Notable Mergers & Acquisitions and Asset Transactions
MERGERS & ACQUISITIONS
Constellation Energy Corp announced an agreement to acquire US power producer Calpine Corporation for about €28.1 billion, including debt, in a push to create the largest clean energy provider in the country. The tie-up will result in a stronger entity with nearly 60GW of capacity from zero- and low-emission sources
Brazil’s largest fuel and lubricant distributor Vibra completed the acquisition of local energy firm Comerc Energia, adding 2.1GW of solar and wind capacity under its belt. Among the assets under Comerc’s portfolio are eight large-scale solar generation parks with a combined capacity of 1.54GW; three wind farms with 280MW capacity and over 95 distributed solar plants. The financial details of the transaction have not been disclosed
Investment firm EQT acquired US-based distributed energy company Scale Microgrids. This transaction is the first for the investment firm in North America since the launch of its Transition Infrastructure strategy. The financial details of the transaction have not been disclosed
ASSET TRANSACTIONS
Portuguese electric utility group EDP Energias de Portugal SA announced that its majority-owned unit EDP Renovaveis SA agreed to sell a 49% stake in a US portfolio of solar and storage assets valued at €600 million on a 100% basis. EDPR sold class B shares in a portfolio that includes two operating solar parks with a combined capacity of 300MWac/406MWdc and a 92MW electricity storage facility presently under construction. The buyers name were not disclosed
Eolus agreed to sell the 100MW Pome BESS project in Poway, California, to a private US renewable energy producer. Currently under construction, the project is set for commercial operation in H1 2025, with a total enterprise value of $230-235.5 million
Notable Fund Raisings & Project Finance Transactions
FUND RAISINGS
CEE Group launched a new €500 million fund focused on repowering existing wind and solar farms. The new Article 9 fund, CEE RF9, will consolidate 39 solar PV and onshore wind farms from CEE’s existing RF1, RF2, and RF3 portfolios. The RF9 portfolio will have around 457MWp of installed capacity, spread between 16 wind and 23 solar farms in Germany and France
PROJECT FINANCE TRANSACTIONS
The US DOE’s Loan Programs Office issued a conditional commitment for a €1.76 billion loan guarantee to Arizona Public Service (APS) to support clean energy investments. The first project backed will be the 150MW Agave BESS Phase 1, with future projects potentially including additional storage, renewable generation, and transmission infrastructure
Canada-based Hydrostor secured a conditional commitment for a loan guarantee of up to €1.71 billion from the US Department of Energy (DOE) to support its 500MW compressed air energy storage (A-CAES) project in California. The commitment is subject to an environmental review by the DOE, along with the fulfillment of specific technical, legal, environmental, commercial, and financial conditions. Hydrostor plans to develop the Willow Rock Energy Storage Centre in Rosamond, Kern County, US
Renewable fuel company Montana Renewables LLC, a subsidiary of Calumet Inc., secured a $1.67 billion guaranteed loan facility from the US Department of Energy’s (DOE) Loan Programs Office (LPO). The package includes $1.44 billion in principal and $233 million in capitalized interest. The funding will support the expansion of Montana Renewables’ facility in Great Falls, Montana, US
Green Flexibility secured over €1 billion in funding, backed by Partners Group, which will provide up to €400 million in equity, with the remainder covered through additional debt financing. The company plans to develop a large portfolio of battery systems and monetize storage capacity through long-term contracts
