Energy & Sustainability M&A Activity — November 2022
Recent M&A Activity:
September 29, 2022: Safari Energy, a subsidiary of PPL (NYS: PPL), reached a definitive agreement to be acquired by Aspen Power Partners for an undisclosed amount on September 29, 2022. Safari Energy is a provider of solar energy solutions intended to serve commercial customers in the United States, offering solar project development, engineering, maintenance, and design services to commercial and industrial customers, real estate owners, public sector organizations, and solar developers, thereby enabling commercial customers and users to optimize returns through solar power deployment.
September 29, 2022: Enbridge (TSE: ENB) acquired Tri Global Energy for $270 million in the form of cash and assumed debt on September 30, 2022. Tri Global Energy is an operator of clean energy projects intended to develop and construct wind, solar, and hybrid power projects. The company's projects draw on the natural and renewable resources of the wind and the sun to successfully address the growing demand for clean and sustainable energy, enabling users to breathe in a clean environment and reduce pollution.
October 1, 2022: Con Edison Clean Energy Businesses, a subsidiary of Consolidated Edison (NYS: ED), reached a definitive agreement to be acquired by RWE Renewables Americas for $6.8 billion on October 1, 2022. The company is the owner and operator of solar energy generation catering to commercial and industrial (C&I), federal, and residential customers. They provide a comprehensive portfolio of solutions, including the development and construction of utility-scale renewable energy and energy infrastructure assets, power marketing, and asset management, providing customized energy management and a range of renewable energy, battery storage, resiliency, energy efficiency, and sustainability services. With the acquisition, RWE Renewables Americas aims to double the business of its renewable energy arm in the United States.
October 3, 2022: Solaria, a manufacturer and producer of solar panels intended to unlock the potential of solar energy and distribute clean energy, reached a definitive agreement with Complete Solar to form Complete Solaria on October 3, 2022. Solaria's products include solar panels and systems for rooftops that increase energy production more than conventional modules, building facades, and greenhouses, enabling users to get access to cheap and renewable sources of energy as well as reduce energy costs. Complete Solar’s services include the installation of custom solar products that transform the complex and costly process of going solar, enabling clients to use sustainable energy without polluting the environment around them.
October 3, 2022: Complete Solaria reached a definitive agreement to acquire Freedom Acquisition I (NYS: FACT) through a reverse merger, resulting in the combined entity trading on the New York Stock Exchange under the ticker symbol CSLR on October 4, 2022. Complete Solaria is an operator of a residential solar company focused on furthering the transition to a clean energy future. The company offers to redefine residential and small business solar with breakthrough technology, financing, and product and service excellence, thereby enabling its clients with significant transparency while driving reasonable monthly electricity costs. The proposed merger will form a leading U.S. residential solar company, redefining residential and small business solar with breakthrough technology, financing, and product and service excellence.
October 6, 2022: Voltrek, a developer of electric charging stations intended to promote electric energy as an alternative transportation fuel, was acquired by Orion Energy Systems (NAS: OESX) for an undisclosed amount on October 6, 2022. The company offers planning, installation, maintenance, and servicing along with project management and turnkey services, thereby providing clients with a comprehensive solution from start to finish. The acquisition positions Orion in the fast-expanding EV-charging infrastructure market.
October 7, 2022:MasTec (NYS: MTZ) acquired Infrastructure and Energy Alternatives, Inc. for $1.1 billion on October 7, 2022. The company (NAS: IEA) is a US-based diversified infrastructure construction company with specialized energy and heavy civil expertise. The company’s Renewables segment, which is the majority revenue generator, provides complete engineering, procurement, and construction services for the renewable energy, traditional power, and civil infrastructure industries. Through this transaction, Mastec will expand its service capabilities, scale, and expertise, providing critical infrastructure to support the nation's energy transition to secure and sustainable renewable sources.
October 11, 2022: Great River Hydro, an operator of hydropower generation facilities across New England, reached a definitive agreement to be acquired by Hydro-Québec for $2 billion on October 11, 2022. The company owns, operates, and manages a portfolio of energy-generating assets that include hydroelectric facilities, stations, associated dams, and reservoirs, through which it aims to address numerous socio-economic issues related to river flows, energy development, and natural resource management as well as support local communities in its operating region. The acquisition will also enable Hydro-Québec to diversify revenue streams in its primary export market.
October 12, 2022: Solstice Power Technologies, a developer of a digital solar energy management platform designed to make local, renewable energy accessible to every American through community-shared solar power, was acquired by Mitsui & Co. Alternative Investments, a subsidiary of Mitsui & Company (TKS: 8031), for an undisclosed amount on October 12, 2022. The company's platform helps users to subscribe to a shared solar farm, helping those who rent their homes or possess a non-optimal roof to have access to the solar market. The acquisition will help the company leverage the stability and strength of Mitsui to deepen its resources, expand into new markets, develop new services, and continue delivering on the promises that it made to the communities it serves.
October 13, 2022: Romeo Power Inc. was acquired by Nikola (NAS: NKLA) for $144 million on October 13, 2022. Romeo Power is an energy technology company focused on designing and manufacturing lithium-ion battery modules and packs for commercial electric vehicles. Through its energy-dense battery modules and packs, Romeo Power enables large-scale sustainable transportation by delivering safer, longer-lasting batteries with a longer range and shorter charge times. The acquisition will allow Nikola to make significant operational improvements and cost reductions in battery pack production.
October 17, 2022: Archaea Energy Inc, a renewable natural gas (RNG) producer in the U.S., with an RNG platform developing, constructing, and operating RNG facilities to capture waste emissions and convert them into low-carbon fuel, reached a definitive agreement to be acquired by BP (LON: BP.) for $4.1 billion on October 17, 2022. This acquisition will accelerate BP's key bioenergy growth engine, creating a real leader in the biogas sector, and support the net-zero ambition.