Funding and M&A Roundup: Macquarie to Acquire 90% Stake in French Solar Energy Platform

From: Mercom Capital Group
Through Macquarie Green Investment Group Renewable Energy Fund 2, Macquarie Asset Management intends to acquire a 90% equity interest in the French solar energy platform Apex Energies Group from a consortium of investors. Apex Energies Group develops, finances, builds, and operates rooftop and ground-mounted solar power plants across France. The financial terms have not been disclosed.
Apollo and EnCap Energy Transition Fund I (EETFI) announced that funds managed by Apollo affiliates agreed to acquire a 50% stake in Broad Reach Power, an utility-scale energy storage, and renewable energy platform in the U.S. The Apollo Funds will acquire the stake from existing investor EnCap Investments and its co-investment partners Yorktown Partners and Mercuria Energy. EnCap and its partners will retain the other 50% stake and, together with the Apollo Funds, commit to investing up to $400 million of additional equity to fund Broad Reach’s continued expansion and growth pipeline. White & Case served as the legal advisor, and Citi served as the sole financial advisor to EnCap and Broad Reach. Kirkland & Ellis served as legal counsel to the Apollo Funds.
UK solar and storage developer Elgin Energy has raised ?25 million (~$33.3 million) in an oversubscribed fundraise process through Focus Capital partners. Elgin Energy will use the capital raised to fund its ambitious medium-term growth strategy of exceeding 5 GW of solar+storage across its core markets by 2025.
Smith, a global distributor of electronic components and provider of custom supply chain solutions, has signed an agreement to sell its solar sales and services division, known as ONTILITY Powered by Smith, to BBB Industries under its new division, TerrePower. TerrePower will give new life to used, broken, and expired solar panels and electric-vehicle batteries.
Plug Power, a U.S.-based hydrogen fuel cell provider, has acquired Applied Cryo Technologies, which offers technology, equipment, and services to transport, store, and distribute liquified hydrogen and other cryogenic gases. The acquisition would add capabilities, expertise, and technologies, including a liquid hydrogen delivery network and fleet, liquid hydrogen storage, and hydrogen mobility fueling.
The London-based power generation company ContourGlobal has acquired Green Hunter Group in a €45.6 million (~$51.1 million) deal made alongside long-term partner Energy Infrastructure Partners. Green Hunter Group is a portfolio of solar PV assets totaling 18 MW located in Italy. ContourGlobal now owns 51% of the acquired equity, and Energy Infrastructure Partners owns 49%. The acquired assets are estimated to contribute about €8 million (~$8.9 million) of adjusted earnings before interest, taxes, depreciation, and amortization on an annual basis.
Singapore-based solar project developer SUN Energy has raised $25 million in a Series A funding round. TBS Energy Utama, through its subsidiary PT Toba Bara Energi, led the funding round. PT Delta Dunia Makmur and a group of entrepreneurs in the region also participated in the funding round. The company will utilize the funding to develop projects in Indonesia, enhance capacity in the region, and strengthen its platform to accelerate the energy transition movement in the country.
German energy company RWE is selling solar PV project developer subsidiary Belectric to Czech CEZ Group. CEZ applied on November 11 for regulatory approval to take full ownership of Belectric, showing a Federal Cartel Office notice.
Mainova, an energy supplier in Germany, has made a strategic investment in Lorenz Energie by taking over 49.9% of the shares as part of a capital increase. Mainova would like to advance the photovoltaics division and the expansion of tenant electricity with Lorenz Energie.
YKC Clean Energy Technologies (YKC Charging), a Chinese provider of EV charging and energy management services, has announced the completion of its Series B3 financing with investment from top smart device manufacturer OPPO.
HBS Group Southern has announced that building materials distributor Brickability Group has acquired renewable energy business HBS NE Limited and its trading names HBS New Energies and UPOWA. The acquisition will provide HBS New Energies with the investment needed to expand further its national solar PV, battery storage, and electric vehicle charging installation services. The investment in UPOWA will enable it to enhance and increase its specialist range of sustainable technology products tailored to meet the needs of the housebuilding and construction industries.
For reports and trackers on funding and M&A transactions in solar, energy storage, smart grid, and efficiency sectors, click here.
Read last week’s funding roundup.