Funding and M&A Roundup: ORIX to Acquire Elawan Energy for $965 Million

Sunpin Solar secures $50 million revolving loan facility from Crayhill Capital Management

January 4, 2021


From: Mercom Capital Group

7C Solarparken, a solar project developer, has reached an agreement with the German wind power operator EnerVest AG to purchase EnerVest Belgium, a company focused on project development and asset management of PV systems.

Global Infrastructure Partners (GIP), an independent infrastructure investor, announced the acquisition of MAP RE/ES, the renewable energy business of MAP Energy. GIP’s fourth flagship fund, GIP IV, will acquire 100% of the MAP RE/ES investment platform, team, and renewable energy assets under management from MAP, a private fund manager, and energy investor. The assets include a portfolio of producing royalty interests across more than 16,000 MW of operating wind and solar projects in the U.S., as well as a nationwide development pipeline managed through joint ventures with leading national and regional development partners. The MAP RE/ES business will continue to be led by its existing investment team.

ORIX Corporation, a Japan-based financial services group, through its wholly-owned subsidiary ORIX Corporation Europe, has entered into an agreement to acquire an 80% stake in Elawan Energy, a renewable energy company focused on the development and ownership of wind and solar PV projects, for about $965 million. The transaction is expected to close in the second quarter of 2021, subject to regulatory approvals and satisfaction of customary closing conditions. ORIX and Elawan will bring together the track record and expertise to develop, own, and operate renewable energy assets, complementing geographically to develop a global renewable energy business.

Sunpin Solar, a developer of commercial and utility-scale solar and energy storage projects, has closed a senior secured revolving loan facility for up to $50 million with Crayhill Capital Management, a New York-based private credit manager and asset-based lender. The facility will be backed by late-stage utility-scale solar projects under development by Sunpin Solar. The facility is designed to finance capital expenditure required by projects before construction, including power purchase agreement deposits, interconnection deposits, engineering, procurement, and construction deposits.

EDP Ventures, a Portuguese utility EDP unit, entered an agreement to acquire a minority stake of 40% in Blue Sol Participacoes, a Brazilian distributed-generation PV company.

Fluence, an energy storage solutions provider, announced that it has entered into a definitive agreement with the Qatar Investment Authority (QIA), under which QIA will commit to invest $125 million in Fluence through a private placement transaction. Fluence intends to use the net proceeds from the private placement to further accelerate the development of its product offerings, particularly digital products, and deployment of existing products in more markets globally.

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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