Renewable Energy Acquisitions in 2023

Macquarie Asset Management, on behalf of co-investors and managed funds, has acquired a 50% stake in Enel Green Power Hellas from Enel Group for approximately €250 million. The deal covers a 566 MW portfolio of onshore wind, solar and hydropower projects in operation or under construction in Greece and establishes a joint venture to accelerate development, storage and hybrid solutions across the company's pipeline.

Aneo Renewables, HitecVision and St1 intend to consolidate their Biokraft International shareholdings into a newly formed holding company, 1Vision Biogas, which would hold approximately 55% of Biokraft and trigger a mandatory public offer for the remaining shares. The consolidation is conditional on regulatory clearances; 1Vision Biogas intends to make a cash offer of SEK 20.65 per share and to support Biokraft’s growth, including construction of new biogas plants in Germany and Sweden.

Ardian, through its Ardian Clean Energy Evergreen Fund (ACEEF), has acquired 100% of a Peru-based hydropower company from funds managed by BTG Pactual, Patria Investments and GMR Holding B.V. The acquired portfolio comprises six run-of-river hydroelectric plants with total capacity of 73.4 MW and government-awarded, US dollar–denominated contracts; the deal adds technological diversification and strengthens ACEEF's renewable energy presence in Latin America.

Adapture Renewables has acquired three pre-construction solar projects in MISO (Illinois and Arkansas) from TED Renewables, adding 333 MWac / 450 MWdc to its portfolio. The transaction expands Adapture's presence into Illinois and Arkansas, more than doubling its operating portfolio to roughly 800 MWdc and advancing the projects toward commercial operation in 2025–2026.

Madison Bidco Ltd., a newly formed acquisition vehicle indirectly owned by a consortium including Lightrock, Carbon Direct Capital, GenZero and Kibo Investments, has reached agreement to acquire U.K.-based sustainable aviation fuel developer Velocys in a recommended cash offer. The transaction includes a payment of 0.25 pence per Velocys share and up to $40 million of growth capital from Bidco to support Velocys’ medium-term plans; a £3.5 million secured bridging loan has also been provided by the Carbon Direct Fund to fund operations until closing.

Integrated Power Services (IPS) has acquired Wind Solutions LLC, a Sanford, North Carolina-based specialist in repair upgrades, accessory components, and patent-protected yaw system components for utility-scale wind turbines. The acquisition expands IPS’s renewables capabilities by adding in-house design, engineering, manufacturing and IP to support owner-operators and utilities across North America.

A fund managed by Ares Management's Infrastructure Opportunities strategy has acquired Burnham RNG from Edge Natural Resources. The investment will support Burnham's development and construction of a pipeline of renewable natural gas (RNG) and waste-to-biogas projects across the United States, including the Pasco Resource Recovery Center in Pasco, Washington.

Amara NZero, a Madrid-based renewable energy company, has acquired SUNRGY SOLAR DISTRIBUTION, a U.S.-based solar products distributor. The acquisition is intended to strengthen Amara NZero's presence in the United States and expand SUNRGY's product offering and market reach across residential, commercial and utility-scale clients.

Macquarie Asset Management, via its Macquarie GIG Energy Transition Solutions (MGETS) Fund, will make an initial investment of up to €175 million in SkyNRG to support the company’s expansion of sustainable aviation fuel (SAF) production capacity. The funding will help SkyNRG develop dedicated SAF facilities in Europe and the US and accelerate its growth as a major SAF producer alongside existing partners such as KLM and Boeing.

Subterra Renewables' affiliated companies have acquired Alberta-based Earth Drilling Co. Ltd. and Nevada-based Harris Exploration to expand coast-to-coast geothermal drilling capacity across Canada and the U.S. The deals add experienced drilling teams and rigs, support the launch of a Calgary office led by Matthew Tokarik, and strengthen Subterra's vertically integrated geothermal services and utility offerings.

Hull Street Energy has made a strategic growth investment in Greenskies Clean Focus, a vertically integrated developer, constructor, financier, owner and operator of distributed solar, storage and microgrid projects. The investment expands Hull Street Energy's footprint in critical power infrastructure and will support accelerated deployment of behind-the-meter renewable resources across the United States, in collaboration with prior investor JLC Infrastructure and Greenskies leadership.

Czech independent power producer ENERGO-PRO has acquired 100% of the share capital of Xallas Electricidad y Aleaciones, S.A.U. (Xeal) and Feroe Ventures & Investments S.L.U. from Sixth Street. The deal, financed in part with a EUR 300 million bridge loan from J.P. Morgan and Goldman Sachs, adds ten hydropower plants (167 MW) and two ferroalloy plants in Galicia and secures a pumped-storage concession pipeline to ENERGO-PRO.

Mars Equity Partners and affiliated Mars Energy Group (via platform NewGen Energy) have acquired K12 Energy (also referred to as K12 Solar), a El Dorado Hills, California provider of commercial solar solutions and Power Purchase Agreement (PPA) financing for nonprofits, schools and small commercial customers. The deal integrates K12 into Mars Energy's portfolio to expand commercial solar capabilities and nonprofit/school PPA expertise as an add-on to the group's NewGen Energy platform.

Solo, a Lehi, Utah-based provider of solar sales and design software, has acquired SolarNexus, a San Francisco-based solar customer-relationship and business management software provider. The acquisition will integrate SolarNexus' CRM and operations capabilities into Solo's platform to expand product capabilities and accelerate innovation for solar installers, EPC partners and sales teams.

Chevron U.S.A. Inc., through its Chevron New Energies division, has closed the acquisition of 100% of Magnum Development, LLC from Haddington Ventures, gaining a majority interest in ACES Delta, LLC — the developer of the Advanced Clean Energy Storage hydrogen production and salt-cavern storage project in Delta, Utah. The project will produce and store renewable hydrogen (first phase ~100 metric tons/day) to serve utility, transportation and industrial customers in the western United States and is expected to enter commercial-scale operations in mid-2025.

Igneo Infrastructure Partners has agreed to acquire a majority equity interest in Soltage, a Jersey City–based developer, owner and operator of distributed solar and storage assets across 18 U.S. states. The investment will support Soltage's transition to a full independent power producer (IPP) model and the buildout of its 1.9 GW pipeline; terms were not disclosed and the deal is expected to close in 2023.

ICG's Infrastructure team (ICG Infra) will make a €400 million equity investment in Enfinity Global to bolster the company's balance sheet and accelerate completion of its 17 GW renewable energy portfolio, including 7.3 GW of energy storage. The capital will support near-term growth, project execution and long-term operations across Enfinity's global portfolio while ICG works with management to support organic and inorganic expansion.

New York-based Greenbacker Capital Management has made a strategic minority equity investment in Telyon, a Connecticut-based renewable energy developer focused on commercial & industrial solar, battery storage and EV charging projects. The growth capital injection will help Telyon scale headcount, expand its platform and execute a nationwide pipeline of C&I projects across more than 21 states.

SER Capital Partners has committed $82 million to invest in Brightcore Energy to expand the company’s balance sheet and accelerate deployment of clean energy and efficiency projects. The growth capital will enable Brightcore to scale its Efficiency-as-a-Service offerings — including solar, LED lighting, HVAC/geothermal, EV charging and battery storage — and pursue additional project financing and acquisitions.

Synthica Energy, an anaerobic digestion developer converting pre-consumer organic waste into renewable natural gas (RNG), closed a large equity investment from the Infrastructure Business within Goldman Sachs Asset Management. The capital will be used to scale Synthica's build-own-operate facilities and accelerate project development across several U.S. markets including Ohio, Texas, Georgia, Kentucky, and Louisiana.

TSG Consumer Partners has made a growth investment in Trinity Solar, a leading residential solar, battery storage and EV charging provider based in Wall, New Jersey. Trinity’s management team will remain in place as the company uses the capital and TSG’s consumer and digital expertise to support continued geographic and service expansion across the Northeast U.S.

Cadre AS has acquired Bekk og Strøm AS, adding seven operating small-scale hydropower plants (total ~40 GWh/year) and a development portfolio of nine projects. The acquisition expands Cadre's operating portfolio (now >400 GWh), adds experienced staff, and improves geographic diversification in southern Norway as the company pursues a 2 TWh production ambition.

A fund managed by Ares Management's Infrastructure Opportunities strategy has acquired Dynamic Renewables, a U.S.-based developer, owner and operator of anaerobic digestion and renewable natural gas (RNG) projects. An unregulated affiliate of NorthWestern Energy also took a small minority stake; the investments will support development, construction and expansion of Dynamic's pipeline and operating assets, including the BC Organics facility in Wisconsin.

Dallas-based private equity firm Tailwater Capital announced a partnership with Ash Creek Renewables to back the company as a platform for renewable fuel feedstock solutions. Ash Creek, led by CEO John Cusick, will provide feedstock marketing, distribution, pretreatment and logistics to North American renewable diesel and sustainable aviation fuel producers.

Ryse Energy has acquired US-based micro wind turbine manufacturer Primus Wind Power, adding the AIR turbine technology to its product portfolio. The deal is intended to expand Ryse's small-wind capabilities, enable U.S. manufacturing of AIR turbines, and accelerate expansion into North American markets.

TransAlta Corporation has entered into a definitive arrangement agreement to acquire all outstanding common shares of TransAlta Renewables Inc. not already owned by TransAlta, offering RNW shareholders either TransAlta shares or $13.00 in cash (subject to proration). The deal is intended to simplify corporate structure, align a single clean‑electricity growth strategy and create a larger, more diversified independent power producer; closing is subject to shareholder, court and regulatory approvals.

LDC has made a significant investment in Boston Energy, backing CEO Julian Cattermole in a management buyout from the wider Bostonair Group. The capital will support Boston Energy’s international growth in onshore and offshore wind operations, expanding its technician training, maintenance and installation services across Europe, APAC and North America.

QE Solar, backed by private equity firm 424 Capital, acquired Tritium3 Renewable Services (Tritium Enterprises, LLC) of Honolulu, Hawaii. The add-on expands QE's operations & maintenance capabilities into utility-scale solar and battery energy storage (BESS), adding ~300 MW of O&M assets in Hawaii and supporting QE's growth to over 4 GW of assets under management.

Matrix Renewables, the TPG Rise-backed renewable energy platform, has acquired the Stillhouse Solar Project, a late-stage 284 MWdc solar development in Bell County, Texas, from OCI Solar Power. Matrix plans to complete power offtake, procurement and financing with construction slated for 2024 and commercial operations expected in 2025.

Applied Value Group has acquired ES Solar as a new platform investment. ES Solar, Utah's largest residential and commercial solar and battery installer with operations in Utah, Idaho and Wyoming, will keep its existing management team and work with Applied Value to expand into new markets, launch new products, and accelerate deployment of residential and commercial solar and storage systems.

SCF Partners has made an additional minority investment in Powerstar to support the company's continued growth in smart electrification and energy resilience solutions. As part of the transition, founder and majority shareholder Dr. Alex Mardapittas will step down from the chairmanship and board but will remain involved as a consultant.

Savant Systems, a smart-home and energy solutions company, has acquired POMCube, a developer of residential and commercial energy storage systems and inverters. POMCube will operate under the Savant brand as Savant integrates the company's inverter and battery technology into its Savant Power System to expand its whole-home energy and backup capabilities.

Arcadia has acquired Oregon Shines, a community solar provider, in a transaction that closed on May 22, 2023. The acquisition transfers Oregon Shines' subscription portfolio of nearly 84 MWdc to Arcadia, making Arcadia the largest manager of community solar projects in Oregon; terms were not disclosed.

First Solar, Inc. acquired Evolar AB, a Sweden-based developer of perovskite and thin-film photovoltaics, to accelerate development of high-efficiency tandem PV technology. The deal includes approximately $38 million paid at closing plus up to $42 million in contingent milestone payments and brings roughly 30 Evolar R&D staff into First Solar while establishing First Solar's first European R&D facility in Uppsala.

DIF Capital Partners, via its DIF Infrastructure VII fund, has signed an agreement to acquire a 75% majority interest in Diverso Energy Inc., a Canadian developer, owner and operator of geothermal heating and cooling systems. The founders retain 25% and will continue to lead the company; the investment will fund Diverso's growth and execution of its pipeline of geothermal EaaS projects across Canada.

TiLT Capital Partners (Siparex Group) led a €10 million minority financing round in Deltalys, with participation from SWEN Capital Partners and existing shareholders. The investment will fund expansion of Deltalys's production capacity, geographic roll-out in France, Europe and North America, and strengthening of R&D to broaden applications of its ECOLYS biogas filtration solution.

SCF Partners has made a strategic investment in Tekmar Group plc to accelerate the company's growth in offshore wind and broader offshore energy markets. Tekmar will remain an independent, publicly traded company while using SCF's capital and sector expertise to expand product offerings, develop new technology, and enter new markets.

Energy Capital Partners provided a USD $300 million preferred equity investment into Braya Renewable Fuels to complete financing for converting the Come By Chance refinery in Newfoundland and Labrador to renewable fuel operations. ECP joins existing owners Cresta Fund Management and North Atlantic Refining Corp. (managed by Silverpeak) to support production of renewable diesel, sustainable aviation fuel, green hydrogen and ammonia with initial output planned at 18,000 barrels per day and expansion potential.

Quinbrook Infrastructure Partners has acquired PurposeEnergy, a US-based specialist in converting organic waste from food and beverage producers into biogas and renewable natural gas (RNG). The acquisition gives Quinbrook a platform to scale PurposeEnergy’s proven project development, construction and operations capabilities to meet growing demand for renewable fuels and waste-to-energy solutions.

US Clean Energy (USCE), a clean energy platform and holding company, has acquired Eneon ES, a North American battery energy storage system (BESS) solutions provider. The deal brings Eneon's engineering, power conversion and control system expertise into the USCE platform to expand capabilities, market reach and access to capital for accelerated growth in the BESS market.

DIF Capital Partners agreed to acquire a majority equity interest in Green Street Power Partners, a US-based developer, financier, owner and operator of distributed generation solar projects. The investment will be executed through DIF Infrastructure VII and is intended to grow DIF's North American renewable portfolio and support Green Street's execution of its 2 GW+ pipeline.

Ancala has acquired a majority interest in Noventa Energy Partners, a developer of wastewater energy transfer systems that decarbonise heating and cooling for buildings. The investment, made on behalf of Ancala Infrastructure Fund III for an undisclosed amount, will fund Noventa's international growth and the delivery of a pipeline of projects including a large system for Toronto Western Hospital.

JSW Neo Energy Limited, a wholly-owned subsidiary of JSW Energy Limited, has completed the acquisition of a 1,753 MW renewable energy portfolio (comprising 15 project SPVs and 13 ancillary SPVs) from Mytrah Energy (India) Private Limited for an enterprise valuation of approximately ₹10,150 Crores. The portfolio includes 1,331 MW of wind and 422 MW (487 MWp DC) of solar capacity across southern, western and central India and will significantly increase JSW Energy's operating renewable capacity as part of its targets to reach 10 GW by FY2025 and 20 GW by 2030.

Ontario Teachers' Pension Plan has agreed to acquire a majority stake in Sevana Bioenergy and will make a $250 million capital commitment to accelerate development of renewable natural gas (RNG) projects across North America. Sevana, an owner-operator of large-scale anaerobic digestion projects, has deployed over $350 million of projects under construction and operates digester facilities across agricultural regions including Oregon, Idaho and South Dakota.

BluEarth Renewables US LLC acquired seven wind and solar development projects totaling approximately 1 GW from Ozone Renewables, LLC. The projects—located across Washington, Oregon, Ohio and Oklahoma—will be developed under a development services agreement with Pivot Power Management to advance BluEarth's North American pipeline.

Catalyst Power Holdings LLC has made a minority equity investment in JCD Solar Consulting, LLC and will serve as the exclusive offtake provider for JCD's future community solar projects. The partnership combines JCD's development pipeline with Catalyst's community-solar subscriber aggregation and servicing capabilities to increase project subscription rates and broaden access to solar savings for small and mid-sized businesses.

Kerogen Capital (through its CelerateX platform) and Thrive Renewables plc provided £15 million of funding to Geothermal Engineering Limited (GEL) — £12 million from Kerogen and £3 million from Thrive — to advance the United Downs deep geothermal project in Cornwall and accelerate GEL's UK geothermal portfolio. The capital will fund completion of the United Downs plant (targeting electricity production by 2024) and support GEL's goal of delivering 25 MWe of baseload electricity and 100 MWth of heat across its portfolio by 2028.

Palmetto, a technology-enabled residential solar and clean energy platform, raised $150 million from TPG Rise Climate to accelerate expansion of its software, product and operating platform. The investment will support growth of Palmetto's end-to-end residential solar capabilities and TPG Rise Climate's Steven Mandel will join Palmetto's board.

Antin Infrastructure Partners has acquired a majority stake in PearlX, a U.S.-based owner and operator of smart grid infrastructure focused on decarbonizing multifamily rental properties. The investment, the first North America commitment from Antin's NextGen platform, will be used to scale PearlX's team and deployment of solar, battery storage and electrification solutions across the U.S.

Denham Capital, via its Sustainable Infrastructure business, has acquired Solops, a U.S. developer, financier, and owner/operator of commercial and industrial photovoltaic projects, with an initial $200 million commitment to execute Solops' 800+ MW project pipeline. Denham intends to support a buy-and-build growth plan, positioning Solops as an independent power producer (IPP) to accelerate deployment of distributed generation solar across the United States.