Weekly renewables M&A round-up (Mar 4-8)

Renewables Now covered M&A stories about Genex, Avangrid, BlackRock, KKR, Sunfire, and others this week. Below is the full list:

-- Enel sheds part of 1.7-GW Italian BESS portfolio to Sosteneo fund

Italian utility group Enel SpA said it has agreed to offload 49% of an Italian company holding the rights to a 1.7-GW battery energy storage systems (BESS) portfolio and some open cycle gas turbine (OCGT) plants.

Read more: https://renewablesnow.com/news/enel-sheds-part-of-17-gw-italian-bess-portfolio-to-sosteneo-fund-850378/

-- Aussie renewables firm Genex jumps on USD 248m takeover bid

Genex Power Ltd disclosed it has attracted an AUD-381-million takeover proposal from Japanese utility Electric Power Development Co Ltd, or J-Power, with the news sending shares in the Australian renewables and energy storage firm soaring.

Read more: https://renewablesnow.com/news/aussie-renewables-firm-genex-jumps-on-usd-248m-takeover-bid-850389/

-- EQT, Temasek put Indian renewables venture on the block - report

Investment firm EQT AB of Sweden and Temasek of Singapore are looking to cash in on their India-based renewables platform O2 Power and have tapped Barclays to run an auction for the business, The Economic Times reported, citing insiders.

Read more: https://renewablesnow.com/news/eqt-temasek-put-indian-renewables-venture-on-the-block-report-850413/

-- RES wraps up acquisition of renewable O&M biz from Spain's Ingeteam

UK-based independent renewables firm RES announced that it acquired the renewable operations and maintenance (O&M) services division of Ingeteam SA, a Spanish electrical engineering company, expanding its geographic reach to 24 markets.

Read more: https://renewablesnow.com/news/res-wraps-up-acquisition-of-renewable-om-biz-from-spains-ingeteam-850476/

-- Actis-backed BluPine snaps up 369 MW of solar from India's Acme

BluPine Energy, an Indian portfolio company of private equity firm Actis, announced the acquisition of a 369-MW portfolio of solar projects from Indian investment solutions provider Acme Group.

Read more: https://renewablesnow.com/news/actis-backed-blupine-snaps-up-369-mw-of-solar-from-indias-acme-850479/

-- Trafigura to buy European ops of biofuels producer Greenergy

Commodities trader Trafigura Group Pte Ltd announced a deal to acquire the European business of Greenergy, a British supplier of road fuels and producer of biodiesel.

Read more: https://renewablesnow.com/news/trafigura-to-buy-european-ops-of-biofuels-producer-greenergy-850508/

-- Norsk Hydro unit to take control of 2.4-GW Nordics wind pipeline

Hydro Rein, a renewable energy solutions provider owned by Norwegian aluminium supplier Norsk Hydro ASA, has agreed to take control of a portfolio of early-stage wind projects in the Nordics with a combined potential capacity of 2.4 GW.

Read more: https://renewablesnow.com/news/norsk-hydro-unit-to-take-control-of-24-gw-nordics-wind-pipeline-850522/

-- Electrolyser maker Sunfire pockets EUR 500m to scale up growth

German electrolyser maker Sunfire GmbH has at its disposal roughly EUR 500 million in fresh capital to speed up its growth by enhancing the development of its products in a bid to meet the growing demand for electrolysis technologies.

Read more: https://renewablesnow.com/news/electrolyser-maker-sunfire-pockets-eur-500m-to-scale-up-growth-850526/

-- E-fuels firm StormFisher Hydrogen attracts USD-22m investment

StormFisher Hydrogen, a Canada-based specialist in renewable and electrolysis-based fuels, has attracted a CAD-30-million investment that will help it advance its existing project pipeline in North America.

Read more: https://renewablesnow.com/news/e-fuels-firm-stormfisher-hydrogen-attracts-usd-22m-investment-850569/

-- Galileo sheds interest in Enviria to BlackRock and progresses ground-mount solar JV

Pan-European renewables developer Galileo Green Energy said it has agreed to sell its interest in Enviria, a German provider of commercial and industrial (C&I) solar systems, to US asset manager Blackrock.

Read more: https://renewablesnow.com/news/galileo-sheds-interest-in-enviria-to-blackrock-and-progresses-ground-mount-solar-jv-850572/

-- Brookfield's Luminace buys 20 MW of solar projects from RIC Energy

RIC Energy said it has sold three community solar projects in New York with a combined capacity of 20 MW to Luminace, the North American distributed energy business of Brookfield Renewable Partners LP.

Read more: https://renewablesnow.com/news/brookfields-luminace-buys-20-mw-of-solar-projects-from-ric-energy-850589/

-- Spain's ID Energy buys over 40 MWp of mature solar projects in Serbia

Spanish solar photovoltaic specialist ID Energy Group has acquired three solar projects with a combined capacity of over 40 MWp in Serbia, the firm said in a post on LinkedIn.

Read more: https://renewablesnow.com/news/spains-id-energy-buys-over-40-mwp-of-mature-solar-projects-in-serbia-850598/

-- Hive Energy takes hold of 272-MW Polish solar portfolio

British renewables developer Hive Energy has taken possession of a 272-MW portfolio of early-stage solar projects in Poland from local developer T&T Proenergy, formerly known as 01Cyberaton SA.

Read more: https://renewablesnow.com/news/hive-energy-takes-hold-of-272-mw-polish-solar-portfolio-850616/

-- Downing acquires 46-MW Swedish wind farm

London-based investment manager Downing announced the acquisition of a 46-MWp onshore wind farm in northeastern Sweden in a move that diversifies its existing portfolio both in terms of technology and geography.

Read more: https://renewablesnow.com/news/downing-acquires-46-mw-swedish-wind-farm-850639/

-- Sonnedix snaps up 49-MW Portuguese solar quartet from Cubico

Global independent solar power producer Sonnedix Power Holdings Ltd said it has purchased a 49-MW portfolio of solar parks in Portugal from Cubico Sustainable Investments.

Read more: https://renewablesnow.com/news/sonnedix-snaps-up-49-mw-portuguese-solar-quartet-from-cubico-850738/

-- Delving into retail's offshore wind investment drive

Retail giants such as IKEA, H&M, Bestseller and ASKO last year acquired direct equity stakes in offshore wind projects. Esgian's top 10 predictions for offshore wind anticipate a further acceleration of this trend in 2024. To discuss the factors behind these stake acquisitions, Renewables Now recently had the opportunity to speak with Oliver Stephenson at Esgian.

Read more: https://renewablesnow.com/news/interview-delving-into-retails-offshore-wind-investment-drive-850786/

-- KKR pursues takeover of German renewables firm Encavis

German wind and solar parks operator Encavis AG confirmed that it has just started talks with KKR & Co Inc after being approached by the US private equity firm about a potential transaction.

Read more: https://renewablesnow.com/news/kkr-pursues-takeover-of-german-renewables-firm-encavis-850787/

-- HIH Invest buys 25-MW wind farm in Germany for its green energy fund

HIH Invest Real Estate has acquired a 25-MW wind farm in Germany from German project developer Energiequelle GmbH, adding the asset to its green energy investment fund.

Read more: https://renewablesnow.com/news/hih-invest-buys-25-mw-wind-farm-in-germany-for-its-green-energy-fund-850792/

-- Iberdrola proposes buyout of US renewables business Avangrid

Spanish utility Iberdrola SA, the majority shareholder of Avangrid Inc, has proposed to buy out the shares not already owned in the US energy services and delivery company in a deal implying a total equity valuation of about USD 13.2 billion for the business.

Read more: https://renewablesnow.com/news/iberdrola-proposes-buyout-of-us-renewables-business-avangrid-850795/

-- Electrolyser maker Sunfire to spin off fuel cell unit

German electrolyser maker Sunfire GmbH said it has decided to spin off its fuel cell business into an independent company so as to focus entirely on its core operations.

Read more: https://renewablesnow.com/news/electrolyser-maker-sunfire-to-spin-off-fuel-cell-unit-850828/

-- Pedal Steel Solar snaps up 1,600 MWh of US battery projects

Solar and storage developer and operator Pedal Steel Solar LLC said it has acquired two development-stage battery energy storage system (BESS) projects in Michigan and Kentucky with a combined dispatch capacity of up to 1,600 MWh.

Read more: https://renewablesnow.com/news/pedal-steel-solar-snaps-up-1600-mwh-of-us-battery-projects-850861/

-- Residential solar co Sunergy inches closer to public market

Shareholders of the blank check company that US residential solar firm Sunergy Renewables LLC agreed to merge with in a push to go public have voted to approve the proposed business combination which gives the combined entity a pro-forma implied enterprise value of USD 475 million.

Read more: https://renewablesnow.com/news/residential-solar-co-sunergy-inches-closer-to-public-market-850903/

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