Renewable Energy Acquisitions in 2024

JSW Neo Energy, a wholly owned subsidiary of JSW Energy, has agreed to acquire O2 Power from EQT Infrastructure IV and Temasek for USD 1.5 billion. O2 Power, headquartered in Gurgaon, India, is a utility-scale renewable energy platform with c.4.7 GW of secured capacity and a team of over 300 employees.

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.

Energea provided $20 million in debt (part of a combined equity and debt package) to HGR Energy to accelerate development and expansion of its renewable energy project portfolio. Westbury Group and Regiment Securities advised and structured the financing, which closed on December 6, 2024.

MA Solar Italy, a subsidiary of McLaren Applied Group, has acquired Italian solar inverter manufacturer FIMER, which had been in Extraordinary Administration. The deal (terms undisclosed) is intended to support FIMER's restructuring, preserve jobs and operations, and capture synergies between FIMER's inverter technology and McLaren's engineering capabilities.

Abu Dhabi Future Energy Company PJSC (Masdar) has completed the acquisition of 70% of the outstanding shares of TERNA ENERGY SA from GEK TERNA SA and other shareholders at €20 per share, valuing TERNA ENERGY at an enterprise value of €3.2 billion. Masdar will seek regulatory approval to launch an all-cash mandatory tender offer for the remaining shares and plans to scale TERNA ENERGY's renewable capacity to 6 GW by 2029 as part of a broader push to expand its European platform.

Taiwan Cement Europe Holdings B.V., a subsidiary of TCC Group Holdings, will implement a squeeze-out to acquire the remaining 0.81% of NHOA shares on 10 December 2024 at €1.25 per share following a simplified tender offer. Crédit Agricole CIB acted on behalf of the offeror; the squeeze-out relates to 2,239,720 shares and will lead to the delisting of NHOA from Euronext Paris.

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.

SunPower Corporation acquired Blue Raven Solar in a cash transaction of up to $165 million to accelerate its residential solar business and expand its geographic footprint into underpenetrated U.S. regions. Blue Raven’s CEO Ben Peterson will join SunPower’s executive team as SunPower combines its products and digital tools with Blue Raven’s direct-to-consumer sales and installation capabilities to grow residential solar and related financing products.

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.

Renew Holdings plc has acquired Full Circle Group Holding B.V. for a total cash consideration of €60.0m (£50.5m), funded from the Group’s cash resources and banking facilities. Full Circle, headquartered in Amersfoort, the Netherlands, is a specialist provider of onshore wind turbine repair, maintenance and monitoring services across Europe (c.€25.8m revenue in FY2023, c.160 technicians); the business was predominantly owned by AtlasInvest Holding prior to the sale.

Marex Group has completed the acquisition of Dropet, a Spain-based biofuels execution and brokerage firm, to expand its renewable products and physical biofuels capabilities. The deal adds Dropet’s experienced team and conference business to Marex’s global environmental products offering, supporting geographic and product diversification across Europe, Latin America, the Middle East and Africa.

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.

GroundWork Renewables has acquired CFV Solar Test Laboratory to add PV module performance, reliability testing and resilience services to its utility-scale solar meteorological data offerings. The acquisition will integrate lab-based module testing with GroundWork’s MET datasets to provide owners, developers and EPCs enhanced performance modeling and risk evaluation services; terms were not disclosed.

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.

MingZhu Logistics Holdings Limited (Nasdaq: YGMZ) announced an all‑stock acquisition of HOLDCO 36, subject to customary closing conditions and regulatory approvals. The deal would add a green fuel trading platform, renewable EPC and power leasing businesses, and digital energy services aimed at industrial customers, positioning MingZhu to diversify into higher‑growth renewable energy markets.

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.

Generac Power Systems acquired Ageto, a Fort Collins–based provider of microgrid controllers and energy optimization software, in a deal that closed August 1, 2024. The acquisition integrates Ageto's microgrid controller and software with Generac's battery energy storage systems and generator offerings to provide site-level system integration and expanded capabilities for commercial and industrial customers.

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.

Celly H2 LLC has acquired Chemtec New Energies (CNE), a renewable-energy focused division of Chemtec Energy Services LLC, to expand its hydrogen fueling and storage infrastructure capabilities. The deal brings CNE's modular refueling and storage expertise into Celly's portfolio to accelerate deployment of modular advanced hydrogen refueling stations (MAHRS) for municipalities, transit authorities, fleets, industrial users and ports.

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.

Generac Power Systems has acquired the PowerPlay battery energy storage systems business from SunGrid Solutions. The PowerPlay operation in Cambridge, Ontario will become Generac's dedicated R&D facility for commercial & industrial BESS solutions; the transaction closed on June 26, 2024 and terms were not disclosed.

Kemin Industries has acquired Archangel Inc., a specialist in antimicrobial solutions for fermentative biofuel production, adding Archangel's NOVA EZL and NOVA EZP products and four patent applications to Kemin's Bio Solutions portfolio. Archangel founder Allen Ziegler will join Kemin as a Principal Sales Manager, and the deal strengthens Kemin's ability to serve the U.S. biofuel industry with expanded bacterial-control capabilities.

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.

SunDensity, Inc. has acquired QD Solar, Inc. in an asset purchase and formed a wholly owned subsidiary, SunDensity Canada, to expand its solar materials and coatings capabilities. The deal brings QD Solar's perovskite-based photovoltaic materials and team into SunDensity's development program to accelerate technology development and pursue higher-efficiency tandem solar modules.

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.

Sevana Bioenergy has acquired the Rialto Bioenergy Facility in Rialto, California (the largest organic waste-to-energy facility in North America), strengthening Sevana's West Coast RNG footprint and enabling the facility's ramp-up to produce carbon-negative renewable natural gas. The facility had previously been associated with Anaergia/Rialto Bioenergy Solutions and was sold amid restructuring; reports indicate the sale was completed for approximately $20 million.

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.

Zero Carbon Systems has acquired Global Thermostat, combining Global Thermostat's decade-plus direct air capture technology with Zero Carbon Systems' large-scale engineering design and financial resources. The deal aims to accelerate deployment of low-cost, low-energy carbon dioxide removal at demonstration, commercial and megaton scales.

RWE Clean Energy acquired three development-stage renewable energy projects totaling 599 MW (solar and battery storage capacity) from Galehead Development, LLC. The assets — Cedar Ridge (Idaho, solar + storage), Remington (Oregon, standalone BESS) and Champlain (New York, solar) — expand RWE's footprint in the Pacific Northwest and New York and add development-stage capacity to its U.S. pipeline.

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.

Aspen Power announced it will acquire a portfolio of 20 community solar projects (up to 19 MW), primarily located in Illinois, partnering with a developer and working with Common Energy to subscribe and manage the projects. The acquisition expands Aspen Power's distributed generation footprint and increases access to community solar for residential and low- and moderate-income customers in Illinois.

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.

Madison Energy Infrastructure has acquired Sun Tribe's commercial assets, project pipeline, and commercial development team (Sun Tribe Solar), including onboarding of the commercial development leadership. The divestiture lets Sun Tribe sharpen its focus on utility- and community-scale solar while enabling Madison to expand its municipal and K-12 solar footprint and continue the Solar Empowered Schools program nationally.

SolarEdge Technologies has completed the acquisition of Wevo Energy Ltd., an Israel-based software startup that provides AI-driven EV charging optimization and management for large charger sites. The Wevo solution will be integrated into SolarEdge's EV chargers and the SolarEdge ONE energy optimization system to enhance commercial and industrial offerings by combining EV charging with on-site solar and storage.

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.

Southwest Airlines Co., through its wholly owned subsidiary Southwest Airlines Renewable Ventures LLC (SARV), has acquired SAFFiRE Renewables LLC to secure exclusive technology and advance development of scalable renewable ethanol that can be converted into sustainable aviation fuel (SAF). The acquisition moves Southwest from investor to sole owner of SAFFiRE and supports a pilot plant using SAFFiRE's NREL-licensed technology to process corn stover into renewable ethanol, with planned conversion to SAF by LanzaJet.