Top News
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Patent infringement lawsuits are becoming commonplace in the renewable energy sector as manufacturers look to take advantage of the US’ lucrative tax credit regime.
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Renewables developers are readying themselves for more supply chain disruption as additional tariffs on China-made panels are under consideration from the US government.
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International capital is heading to US renewables at what many in the space are calling “record breaking” pace.
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Ørsted, Avangrid, and Vineyard Offshore among bidders of the 6GW to Massachusetts, Connecticut, and Rhode Island for the states' combined New England auction.
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The Department of Energy's (DOE) Loan Programs Office (LPO) has awarded energy equipment supplier Holtec $1.52 billion to restore its 800MW Palisades nuclear-generating station in Michigan.
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Already one of the cleanest energy mixes in the world, Latin American policy makers continue to push for ambitious net-zero targets. Renewables already generate 60% of the region’s electricity, twice the global average, with no shortage of sponsors looking to take advantage of some of the globe’s best renewables resources.
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Vistra Corporation has closed on the sale of the Richland and Stryker power plants to Rockland Capital, one of the final puzzle pieces in the closing of its $6.3 billion merger with Energy Harbor.
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Canadian pipeline and energy company Enbridge has closed on its acquisition of Dominion Energy’s East Ohio Gas Company (EOG) for $6.6 billion.
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The largest clean energy infrastructure project in US history was closed just before we started the new year. Pattern Energy inked $11 billion in financing for its 500+ mile transmission line connecting more than 3.5GW of stranded wind resources – SunZia.
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Germany-headquartered global asset management group IKAV and asset manager Canadian Plan Pension Investment Board (CPPIB) will each obtain at least 10% stake in California Resources Corporation from owners BlackRock and Vanguard Group.
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Electricity and power generation company Vistra has received approval from the Federal Energy Regulatory Commission (FERC) to acquire Energy Harbor. It is the final approval needed in a $6.3 billion merger that will rebrand Vistra as renewables mega firm Vistra Vision.
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California Resources Corporation will combine with Aera Energy in an all-stock transaction valuing Aera around $2.1 billion.
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Vesper Energy has closed $590 million in financing for its 600MW Hornet Solar project.
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United Power is to buy its transmission facilities, contracts, and assets, from Tri-State Generation and Transmission Association (Tri-State) for $75million in a transaction critical for the utility's split from the electric cooperative, PFR has learned.
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Updated to include:
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Large nuclear plants may overtake previously trending small modular reactors (SMRs) in the market as both private and federal funds are zeroing in on the sector to meet ever-growing grid demand.
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The renewable energy sector in Chile continued to feel market disruptions in 2023 forcing many financial reorganizations and restructurings throughout the year.
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BlackRock has agreed to acquire Global Infrastructure Partners (GIP) for about $12.5 billion in cash and stock, in a move that further consolidates the infrastructure fund market.
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Despite renewables grabbing the headlines, emergency weather situations and the increased energy demand in cities with rapidly rising populations have been catalysts for a “gas renaissance” in the M&A power space.
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PNM Resources and Avangrid have terminated their $4.3 billion merger agreement.
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Blackstone Infrastructure Partners subsidiary BIP Blue Buyer has completed its $2.16 billion acquisition of a 19.9% equity stake in NIPSCO.
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Battery energy storage systems (BESS) took another step into the renewables mainstream when Broad Reach's BESS portfolio was agreed to be sold for more than $1 billion back in August.
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The past year has brought rough seas to the offshore wind sector. While the industry has faced many challenges, from politicians to tax credit guidelines, the key economic burden on these projects is, by far, the power purchase agreement (PPA) gap.
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Although an issue facing the whole energy sector, transmission and grid connectivity for the offshore wind industry has reached a whole new level of complexity.
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German-based energy giant RWE will continue its €55 billion ($60.2 billion) Growing Green initiative – investing in renewable energy, batteries, flexible generation and hydrogen – with an estimated €20 billion ($21.9 billion) to be allocated to future US investments by 2030.
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Texas lawmakers via a two-thirds margin voted in a controversial constitutional amendment that authorizes a $10 billion Texas Energy Fund aimed at providing low-interest loans to build gas-fired power plants, develop microgrids and modernize portions of the state’s electric grid.
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Among the many hurdles the offshore wind sector is facing, the lack of guidelines for tax credits guidelines remains one of the most convoluted.
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A section of Pattern Energy’s $10 billion Arizona-based SunZia Transmission project has been temporarily suspended by federal land managers following a request from the Tohono O’odham Nation.
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Siemens Gamesa Renewable Energy has pulled out of its $200 million Portsmouth, Virginia, offshore wind blade manufacturing facility, citing turbulence in the industry.
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French energy company TotalEnergies is to buy three gas-fired power plants in Texas from TexGen for $635 million.
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Uranium mining company Cameco Corporation and Brookfield Renewable Energy have closed on the joint acquisition of nuclear services business Westinghouse Electric Company on November 8, 2023.
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The Department of Energy (DOE) has awarded $3.46 billion for 38 grid-reliability projects, which will modernize and stabilize the grid, especially from extreme weather events.
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Invenergy's $7 billion transmission project, the Grain Belt Express, has received approval from the Missouri Public Service Commission (MPSC), the last step in securing state approval for project enhancements.
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Plus Power has completed a $1.8 billion financing for its standalone battery storage pipeline to help stabilize the grid alongside new wind and solar projects. Using data-driven metrics, the BESS developer is investing the funds into five battery projects near metropolitan areas in the Southwest.
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The Department of Energy has selected seven green hydrogen hub winners across 16 states, handing out $7 billion dollars in funds from the Bipartisan Infrastructure Law. Together, the hubs aim to produce over 3 million metric tons of clean hydrogen annually and generate over $40 billion in private investment in hydrogen.
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Battery energy storage systems (BESS) M&A activity in the US continues to steadily increase as nationwide transmission upgrades and interconnectivity queues grow – with deals for the relatively new technology now in the billions of dollars.
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Massachusetts, Connecticut, and Rhode Island have entered into an offshore wind partnership to solicit larger wind farms with the goal of curbing prices. The states had previously scheduled individual solicitations for January 2024 but will now run a 6GW offshore wind energy tender together.
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Despite current difficulties in the offshore wind market, TotalEnergies, a French wind energy developer, and Corio Generation, owned by Macquarie, have proposed a 1.34GW project off the coast of New Jersey. The wind developers' joint venture (JV) Attentive Energy also owns the 1.4GW Attentive Energy One project, located off the New York coast.
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While the Inflation Reduction Act (IRA) has spurred the green energy industry since its inception in August 2022, the legislation has not come without its own difficulties and may even be causing some developers to hit pause, according to speakers at REFF Wall Street 2023.
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The exhaustive push to deploy the 468MW Cape Wind project off the coast of Massachusetts came to a halt in early January 2015. Power purchase agreements (PPAs) fell through; banks fell away (PFR, 1/7/15). The $1.95 billion deal, the first offshore wind farm to be fully permitted by the BOEM, died after 14 years.
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Petrobras is planning to develop 23GW of offshore wind projects along the Brazilian coastline.
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Clean power producer, developer, and energy storage company FirstLight Power has finalized its agreement to acquire Hydroméga Services, including ownership interest in five hydropower generating stations in Québec and five in northeastern Ontario.
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Described as “transformative legislation” and a “fantastic opportunity” the Inflation Reduction Act (IRA) has bolstered investment into US renewable energy at breakneck speed. Yet, one year on from its historic enactment many hurdles remain for financing renewables projects in the US. Chiefly, the permitting system.
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Enbridge has agreed to acquire three Dominion Energy assets for $14 billion in a merger creating North America’s largest natural gas utility platform by volume.
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The Bureau of Ocean Energy Management (BOEM) closed its first-ever offshore wind energy auction in the Gulf of Mexico with only one lease awarded: RWE Offshore US Gulf won with a bid of $5.6 million for a 1.24GW project.
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The Department of Commerce made a final decision in its long-running investigation into whether Southeast Asian solar manufacturers are using parts made in China that should be subject to a tariff, potentially harming solar projects that rely on these overseas imports.
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Clean energy platform Peregrine Energy Solutions has entered into an agreement with AB CarVal for $700 million in financing for Peregrine Energy's 7GW pipeline of solar, wind, and battery projects.
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American Electric Power (AEP) has completed the sale of its 1,365MW unregulated and contracted renewables business to IRG Acquisition Holdings, a consortium owned by Invenergy, CDPQ, and funds managed by Blackstone Infrastructure.
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Renewables platform Origis Energy has closed a $750 million construction warehouse facility to fund 2GW of large scale solar, storage, and solar-plus-storage project construction over the next three years.
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Algonquin Power & Utilities (AQN) will pursue the sale of its Renewable Energy Group and commence leadership changes with a new interim chief executive.
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Solar developer Verano Energy is set to build a multi-phase 25GW green hydrogen development in Antofagasta, Chile, with an estimated $2.9 billion cost.
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Invenergy has closed a $1.5 billion revolving credit facility with Natixis Corporate & Investment Banking (Natixis CIB) to grow its development pipeline.
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Hydro One, Ontario's largest transmission and distribution provider, has filed an application with the Ontario Energy Board (OEB) to build and run its proposed $1.2 billion Waasigan Transmission line, which will provide energy to northwestern Ontario.
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Amid anticipation that green hydrogen would play a significant role in energy transition the Chilean government introduced the Fund for the Development of Green Hydrogen and its derivatives, an inter-ministerial operation that garnered the financial support of development banks in Europe and the US.
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The Ontario government has begun pre-development work siting the first large-scale nuclear build in more than 30 years.
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New Jersey Governor Phil Murphy signed a bill that will expand federal tax credits to Ørsted, the Danish energy giant building the largest offshore wind project in the US along the coast of New Jersey.
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While many column inches have been filled extolling the broad benefits of the Inflation Reduction Act of 2022 (IRA), the power sector has been impatiently waiting for guidance from the US Treasury for greater clarity on some tax equity fine print — most notably, the concept of transferability.
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The New York Independent System Operator (NYISO) has selected the Propel Alternate Solution 5 project for the Long Island Offshore Wind Export Public Policy Transmission Need solicitation.
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The Canada Infrastructure Bank (CIB) has ramped up investing in recent times with $3 billion deployed in clean energy projects – out of a near $10 billion total – and having doubled its cumulative deal volume hitting back at critics who said it was not putting capital to work quick enough.
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The European Investment Bank (EIB) has signed an agreement with Chile’s Ministry of Finance and economic development agency, Corfo, to finance green hydrogen in the country.
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Brookfield Renewable has agreed with Duke Energy to acquire its unregulated utility scale commercial renewables business at an enterprise value of approximately $2.8 billion, including non-controlling tax equity interests and the assumption of debt.
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During Chile’s annual Cuenta Publica presidential speech held in Congress on June 1, Gabriel Boric announced that the government was working on a bill to tender 5.4GW of large-scale energy storage systems set to become operational in 2026.
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KORE Power, battery storage and EV solutions company, was awarded a conditional commitment loan of $850 million by the Department of Energy's Loan Programs Office (LPO) for an advanced battery cell manufacturing facility in Buckeye, Arizona.
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AES Corporation has acquired the 2GW Bellefield project, the largest solar-plus-storage development in the US, from Avantus.
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Canadian-based power producer Codelio Power has secured construction loan financing and tax equity for its 171MW Moraine Sands wind project in Mason County, Illinois.
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Brazil’s National Electric Energy Agency (Aneel) has confirmed the first transmission auction of this year to be held on June 30.
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Ares-backed Heelstone Renewable Energy closed a $357 million debt financing with JPMorgan Chase and Fifth Third Bank for five utility-scale solar projects.
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FuelCell Energy, a global manufacturer of proprietary fuel cell technology, has secured a $87 million non-recourse project financing facility.
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The US power sector is experiencing a remarkable influx of foreign investments, with companies from across the globe pouring billions of dollars into clean energy projects bolstered by the Inflation Reduction Act (IRA).
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Scout Clean Energy and Elawan Energy’s joint venture has finalized the sale of its 199MW Persimmon Creek wind farm in western Oklahoma to utility company Evergy for $250 million.
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AES Andes has received environmental approval to develop a massive hybrid complex in Chile after submitting the project almost three years ago.
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Pattern Energy has signed a power purchase agreement (PPA) with both Shell Energy North America and all Regents of the University of California for part of the energy generated from its SunZia Wind Project.
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Denham Capital-backed power firm Ceiba Energy has signed an EPC contract with a consortium of Mitsubishi Power Americas and Consag to develop a 1.6GW LNG-to-power plant in northeastern Brazil.
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LS Power is set to acquire a 2.1GW natural gas generation portfolio from Brazos Electric Power Cooperative in ERCOT.
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NextEra Energy Partners is looking to sell its STX Midstream and Meade natural gas pipeline assets as it focuses on its renewable energy portfolio.
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The move towards a greener US power industry through investments in new clean energy technologies is being aided by government policy and dollars, but risks remain for all participants with a number of exogenous factors impacting ‘green’ financing.
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New Jersey has begun the process for its second offshore wind transmission solicitation, which will bring the state closer to its newly increased offshore wind policy target of 11GW.
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Toyota Tsusho Corporation has completed its acquisition of an 85% stake in SB Energy, the renewables platform of Japanese multinational SoftBank Group.
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Google and EDP Renewables have signed a framework agreement to develop over 80 distributed solar projects of 650MWp (500Mwac) in the US.
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Private equity firm Hull Street Energy has agreed to acquire a 100% interest in Sunrise Power from Generation Bridge Acquisition, an affiliate of ArcLight Capital Partners.
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Canada’s Algonquin Power & Utilities Corp. and American Electric Power have pulled the plug on the deal for AEP’s utility subsidiary Kentucky Power and its transmission business AEP Kentucky Transco.
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Quinbrook Infrastructure Partners has entered the renewable fuels market with the acquisition of New-Hampshire-based biogas company PurposeEnergy.
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Allete Clean Energy has closed its sale of the 91.6MW Red Barn wind project in Grant County to WEC Energy Group utility, Wisconsin Public Service (WPS), and Madison Gas and Electric Co (MGE).
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Iberdrola has agreed to sell more than 8.5GW of assets it operates in Mexico, in a transaction valued at around $6 billion.
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RWE has signed a Memorandum of Understanding (MoU) with Entergy to jointly evaluate the delivery of clean energy from offshore wind to industrial customers in Texas and Louisiana.
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The governments of Canada, Nova Scotia, and Newfoundland and Labrador have begun regional assessments for offshore wind development.
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The Ontario Teachers' Pension Plan Board has agreed to acquire a majority stake in renewable natural gas developer (RNG) Sevana Bioenergy.
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South Korea's LG Energy said it would invest about KRW7.2 trillion ($5.5 billion) in a battery-manufacturing complex in Arizona.
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The Canada Pension Plan Investment Board (CPP Investments) has teamed up with Brazilian investment business Votorantim to launch a company in Brazil focused on investing in the energy transition globally.
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The Biden Administration has announced $2.5 billion in new funding for a program to fund electric vehicle (EV) charging and alternative fuelling infrastructure across the country.
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Brazilian chemical company Unigel has formally signed an agreement with German electrolyzer manufacturer Thyssenkrupp Nucera to develop the second phase of a green hydrogen ammonia project in the state of Bahia.
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Brazilian development bank BNDES has approved financing for French electricity producer Helexia, part of the Voltalia Group, to install solar projects across Brazil.
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German renewables giant RWE has closed its $6.8 billion acquisition of Con Edison Clean Energy Businesses (CEB).
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US renewable gas platform Viridi Energy has acquired a landfill RNG project at the Marathon County Solid Waste Department’s landfill in Ringle, Wisconsin.
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Canada Pension Plan Investment Board (CPP Investments) has agreed to acquire a 49% stake in California-based energy producer Aera Energy from international asset management group IKAV.
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The Bureau of Ocean Energy Management (BOEM) has taken its next step toward its wind energy auction in the Gulf of Mexico.
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Invenergy, CDPQ and Blackstone Infrastructure have teamed up to acquire American Electric Power’s (AEP) 1.37GW unregulated, contracted renewables portfolio at a $1.5 billion enterprise value, including project debt.
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Infrastructure investor ArcLight Capital Partners has completed the sale of Great River Hydro to Hydro-Québec for approximately $2 billion.
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Altus Power, an independent developer, owner and operator of commercial-scale solar facilities, has closed on a $293 million acquisition of 220MW solar assets.
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Eolian, a subsidiary of Global Infrastructure Partners (GIP), has successfully closed a tax equity investment in two standalone battery storage projects in Mission, Texas.
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Energy transition investment firm Denham Capital has acquired New-Jersey-based Solops, a premier developer, financier, owner and operator of photovoltaic solar projects, for an undisclosed sum.
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Brazil's EDP Renewables' (EDPR) 580MW wind farm complex in Rio Grande do Norte state has been inaugurated.
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FirstEnergy Corp. has agreed to sell an additional 30% stake in its transmission unit to an affiliate of investment firm Brookfield Asset Management.
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The deadline to submit bids for New York’s third competitive offshore wind solicitation passed on 26 January, with Ørsted and BP among the bidders.
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Ørsted has signed an agreement to acquire Public Service Enterprise Group’s (PSEG) 25% equity stake in Ocean Wind 1, a 1.1GW offshore wind energy project.
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Lightsource bp has closed on a $267 million tax equity investment from Wells Fargo.
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Spearmint Energy, the battery energy storage specialist founded in May 2022, has added Peter Rood as chief development officer to its growing team.
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Canadian renewables developer Westbridge Renewable Energy Company has expanded its Sunnynook Solar PV project in Alberta to 330MWp.
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Korean renewable energy business Qcells is set to invest more than $2.5 billion to build a complete solar supply chain in the US.
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Oil and gas company BP has begun working on its 107MW Arche Solar project in Fulton County, Ohio.
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Renewables developer Enfinity Global has a 400MW operational utility-scale solar portfolio, a significant step in the company's US expansion.
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Brazilian development bank BNDES has agreed to finance the development of 1.5GW of renewable energy in Brazil.
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Continued interest from global energy players drove activity this year with large M&A transactions having a moment in the renewables sector across Latin America. A variety of reasons for the renewed enthusiasm – from foreign sponsors with capital to put to work, political changes ushering in deals, new regulation incentivizing investments – created another competitive year for the M&A market in Latin America. Energy giants, including many European players, led the trend this year with major platforms exchanging hands all around the region.
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Grupo Energetico 23 (GE23) has started constructing the second phase of an operational 48.3 MW wind farm in the Dominican Republic.
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Three senior executives at Kayne Anderson Capital Advisors have left the firm to launch a renewables investment platform, and are planning to take a North Carolina solar project with them.
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Enel's Latin American subsidiaries are making separate moves to merge some of their affiliates in Chile as well as to consolidate the Enel-owned businesses in Colombia into one single company.
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American Electric Power has appointed a new executive vice president of energy delivery, replacing Mark McCullough who is retiring, and has also named new presidents and chief operating officers for its Indiana Michigan Power and AEP Ohio subsidiaries.
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