Funding and M&A Roundup: Quanta Services to Acquire Blattner for $2.7 Billion

Quanta Services – an American corporation that provides infrastructure services for electric power, pipeline, industrial and communications industries – entered into a definitive agreement to acquire Blattner Holding Company, a utility-scale renewable energy infrastructure solutions provider in North America. Blattner provides front-end engineering, procurement, project management, and construction services to renewable energy developers for wind, solar, and energy storage projects. The transaction consideration of $2.7 billion anticipated to be paid at closing will consist of approximately $2.36 billion in cash, subject to a working capital adjustment, and shares of Quanta common stock valued at approximately $340 million.
Kevala, a U.S.-based energy data and analytics provider secured $21 million in Series A funding. C5 Impact Partners LP and Thin Line Capital led the funding round. Chairman of Sunpower Corporation Tom Werner and former California Public Utilities Commissioner Mark Ferron also participated in the funding round. The company will utilize the fund to expand its operations across the U.S., commercialize grid analytics products and start launching its offerings around the globe. Kevala has developed an interactive cloud-based grid analytics toolbox, the Assessor platform, that helps grid operators predict and plan for extreme weather events, renewable energy adoption, and increasing demand from vehicles, buildings, and industry electrification.
Renewable energy company Adani Green Energy raised $750 million by issuing its maiden ListCo senior green bond. The bonds will have a tenor of three years at a coupon of 4.375%. Moodys assigned a Ba3 rating (stable) to the notes. The company will utilize the proceeds towards funding the equity portion of the capital expenditure for under-construction renewable energy projects. It can draw up to $1.7 billion over the period subject to agreement of the structure.
Soltech Energy Sweden AB (Soltech), a rooftop solar solutions provider, acquired 90.1% in roofing company Wettergrens Tak & Platslageri AB (Wettergrens). The acquisition is funded entirely from cash and with newly issued Soltech shares. Soltech offers rooftop solar and building-integrated solar solutions to match the needs of clients. It has an aggressive acquisition and growth strategy in the solar, roof, facade, and electrical engineering industries. It has earlier acquired 100% of Provektor, a privately owned Swedish electrical engineering company. The company also signed an agreement to acquire 60% of the shares in the solar energy company Milj? & Energi Ansvar Sverige. Soltech has an option to acquire the remaining 40% of the shares in 2024.
Q CELLS North America, a manufacturer of PV modules and provider of complete energy solutions, announced that it closed on an investment into a portfolio of solar-plus-storage projects developed by Amped Solutions. The investment was made using a new ‘Grid Equity’ financing structure. Q CELLS provided Amped Solutions with capital in exchange for the rights to future grid services revenue expected to generate the portfolio of operating systems deployed in California. Amped Solutions and its partners will retain ownership of the systems and all other revenue streams associated with the systems, such as bill savings, incentives, and tax benefits.
European Energy – develops, finances, constructs, and operates wind and solar projects – priced its new green senior bond at a margin of 3.75% plus 3 months EURIBOR (with zero floor). The new issuance provides for a full reset of the terms of European Energy’s senior bond and will provide flexibility to scale up senior financing going forward to support the company’s growth. Proceeds from the new bond will be used per European Energy’s new Green Finance Framework to invest in wind and solar plants and to repurchase and redeem the existing senior secured green bond of €200 (~$146) million. The new bonds are expected to be listed on Nasdaq Copenhagen within three months after the issue date. European Energy has appointed Danske Bank, Nordea, and DNB as joint bookrunners for the issuance of the new bond.
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