With the first close of its equity raise, hydropower redeveloper Relevate Power secures $15M led by Greenbacker and Aegon Real Assets, an affiliate of Aegon Asset Management to triple its footprint by the end of 2024.
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𝘼𝙡𝙜𝙤𝙣𝙦𝙪𝙞𝙣 𝙋𝙤𝙬𝙚𝙧 & 𝙐𝙩𝙞𝙡𝙞𝙩𝙞𝙚𝙨 𝙎𝙚𝙡𝙡𝙨 𝙍𝙚𝙣𝙚𝙬𝙖𝙗𝙡𝙚 𝙀𝙣𝙚𝙧𝙜𝙮 𝙐𝙣𝙞𝙩 𝙛𝙤𝙧 $2.5 𝘽𝙞𝙡𝙡𝙞𝙤𝙣 Algonquin Power & Utilities Corp. has announced the sale of its non-hydropower renewable energy operations to LS Power's unit for up to $2.5 billion. This strategic move, prompted by recommendations from hedge fund Starboard Value and other activist shareholders, aims to reduce the company’s hefty debt load and enhance profitability. As of June 30, Algonquin reported long-term debts approximating $8.3 billion, accumulated through extensive acquisitions over recent years. The deal, advised by J.P. Morgan, is anticipated to close between Q4 2024 and Q1 2025. Algonquin's stock has shown modest growth despite these financial maneuvers, marking a 2% increase this year. #RenewableEnergy #MergersAndAcquisitions #CorporateFinance #AlgonquinPower #LS_Power #JP_Morgan https://lnkd.in/gmsQizZD
Algonquin to sell majority of renewables unit for up to $2.5 bln to ease debt
reuters.com
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Macquarie Asset Management has completed the acquisition of a 49.9% stake in Hydro Rein. As a result of Macquarie’s backing, Hydro Rein said it is expected to be fully funded for its current projects under construction and development costs for projects in the renewables pipeline in the coming years, with an ambition that no new equity will be called on from the owners beyond committed capital. Hydro Rein has 8.4 GW of gross renewables capacity in development across its core markets in the Nordics and Brazil. “We are excited to conclude the transaction, marking the next chapter in our renewable energy partnership with Macquarie Asset Management,” commented Eivind Kallevik, Hydro’s President and CEO. “Hydro Rein is well equipped to execute on its ambitious growth agenda, with a strong project pipeline going forward. Industrial decarbonisation begins with renewable energy and Hydro Rein will be instrumental in supporting Hydro as well as other industries with the energy we need to reduce our CO2 emissions.” “Decarbonising vital industrial materials like aluminium is a key challenge of the energy transition,” said Mark Dooley, Global Head of Green Investments at Macquarie Asset Management. “Hydro Rein is helping to pioneer low-carbon aluminium smelting and is playing a leading role in enabling industries like the automotive sector to reach its decarbonisation targets. I look forward to joining forces once again with Hydro, combining our capabilities to unlock a greener future for industry, and the communities and markets served by industry.” Macquarie closed the deal after first announcing the investment in Hydro Rein last October. The transaction values Hydro Rein at $333 million, as of 30 June 2023, subject to closing adjustments. Macquarie has also contributed $214 million of this amount at closing, with the funds to be transferred by 25 June 2024. The remaining part of the committed capital will be contributed over time as the need arises, added Hydro. #cleanenergy
Hydro Rein boosts renewables project pipeline with Macquarie backing
https://cleanenergypipeline.com
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Brookfield Asset Management, along with Brookfield Renewable and Temasek, has proposed to acquire the remaining 53.32% stake in Neoen for €39.85 per share. Neoen, based in Paris, operates 8,000 MW of wind, solar, and storage assets and has a 20,000 MW development pipeline. Brookfield Renewable, via the Brookfield Global Transition Fund II, will also buy Neoen’s convertible bonds at the same price, planning to invest up to €500 million (S$730.6 million) in the acquisition. The all-cash offer values Neoen at €6.1 billion, a 26.9% premium over its last closing price and over 40% higher than its three-month and six-month averages. Neoen’s board unanimously welcomed the offer, with CEO Xavier Barbaro calling Brookfield the “partner of choice” for Neoen’s future. IMPALA SAS founder Jacques Veyrat praised the sale, highlighting Brookfield’s leadership in renewable energy. This acquisition is set to drive Neoen’s growth under Brookfield’s financial backing and leadership. #Growth #Renewable #Transition #ClimateChange #ESG #Sustainability #Business #Investment I The Business Times I SPH Media I Michelle Zhu
Brookfield, Temasek to buy out France’s Neoen in 6.1 billion euro deal
businesstimes.com.sg
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#Renewableenergy #Solarpowerplant #Investor #investment #Australia #Brookfield Canadian asset management giant has rebounded from the rejection of the $20 billion bid for Origin Energy by launching an agreed $10.2 billion offer for Neoen, the French company that has become the most successful and biggest developer of renewable and storage assets in Australia. Brookfield says it has reached agreement with Impala, the French company controlled by billionaire Jacques Veyrat that has backed Neoen – and the more recently launched TagEnergy – and other shareholders to secure a 53.32 per cent of the company. An offer will be made to other shareholders, pitched at a premium of 27 per cent over the last closing price, and which values the company at €6.1 billion ($A10.2 billion).
#Renewableenergy #Solarpowerplant #Investor #investment #Australia #Brookfield Canadian asset management giant has rebounded from the rejection of the $20 billion bid for Origin Energy by launching an agreed $10.2 billion offer for Neoen, the French company that has become the most successful and biggest developer of renewable and storage assets in Australia. Brookfield says it has reached agreement with Impala, the French company controlled by billionaire Jacques Veyrat that has backed Neoen – and the more recently launched TagEnergy – and other shareholders to secure a 53.32 per cent of the company. An offer will be made to other shareholders, pitched at a premium of 27 per cent over the last closing price, and which values the company at €6.1 billion ($A10.2 billion).
Brookfield makes agreed $10 billion bid for Neoen – Australia’s biggest renewables developer – after Origin snub
https://reneweconomy.com.au
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Macquarie Asset Management has unveiled its plans to take full control of the Lynn and Inner Dowsing offshore wind farms in the UK by acquiring the remaining stake currently controlled by BlackRock. Macquarie GIG Renewable Energy Fund 1 acquired a 60.75 per cent stake in Lynn and Inner Dowsing in 2016. Now, the company intends to acquire, via its managed funds, an additional 39.25 per cent stake from funds managed by BlackRock. The transaction would increase Macquarie Asset Management's stake in the wind farms to 100 per cent. Located off the coast of Lincolnshire, Lynn and Inner Dowsing offshore wind farms have been operational since 2009. With a combined installed capacity of approximately 194 MW, the projects generate enough electricity to power the equivalent of more than 160,000 UK homes each year, according to the press release. Funds managed by Macquarie Asset Management manage stakes in the Gwynt y Môr, Sheringham Shoal, Lincs, Lynn, Inner Dowsing, Rhyl Flats, and East Anglia One offshore wind farms. In addition, Macquarie Group and its partners are also supporting the development of the next generation of projects, including the 2 GW West of Orkney, 1.5 GW Outer Dowsing, 1.2 GW Rampion 2, and 353 MW Five Estuaries offshore wind farms. #renewableenergy #wind #engineering #carbon60 #uk #offshorewind #energy
Macquarie to Take Full Ownership of 194 MW Offshore Wind Farms in UK
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#Renewableenergy #Solarpowerplant #Investor #investment #Australia #Brookfield Canadian asset management giant has rebounded from the rejection of the $20 billion bid for Origin Energy by launching an agreed $10.2 billion offer for Neoen, the French company that has become the most successful and biggest developer of renewable and storage assets in Australia. Brookfield says it has reached agreement with Impala, the French company controlled by billionaire Jacques Veyrat that has backed Neoen – and the more recently launched TagEnergy – and other shareholders to secure a 53.32 per cent of the company. An offer will be made to other shareholders, pitched at a premium of 27 per cent over the last closing price, and which values the company at €6.1 billion ($A10.2 billion).
Brookfield makes agreed $10 billion bid for Neoen – Australia’s biggest renewables developer – after Origin snub
https://reneweconomy.com.au
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MD Advisors is delighted to have acted as debt advisor to Pioneer Point Partners ('Pioneer') on their acquisition of Esken Renewables, the renewables division of London-listed Esken. Esken Renewables is a leading supplier of biomass fuel to the UK biomass energy industry which has an important role to play in the country’s energy transition. The business delivers c.1.7 million tonnes of waste wood and forestry by-products under contracts to biomass plants across the UK each year. Pioneer, a sustainable, value-added European infrastructure investment firm that focuses on the energy transition and environment sectors, is acquiring Esken Renewables to continue to grow the business. Esken Renewables’ contribution to the energy transition and the circular economy are strongly aligned to Pioneer’s investment objectives. The acquisition was funded by equity from Pioneer and third-party debt facilities. Commenting on the transaction, Mustafa Dincer said: "It’s been a pleasure to assist Pioneer, a sophisticated sustainable investor, in this strategic investment. The financing package delivered in this complex transaction is testament to MD Advisors’ breadth and depth of expertise spanning leveraged and infrastructure debt financings and special situations”. #debtadvisory #privatecredit #infrastructure #privateequity #sustainability #energytransition #specialsituations
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Through its offshore wind unit Corio Generation Ltd., Macquarie Asset Management is investing $50 billion in offshore wind projects across various markets over the next seven years. Despite challenges such as low power prices and cost inflation, which deterred many competitors, Corio and its partners, including TotalEnergies SE, are forging ahead. CEO Jonathan Cole attributes their success to astute foresight regarding escalating costs and interest rates, which rendered existing power prices unprofitable for others. “Whether by good luck or excellent management, we find ourselves in a situation where we were born and came onto the market only two years ago,” Cole told Bloomberg. We haven’t found ourselves in a situation where we’ve had to cancel projects and write-offs.” The outlook for offshore wind in the United States remains unclear amid inflation and supply-chain disruptions. Developers have encountered setbacks, leading to the postponement or cancellation of certain projects. However, there have been notable exceptions, with the commencement of electricity transmission from two significant farms, Vineyard Wind near Massachusetts and South Fork Wind off the coast of New York, in the past few months. 🌊💡 . . #OffshoreWindInvestment #RenewableEnergy #MacquarieAssetManagement #TotalEnergies #OffshoreWindProjects #BrazilWindEnergy #RenewablesBrazil #WindPower #EnergyInfrastructure #GreenInvestment . . Read the full story here: https://lnkd.in/gUcXDSUZ
Asset management firm to lead $50 billion investment in offshore wind project
https://sustainabilityeconomicsnews.com
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STANLIB Asset Management Ltd., one of Africa’s largest investment firms, aims to deploy 3 billion rand ($160 million) to help address a funding gap for major renewable energy initiatives across the continent. The Khanyisa Energy Transition Fund is using initial investment from Stanlib’s sister companies Standard Bank Group Ltd. and Liberty Holdings Ltd. It will start with South Africa and then seek assets across Africa within two years, said Johan Marnewick, head of credit alternatives at Stanlib. “The portfolio comprises a diverse range of technologies, strategically distributed across various geographic locations,” said fund manager Kholofelo Molewa. That’s expected to include wind and solar power, metals critical to electric vehicles such as lithium and transport infrastructure. It aims to be running by the end of the first quarter and to grow assets to $1 billion in three to five years, targeting investors such as pension funds, insurance companies and development institutions. Marnewick said the next jurisdictions to invest will be where Stanlib already has a presence, such as Nigeria and Ghana in west Africa, Tanzania and Kenya in east Africa, and Angola in the south of the continent. Mozambique could also provide viable assets in future, he added. Read more: https://lnkd.in/e4uhhy7D #RenewableEnergy #Solar #SouthAfrica #Africa
Stanlib to Invest $160 Million in Africa Renewables Via New Fund - BNN Bloomberg
bnnbloomberg.ca
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As the year draws to an end, we would like to showcase the best of our analysis in 2023, starting with a standout acquisition in the unregulated utility scale commercial renewables sector. With the rise in senior debt pricing and the imposition of stricter lending requirements by lenders, M&A deals in the renewables space stalled. But, not for Brookfield Renewable. Their robust finances and strong bank connections closed major deals while others waited for better conditions. Subscribers can access the article here: bit.ly/3RO6xPv Not subscribed but interested? Please fill in the form in the link provided to discuss how a subscription with this kind of exclusive insights can benefit you. #PFR #PFRAnalysis #Renewables #Acquisitions
Duke Renewables deal the exception to the rule as mega M&A slows
powerfinancerisk.com
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