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<a href="https://www.macquarie.com/uk/en/about.html" target="_blank" rel="noopener">Macquarie Asset Management</a>, a global asset manager, via its managed funds, has acquired the remaining 50% stake in a U.K.-based renewable energy developer, <a href="https://www.islandgp.com/" target="_blank" rel="noopener">Island Green Power</a>.
Founded in 2013, Island Green Power specializes in utility-scale solar and battery energy storage projects, having developed more than 3 GW of solar projects to ready to build. Island Green Power is stated to have more than 15 GW of utility-scale solar and BESS projects in its pipeline in the U.K.
In 2022, Macquarie <a href="https://cms.mercomindia.com/macquarie-acquires-island-green-power/" target="_blank" rel="noopener">acquired</a> the initial 50% stake in Island Green Power through Macquarie Green Investment Group Renewable Energy Fund 2. The two transactions increased the stake to 100. The founders of Island Green Power will retain full ownership of the company&#8217;s international business.
Through this acquisition, Island Green Power is expected to transition from its existing development business to becoming an independent power producer, concentrating on building and operating assets.
&#8220;We&#8217;re incredibly proud of what the Island Green Power team has achieved in building one of the U.K.&#8217;s leading renewable energy platforms. It&#8217;s been a privilege to work alongside such talented, committed individuals. As the business enters its next phase with Macquarie, I have every confidence in the team&#8217;s continued success and wish them all the very best for the future,&#8221; said Ian Lawrie, Founder of Island Green Power.
According to Mercom&#8217;s recently <a href="https://cms.mercomindia.com/product/q1-2025-solar-funding-ma-report/" target="_blank" rel="noopener">released</a> Q1 2025 Solar Funding and M&amp;A report, a total of 19 solar corporate M&amp;A transactions were recorded in Q1 2025, compared to 20 transactions in Q4 2024, and 10% lower compared to 21 solar M&amp;A transactions in Q1 2024.
In March, Wang &amp; Lee Group (WLG), a sustainable technology solutions provider specializing in energy storage systems and smart infrastructure, <a href="https://cms.mercomindia.com/wang-lee-group-to-acquire-solar-energy-company-solarhk/" target="_blank" rel="noopener">announced</a> its acquisition of SolarHK, a solar energy company, through an allotment of shares valued at approximately HK$15 million (~$1.9 million).

Macquarie Asset Management Acquires Island Green Power

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					</table>Sustainable infrastructure investor <a href="https://www.act.is/" target="_blank" rel="noopener">Actis</a> has acquired a 100% stake in Stride Climate Investments, a solar generation asset portfolio in India, from a <a href="https://www.macquarie.com/au/en/about/company/macquarie-asset-management.html" target="_blank" rel="noopener">Macquarie Asset Management</a>-managed fund.
Through this deal, Actis will gain control of Stride&#8217;s 371 MW (414 MWp) portfolio of operational solar assets, spanning 21 projects across seven states, with a significant concentration in Gujarat. Stride&#8217;s portfolio has nearly a decade of operational history. It features long-term pay-as-produce power purchase agreements with a diverse mix of off-takers, including central and state governments and private sector entities.
With this acquisition, Stride becomes Actis&#8217; third active energy generation platform in India, alongside BluPine Energy and Athena Renewables.
Commenting on the acquisition, Adrian Mucalov, Partner and Head of Long Life Infrastructure, Actis, said, &#8220;The acquisition of Stride aligns nicely with Actis&#8217; long life infrastructure investment approach. The business has a 10-year operating history, compelling cash generation, and low existing leverage. We believe Stride offers strong prospects to deliver cash yields to investors while also being in a dynamic, rapidly growing market.&#8221;
Actis has deployed over $7.1 billion in Asia since its inception across different strategies. It has built or operated more than 8 GW of installed capacity in the region, including more than 5.5 GW of renewables.
Actis’ other renewable energy sector investments in India include Ostro Energy and Sprng Energy.
Mergers and acquisitions witnessed a 15% YoY decline in 2024, with 82 transactions compared to 96 in 2023, according to Mercom&#8217;s <a href="https://mercomcapital.com/product/annual-and-q4-2024-solar-funding-and-ma-report/" target="_blank" rel="noopener">Annual and Q4 2024 Solar Funding and M&amp;A Report</a>. There were 82 M&amp;A transactions announced in 2024, with 21 amounting to $17.3 billion. By comparison, 96 companies (27 disclosed) were acquired for $12.4 billion in 2023.
Solar downstream companies led corporate M&amp;A activity in 2024, acquiring 66 companies, followed by manufacturers acquiring six companies, service providers, and the balance of system companies with five acquisitions each.

Actis Acquires Macquarie-Managed 371 MW India Solar Portfolio

<a href="https://ampup.io/" target="_blank" rel="noopener">AmpUp</a>, an electric vehicle charging platform company, has secured $15 million in Series A funding. Touchdown Ventures led the funding round. Additional new investors included Autotech Ventures (Autotech) and MUUS Climate Partners (MUUS), with participation from Holman, Goodyear, Foothill Ventures, WEX Venture Capital, TechNexus Venture Collaborative, Powerhouse Ventures, and Connecticut Innovations, among others. According to the company, the funding will be used to expand its services across the U.S. market and develop energy management solutions in the EV charging sector.
Octopus Energy Generation, a British renewable energy group, has <a href="https://cms.mercomindia.com/octopus-energy-fully-acquires-renewables-developer-exagen/" target="_blank" rel="noopener">acquired</a> renewables developer Exagen through its Octopus Energy Development Partnership (OEDP) fund. This acquisition comes after Octopus acquired an initial 24% stake in Exagen through this OEPD fund in August 2022, which includes an option to purchase a 500 MW/1 GWh battery project located in the Midlands. Octopus manages nearly £7 billion (~$9.4 billion) in renewable energy projects globally, and this acquisition is expected to further accelerate the UK’s progress toward meeting its renewable energy targets by 2035.
Energy Storage Industries – Asia Pacific (ESI), an iron flow battery manufacturer and energy storage project developer, has <a href="https://cms.mercomindia.com/energy-storage-industries-raises-40-million-funding-iron-flow-batteries/" target="_blank" rel="noopener">received</a> a total investment of AU$65 million (~$40 million) in funding; AU$25 million (~$17 million) from the Queensland Government, and AU$40 million (~$23 million) of private capital from an undisclosed international firm. With the investment, ESI will continue constructing a manufacturing facility in Maryborough, Queensland, Australia, where it will assemble long-duration iron flow battery systems.
Electronics manufacturer  Kaynes Technology has <a href="https://www.mercomindia.com/kaynes-acquires-smart-meter-company-iskraemeco-india-for-%E2%82%B9430-million" target="_blank" rel="noopener">acquired</a> 100% of smart meter company Iskraemeco India, previously held by Iskraemeco Switzerland and Iskraemeco Merjenje, for ₹430 million (~$5.13 million). Iskraemeco India is engaged in supplying, installing, operating, and maintaining smart meters. The company’s total turnover in 2024 is ₹654.2 million (~$7.81 million). Kaynes Technology said in a regulatory filing that the acquisition will increase the company’s product line and service offerings.
Aditya Birla Renewables, the Aditya Birla Group’s renewable energy arm, has <a href="https://www.mercomindia.com/aditya-birla-renewables-raises-%E2%82%B925-billion-via-debenture-sale" target="_blank" rel="noopener">raised</a> ₹25 billion (~$299.26 million) through a private placement of non-convertible debentures. These include 2.5 million unsecured, listed, rated, redeemable, and non-convertible debentures with a face value of ₹0.1 million (~$1,197.03). The base issue size is up to ₹20 billion (~$239.4 million), with a greenshoe option to retain oversubscription of up to ₹5 billion (~$59.85 million). The debentures will mature on September 24, 2027.
Macquarie Asset Management (MAM), a global asset manager, has <a href="https://cms.mercomindia.com/macquarie-acquire-stake-developer-de-shaw-renewable-investments/" target="_blank" rel="noopener">agreed</a> to acquire a minority stake worth $1.725 billion in renewables developer D. E. Shaw Renewable Investments (DESRI) via several MAM-managed funds. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm. MAM’s acquisition, according to the company, is expected to enable DESRI to continue its growth and strengthen its position in the energy transition market.
Solutions30, a provider of support services related to new digital technologies, has <a href="https://cms.mercomindia.com/solutions30-acquires-solar-construction-firm-xperal/" target="_blank" rel="noopener">announced</a> the acquisition of Xperal, a company that offers design, engineering, procurement, commissioning, and maintenance services for solar projects. In 2023, Xperal achieved revenues of €15 million (~$16.8 million). The acquisition will expand Solutions30’s services into the Benelux region and increase its market share.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://cms.mercomindia.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://cms.mercomindia.com/funding-ma-roundup-return-acquires-stake-in-jp-batterie-projekte/" target="_blank" rel="noopener">roundup</a>.

Funding and M&A Roundup: EV Charging Platform AmpUp Raises $15 Million

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					</table>From: <a href="https://mercomcapital.com/funding-ma-roundup-ev-charging-platform-ampup-raises-15-million/" target="_blank" rel="noopener">Mercom Capital Group</a>
AmpUp, an electric vehicle charging platform company, has <a href="https://mercomcapital.com/ev-charging-platform-ampup-raises-15-million-series-a-funding/" target="_blank" rel="noopener">secured</a> $15 million in Series A funding. Touchdown Ventures led the funding round. Additional new investors included Autotech Ventures (Autotech) and MUUS Climate Partners (MUUS), with participation from Holman, Goodyear, Foothill Ventures, WEX Venture Capital, TechNexus Venture Collaborative, Powerhouse Ventures, and Connecticut Innovations, among others. According to the company, the funding will be used to expand its services across the U.S. market and develop energy management solutions in the EV charging sector.
Octopus Energy Generation, a British renewable energy group, has <a href="https://mercomcapital.com/octopus-energy-fully-acquires-renewables-developer-exagen/">acquired</a> renewables developer Exagen through its Octopus Energy Development Partnership (OEDP) fund. This acquisition comes after Octopus acquired an initial 24% stake in Exagen through this OEPD fund in August 2022, which includes an option to purchase a 500 MW/1 GWh battery project located in the Midlands. Octopus manages nearly £7 billion (~$9.4 billion) in renewable energy projects globally, and this acquisition is expected to further accelerate the UK’s progress toward meeting its renewable energy targets by 2035.
Energy Storage Industries – Asia Pacific (ESI), an iron flow battery manufacturer and energy storage project developer, has <a href="https://mercomcapital.com/energy-storage-industries-raises-40-million-funding-iron-flow-batteries/" target="_blank" rel="noopener">received</a> a total investment of AU$65 million (~$40 million) in funding; AU$25 million (~$17 million) from the Queensland Government, and AU$40 million (~$23 million) of private capital from an undisclosed international firm. With the investment, ESI will continue constructing a manufacturing facility in Maryborough, Queensland, Australia, where it will assemble long-duration iron flow battery systems.
Electronics manufacturer  Kaynes Technology has <a href="https://www.mercomindia.com/kaynes-acquires-smart-meter-company-iskraemeco-india-for-%E2%82%B9430-million" target="_blank" rel="noopener">acquired</a> 100% of smart meter company Iskraemeco India, previously held by Iskraemeco Switzerland and Iskraemeco Merjenje, for ₹430 million (~$5.13 million). Iskraemeco India is engaged in supplying, installing, operating, and maintaining smart meters. The company’s total turnover in 2024 is ₹654.2 million (~$7.81 million). Kaynes Technology said in a regulatory filing that the acquisition will increase the company’s product line and service offerings.
Aditya Birla Renewables, the Aditya Birla Group’s renewable energy arm, has <a href="https://www.mercomindia.com/aditya-birla-renewables-raises-%E2%82%B925-billion-via-debenture-sale" target="_blank" rel="noopener">raised</a> ₹25 billion (~$299.26 million) through a private placement of non-convertible debentures. These include 2.5 million unsecured, listed, rated, redeemable, and non-convertible debentures with a face value of ₹0.1 million (~$1,197.03). The base issue size is up to ₹20 billion (~$239.4 million), with a greenshoe option to retain oversubscription of up to ₹5 billion (~$59.85 million). The debentures will mature on September 24, 2027.
Macquarie Asset Management (MAM), a global asset manager, has <a href="https://mercomcapital.com/macquarie-acquire-stake-developer-de-shaw-renewable-investments/" target="_blank" rel="noopener">agreed</a> to acquire a minority stake worth $1.725 billion in renewables developer D. E. Shaw Renewable Investments (DESRI) via several MAM-managed funds. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm. MAM’s acquisition, according to the company, is expected to enable DESRI to continue its growth and strengthen its position in the energy transition market.
Solutions30, a provider of support services related to new digital technologies, has <a href="https://mercomcapital.com/solutions30-acquires-solar-construction-firm-xperal/" target="_blank" rel="noopener">announced</a> the acquisition of Xperal, a company that offers design, engineering, procurement, commissioning, and maintenance services for solar projects. In 2023, Xperal achieved revenues of €15 million (~$16.8 million). The acquisition will expand Solutions30’s services into the Benelux region and increase its market share.
For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.
Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-return-acquires-jp-batterie-projekte" target="_blank" rel="noopener">roundup</a>.

<a href="https://www.solsystems.com/" target="_blank" rel="noopener">Sol Systems</a>, a solar finance and development company, secured $85 million in debt financing from Macquarie Asset Management, a global asset manager for the construction and development of five utility-scale solar projects in Illinois and Ohio.
Macquarie Asset Management is providing the investment on a fully bilateral basis in the form of a six-year term loan. The facility is subordinated to senior debt and tax equity and is secured against Sol Systems’ ownership interest in the underlying solar projects. The investment is the first tranche of a planned broader collaboration between the companies.
The projects are expected to be completed by the end of 2025. A software services provider has signed a fixed-price power purchase agreement (PPA) for the electricity produced by the projects.
“We are excited about the beginning of our partnership with Sol Systems,” said Harlan Cherniak, Head of Infrastructure Debt in the Americas for Macquarie Asset Management. “The investment aligns with our strategy of providing customized capital structure solutions to top-tier financial partners, strategic infrastructure sponsors, and their portfolio companies, as well as our ongoing commitment to accelerate the decarbonization of the U.S. power and transmission grid.”
“We are thrilled to partner with a leader in infrastructure finance such as Macquarie Asset Management and to have closed this highly creative transaction,” said James Machulak, Senior Vice President of Finance and Operations at Sol Systems. “The financing will help Sol Systems continue working towards its goal of accelerating an equitable transition to a sustainable energy future.”
According to Mercom’s Q1 2024 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/q1-2024-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, large-scale project funding announced in Q1 2024 came to $13 billion in 62 deals, a decrease of 24% QoQ compared to $17.1 billion in 60 deals in Q4 2023.
Ørsted, a Danish renewable energy company, recently <a href="https://cms.mercomindia.com/orsted-secures-tax-equity-financing-for-solar-and-energy-storage-portfolio/" target="_blank" rel="noopener">secured</a> $680 million in tax equity financing from J.P. Morgan to develop solar and energy storage projects in Arizona and Texas, U.S. The portfolio consists of Eleven Mile Solar Center, a 300 MW solar with a 300 MW/1200 MWh storage project in Pinal County, Arizona, and a 250 MW Sparta Solar project in Mineral, Texas.

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