Renewable Energy Acquisitions in 2022

Mars Equity Partners made a strategic (growth) investment in A2B Development (dba NewGen Energy) on December 21, 2022. Generational Equity advised NewGen Energy; the investment will help scale the Loomis, California-based alternative energy provider that offers solar PV, energy storage and backup power solutions for agricultural, commercial/industrial and residential customers.

Brookfield Renewable, together with unnamed institutional partners, finalized a purchase agreement to acquire Scout Clean Energy from Quinbrook Infrastructure Partners for $1.0 billion, with the potential to invest an additional $350 million to support development activities. Scout will continue to operate under its brand as a utility-scale renewable energy developer-owner-operator headquartered in Boulder, Colorado, with ~1,200 MW of operating wind assets and a pipeline of wind, solar and storage projects across the United States.

Green Rock Energy Partners LLC, a sustainable infrastructure–focused private equity firm, acquired PSA South Hills Landfill Gas Venture LLC (South Hills), a renewable natural gas production facility in South Park Township, Pennsylvania, with the transaction closing in Q4 2022. The facility upgrades landfill biogas into RNG for the vehicular transportation market and is expected to produce over one million gallons of renewable fuel per year; Venture Engineering & Construction will provide technical advisory and post-close O&M services.

Endurant Energy has completed the acquisition of GEOptimize, a Winnipeg-based specialist in ground source heat pump (GSHP) system design and optimization. The purchase strengthens Endurant's geothermal design and engineering capabilities and positions GEOptimize for growth while retaining its leadership under Ed Lohrenz.

Bridges Sustainable Growth Funds has made a growth investment in HYCUBE, a Mannheim-based provider of decentralised clean energy storage systems for homeowners. The capital will back the existing management team to scale HYCUBE’s residential solar, battery storage, EV charging and smart-home energy management offering and expand its reach in Germany and other markets.

Longroad Energy has acquired the 98 MWdc Titan Solar project in Imperial County, California from Sunpin Holdings. Great Bay Renewables provided a royalty investment to finance the deal and Morgan Stanley acted as the tax equity investor; Longroad said the acquisition expands its footprint in the CAISO market and grows its operating solar portfolio.

EnCap Investments (via its EnCap Energy Transition platform) has made a significant equity commitment to Bleutec Industries, a Houston-based builder, owner and operator of Jones Act‑compliant offshore wind turbine installation vessels. Bleutec management is co-investing alongside EnCap to accelerate development of its Binary Marine Installation Solution (BMIS) and build out Jones Act vessels to support U.S. offshore wind projects.

Strata Clean Energy has acquired Phoenix-based Crossover Energy Partners, purchasing 100% of Crossover's assets to incorporate its origination and power-offtake capabilities into Strata's utility-scale solar and storage platform. Senior Crossover leaders will assume roles at Strata and all Crossover employees will merge into the Strata organization to bolster project origination, financing and execution capabilities.

Complete Solar and Solaria completed a merger to form Complete Solaria, a vertically integrated residential solar company combining manufacturing, distribution, installation, financing and software capabilities. The combined business is expected to generate approximately $120 million in 2022 (with further growth projected), and the company has announced a planned business combination with SPAC Freedom Acquisition I Corp. to provide public-market financing.

Aspen Power Partners acquired Safari Energy, LLC from PPL Corporation and gained Safari's 220 MW portfolio and development platform. The transaction was announced alongside a $350 million investment in Aspen from funds managed by The Carlyle Group to support Aspen's organic growth and acquisition-driven strategy to reach gigawatt scale.

Macquarie Asset Management's Green Investment Group (GIG), via its Macquarie GIG Energy Transition Solutions fund, has acquired BayWa r.e. Bioenergy GmbH from BayWa r.e. AG. The specialist biogas platform owns five operational biomethane plants in Germany and a development pipeline in Italy; GIG said it will grow the business across Germany, Italy and other European markets.

Wafra Inc. has acquired a controlling interest in Mission Clean Energy LLC, a U.S.-based utility-scale renewable energy and storage developer, with Aggregate Power Infrastructure LLC investing alongside. The investment will be used to accelerate delivery and expansion of Mission's ~3 GW solar and battery storage development pipeline across North America.

MyPower Corp., an affiliate of Mitsui & Co., Ltd., has acquired Solstice Power Technologies, a Cambridge-based customer acquisition and subscriber-management services provider for community solar projects. The deal gives MyPower a foothold in the U.S. community solar market and brings Solstice's customer-management and subscriber software capabilities to Mitsui's broader clean-energy investment platform.

American Airlines announced a strategic equity investment in Universal Hydrogen, a Los Angeles–based company building a green hydrogen distribution and logistics network for aviation. The investment supports American's greenhouse gas reduction targets and backs Universal Hydrogen's modular hydrogen capsule logistics approach, which aims to begin deliveries for regional aircraft in 2025. American joins existing strategic investors including Airbus Ventures, GE Aviation and Toyota Ventures.

Greenbelt Capital Partners led a majority recapitalization of Unirac, Inc., with investment participation from Trilantic Energy Partners II and related funds. Existing sponsor Tenex Capital Management and key members of Unirac's management will retain a significant ownership stake; the transaction will support product development, supply‑chain resiliency and continued growth in the residential and commercial solar racking market.

Enbridge Inc. acquired U.S. renewable project developer Tri Global Energy for US$270 million in cash plus assumed debt, with up to ~US$50 million in contingent payments. The purchase brings TGE’s ~7 GW wind and solar development portfolio and its development team into Enbridge’s renewables platform to accelerate North American growth in wind and solar.

Hydrasun, backed by SCF Partners, has acquired Fuel Cell Systems Ltd., a UK provider of hydrogen systems including fuel cells, modular electrolyzers, compression, storage and refueling systems. The acquisition expands Hydrasun's hydrogen systems capabilities and proprietary technology with plans to scale manufacturing, recruit staff and accelerate R&D.

KKR and the Hero Group agreed to invest $450 million in Hero Future Energies to support the company’s growth and expansion of renewable energy capacity across solar, wind, battery storage and green hydrogen. Hero Future Energies, an independent power producer with ~1.6 GW of operating solar and wind projects, will use the capital to scale projects, expand into new technologies and enter new markets; IFC remains an existing investor.

Powin LLC has acquired EKS Energy to integrate EKS's power electronics and energy management technology into Powin's grid-scale energy storage platform. The acquisition expands Powin's product portfolio (including power conversion systems, power plant controllers, PV inverters, DC-to-DC converters and multi-port inverters) to deliver fully integrated AC energy storage solutions and advanced controls for microgrids and utility-scale solar-plus-storage projects.

H.I.G. Capital’s infrastructure arm, H.I.G. Infrastructure, has acquired a controlling interest in Northern Biogas, a Morgantown, West Virginia–based waste-to-renewable natural gas company that develops, builds, owns and operates anaerobic digester and RNG facilities. The investment will support Northern Biogas’ development pipeline of dairy, landfill and food-waste RNG projects across the U.S. as the company scales its construction, operations and service capabilities.

The Sustainable Investing business of Goldman Sachs Asset Management and Cleanhill Partners have acquired a majority stake in EPC Power Corp. through a comprehensive recapitalization to support the company's expansion of U.S. manufacturing capacity and growth into utility-scale renewable energy storage and related markets. EPC Power, a Poway, California-based designer and manufacturer of American-made smart inverters, employs ~180 people and operates additional engineering/sales offices in Helsinki to serve global customers.

XL Fleet Corp. completed the acquisition of Spruce Power from funds managed by HPS Investment Partners for approximately $58 million in cash and the assumption of roughly $542 million of debt. Spruce Power, headquartered in Houston, Texas, is a leading owner-operator of residential rooftop solar systems with more than 52,000 subscribers and ~110 employees; the deal is central to XL Fleet's strategy to become a provider of subscription-based rooftop solar, battery storage and EV charging solutions.

CIM Group has acquired 100% of the Renewable Natural Gas (RNG) development platform of MAS CanAm, an affiliate of MAS Energy, and will rename the platform Terreva Renewables. The portfolio includes seven projects under construction or development (expected >3.9 million mmbtu per annum) across the U.S. and Canada; CIM plans to scale the platform while the existing development team will continue to lead the business.

Astra Energy Inc. entered into definitive agreements to acquire Regreen Technologies Inc., a California-based developer of a "Total Waste to Energy" system founded by Albert Mardikian. Astra will deploy the technology globally via its wholly owned subsidiary Astra Energy California Inc., with a pilot project planned in California and the stated goal of creating material recovery facilities with up to 95% landfill diversion.

OMERS Private Equity has acquired a minority stake in NovaSource Power Services through a US$100 million growth capital investment, alongside NovaSource's leadership team and majority owner Clairvest Group. The proceeds will finance NovaSource's continued growth, capability expansion (including recent acquisition of Heliolytics) and international expansion of its solar operations & maintenance and storage services.

Warburg Pincus agreed to invest $250 million in Montana Renewables LLC (an unrestricted subsidiary of Calumet Specialty Products) via participating preferred equity, valuing the business at a pre-commissioning enterprise value of $2.25 billion. Stonebriar Commercial Finance separately provided approximately $350 million of sale-and-leaseback financing (on top of an existing $50 million commitment), while Oaktree's $300 million convertible investment in MRL was retired.

Antin Infrastructure Partners' Flagship Fund V will become the majority shareholder of Hamburg-based renewable energy platform Blue Elephant Energy AG to support the company's growth and international expansion. Blue Elephant Energy, which operates c.1.3 GW across 67 solar and 13 wind power plants in eight countries, will retain its founding and major shareholders while leveraging Antin's capital and infrastructure expertise to scale generation capacity.

Intertek has entered into an agreement to acquire Clean Energy Associates (CEA), a specialist provider of quality assurance, technical services, supply chain traceability and downstream engineering support for the solar and energy storage industries. The acquisition expands Intertek’s Total Quality Assurance capabilities for renewable energy, combining CEA’s PV and storage technical expertise and global footprint (notably in the US and China) with Intertek’s global testing, inspection and certification network.

Zenergi, the ECI Partners-backed energy and sustainability services group, has acquired Powerful Allies, a UK provider of 100% renewable electricity contracts and energy services for schools and businesses. The deal is an add-on to Zenergi's platform to expand its renewable offering, customer base in the education sector and regional presence.

ArcLight Clean Transition Corp. II completed its business combination with OPAL Fuels, creating OPAL Fuels Inc. and listing the combined company on Nasdaq under ticker OPAL. The transaction provides OPAL with public-market access and capital to accelerate expansion of its renewable natural gas (RNG) production projects and network of RNG and hydrogen fueling stations for heavy- and medium-duty trucking fleets.

A fund managed by BlackRock Real Assets has acquired Vanguard Renewables from Vision Ridge Partners. BlackRock will partner with Vanguard Renewables' management to scale the company's organics-to-renewable energy platform, supporting plans to commission more than 100 anaerobic digesters to produce renewable natural gas across the United States.

Macquarie Asset Management’s Green Investment Group (GIG) has completed a growth investment in Galehead Development, a US-based renewable energy development platform. The capital will strengthen Galehead’s balance sheet and capabilities, enabling the company to advance roughly 6 GW of early- to mid-stage solar, wind and storage projects, enter new markets and expand commercial applications for its LandCommand platform.

Powin LLC, a US-based designer and manufacturer of grid-scale energy storage systems, received a $135 million growth equity investment led by GIC with participation from Trilantic Energy Partners North America, Energy Impact Partners, and Samsung Ventures. The capital will be used to scale Powin's global manufacturing, further develop its product suite and software, and support supply-chain and international growth.

Energy investor ECP (Energy Capital Partners) has acquired Metrus Energy, a San Francisco–based Energy-as-a-Service (EaaS) and building efficiency finance platform. The acquisition will keep Metrus' existing management in place and is intended to accelerate the company’s expansion into new markets and product offerings such as distributed solar, energy storage and EV charging.

Nelnet acquired a majority stake in GRNE Solar (also known as GRNE Solutions), a Midwest-based solar design and installation firm operating in residential, commercial and utility-scale markets. The deal (announced July 2022) expands Nelnet’s renewable energy arm and brings GRNE’s regional EPC capabilities into Nelnet Renewable Energy; SEC/filing summaries indicate Nelnet acquired an 80% interest for approximately $29.7 million.

SinglePoint, Inc.'s subsidiary The Boston Solar Company LLC acquired Ecodaptive, Inc., a clean energy firm that provides financial structuring solutions for rooftop solar projects. The acquisition is intended to support Boston Solar's growing commercial division and scale the SunRAYS program in Massachusetts, enabling broader access to rooftop solar through a roof-lease structure and other finance offerings.

FTC Solar, Inc. completed the acquisition of HX Tracker, a China-based supplier of single-row (1P) solar tracker systems. The purchase adds a 1P tracker solution optimized for low-labor-cost markets and is intended to accelerate FTC Solar's international expansion across China, the Middle East, Africa and other markets.

A consortium of Dutch pension asset manager APG and OMERS Infrastructure has agreed to acquire Groendus, a sustainable energy platform, from NPM Capital. Groendus — formed in 2021 from a consolidation of six companies — is headquartered in Utrecht, employs about 130 people, serves thousands of business, municipal and institutional clients, and will continue to be led by its current management team; financial terms were not disclosed.

Edgewater Growth Capital Partners IV (The Edgewater Funds) has formed a new portfolio company, Solgen Enterprises, LLC, which has invested in residential solar installer Solgen Power and point-of-sale financing platform LoanHomi. The move creates a PE-backed platform combining residential solar installation and embedded financing capabilities, and Paul Winnowski (ex-Sunrun) joined Solgen's board as part of the investment.

Veregy has acquired Enpowered Energy Solutions to expand its industrial energy engineering, controls, and real-time energy management capabilities. The deal augments Veregy’s end-to-end decarbonization and renewable offerings for manufacturers and other industrial customers in North America.

TotalEnergies has acquired Austin-based Core Solar, LLC, adding more than 4 GW of utility-scale solar and energy storage projects across multiple U.S. states to its U.S. renewables portfolio. Core Solar’s CEO Greg Nelson and his employees will join TotalEnergies as the acquisition strengthens TotalEnergies’ U.S. pipeline and advances its renewable capacity goals.

Antin Infrastructure Partners has agreed to acquire a majority stake in SNRG, a UK developer, installer and operator of integrated smart grid systems for residential and industrial & commercial customers. Centrica, an early backer of SNRG, will retain a minority stake; financial terms were not disclosed and the deal is expected to close in April 2022.

ALLETE, Inc. (NYSE:ALE) has closed its acquisition of New Energy Equity, a distributed and community solar developer based in Annapolis, Maryland, for approximately $165.5 million. New Energy Equity has completed more than 250 distributed solar projects totaling over 330 MW and brings a ~2 GW development pipeline across 26 states; the company's management team and headquarters will remain in place.

HDF Energy has acquired a 70% majority stake in the NewGen hydrogen project led by Kenesjay Green Limited (KGL) in Trinidad, with KGL retaining a 30% interest. The NewGen facility — a planned >$200 million green hydrogen plant using solar and efficient power — will supply carbon-free hydrogen to a large ammonia plant at Point Lisas and represents HDF's strategic expansion into Caribbean renewable hydrogen production.

Communications Systems, Inc. completed a merger with Pineapple Energy LLC and changed its name to Pineapple Holdings, Inc. Immediately prior to the merger, Pineapple Energy acquired Hawaiian solar installers Hawaii Energy Connection LLC and E-Gear LLC; the combined public company (ticker: PEGY) received $32.0 million in a private placement to support Pineapple's national consolidation strategy in residential solar, battery storage, and energy services.

Ara Partners has partnered with Laurence Molke to create CycleØ Group and acquired FNX Liquid Natural Gas S.L., a Bilbao-based provider of biogas upgrading and liquefaction technologies. The transaction establishes CycleØ as a European biomethane platform focused on bio-G2V (vehicle) and bio-G2G (grid) markets, scaling biomethane production from agri-food and livestock waste.

Greenbelt Capital Partners led a growth investment in ION Solar alongside Trilantic (Trilantic Energy Partners II North America), Blackstone Credit and Energy Impact Partners. ION Solar founders will retain majority ownership as the company uses the capital to expand geographically and into adjacent residential energy products such as storage and EV charging.

A consortium led by Macquarie Asset Management, alongside British Columbia Investment Management Corporation (BCI) and MEAG, has agreed to acquire Reden Solar from InfraVia Capital Partners and Eurazeo for an enterprise value of €2.5 billion. The deal will support Reden Solar's plan to scale its 762 MW operational portfolio and 15 GW development pipeline across Europe and Latin America, expanding its presence in existing and new markets.

Global investment firm Carlyle made a strategic growth investment in Complete Solar, a San Ramon–headquartered, technology-enabled residential solar platform that serves customers across 23 states through a national network of channel partners. Carlyle’s investment will support Complete Solar’s expansion into adjacent markets and products and accelerate deployment of its Helio software platform to improve homeowner and partner experiences.

Aypa Power, a Blackstone portfolio company, has purchased the 100 MW Yadkins Energy Storage project in Chesapeake, Virginia from developer East Point Energy. East Point will continue to provide development services on the project, which is intended to increase grid resilience and support Virginia's clean energy goals.