Funding and M&A Roundup: BlackRock Real Assets Raises $4.8 Billion to Fund Renewables

Cox Energy America to acquire 40% stake in Spanish solar PV specialist Ibox Energy

April 12, 2021


From: Mercom Capital Group

BlackRock Real Assets has achieved a $4.8 billion final close of Global Renewable Power Fund III (GRP III) with commitments from over 100 institutional investors, including leading public and private pension funds, insurance companies, endowments, foundations, and family offices from over 18 countries globally. GRP III is the third vintage of BlackRock’s Global Renewable Power fund series and the fifth fund overall, which invests in global climate infrastructure assets, primarily in renewable power generation, across the Americas, Europe Asia.

ReNew Power has announced the successful pricing of $585 million of 4.5% U.S. dollar-denominated senior secured ‘green bonds’ due 2028 on March 31, 2021, to be issued by its subsidiaries. The company plans to utilize the proceeds to, among others, repay outstanding debt. The bonds have a tenor of 7.25 years and a fixed interest rate of 4.5% per annum. In-principal approval has been obtained to list and trade the bonds on the India International Exchange (IFSC) Limited (India INX). ReNew Power’s current stockholders include several marquee investors, including Goldman Sachs, CPP Investments, Abu Dhabi Investment Authority, GEF SACEF, and JERA.

Investment Firm ECP announced the completion of its first Continuation Fund with $1.2 billion in capital commitments and the closing of the fund’s subsequent acquisition of the remaining 50% interest held by ECP’s third fund, ECP III, in Terra-Gen, a renewable energy developer. The transaction will provide additional capital to support Terra-Gen’s next phase of growth while allowing ECP III to exit its original investment in the company fully. PJT Partners served as financial advisor on the Continuation Fund transaction. Latham & Watkins served as legal counsel to ECP on the sale of Terra-Gen and the formation of the Continuation Fund. Citi served as the lead financial advisor on the sale of Terra-Gen.

iSun Energy, which provides solar energy and clean mobility infrastructure to customers, acquired all of the intellectual property of Oakwood Construction Services and its affiliates, a utility-scale solar EPC company, for a total consideration of $2.7 million.

Viridian Solar, a UK-based manufacturer of roof-integrated solar panels, announced that U.K. roofing systems manufacturer Marley had acquired 100% of its business’s share capital. The move provides the foundation for further growth for the roof-integrated solar specialist as it prepares for rapid growth driven by changes to building regulations and its expansion into international markets.

Buckeye Partners and Nala Renewables will acquire majority ownership of North American clean energy development and investment platform Swift Current Energy. The transaction will enable Swift Current to accelerate its growth plans and allow Buckeye and Nala Renewables to invest in a renewable energy platform that aligns with their business priorities while further participating in the energy transition. Swift Current has a pipeline of over 6 GW of solar, wind, and energy storage projects located close to U.S. demand centers.

Brazilian energy company Rio Alto Energias Renovaveis may raise up to BRL 910 million (~$163 million) through an initial public offering (IPO), based on the upper end of the indicative price range, to support the construction of new solar projects. The offering will be priced on April 26, 2021, within an estimated range of BRL 15.87 (~$2.83) to BRL 20.63 (~$3.68) per share. It will involve up to 44.1 million ordinary shares, according to the firm’s preliminary prospectus.

Mexico City-based Cox Energy America entered an agreement to acquire a 40% stake in Spanish solar PV specialist Ibox Energy. The transaction is valued at around €95 million (~$112.8 million), consisting of a €20 million (~$23.77 million) fixed amount to be paid until the end of 2022 and a variable portion totaling €75 million (~$89.17 million), payable based on certain results, Cox Energy America said in a bourse filing.

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.


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