Tracked deals
20
20 tracked deals across 2021-2026.
Who's Buying Renewable Energy Companies in Canada
Buyer mix
Mixed buyer set
12 strategic · 10 pe
Top trend
Volume peaked in 2023
6 tracked deals announced in 2023.
Primary Insight
What Stands Out
- Platform-building is a common thread: new or scaled platforms like Northview Energy and expanded capabilities across fuels, storage, and geothermal.
- Provincial clustering shows up repeatedly in British Columbia, Ontario, Alberta, and Nova Scotia.
- Renewables-to-heat and services feature prominently, including geoexchange heating-and-cooling-as-a-service (e.g., GeoTility Systems Corp.).
- Multiple renewables subsectors are represented: utility-scale solar and wind, onshore wind, battery energy storage systems (BESS), and geothermal heating and cooling.
- Transaction formats vary from majority equity investments to full acquisition of operating renewable businesses and financing facilities.
| Deal theme | Examples from the page |
|---|---|
| Operating assets / contracted generation | Northview Energy seed portfolio; LS Power acquisition of Algonquin’s ex-hydro renewables |
| Renewable fuels integration | EverWind (wind to green hydrogen/ammonia demand); Elemental Clean Fuels |
| Building service & deployment capacity | GeoTility (HCaaS), LiftWerx (wind O&M), Subterra (geothermal drilling) |
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Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| Ancala | 1 | Independent infrastructure investment manager investing i... | PE |
| British Columbia Investment Management Corporation (BCI) | 1 | Canadian institutional investor investing across public a... | Mixed |
| Brookfield Asset Management | 1 | Global alternative asset manager investing in infrastruct... | PE |
| Callaway Capital Management, LLC | 1 | Lender/investor providing secured convertible financing w... | PE |
| Clearlight Energy (formed by LS Power) | 1 | LS Power company formed to manage and grow acquired opera... | Strategic |
| DIF Capital Partners | 1 | Global mid-market infrastructure fund manager investing i... | PE |
| DIF Infrastructure VII | 1 | Infrastructure investment fund managed by DIF Capital Par... | PE |
| ERA Partners LLC | 1 | Infrastructure asset manager investing in lower‑middle‑ma... | PE |
| Endurant Energy | 1 | Developer, owner and operator of distributed energy resou... | Strategic (PE-backed) |
| Energy Capital Partners | 1 | Private equity firm investing in energy transition, elect... | PE |
Acquisition Volume in Renewable Energy in Canada by Year
Last 6 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
September 21, 2026
- Buyer
- Vanguard Renewables
- Target
- Generate Upcycle (five North American facilities)
- Seller
- Generate Capital
- Industry
- Renewable Energy
- Location
- Ontario, Canada
- Type
- Buyout
Generate Capital announced the sale of its Generate Upcycle platform in two separate transactions. Vanguard Renewables signed an agreement to acquire Upcycle’s five North American facilities in Ontario, Canada and upstate New York, expected to close October 1, 2026.
-
- Buyer
- Northview Energy
- Target
- Northview Energy (seed portfolio of contracted operating renewable assets: 22 utility-scale solar and onshore wind assets across six power markets)
- Seller
- Deriva Energy, Scout Clean Energy, Urban Grid
- Industry
- Renewable Energy
- Location
- British Columbia, Canada
- Type
- Buyout
BCI, Norges Bank Investment Management, and Brookfield announced the launch of Northview Energy, a privately held renewable energy platform. Northview will initially acquire a seed portfolio of 22 contracted, operating utility-scale solar and onshore wind assets (about 2.3 GW) from Brookfield-managed renewable energy companies and has a framework to pursue additional renewable asset acquisitions in the U.S. and Canada.
-
March 2, 2026
- Buyer
- Nuveen Energy Infrastructure Credit (via EPIC II fund)
- Target
- EverWind
- Industry
- Renewable Energy
- Location
- Nova Scotia, Canada
- Type
- Growth capital
EverWind announced a US$175 million strategic investment from Nuveen Energy Infrastructure Credit to advance construction of its 650+ MW onshore wind portfolio and support delivery of the Point Tupper Green Fuels Project in Nova Scotia. The funding marks a transition from development to construction for an integrated renewables-to-green-fuels platform connecting wind generation to long-term green hydrogen and ammonia demand.
-
February 23, 2026
- Buyer
- Callaway Capital Management, LLC
- Target
- Revolve Renewable Power Corp.
- Industry
- Renewable Energy
- Location
- Canada
- Type
- Growth capital
Callaway Capital Management completed the initial closing of a $10 million advance (Tranche A) under a secured convertible credit agreement providing up to $40 million in financing to Revolve Renewable Power. The credit is structured in two tranches and includes lender-convertible terms into Revolve common shares, along with investor rights such as board nomination rights.
-
February 9, 2026
- Buyer
- ERA Partners LLC
- Target
- GeoTility Systems Corp.
- Industry
- Renewable Energy
- Location
- British Columbia, Canada
- Type
- Buyout
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.
-
October 15, 2025
- Buyer
- Quinbrook Infrastructure Partners
- Target
- Elemental Clean Fuels
- Seller
- Founders of Elemental Clean Fuels, Piney Point Capital
- Industry
- Renewable Energy
- Location
- British Columbia, Canada
- Type
- Buyout
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.
-
January 8, 2025
- Buyer
- LS Power, Clearlight Energy (formed by LS Power)
- Target
- Algonquin Power & Utilities Corp.'s renewable energy business (excluding hydro)
- Seller
- Algonquin Power & Utilities Corp.
- Industry
- Renewable Energy
- Location
- Ontario, Canada
- Type
- Buyout
LS Power completed its acquisition of Algonquin Power & Utilities Corp.'s renewable energy business (excluding hydro) for up to $2.5 billion. The deal adds operating wind and solar assets and expands LS Power’s renewable pipeline, with Clearlight Energy formed to manage the acquired operating assets and REV Renewables taking additional U.S. development projects.
-
- Buyer
- Generac Power Systems
- Target
- PowerPlay Battery Energy Storage Systems (division of SunGrid Solutions Inc.)
- Seller
- SunGrid Solutions Inc.
- Industry
- Renewable Energy
- Location
- Ontario, Canada
- Type
- Divestiture
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.
-
June 18, 2024
- Buyer
- SunDensity, Inc.
- Target
- QD Solar, Inc.
- Industry
- Renewable Energy
- Location
- Ontario, Canada
- Type
- Buyout
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.
-
- Buyer
- TowerBrook Capital Partners L.P.
- Target
- LiftWerx Holdings Inc.
- Industry
- Renewable Energy
- Location
- Ontario, Canada
- Type
- Buyout
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.
-
October 27, 2023
- Buyer
- Subterra Renewables
- Target
- Earth Drilling Co. Ltd., Harris Exploration
- Industry
- Renewable Energy
- Location
- Alberta, Canada
- Type
- Buyout
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.
-
- Buyer
- TransAlta Corporation
- Target
- TransAlta Renewables Inc.
- Seller
- TransAlta Renewables shareholders
- Industry
- Renewable Energy
- Location
- Alberta, Canada
- Type
- Buyout
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.
-
- Buyer
- DIF Capital Partners, DIF Infrastructure VII (fund)
- Target
- Diverso Energy Inc.
- Seller
- Founders of Diverso Energy
- Industry
- Renewable Energy
- Location
- Ontario, Canada
- Type
- Buyout
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.
-
- Buyer
- Energy Capital Partners
- Target
- Braya Renewable Fuels
- Industry
- Renewable Energy
- Location
- Newfoundland and Labrador, Canada
- Type
- Growth capital
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.
-
April 6, 2023
- Buyer
- US Clean Energy
- Target
- Eneon ES
- Industry
- Renewable Energy
- Location
- Alberta, Canada
- Type
- Addon
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.
-
- Buyer
- Ancala
- Target
- Noventa Energy Partners
- Industry
- Renewable Energy
- Location
- Ontario, Canada
- Type
- Buyout
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.
-
December 7, 2022
- Buyer
- Endurant Energy
- Target
- GEOptimize, Inc.
- Industry
- Renewable Energy
- Location
- Manitoba, Canada
- Type
- Buyout
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.
-
January 5, 2022
- Buyer
- NovaSource Power Services
- Target
- Heliolytics, Inc.
- Industry
- Renewable Energy
- Location
- Ontario, Canada
- Type
- Addon
NovaSource Power Services has acquired Heliolytics, an aerial inspections and site-data provider for photovoltaic assets. The deal expands NovaSource’s lifecycle services and digital capabilities, integrating Heliolytics’ aerial inspection and analytics to enhance asset performance for solar customers globally.
-
April 22, 2021
- Buyer
- EverGen Infrastructure Corp.
- Target
- Fraser Valley Biogas Ltd.
- Industry
- Renewable Energy
- Location
- British Columbia, Canada
- Type
- Buyout
EverGen Infrastructure Corp., a Canadian renewable natural gas (RNG) infrastructure platform, has acquired Fraser Valley Biogas Ltd., the original producing RNG facility in Western Canada located in Abbotsford, British Columbia. EverGen plans to expand and optimize the facility—boosting production from over 80,000 gigajoules annually to more than 125,000 gigajoules—and integrate operations with its existing BC waste-to-energy projects to realize operational synergies.
-
April 15, 2021
- Buyer
- Visionstate Corp.
- Target
- Exceed Solar
- Industry
- Renewable Energy
- Location
- Alberta, Canada
- Type
- Buyout
Visionstate Corp. signed a letter of intent to acquire the outstanding shares of Exceed Solar, an Alberta-based renewable energy company focused on smart, solar-enabled building envelopes for residential applications. The deal consideration is CAD 100,000 cash plus CAD 200,000 in Visionstate shares, and the acquisition builds Visionstate's sustainability and IoT capabilities by combining Exceed Solar's solar/building-envelope technology with Visionstate's IoT and analytics expertise.
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Frequently Asked Questions
What renewable energy segments are represented in these Canada acquisitions?
The page covers utility-scale solar and wind, onshore wind, battery energy storage systems (BESS), geothermal heating and cooling, and related service providers such as O&M and geoexchange heating-and-cooling-as-a-service.
Which Canadian provinces appear most often in the listed transactions?
Recent locations include British Columbia, Ontario, Alberta, Nova Scotia, and Canada more broadly.
Are these deals mostly acquisitions or equity investments?
Both appear. Examples include majority equity investments (e.g., ERA Partners and GeoTility; DIF Capital Partners and Diverso Energy) alongside acquisitions of operating renewable businesses (e.g., LS Power and Algonquin’s renewable energy business excluding hydro).
Do any transactions involve financing or construction-stage funding rather than asset purchase alone?
Yes. For example, Nuveen Energy Infrastructure Credit (via EPIC II fund) provides strategic investment to advance construction for EverWind, and Callaway Capital Management provides an initial draw under a secured convertible credit agreement to Revolve Renewable Power.
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