Deal Watch: North America

Reports on major debt, equity and M&A deals from North America

• Canadian Solar sells majority stake in California battery energy storage project

  September 9, 2021
  Canadian Solar’s project development subsidiary, Recurrent Energy, has sold an 80 per cent stake in its 350 MW/1,400 MWh Crimson energy storage project in California, to an investment portfolio management firm Axium Infrastructure. Recurrent Energy will retain the remaining 20 per cent stake.

• 230 kV Sabanitas–Panama III Electric Transmission Line and Associated Substations Project, Panama

  September 6, 2021
  The project will facilitate the evacuation of future generation from the province of Colón, which will also provide an alternative electricity supply corridor to the province of Panama.

• American Clean Power Association and US Energy Storage Association announce merger

  August 24, 2021
  In a recent development, the American Clean Power Association (ACP) and the US Energy Storage Association (ESA) announced that ESA’s member companies approved the merger to join ACP from January 1, 2022.

• Camus Energy secures USD16 million Series A to advance grid management, support utilities

  July 22, 2021
  Camus Energy, a leading provider of advanced grid management technology, recently announced that it has secured USD16 million in a Series A round (i.e., the company’s first round of venture capital financing), led by Park West Asset Management and joined by Congruent Ventures, Wave Capital and other investors, including an investor-owned utility (IoU).

• Leyline JV provides financing for battery projects [free access]

  July 7, 2021
  Recently, the sector-focused investment group Leyline Renewable Capital, which provides debt and equity capital, has formed a joint venture (JV) with energy infrastructure investment company Starwood Energy Group, to fund the execution of two battery energy storage projects in Virginia and Texas, with a total capacity of 400 MW/1,400 MWh.

• Mayflower Wind acquires 1.2 GW interconnection queue position from Anbaric

  June 3, 2021
  Mayflower Wind—a 50-50 joint venture (JV) between energy companies Shell New Energies, US and the newly-formed US arm of Ocean Winds (a JV between EDP Renewables and ENGIE)—recently acquired a 1.2 GW interconnection queue position from independent grid operator Anbaric at the retired Brayton Point coal-fired power plant site south of Boston, Massachusetts.

• Agilitas Energy acquires Boston-based New England Battery Storage (NEBS)

  June 3, 2021
  Agilitas Energy—a distributed energy developer—recently acquired Boston-based New England Battery Storage (NEBS)—a private energy storage developer focused on utility-scale battery storage.

• Ontario Teachers’ Pension Plan to acquire Evoltz platform in Brazil [free access]

  May 14, 2021
  Ontario Teachers’ Pension Plan Board (Ontario Teachers) has recently announced that it has entered into a definitive agreement with TPG Capital (previously known as Texas Pacific Group)—a global alternative asset firm, to acquire 100 per cent interest in the electricity transmission platform—Evoltz, in Brazil.

• CIB and ITC Investment Holdings sign agreement for Canada–US connection

  April 15, 2021
  The Canada Infrastructure Bank (CIB) and ITC Investment Holdings (ITC) have recently signed an agreement to invest USD1.7 billion in the Lake Erie Connector Project.

• FERC approves sale of GridLiance to NextEra Energy Transmission

  March 30, 2021
  The Federal Energy Regulatory Commission (FERC) recently approved the sale of GridLiance Holdco, LP and GridLiance GP, LLC (together, GridLiance) to NextEra Energy Transmission (NEET), LLC—a subsidiary of NextEra Energy Inc.

• French-based Total acquires 2.2 GW solar, 600 MW storage projects in Texas

  February 11, 2021
  French-based Total SE—an integrated oil and gas company—has recently acquired a development pipeline of 2.2 GW of solar projects and 600 MW of battery energy storage systems (BESS) in Texas, from SunChase Power—a renewable energy company, developing utility-scale solar energy projects and MAP RE/ES—the renewable energy business of a private energy investment firm, MAP Energy.

• Ormat announces acquisition of energy storage asset in Texas

  December 17, 2020
  US-based Ormat Technologies Inc. recently announced the acquisition of a shovel-ready (about to begin construction soon) energy storage asset in Upton County, Texas, from Con Edison Development—engaged in the development of renewable and energy infrastructure assets throughout the US.

• California Energy Commission awards USD1.2 million for energy storage solution

  October 13, 2020
  The California Energy Commission (CEC) has recently awarded USD1.2 million to Indian Energy LLC—a utility-scale and microgrid development and systems integration firm—to demonstrate a non-lithium, long-duration, ion energy storage solution.

• Washington DC-based Stantec completes acquisition of Teshmont [free access]

  October 5, 2020
  The Washington DC-based global engineering and design firm, Stantec, recently announced the acquisition of Teshmont—a Canadian-based electrical engineering consulting company, specialising in high voltage (HV) power transmission and distribution engineering.

• NextEra Energy Transmission announces acquisition of GridLiance [free access]

  September 30, 2020
  NextEra Energy Transmission (NEET), LLC—a subsidiary of NextEra Energy Inc., has recently announced that it has entered into definitive agreements with affiliates of Blackstone Energy Partners to acquire GridLiance Holdco, LP and GridLiance GP, LLC (together, GridLiance) for approximately USD660 million, including the assumption of debt.

• NYPA, Siemens partner on new cybersecurity centre for utilities

  August 3, 2020
  The New York Power Authority (NYPA) and the German multinational conglomerate, Siemens Energy, have announced a new partnership to develop a Center of Excellence on industrial cybersecurity.

• Prince Edward Island gets CAD44 million funding to evacuate wind energy

  July 24, 2020
  The Government of Canada and Prince Edward Island have announced CAD44 million funding for a new 106-km transmission line (and related equipment) to support future wind energy generation projects on the western side of the island.

• Kansas-based Koch Industries acquires Sentient Energy

  March 26, 2020
  Koch Engineered Solutions (KES), a unit of Kansas-based Koch Industries Inc., has acquired California-based Sentient Energy, a company providing distribution grid transformation, intelligent line sensors and grid analytics software for fault detection, outage prevention, and safe, reliable power delivery.

• GridLiance Holdco closes transmission acquisition deal with EEI [free access]

  March 4, 2020
  GridLiance Holdco, through its GridLiance Heartland LLC subsidiary, has closed the acquisition of six transmission lines from Vistra Energy’s subsidiary, Electric Energy Inc. (EEI).

• Michigan Electric Transmission Company receives loan of USD75 million

  January 27, 2020
  Reportedly, Michigan Electric Transmission Company, LLC (METC), a subsidiary of ITC Holdings, has entered into an unsecured term loan credit agreement for USD75 million with various lenders on January 23, 2020.