • SMT Energy LLC, a developer, owner and operator of battery energy storage assets, completed the sale of its 400MW BESS portfolio to the asset management arm of Swiss bank UBS Group AG in Texas, US. Financial details of the transaction remain undisclosed

Notable Fund Raisings & Project Finance Transactions


  • Brookfield Asset Management raised $10 billion in the first close of its second Global Transition Fund, Brookfield Global Transition Fund II, targeting investments in clean energy, sustainability, and decarbonization. The raised sum includes fund commitments and strategic capital from the asset manager’s investor base. The new fund aligns with the strategy of its predecessor of investing in clean energy expansion, sustainable solutions and the transformation of carbon-intensive companies. Its seed portfolio includes a UK onshore renewables developer and a solar development partnership in India

  • US-based company Antora Energy completed a $150 million Series B funding round led by Decarbonization Partners, a joint venture between BlackRock and Singapore’s sovereign wealth fund Temasek. The funding round involved active participation from Emerson Collective, GS Futures, The Nature Conservancy and a subsidiary of NextEra Energy Resources LLC, as well as existing investors Trust Ventures, Lowercarbon Capital, Breakthrough Energy Ventures, BHP Ventures, Overture VC and Grok Ventures. The capital was raised to accelerate production of its factory-made thermal batteries to help decarbonise industrial facilities


  • Arevon Energy secured $1.1 billion in financing for a 374MWdc solar project coupled with a 150MW BESS facility. The financing was divided into a $431 million tax equity commitment and a $654 million debt financing, including a construction-to-term loan, a tax equity bridge loan and letter of credit facilities. In the transaction Wells Fargo provided the tax equity commitment while the name of the debt financing providers were not disclosed.

  • Engie North America, a subsidiary of French utility Engie, secured $1 billion in financing to support a 1.3GW portfolio comprising solar PV and onshore wind in the US. JP Morgan, Goldman Sachs and BNP Paribas participated in the transaction

March 2024

Latest Reports