Funding and M&A Roundup: PNE AG Acquires Majority Stake in Spanish Solar Developer

AIMCo and Railpen acquires a 94% Stake in CES

August 3, 2022


From: Mercom Capital Group

PNE AG, a German power-focused renewables company, has acquired 51% of the shares in Coliaenergia (KOLYA), a Spanish developer of large solar projects from Consultoria Industrial Beaguihe and Garisun Renovables. Kolya’s project pipeline currently totals 1,808 MW, including around 1,004 MW for its development and some 804 MW for third parties. The firm also has identified initial areas for the development of wind projects.

Alberta Investment Management Corporation and Railpen, an investment manager, have jointly acquired a 94% stake in Constantine Energy Storage, a grid-scale battery energy storage platform. The companies plan to invest more than £400 million (~$409 million) to build a pipeline of battery energy storage projects in the UK. The projects are currently under development by Constantine Group subsidiary Pelagic Energy Developments.

VoltStorage, a developer and producer of energy storage systems based on redox flow technologies, received €24 million (~$24.4 million) in Series C financing from the U.S. company Cummins. The amount raised will go toward developing larger-scale redox flow storage systems for commercial and agricultural enterprises. In addition, product development of the iron salt technology will accelerate commercialization.

ICG, an alternative asset manager, announced that its debut Infrastructure fund, ICG Infra I (ICG Infra), has acquired British Solar Renewables, an integrated solar developer in the UK. The financial terms of the acquisition were not disclosed. ICG Infrastructure Equity raised €1.5 billion (~$1.28 billion) in investor commitments in February this year, enabling the acquisition from Siem Europe.

U.S.-based renewable energy developer and holding company Longroad Energy Holdings has announced an equity investment of $500 million by MEAG, an asset management arm for entities of Munich Re, for the expansion of its 1.5 GW portfolio of owned assets to 8.5 GW of wind, solar, and storage projects in the next five years. New Zealand Superannuation Fund (NZ Super Fund), and Infratil, a listed entity managed by Morrison & Co., will join MEAG to support Longroad’s strategic renewable portfolio expansion.

EDPR, a subsidiary of EDP group, has acquired a 70% stake in Kronos Solar. Kronos Solar will retain a 30% stake in the company and will be continued to be involved in the daily management of the business. With this transaction, EDPR will build upon Kronos’ best-in-class development capabilities and expand its presence to 12 markets in Europe, representing more than 90% of the expected solar PV capacity additions in the EU until 2030.

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.