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Sep 19, 2024 16:03 CESTWeekly renewables M&A round-up (Mar 2-6)
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Renewables Now covered M&A stories related to AES Tiete, Windlab, Pattern Energy, Q Cells and others over the past week. Below is the full list of deals:
-- Total eyes stake in 1.1-GW UK offshore wind project - report
French oil and gas giant Total SA (EPA:FP) has made it to the final round of bidding for a stake in the 1,075-MW Seagreen wind project in the Scottish part of the North Sea, Bloomberg reports, quoting informed people.
-- Highfield Energy, Temporis Aurora form 200-MW Irish wind power JV
Irish renewable energy project developer Highfield Energy is partnering with Temporis Aurora Fund to develop onshore wind projects with a total capacity of at least 200 MW in Ireland.
-- ABB formally offloads solar inverter unit
Swiss group ABB Ltd (SWX:ABBN) said it has closed the sale of its solar photovoltaic (PV) inverter business to Italian sector player Fimer SpA.
-- Brazil's Eneva offers to merge with AES Tiete
Brazilian energy company Eneva SA (B3:ENEV3) has sent a binding cash-and-stock proposal for a merger with local peer AES Tiete Energia SA (B3:TIET11) that would result in the creation of a "giant in the generation sector."
-- Japan's Itochu to invest USD 3.7m in energy storage co Eguana
Japanese general trader Itochu Corp (TYO:8001) will invest CAD 5 million in Canadian energy storage systems developer Eguana Technologies Inc (CVE:EGT).
-- First Solar reveals buyer of 160-MW California PV portfolio
US renewables developer Longroad Energy has acquired a 160-MW portfolio of solar projects in California developed by First Solar Inc (NASDAQ:FSLR).
-- Grasshopper Solar buying 278 MW of Pennsylvania solar
Canada-based solar developer Grasshopper Solar said it will spend more than USD 300 million to buy a 278-MW portfolio of photovoltaic (PV) projects in Pennsylvania.
-- Windlab enters takeover agreement
Australian wind farm development and management firm Windlab Ltd (ASX:WND) announced an agreement to be acquired by investment vehicle Wind Acquisition 1 Pty Ltd and Squadron Wind Energy Development Pty Ltd for AUD 1.0 per share in cash.
-- RP Global closes exit from Georgian renewables JV
RP Global has sold its 35% stake in Georgian Renewable Power Company (GRPC), a joint venture (JV) it formed six years ago with UK-based holding company Georgia Capital Plc (LON:CGEO).
-- Proxy advisory firms recommend rejection of Pattern Energy deal
Two of the three leading proxy advisory firms recommend that the shareholders of Pattern Energy Group Inc (NASDAQ:PEGI) vote against the company’s agreed takeover by Canada Pension Plan Investment Board (CPPIB).
-- Pacific Ethanol to dispose of majority stake in Pacific Aurora
US ethanol producer Pacific Ethanol Inc (NASDAQ:PEIX) said it has agreed to sell its majority stake in Pacific Aurora LLC to its partner in the ethanol venture, Aurora Cooperative Elevator Company, for USD 52.8 million.
-- India's ACME Cleantech to sell 600 MW of solar capacity - report
Indian firm ACME Cleantech Solutions signed a deal to offload 600 MW of solar power capacity to UK-based emerging market investor Actis Capital, the Economic Times reported, citing people in the know.
-- John Laing ditches wind, solar on limited value creation potential
UK-based infrastructure investor John Laing Group Plc (LON:JLG) will cease investing in standalone wind and solar projects globally but it is looking at other infrastructure opportunities created by the energy transition.
-- Unnamed investor snaps up 887.5 MW of Glidepath's early-stage PV projects
US energy project developer Glidepath Ventures has offloaded a portfolio of early-stage solar projects in the US with a combined direct current (DC) capacity of 887.5 MW.
-- Blackstone buys Canadian battery storage firm NRStor C&I
Blackstone (NYSE:BX) has finalised the acquisition of Canadian battery storage solutions provider NRStor C&I LP, which has assets with a total capacity exceeding 200 MWh.
-- Alerion Clean Power takes over 3 wind farms in operation
Italian renewable energy company Alerion Clean Power SpA (BIT:ARN) has finalised the acquisition of three wind farms with a combined capacity of 119.75 MW, the company said in a press release.
-- Spruce Finance grows solar portfolio with 27.6-MW purchase
Spruce Finance, a Texas-based solar asset manager, has completed the acquisition of a 27.6-MW portfolio of distributed generation (DG) solar projects for an undisclosed sum.
-- Aquila European Renewables to raise EUR 25m for acquisitions
Aquila European Renewables Income Fund plc (LON:AERS) announced plans to raise EUR 25 million through a share issue to fund future acquisitions of renewable energy assets.
-- Q Cells buys 940 MWp of solar project rights in Spain
Q CELLS, the solar products company with dual headquarters in South Korea and Germany, has bought from RIC Energy the development rights for 940 MWp of photovoltaic (PV) projects in Spain.
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