ISSUE 4 | 2021
62
MAJOR RENEWABLES DEALS INQ3 2021
The Africa region also saw a major M&A renewables deal with the acquisition by New GX Capital Holdings and Gridworks Development Partners of a sizeable stake in Sustainable Power Solutions Group, a clean energy solutions provider. Even in regions where only one or two of the quarter’s highest value mid-market M&A deals were in the Energy, Mining & Utilities sector, there were still several renewables transactions, including: • UK-based SSE Plc’s acquisition of an 80% stake in Japan’s Pacifico Energy KK, a company involved in developing offshore wind farms • Spanish-based renewable energy company EDP Renovaveis SA sold a 100% equity stake in a Polish wind portfolio of six wind parks to France's Natixis Asset Management • Thailand-based Global Power Synergy Public Company Limited’s acquisiton of a significant stake in Taiwan’s Changfang and Xidao’s offshore wind power project. MINING M&A activity in the mining sector has been focussed on the consolidation of operations to provide strategic or operational benefits, such as the acquisition of the Kundana gold assets by Evolution Mining Limited from Northern Star Resources Limited and the acquisition of a 40% interest in the Red Hill Iron Ore Joint Venture by Mineral Resources Limited.
It is notable that in the Indian, African and Latin American regions, Energy, Mining & Utilities deals have represented a significant number of the top 20 deals by value – with five, six and six deals respectively. This is reflective of the increasing importance of renewable energy in global M&A. In India, the second highest mid-market deal for the quarter by value was the acquisition by Thailand-based Global Power Synergy Public Company Limited of a significant stake in Avaada Power Private Limited, a company focused on developing and operating solar power plants in India. Several other top 20 mid-market deals in India also involved renewable energy: • ReNew Power Private Limited acquired a portfolio of projects in the Indian state of Telangana, including major solar projects • OMERS Infrastructure Management Inc acquired a significant stake in renewable power producer Azure Power Global Limited • US investment firm Augment Infrastructure acquired a majority stake in rooftop solar power producer CleanMax Enviro Energy Solutions Pvt Ltd. Similarly, the biggest quarterly mid-market transaction by deal value in the Energy, Mining & Utilities sector in Latin America was in the renewables space, namely the acquisition by Global Infrastructure Partners of a 49% stake in Chile Renovables SpA, which is developing the Catemu solar project in Chile’s San Felipe province.
Made with FlippingBook HTML5