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April 2024

Monthly Market Update

Notable Mergers & Acquisitions and Asset Transactions


  • Brazilian metals and mining company Vale SA clinched a deal to fully acquire Alianca Geracao de Energia SA, a privately held company with a hydro and wind power portfolio, from Cemig GT for $541 million in Brazil. According to the agreement, Vale SA will acquire the remaining 45% stake in Alianca, thus taking the ownership in the latter to 100%. Alianca owns a 1.4GW renewable portfolio comprising 7 hydroelectric plants in the state of Minas Gerais and 3 wind farms in Rio Grande do Norte and Ceara

  • Eagle Creek Renewable Energy, through its affiliate, acquired Lightstar Renewables, a community solar developer and owner and operator of community solar farms in the US. Lightstar, a portfolio company of funds managed by Elda River Capital Management LLC and hedge fund firm Magnetar possesses 30MW of projects under construction in New York and a development pipeline of approximately 1.2GW across multiple markets in the US. Financial details of the transaction remain undisclosed

  • Independent power producer Enel agreed to divest a 49% stake in its energy storage division, Enel Libra Flexsys, to Sosteneo, a company within the Generali Investments ecosystem, for $1.2 billion in Italy. The divestiture comprised 23 BESS projects with a combined capacity of 1.7GW and three open-cycle gas turbine projects with a total capacity of 0.9GW


  • Hydro Rein entered into an agreement with the Swedish renewable energy developer IOWN Energy to acquire an 80% stake in a wind power projects portfolio in Sweden and Norway. The portfolio comprises 23 projects in Sweden and 2 in Norway. According to the agreement Hydro Rein and IOWN will commence a long-term partnership to co-develop these projects and ownership will be divided between them with Hydro Rein holding 80% and IOWN holding 20%

  • Solar and storage developer and operator Pedal Steel Solar LLC acquired 2 development-stage BESS projects with a combined capacity of 1.6GWh from Valor Infrastructure Partners LLC for an undisclosed sum in the US. The two standalone battery facilities of 800MWh each will be installed in Michigan’s Ostego County and Kentucky’s Caldwell County.

Notable Fund Raisings & Project Finance Transactions


  • NextEnergy Capital secured a further capital commitment of $100 million to its fifth strategy, NPV ESG. NPV ESG is an OECD-focused solar and battery storage strategy targeting $1.5 billion with a $2 billion hard cap that has secured $580 million in total commitments to date. This additional commitment of $100 million has been committed by a European pension fund, joining existing NPV ESG investors KLP, a German occupational pension fund and a large Nordic pension fund. NPV ESG’s investment strategy targets the solar plus infrastructure sector in carefully selected OECD markets, with the objective of building portfolios in each target market


  • US renewable power developer Invenergy secured $1.27 billion in financing to construct a 677MW renewable portfolio in Kansas, US. The portfolio comprises 3 wind projects with a combined capacity of 488MW and an 189MW solar PV project

  • Enpal received €1.1 billion in financing from Barclays Europe, Bank of America, and Credit Agricole CIB. This significant investment marks a major step forward in its mission to empower German homeowners with access to clean energy through its innovative financing model and integrated home energy solutions

  • Invenergy received $900 million in the form of a green Letter of Credit facility from Natixis Corporate & Investment Banking to support the former in developing large-scale renewable and other clean energy generation and storage facilities across the Americas. In the transaction, Natixis CIB served as sole bookrunner, syndication agent, administrative agent and green loan coordinator

  • Danish investment firm Copenhagen Infrastructure Partners P/S and Arjun Infrastructure Partners closed a €384 million refinancing deal from a syndicate of banks: ABN, BBVA, BNP, Rabobank, Caixabank, Banco Sabadell and Bankinter for the 487MW Monegros onshore wind farm in the Spanish region of Aragon. The refinancing package comprised a €332 million non-recourse fully amortising senior debt facility, €34 million of letter of credit facilities and a €18 million debt service reserve facility

April 2024

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