Funding and M&A Roundup: DIF Capital to Acquire a 51% Stake in Solar Developer ib vogt

Sunnova prices a $155.8 million securitization of residential solar and battery loan agreements

October 25, 2021


From: Mercom Capital Group

DIF Capital Partners (DIF), an independent infrastructure investment fund manager, through its fund DIF Infrastructure VI, has reached an agreement to acquire a 51% stake in ib vogt, a developer in utility-scale PV solar, from its current 100% shareholder (DVV). With a total capacity, built or in construction, of over 2.2 GW to date combined with a project development pipeline in excess of 40 GW, ib vogt continues to benefit from strong growth and is a leading global utility-scale solar PV development platform. DVV was advised by Marathon Capital, Ikarus Capital as well as Hogan Lovells International and AU VON POCHHAMMER Rechtsanwälte. DIF was advised by Evercore, Schenck Energy, and Ashurst.

Fotowatio Renewable Ventures (FRV), a global developer of utility-scale renewable energy projects and part of Abdul Latif Jameel Energy, announced the sale of a 49% interest in FRV Australia Group to OMERS Infrastructure. Under the terms of the Transaction, OMERS Infrastructure will acquire a 49% interest in FRV’s Australian renewable energy platform, including 637 MW(DC) of six operational and under construction solar PV projects, located in strong parts of the National Electricity Market and whose energy and green products are contracted with high-quality counterparties, as well as a development pipeline comprising of ~2.7GW(DC) of solar PV projects and ~1.3 GWh of Battery Energy Storage Systems assets.

Falck Renewables, a renewable energy company, announces that the Infrastructure Investments Fund (IIF), an investment vehicle advised by J.P. Morgan Investment Management, has reached an agreement to acquire Falck SpA’s 60% shareholding in Falck Renewables, which will trigger a mandatory cash tender offer at closing. IIF will partner with Falck Renewables to accelerate its growth plan and reinforce its leadership position in the renewable energy sector. Rothschild & Co. acts as Falck Renewables financial advisor and Cleary Gottlieb Steen & Hamilton as Falck Renewables legal advisor. Vitale & Co is acting as Falck’s financial advisor, Advant NCTM and Giliberti Triscornia e Associati as Falck legal adviser, and Freshfields Brukhaus Deringer as Falck tax advisor. Evercore is acting as IIF’s financial advisor and Clifford Chance as IIF’s legal advisor.

AC Energy Corporation (ACEN), Ayala group’s listed energy platform, announced the Board’s approval to acquire the remaining 51.6% stake in UPC\AC Renewables Australia joint venture. This transaction will raise ACEN’s ownership in the renewables development platform to 100%. ACEN, through its subsidiary AC Renewables International, will acquire the interest of its joint venture partner UPC Renewables Asia Pacific Holdings and Mr. Anton Rohner in UPC\AC Renewables Australia for a total consideration of $ 243.3 million.

Enpal, a Germany-based solar photovoltaic and battery leasing solutions provider, said it had raised €150 million (~$174.9 million) from SoftBank Vision Fund 2 in the Series C funding round. According to Enpal, it has over 10,000 consumers for residential rooftop solar in Germany. The company provides solar systems on a subscription basis that eliminates high investment costs for homeowners. Homeowners can also purchase solar systems for only €1 (~$1.17) after 20 years of operation.

Chile’s electric utility Colbun has issued green bonds worth $600 million to finance the construction of its renewable energy projects. The bonds have a maturity term of 2032 and were placed at a coupon rate of 3.15%. The operation was structured per the regulation of Rule 144A and Regulation S of the United States Securities and Exchange Commission. The issuance meets the standards and requirements established in the Green Bond Principles of the International Capital Markets Association (ICMA) Colbun has five projects totaling roughly 2 GW in advanced stages of development and another group of 1.1 GW in early stages.

Antin Infrastructure Partners, an infrastructure investment firm, announced that funds managed by Antin have entered into a definitive agreement to acquire a majority stake in Origis Energy, a vertically integrated renewable energy platform in the U.S., from its CEO & President Guy Vanderhaegen and Global Atlantic Financial Group. The company focuses on developing, building, and operating utility-scale solar and storage assets and distributed generation. Guy Vanderhaegen will continue to lead and hold a significant stake in the company.

Ezzing Solar, a technology company in the renewable energy sector, raised €4.5 million (~$5.2 million) investment in its financing round. It plans to deploy the proceeds for its international expansion to France, Germany, the UK, and other nations that offer incentives for distributed generation. It is already present in Spain, Italy, the Netherlands, and Hungary.

Portuguese renewables company Greenvolt – Energias Renovaveis has completed the first phase to acquire a 42% stake in Spanish solar panel installer Perfecta Energia. Greenvolt, the renewables arm of Portuguese pulp producer Altri, estimates the transaction will be concluded in the upcoming weeks. Greenvolt also said it had guaranteed the option to acquire the entire share capital of the target company in 2024.

Terna Energy Solutions, a Terna Group company, has signed an agreement to acquire 75% of LT S.r.l. This has created the first national operator in the O&M sector for solar PV systems, with about 1,000 MW under management. The agreement confirms Terna’s role as director and enabler of the energy transition and as constant support for the growth of renewable sources. The deal closed based on an equity value assessment of €24 million (~$28 million) for 100% of the company.

Silicon Ranch Corporation, Shell’s U.S. solar platform and an independent power producer, has acquired cleantech pioneer Clearloop. Clearloop – offers businesses of all sizes a way to reclaim their carbon footprint by building – solar farms that clean up the grid and benefit economically distressed communities across the U.S. Clearloop will continue to operate under its brand and be led by CEO and Co-Founder Laura Zapata. Both companies are based in Nashville and will share office space at Silicon Ranch’s headquarters downtown. The terms of the deal were not disclosed.

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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