Private Equity-Backed Renewable Energy Acquisitions

ERA Partners LLC announced a majority equity investment in GeoTility Systems Corp., a Kelowna, British Columbia–based geoexchange utility provider that offers heating-and-cooling-as-a-service (HCaaS) and full design-build geoexchange solutions. The investment is intended to accelerate GeoTility’s expansion across Canada and the United States, scaling its portfolio (more than 1,000 HCaaS systems) and expanding deployments to residential, multi-family, commercial, and industrial real estate.

Ares Management, via its Ares Alternative Credit funds and affiliated vehicles, acquired a 20% stake in Plenitude from Eni for €2 billion, valuing the renewable energy and energy solutions company at over €12 billion. The investment will strengthen Plenitude’s shareholder base and support the company’s growth in renewable generation, energy retailing and electrification services as it pursues a target of 10 GW of capacity by 2028.

Quinbrook Infrastructure Partners has acquired a strategic majority ownership stake in Elemental Clean Fuels (ECF), marking Quinbrook’s first investment in Canada and providing significant capital to advance ECF’s pipeline of renewable fuels projects across British Columbia and Alberta. The majority stake is being acquired from ECF’s founders and lead investor Piney Point Capital, both of which will remain as substantial minority shareholders and board members following the transaction.

Leeward Renewable Energy (LRE) acquired the Twelvemile Solar 1 & 2 portfolio (152 MW combined) from Red River Renewable Energy LLC — a joint venture between SunChase Power LLC and Eolian LP — and has begun construction in southern Oklahoma. The projects are part of LRE's broader Oklahoma solar portfolio, are expected to begin delivering power in early 2026, and will support construction jobs and significant local tax revenue over their operating life.

Barings and Queensland Investment Corporation (QIC) co-led an A$370 million equity raise for Pacific Energy Group (PEG), Australia's largest remote energy platform. The growth capital will fund PEG’s long-term investment plans, refinance the business, and support delivery of its renewable and hybrid energy project pipeline across Western Australia and the east coast. Campbell Lutyens acted as placement agent for the raising.

HitecVision has completed its acquisition of a 91.4% stake in Vow Green Metals (via its vehicle Midas Industri AS), becoming the company's majority shareholder and initiating a delisting from Euronext Growth Oslo. The new ownership will support Vow Green Metals' plan to scale biocarbon production capacity across Norway and develop an integrated industrial platform to supply metallurgical and other heavy industries.

LS Power has completed its acquisition of ENGIE Services U.S., which will operate under its legacy name OPTERRA Energy Services. The acquisition adds OPTERRA's energy-efficiency, renewables, storage, microgrid and operations capabilities — and nearly 300 staff — to LS Power's portfolio to expand its low-carbon and customer-facing energy solutions.

Brookfield Asset Management, together with its institutional partners including Brookfield Renewable Partners, completed the acquisition of National Grid Renewables from National Grid plc and will operate the business under the Geronimo Power brand. The Minneapolis-headquartered company develops and operates utility-scale solar, wind and energy storage (about 2 GW operating, 1 GW under construction and ~20 GW in development) and will continue scaling Brookfield’s U.S. renewables platform.

The Carlyle Group's infrastructure arm has launched Revera Energy, a new independent energy infrastructure platform backed by Carlyle Global Infrastructure. Revera's initial portfolio comprises projects carved out and acquired from Amp Energy across Australia and the United Kingdom, focusing on battery storage, utility-scale solar and green hydrogen development.

RM Capital Partners, a Chicago-based private equity firm, has completed the acquisition of Integrated Solar Operations d/b/a ISO Solar, a turnkey solar energy provider serving residential, commercial, and government customers across Puerto Rico. RM Capital plans to support ISO Solar's growth through investments in people, products, services and infrastructure to capture rising demand for energy resiliency and lower-cost alternatives to the island's centralized grid.

HitecVision has agreed to buy a 50% stake in Polska Grupa Biogazowa (PGB) from TotalEnergies for an enterprise value of €190 million under a signed SPA. PGB is Poland’s leading biogas operator with 20 operating units and c.450 GWh of equivalent biomethane capacity (targeting 2 TWh by 2030); the partnership will support scaling via greenfield projects and M&A and remains subject to regulatory approvals.

Certek, a sector-focused investment vehicle led by David Harrison and supported by Macquarie Group, has acquired GEV Wind Power from Bridges Fund Management. GEV, headquartered in Hessle, East Riding of Yorkshire, is a global specialist in wind turbine rotor blade repair and O&M and will be supported by Certek and GEV management to expand capacity and pursue supply‑chain consolidation; terms were not disclosed.

Octopus Energy Generation, via the Octopus Energy Development Partnership (OEDP), has acquired Hamburg-based renewable developer MN Projekt GmbH, adding a c.2 GW pipeline of solar and battery storage projects in Germany. The deal expands Octopus's project pipeline and storage capabilities as it accelerates its investment plans in Germany and supports the country’s target of significantly higher renewable electricity by 2030.

CVC DIF (via the DIF Infrastructure VII fund) has agreed to acquire a 49% stake in BALANCE Erneuerbare Energien, the biogas subsidiary of Leipzig-based VNG AG, in a growth partnership to support the business’s expansion. BALANCE operates 42 biogas facilities in northern and eastern Germany (≈197 MW thermal) and supplies green energy to roughly 180,000 households; the transaction is subject to antitrust approval.

Sagepoint Energy launched as a newly combined waste-to-energy platform by bringing together Dynamic Renewables, BC Organics and National Organics. The Carmel, Indiana–headquartered company is majority owned by Ares Management Infrastructure Opportunities funds with a minority investment from an unregulated affiliate of NorthWestern Energy, and will develop, own and operate anaerobic digestion/RNG, biorefinery and organics-collection capabilities across the U.S.

Macquarie Asset Management will acquire the remaining controlling interests in Galehead Development from Galehead Founders via funds managed by MAM, and Galehead will become a wholly owned subsidiary of Treaty Oak Clean Energy. The integration pairs Galehead's LandCommand-enabled development pipeline (over 20 GWAC across more than 20 states) with Treaty Oak's IPP capabilities to expand geographic reach and accelerate commercialization of utility-scale solar, wind and storage projects; Galehead founders will form ETX Upstream to pursue upstream Energy Transition activities.

Standard Solar has acquired the 3.2 MW Churchill Street Solar Farm in Pittsfield, Massachusetts from developer Sunfarm Solar, expanding its operating solar portfolio in the state. The ground-mounted, five-array project will be added to Standard Solar's owned assets as the company continues to grow its presence in the Massachusetts renewable energy market.

Origis Energy has received a strategic investment from Brookfield Asset Management alongside additional commitments from existing sponsor Antin Infrastructure Partners that could total more than $1 billion. The capital will accelerate Origis Energy’s growth as an independent power producer, advancing its ~1 GW operating solar and storage portfolio, near-term projects and a multi-gigawatt development pipeline across the United States.

EQT Transition Infrastructure has agreed to acquire Scale Microgrids, a vertically integrated developer, owner and operator of microgrids and distributed energy assets, from Warburg Pincus and other existing shareholders. Headquartered in Ridgewood, New Jersey, Scale operates roughly 250 MW of assets with a ~2.5 GW near-term pipeline; EQT said it will invest to scale commercial processes, software and project execution to accelerate growth in distributed generation and resilience offerings.

Franklin Energy, a portfolio company of Abry Partners, acquired AESC (Alternative Energy Systems Consulting) and EVA Green Power to expand its clean energy engineering, consulting, and distributed energy capabilities. The add-on acquisitions broaden Franklin Energy’s capacity across energy efficiency, demand-side management, solar, storage, EV charging and EPC services, and bolster its integrated offerings for utilities, governments, and commercial & industrial clients.

LDC, the private equity arm of Lloyds Banking Group, has made a significant growth investment in Mansfield-based Power Saving Solutions to support product development, manufacturing expansion and diversification into new end markets. The investment will back the existing management team and fund R&D, manufacturing capacity increases and commercial growth across sectors such as construction, transport and utilities.

CleanCapital acquired a portfolio of 40 solar assets totaling 22.7 MW from Kendall Sustainable Infrastructure (KSI), expanding its operating distributed solar footprint across Vermont, New York and California. Manulife Investment Management and its institutional co-investors committed an additional $145 million of equity to CleanCapital to fund development, construction and future acquisitions; the sale closes out KSI’s first fund dedicated to community solar.

Aneo, a Norwegian renewable energy operator backed by TrønderEnergi and HitecVision, has acquired the 43.2 MW Kokkoneva wind farm in Finland from Greencoat Renewables PLC. The park (nine turbines) produces about 129 GWh annually; the deal represents Aneo's first owned generation asset in Finland and marks a strategic geographic expansion into the Finnish electricity market.

St. Louis-based private equity firm Compass Group Equity Partners has made a strategic investment in Baja Carports (Baja Construction Co., Inc.), a California-based national designer, fabricator, and installer of solar-ready carports and RV canopies. The partnership will support Baja's growth initiatives, including location expansion and enhanced sales and marketing to scale operations across the U.S. and Puerto Rico.

Redeux Energy sold a utility-scale hybrid solar and battery storage development project (200 MWdc solar, 40 MW/160 MWh storage) located in Ohio County, Kentucky to Scout Clean Energy. Scout, a Boulder-based renewable developer and portfolio company managed by Brookfield Asset Management, will advance the project through later-stage development, financing and construction; Redeux was advised by Marathon Capital.

ContourGlobal (a KKR company) has acquired a 151 MWdc solar portfolio consisting of two late-stage projects in South Carolina from Sun Tribe Development. The assets, which have long-term PPAs and completed interconnection studies, mark ContourGlobal's entry into the U.S. renewables market with commercial operations planned in 2029.

Toronto-based private equity firm Lynx Equity Limited has acquired Esmay Electric, a Lake Havasu City, Arizona electrical contractor specializing in solar panel installations, design and permitting. The founder, Greg Esmay, sold the business as part of his retirement, and Lynx intends to maintain existing customer and employee relationships while supporting the company’s leadership and continued operations in the solar sector.

An affiliate of H.I.G. Capital (H.I.G. Infrastructure) has acquired a controlling interest in Greenflash Infrastructure, LP, a Houston-based developer and operator of grid-scale energy storage and power generation projects. The investment will provide capital and operational support to accelerate Greenflash's pipeline of brownfield and greenfield energy storage and controllable load projects serving utilities and municipal cooperatives.

Brookfield Asset Management, via the first vintage of its Brookfield Global Transition Fund (BGTF I), committed an initial $200+ million and up to $850 million in follow-on capital to Infinium to accelerate deployment of its ultra-low-carbon eFuels platform and Project Roadrunner in West Texas. The funding will include Brookfield leading Infinium's Series C preferred stock offering and supports scaling Infinium's eSAF, eDiesel and eNaphtha production to meet growing airline and industrial offtake demand.

Standard Solar acquired the 12.18 MW Wheeler Gulch Solar Project from Caerus Piceance, LLC. The ground-mounted, behind-the-meter solar array in Garfield County, Colorado will supply on-site power to Caerus Piceance's Middle Fork compressor station and expand Standard Solar's owned renewable generation portfolio.

Civic Renewables, backed by GEF Capital, has acquired Florida Power Management (FPM), a leading local solar installer serving the Orlando and Tampa markets. The deal brings FPM into Civic's growing national platform of local clean energy businesses to scale operations and accelerate solar adoption across the U.S.

Original Clean Energy, a subsidiary of Clean Royalties backed by Houston-based Siltstone Capital, acquired Williston, Vermont–based iSun and its subsidiaries SunCommon (Waterbury, VT) and Liberty Electric (Salem, NH) following iSun’s bankruptcy. The sale (reported purchase price $10 million) is part of a restructuring and regional growth plan to expand solar, storage and EV charging deployment across northern New England and New York.

HCT Renewable Energy closed $13 million in growth financing through an asset-based facility provided by Phoenix Merchant Partners and Caydan Capital Partners. The capital will be used to accelerate HCT’s expansion in the solar energy staffing market, supporting its work connecting utility-scale solar construction companies with skilled labor across the United States.

Budderfly has acquired the distributed energy resource management system (DERMS) platform from Sunverge Energy, enabling Budderfly to aggregate distributed energy resources and build virtual power plants (VPPs). The acquisition includes Sunverge personnel joining Budderfly and expands Budderfly's capabilities to offer end-to-end VPP services to commercial customers and utilities, supporting grid flexibility and new revenue streams.

Enstall, a PE-backed global rooftop solar mounting provider, agreed to acquire Schletter Group, a Germany-based manufacturer of solar mounting systems. The deal — an add-on to Enstall’s PE-backed platform (Blackstone and Rivean Capital) — expands Enstall’s footprint in Germany and Central Europe and adds ground-mounted and tracker capabilities to its product portfolio; Schletter’s current owners Avenue Capital Group and Robus Capital will become minority shareholders in Enstall.

KKR-backed funds and accounts managed by KKR have acquired a majority equity interest in Avantus, a U.S. developer of utility-scale solar and solar-plus-storage projects. Coinciding with the close, Avantus secured a $522 million development facility arranged by KKR Capital Markets and SMBC to accelerate deployment of its more than 30 GWdc solar and 94 GWh storage pipeline across the Western United States.

ArcLight Capital Partners launched SkyVest Renewables, an operating-focused renewables platform, with an initial $500 million capital commitment and concurrently acquired a 160 MW operating wind farm in the Midland Basin, Texas (commercial operations 2020). SkyVest will operate and optimize utility-scale wind and solar assets across North America, leveraging ArcLight's operational resources to drive near-term cash flow and brownfield development.

Standard Solar has acquired the 4.98-megawatt Bent Bow Community Solar project in Doña Ana County, New Mexico from developer Energy Management, Inc. The ground-mount project, developed by EMI beginning in 2021, is expected to be completed in late 2025 and will dedicate at least 30% of output to low-income subscribers under New Mexico's Community Solar Act.

Aggreko Energy Transition Solutions (ETS), a division of Aggreko, has acquired Infiniti Energy, a U.S.-based commercial and industrial solar developer and IPP, from Upper Bay Infrastructure Partners. The deal adds 12 MW of contracted operating solar assets, 22 MW of construction-ready projects and an additional pipeline to Aggreko ETS, strengthening its distributed solar EPC capabilities and East Coast presence.

Macquarie Asset Management has completed a US$332 million investment to acquire a 49.9% stake in Hydro Rein from Hydro (Norsk Hydro), with the stake held by the Macquarie Green Energy and Climate Opportunities Fund. The investment will finance Hydro Rein's 8.4 GW renewable project pipeline across the Nordics and Brazil and support expansion of renewable solutions for industrial decarbonization.

TowerBrook Capital Partners has made a majority equity investment in LiftWerx Holdings Inc., a Canada-based provider of turnkey operations and maintenance (O&M) services to the onshore wind industry. The investment — the third for TowerBrook Delta, the firm’s impact strategy — will support LiftWerx’s fleet expansion, hiring and service-capability growth across North America.

Lotus Infrastructure Partners completed the acquisition of PNE USA, a North American developer of utility-scale wind, solar and energy storage projects, from Germany-based PNE AG. PNE USA will operate immediately as Allium Renewable Energy; the developer has monetized 877 MW to date and holds a development pipeline of over 3 GW, and Lotus said the deal will expand its renewable development capabilities.

NOVA Infrastructure has completed the acquisition of approximately 70% of the common shares of UGE International Ltd., a community solar and battery storage developer and operator. NOVA will partner with UGE's management and provide acquisition and growth capital to scale the company's community solar and battery storage platform across the U.S.

NextPower V ESG, a solar+ infrastructure fund managed by NextEnergy Capital, has acquired a 65.6MW operating solar PV portfolio in Poland. The portfolio benefits from 100% CPI‑linked, 15‑year Contract for Difference (CfD) revenues and was purchased from an undisclosed experienced investor/developer managing over 2GW of projects in the region.

GA Drilling, a developer of deep geothermal drilling technology, announced a first close of $15 million to commercialize its PLASMABIT drilling systems and scale deployment. Investors in the round include Nabors, Christian Oldendorff’s family office alfa8, geothermal fund Underground Ventures, Neulogy Ventures and investor Thomas von Koch; proceeds will accelerate commercialization and global rollout of deep geothermal solutions.

Hometree has acquired two regional renewable installers, GeoWarmth Heat Pumps and The Little Green Energy Company, supported by a new debt facility provided by funds and accounts managed by BlackRock. The acquisitions (two of seven total for Hometree) add c.55 employees and around £15m of combined revenues, strengthening Hometree's installation capacity and access to customers, financing and maintenance capabilities for residential renewable systems across the UK.

Ridgewood Infrastructure LLC announced a structured equity investment in MN8 Energy, one of the largest independent U.S. solar and energy storage power producers. The investment will provide capital to scale MN8's portfolio of solar, battery storage and EV charging projects and support the company's continued growth.

Stonepeak has agreed to acquire an equity ownership stake in a portfolio of four US onshore wind farms from Ørsted for about $300 million. The portfolio (957 MW) includes Ford Ridge (Illinois), Helena and Western Trail (Texas), and Sunflower (Kansas); Ørsted will continue to operate the projects and retains certain long‑term optionality, while Stonepeak will receive 80% of cash distributions.

BlackRock's Evergreen Infrastructure Partners Fund has acquired a sub-portfolio of 38 operational solar and solar-plus-storage projects (total nameplate 89 MWDC) from Excelsior Energy Capital. The sale represents a 100% divestment by Excelsior and the first exit from the firm's inaugural Fund I.

Ara Partners completed a growth equity investment in Paratus Holdings Limited to support the commercial expansion and launch of a renewable power price‑risk insurance product. The funding will enable Paratus to scale its proprietary insurance offerings for renewable power, transition fuels and freight price risk globally.