ENERGY PRESPECTIVE

September 2022

Monthly Market Update

Notable Mergers & Acquisitions and Asset Transactions

Octopus Energy Group acquired a 24% stake in renewables developer Exagen through Octopus Energy Development Partnership. The $218 million deal includes an option to purchase a 500MW battery project located in the Midlands, England, which is currently in development and is scheduled to be operational by 2027
Palisade Real Assets acquired Malaby Biogas Ltd, an organic waste anaerobic digestion plant in the UK. The financial details of the deal were not disclosed
Pivot Energy acquired Maryland-based community solar specialist SGC Power. SGC Power identifies, develops and designs solar projects that produce long-term lease income for property owners and has been involved in 2.8GW of developments since its inception in 2008
EnergieDienst Holding AG acquired Alectron AG to strengthen its position as a solution provider for renewable energy. Alectron offers solar systems for roofs as well as heat and electricity storage solutions. The financial details of the deal were not disclosed
Antin Infrastructure Partners agreed to buy a majority stake in Blue Elephant Energy AG which operates a portfolio of 1.3GW of wind and solar power plants in Europe and Latin America. The transaction is expected to close in the last quarter of 2022 subject to regulatory approval. The financial details of the deal were not disclosed

Exus Management Partners acquired 20 solar PV projects with a combined capacity of 1.06GW, in northern Brazil, from developers Decal Renewables and Upside Value, for $650 million
ALH Group signed a deal to indirectly acquire a 49.9% stake in 16 solar PV farms with a combined capacity of 597MW in Germany from EnBW AG. The financial details of the deal were not disclosed
AES Brasil Energia SA signed an agreement to buy 3 wind farms with a combined capacity of 456MW from Cubico Brasil SA for an enterprise value of $390 million

NextEnergy Capital reached a £327 million first close of its NextPower UK ESG (NPUK ESG) fund. The fund has a target of £500 million and a hard cap of £1 billion. NPUK ESG will invest in new-build utility-scale, subsidy-free solar in the UK and expects to support around 2GW at hard cap. It has two operational seed assets totalling 115MW
F2i reached a €310 million first close on its debut debt fund “Infrastructure Debt Fund 1”. The fund has a target of €500 million and has received subscriptions from insurers, banks, pension funds and foundations in Italy and abroad. The fund will focus on senior and junior debt lending through loans and bonds to support the development and refurbishment of Italian and EU infrastructure, including renewables, energy efficiency and networks

Apex Clean Energy obtained $650 million of debt capital through a $450 million senior secured green term loan facility and a $200 million senior secured green revolving letter of credit facility, from 8 financial institutions, to support its future growth
Longroad Energy Holdings received a $500 million investment to accelerate the expansion of its wind, solar and storage portfolio from 1.5GW to 8.5GW in the next 5 years. The investment was made by MEAG, acting as an asset management arm for entities of Munich Re, alongside two of the company’s existing investors, the NZ Super Fund and Infratil, a listed entity managed by Morrison & Co.
Connor, Clark & Lunn Infrastructure and CarbonFree Technology closed approximately $360 million in debt financing facilities for their portfolio of utility-scale solar projects in Chile. The financial package comprises a $19 million letter of credit facility, a $71 million bridge-loan facility which will be used to fund ongoing construction costs, anda $270 million private placement facility which will be used primarily to refinance existing bank debt and repay the bridge- loan facility upon completion