PFR is pleased to announce the finalists for its 14th Annual Deal of the Year awards. Here is the short list for North America M&A Deal of the Year.
Asset M&A in 2016 came in all shapes and sizes, from mammoth fossil fuel-fired portfolios to single assets. While independent power producers continued to calibrate their fleets and balance sheets, bankruptcy court-led auctions also attracted a great deal of interest.
The finalists in this category are:
- The Carlyle Group’s acquisition of Essential Power from IFM Investors
- NRG Energy’s acquisition of distributed generation and utility-scale projects from SunEdison
- LS Power’s acquisition of Aurora and Rockford from NRG Energy
- H2O Power’s (PSP Investments) acquisition of Engie’s U.S. hydro assets
Carlyle’s acquisition of Essential Power from IFM
The Carlyle Group closed its acquisition of IFM Investors’ 1,767 MW Essential Power portfolio of gas-fired, hydro and oil-fired assets in New England, New Jersey and Maryland in June, bringing the total generation owned by Carlyle Power Partners to approximately 5.8 GW. The portfolio includes the Newington gas-fired project in New Hampshire, an 80% stake in the Ocean Peaking Power gas-fired project in New Jersey and the Rock Springs gas-fired project in Maryland. Rounding out the portfolio are a slew of peakers and hydro assets assets in Massachusetts. Morgan Stanley advised IFM on the sale. Read our coverage here.
NRG Energy’s acquisition of a portfolio of DG and utility-scale projects from SunEdison
NRG Energy swooped in to acquire a more-than-1.5 GW portfolio of utility-scale and distributed generation solar and wind projects from SunEdison in a bankruptcy court-run sale for its stalking horse bid of $183 million. Interestingly, an auction never took place, suggesting that other parties either could not complete the due diligence process in time or decided not to. The portfolio comprises operational assets and projects at various stages of development in nine U.S. states. Read our coverage here.
LS Power’s acquisition of Aurora and Rockford from NRG
LS Power acquired the 878 MW Aurora project and the 450 MW Rockford project, both in Illinois, from NRG Energy. Citigroup led the sale for NRG, distributing teasers to prospective buyers in January. LS Power emerged as the buyer in May. The projects, both of which are located in PJM Interconnection, were sold free of debt. The sale was part of a strategy previously announced by NRG to repay debt and shrink its balance sheet. Read our coverage here.
H2O Power’s (PSP Investments) acquisition of Engie’s U.S. hydro assets
H2O Power, the hydro platform of the Ottawa, Ontario-based Public Sector Pension Investment Board (also known as PSP Investments), acquired the majority of Engie’s hydro assets in the U.S. in June. The hydro facilities, which total 1.4 GW, are primarily located on the Connecticut River in Massachusetts and the Housatonic River in Connecticut. TD Securities and Norton Rose Fulbright advised H2O Power. Read our coverage here.
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