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Market_deals_Q1_2021
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Market Deals – Q1 2021
Public-available transactions achieved in Q1 2021 in the renewable energy sector in Europe
Content
M&A transactions Onshore wind
03
Solar PV
04
Others
06
Graphs
07
Project finance / Private placement Solar PV
08
Others
09
M&A t r a n s a c t i o n s – Onshore wind Country
Capacity
Seller
Owner/Buyer
Comments
Portugal
3 MW
RWE
Kelag
Kelag is an Austrian energy utility. 3MW part of 65MW deal with 19 French Hydro plants
Poland
300 MW
N/A
VSB
300MW portfolio under various stages of development
Romania
108 MW
STEAG
Hidroelectrica
Hidroelectrica is 80% state-owned and 20% owned by Fondul Proprietatea
Sweden
67 MW
Vattenfall
TRIG
Ready-to-build projects with construction led by Vattenfall; Vestas turbines to be provided
Finland
43 MW
ABO Wind
Greencoat Renewables
60M€ equity value; COD expected in Q2 2022; 10-year PPA with Gasum
Poland
22 MW
EnerCap
Green Investment Group
Germany
133 MW
EnbW
Commerz real AG
49,9% stake in operating portfolio since 2017 with FiT
Spain
400 MW
N/A
China Three Gorges
Greenlight approval request from authorities; 500M€ equity value
Scotland
72 MW
Federated Hermes
Greencoat Renewables
56M€ deal value (50%)
Ireland
89 MW
Cubico
Greencoat Renewables
Revenues contracted under REFIT 2 support scheme until 2032
Norway
256 MW
Statkraft
Tronder Energi, municipalities
52% stake in portfolio
Finland
N/A
N/A
Dovre Group (51%)
51% stake in Suvic for 3M€. Suvic develops and builds wind farms with wood components
Scotland
72 MW
RWE
Red Rock Power
Poland
89 MW
Taiga IE/ Santander Energias
PKN Orlen
Scotland
50 MW
EnergieKontor
Capital Dynamics
Estonia
20 MW
Greta Energy
Eesti Energia
Sweden
60 MW
PNE AG
Reichmuth Infrastruktur
Ready-to-Build project with NordLB secured project financing
Poland
63 MW
OX2
DIF Capital Partners
15-year-CFD
Spain
51 MW
N/A
Capital Energy
Germany
16 MW
New Energies
Pacifico Renewables
16M€ equity value
France
27 MW
Opale Energies Nouvelles
Amundi
Opale sold 80% to Amundi of its portfolio at late development stage
F I N AN C I AL A D V I S O R Y S P E C I A L I S E D I N R E N E W A B L E E N E R G Y S E C T O R
Subsidy free project
3
M&A t r a n s a c t i o n s – Solar PV (1/2) Country
Capacity
Seller
Owner/Buyer
Comments
Spain
98,5 MW
N/A
Foresight
PPA with Shell Energy
UK
70 MW
N/A
Bluefield Solar
89M£ equity value
Spain
69 MW
Idena Solar
Audax Renovables
Portugal/Chile
53,8 MW
N/A
Next Energy Capital
Italy
87 MW
N/A
EOS IM, Capital Dynamics
RTB projects
Netherlands
110 MW
Impax
Encavis
Operating solar PV plants
Spain
N/A
Beraunberri Burgest Landa
Netherlands
47 MW
LC Energy
Blue Elephant
Spain
15,7 MW
Danish institutionals
Sonnedix
Italy
3 MW
ICS
Sonnedix
Sweden
300 MW
Share issue
Magnora
25% shares issue of Helios to be acquired by Magnora
Portugal
39 MW
Frequent Summer
NextEnergy Capital
NextEnergy capital has 300M$ capacity with 13-15% IRR target
Germany
N/A
N/A
Saudi Aramco, GAP tech, Lynwood
10M€ equity fundraising for NexWafe, solar wafer developer using EpiNew technology
Italy
100 MW
SunPrime
Noy Fund, Nofar
50% acquisition in SunPrime, Italian solar PV IPP
Spain
845 MW
Iberia Solar
Lightsource BP
Lightsource acquires 845 MW under development; Iberia solar will co-lead development
Italy
14 MW
Founders
EDP
Enertel, self-consumption solar PV developer was acquired by EDP; 9M€ revenues in 2020
Greece
45 MW
ABO Wind
Blue Elephant
Italy
173 MW
Octopus Renewables
A2A
Scotland
50 MW
Blue Energy
BayWa re
Portugal
48 MW
Chint Solar
Nordic Solar
Listed (Beraunberri (40%), Santander 12% sale of Solarpack: 101M€ deal value and 841M€ equity value. Founders (Landa, Onchena), (8%), Burgest (8%), free float (44%)) Berauberri and Burgest have sold some shares.
F I N AN C I AL A D V I S O R Y S P E C I A L I S E D I N R E N E W A B L E E N E R G Y S E C T O R
Brownfield assets COD between 2008-2012 with SRRR scheme
205M€ equity value for zero-subsidy projects under operation
PPA to be signed
4
M&A t r a n s a c t i o n s – Solar PV (2/2) Country
Capacity
Seller
Owner/Buyer
Comments
Spain
140 MW
X-Elio
Eni
Spain
274 MW
Squared Capital
Cubico Sustainable
T-solar sale to Cubico was approved by authorities; Equity value reaches 1.5bn€. 274MW of operating assets and 1.4GW of pipeline.
France
53 MW
Total Quadran
Banque des territoires
8 solar parks in New Caledonia
Ireland
54 MW
RES Group
NTR
29M€ capex for 29 MW solar PV + 225MWh storage assets; 16-year CFD
Spain
519 MW
Arena Power
Endesa
350M€ capex for ready-to-build projects
Spain
50 MW
Capital Dynamics
Welink Group
Subsidy-free project
Greece
70 MW
National Energy
IBG Hellenic Fund
Hungary
77 MW
Opus Global
MET Group
UK
100 MW
N/A
NESF
74M€ equity value
Spain
487 MW
CIP
Arjun Infrastructure
49% stake sale in solar PV RTB portfolio with 380M€ project finance secured
Spain
N/A
Shares issue
Germany
N/A
Shares issue
Energy Impact
Zolar, solar PV start-up, raised 10M€ from Energy Impact Partners
Greece
N/A
Shares issue
Listed (Greenhill (17%), Reggeborgh (14%), L. Bobolas (13%), Pemanoaro (9%), free float (49%))
Ellaktor launches 120M€ fundraising to accelerate energy investments, provide funds to construction subsidiary AKTOR SA
Germany
N/A
Shares issue
N/A
TubeSolar, solar PV tube supplier, raised 6,5M€ to fund growth
Romania
15,4 MW
ReneSola
Alternus Energy
France
12 MW
Urbasolar
Dhamma Energy
Germany
9000 MW
BayWa Group
Institutionals led by EIP
EIP injects 530M€ to buy 49% stake reaching 1bn€ equity value
Spain
235 MW
N/A
Noy fund, Nofar Energy ( JV)
235MW solar PV plant with 180M€ capex to be spent; expected revenues/EBITDA is 22M€/18mw€
Listed (Management (74%) / Invesco, Grenergy Renovables: 105M€ fundraising to reach 807M€ equity value; funds to be used to fund HSBC, Norges, etc. (c. 8%), free float development and construction of projects (18%)
F I N AN C I AL A D V I S O R Y S P E C I A L I S E D I N R E N E W A B L E E N E R G Y S E C T O R
5
M&A t r a n s a c t i o n s – Others Country
Target
France
Technology
Seller
Owner/Buyer
Hydro
RWE
Kelag
Comments
Slovenia
Cogeneration
Biomass
Resalta
Pearl Infrastructure Capital
France
1GW plant
Hydrogen
N/A
Engie/Neoen
Worldwide
Glennmont Partners
Renewable energies
Founders
Nuveen
France
Mahytec
Hydrogen
Hensoldt
N/A
Spain
Gana Energia
Renewable energies
Angel Investors
Repsol
France
Albioma
Renewable energies
Listed
CDC
Italy
21 biogas plants
Biomass
FRI-EL
Eni
UK
Prolectric Services
Storage
Management
Hill & Smith
21M€ deal value; Prolectric Services offers off-grid solar energy solutions
UK
Gigabox South Road
Storage
N/A
JLEN Environmental
25M€ capex needs for RTB battery storage
France
Neoen
Renewable energies
Shares issue
Listed (Impala,BPI France, FSP, etc.)
600M€ capital increase to fund growth expansion
F I N AN C I AL A D V I S O R Y S P E C I A L I S E D I N R E N E W A B L E E N E R G Y S E C T O R
Co-development of 1GW hydrogen plant with battery storage and datacenters
10% sale of Albioma, French renewable developer listed and major shareholders being CDC
6
M&A t r a n s a c t i o n s – Graphs
Onshore wind M&A transactions per country Q1 2021
2027 43
Solar PV M&A transactions per country (MW) Q1 2021
77
90
88 157
108
474
277 127 1889 300 149
194
451
1170 256
Portugal
Estonia
France
Finland
Ireland
Romania
Germany
France
Romania
Greece
Sweden
Germany
Scotland
Norway
Spain
Poland
Scotland
France (NIA)
Portugal and Chile
Ireland
Hungary
Portugal
Netherlands
Italy
Nordics
UK
Spain
F I N AN C I AL A D V I S O R Y S P E C I A L I S E D I N R E N E W A B L E E N E R G Y S E C T O R
7
Project finance / Private Placement (1/2)
General
Onshore wind
Others
Country
Capacity
Owner
Debt amount / Pricing / Tenor
Banks / Debt providers
France
N/A
Neoen
170M€ / [2-2,50]% / 4 years
Private placements - convertible bonds
Poland
N/A
Columbus Energy
60M€ / 4,25% / 6 years
Private placements
France
N/A
Voltalia
200M€ / 1.00% / 4 years
Private placements - convertible bonds
Germany
N/A
ABO Wind
30M€ / N/A / 9 years
Private placements
Sweden
N/A
VATTENFAL
500M€ / 0,125%/ 7 years
Private placements - Green unsecured bond
UK
N/A
TRIG
240m£ / N/A / N/A
Private placements
Country
Capacity
Owner
Debt amount / Pricing / Tenor
Banks / Debt providers
Netherlands
80 MW
TINC (listed), TDP
N/A
KBC, Rabobank and NWB
Lithuania
63 MW
Ignitis Renewables
83M€ / N/A / 8 years
Equity bridge loan from Holding company Ignitis Group
Spain
N/A
Audax
125M€ / [2,25%-2,75%] / 5 years
Private placements
Portugal
125 MW
EDPR
112M€ (BPI (47M€), EIB (65M€))
BPI, EIB
Belgium
43 MW
Engie/Conquest
70M€
Belfius Bank
Italy
50 MW
Capital Energy
26M€ / N/A / 16+2 years (PPA extension)
Banco de Sabadell
Country
Technology
Owner
Debt amount / Pricing / Tenor
Banks / Debt providers
Germany
Charging stations
Sono Motors
45M€ / N/A / N/A
Swedbank, DNCA Finance
UK
Charging stations / solar hybrid
Hitachi Capital
40M$ / 1.07% / 3 years
Dai-ichi Frontier Life Insurance
F I N AN C I AL A D V I S O R Y S P E C I A L I S E D I N R E N E W A B L E E N E R G Y S E C T O R
8
Project finance / Private Placement (2/2)
Solar PV
Country
Capacity
Owner
Debt amount / Pricing / Tenor
Banks / Debt providers
Spain
200 MW
Grenergy
110M€ / N/A / N/A
97M€ senior debt from banks and 13M€ from Axis Participaciones (subordinated debt)
Italy
29 MW
Sonnedix
160M€ / N/A / N/A
N/A
Hungary
4 MW
Photon Energy N.V
N/A / N/A / 15 years
Intese Sanpaolo
Europe
600 MW
Greencells
15M€ / 6,50% / 5 years
Funding of Ready-to-Build projects
Spain
230 MW
Audax Renovables
20M€ / N/A / 2 years
Greenbond
Spain
38 MW
Kobus
160M€ / N/A / N/A
MIDIS (Macquarie - 117M€), Bankinter and Santander (80M€)
Norway
N/A
Scatec
250M€ / 250bps / N/A
Nordea, Swedbank
Norway
N/A
Otovo
35M€ / N/A / N/A
BNPP Energy Transition, DNB AM, Andenaesgruppen
Spain
168 MW
Capital Energy
50M€ / N/A / 1,5 years
Eiffel Investment
Poland
70 MW
PAK Fotowoltaika
N/A
PKO BP, Bank Pekao, mBank
Italy
20 MW
Obton A/S
22M€ / N/A / N/A
European Debt fund
Spain
N/A
Opdenergy
140M€ / N/A / 2 years
EIG Global Energy Partners
Spain
261 MW
Solaria Energia
115M€ / N/A / 10 years
Natixis Bank
France
4 MW
Provence Eco
9,3M€ / 1,25% / [10-15] years
BPI France
F I N AN C I AL A D V I S O R Y S P E C I A L I S E D I N R E N E W A B L E E N E R G Y S E C T O R
9
T h i s document i s based on public information only. T h i s document i s provided for indicative purposes and Tevali Partners accepts no responsibility or liability for the use of this document other than for this purpose. Tevali Partners cannot guarantee the accuracy of the disclosed information in this document. For any further details, please contact : c o n t a c t @ t e v a l i p a r t n e r s . c o m
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