TotalEnergies SE agreed to acquire a 50% stake in a large flexible power generation portfolio from Czech utility group EPH in a €5.1-billion all-stock transaction. EPH will be compensated entirely in newly issued TotalEnergies shares, receiving 95.4 million shares priced at €53.94 each. The portfolio includes biomass plants, battery storage systems and an extensive fleet of gas-fired assets across Italy, the UK, Ireland, the Netherlands and France. In aggregate, the platform comprises more than 14GW of operating and under-construction capacity, supported by a 5GW development pipeline
Spain’s Iberdrola completed the acquisition of a 30.29% stake in its Brazilian utility Neoenergia SA from local pension fund Caixa de Previdência dos Funcionários do Banco do Brasil (Previ) for $2.22 billion. Following the transaction, Iberdrola’s ownership in Neoenergia rises to approximately 83.8%, while Previ has fully divested its interest in the company
German energy storage developer Green Flexibility is set to expand its domestic battery portfolio through the acquisition of a 500MW portfolio in partnership with fellow German firm Hansa Battery. Under a framework agreement, Hansa Battery will develop the projects to the shovel-ready stage, after which Green Flexibility will acquire them. The two companies will collaborate closely throughout the development phase. The portfolio comprises five large-scale projects with confirmed grid reservations across multiple sites in Germany. Financial terms of the transaction were not disclosed
FINANCING DEALS
German onshore wind repowering platform NeXtWind completed a €1.8 billion syndicated debt financing to support the acquisition, repowering, and optimisation of wind farms. Initially structured at €1.4 billion, the facility was upsized by €400 million due to strong global investor demand. The deal involved participation from more than 15 financial institutions and includes an accordion option of up to €900 million. The financing complements equity commitments from investors including Sandbrook Capital, PSP Investments, and IMCO
Clenera Holdings LLC, the US subsidiary of Israel’s Enlight Renewable Energy Ltd, closed a $1.44-billion debt financing deal to achieve financial close on its Snowflake A solar-plus-storage project in Arizona, US. The project will feature 600MW of solar generation capacity and 1.9GWh of battery storage. Financing was provided by a consortium of six global lenders, including Wells Fargo, BNP Paribas, Natixis Corporate & Investment Banking, Nord/LB, Crédit Agricole Corporate & Investment Bank, and MUFG Bank. Snowflake A, located near Holbrook, is scheduled to be commissioned in the second half of 2027
DNV advised Atlas Renewable Energy in securing $475 million in financing for the Copiapó hybrid solar-plus-storage project in Chile. The financing was arranged with BBVA, BCI, Crédit Agricole CIB, Natixis CIB, SMBC and Société Générale. The Copiapó project will integrate 357MWp of solar capacity with a 320MW battery providing up to four hours of storage. Located in Chile’s Atacama region, it is expected to deliver 750GWh of electricity annually under two 15-year power purchase agreements with CAP Group subsidiaries CMP and Aguas CAP
FUND RAISINGS
Climate-focused blended finance manager Climate Fund Managers (CFM) announced the first close of the GAIA Climate Loan Fund at $600 million. Co-founded by Japan’s MUFG Bank Ltd, Canada’s development finance institution FinDev Canada, and the Green Climate Fund (GCF), the fund is managed by CFM and is targeting a total size of $1.48 billion, with final close expected in 2027. At least 70% of the capital will be directed toward climate adaptation initiatives, while up to 30% will support mitigation projects, including renewable energy and low-carbon transport
Fund manager FP Investment Partners achieved the first close of its European battery storage fund, which aims to raise €500 million for energy storage investments across Europe. The FP Lux European Battery Storage Fund secured commitments from German institutional investors and has already identified initial projects in Germany and Finland. The milestone was announced by re:cap global investors ag, which sources renewable energy assets for the FP Lux fund suite
