VC funding shows signs of life with $16 million
Capital Group, llc, a global clean energy communications and consulting firm,
released its report on funding and merger and acquisition (M&A) activity for
the wind sector during the first quarter of 2013.
venture capital funding rebounded in the first quarter of 2013, raising $16
million in three deals after the previous quarter saw just one $500,000 VC
deals included Export Development Canada’s $7 million financing of Endurance, a
Vancouver-based manufacturer of wind turbines designed for power grid
applications. Also receiving financing was Pentalum, a developer of a wind
LiDAR (Light Detection and Ranging) system for remote sensing of wind, which
raised $5.5 million from Bright Capital, Cedar Fund, Evergreen Venture
Partners, ABB and Draper Fisher Jurvetson. Finally, Heartland Energy Solutions,
a manufacturer of 100 kW wind turbines and blades, raised $3.9 million.
of the funding activity this quarter went towards project funding. Announced
project funding in Q1 2013 came to $6.2 billion in 29 deals with some extremely
large transactions recorded this quarter. Large-scale onshore wind projects
received over $3.42 billion in 26 deals while offshore wind projects received
over $2.74 billion in three deals. In the United States, wind became the most
installed energy generation source in 2012 and has continued that momentum in
the first quarter of 2013.
Top 5 large-scale projects funded in Q1 2013 included $1.9 billion in project
financing for wpd group’s 288 MW Butendiek offshore wind project in Germany;
$700 million in debt financing for Samsung Renewable Energy and Pattern Energy
Group’s 270 MW South Kent onshore wind project in Canada; a $664 million loan
raised by EnBW Erneuerbare Energien for its 288 MW Baltic 2 offshore wind
project from EIB; a $500 million investment received by Invenergy Wind for its
11 operating onshore wind projects in the United States and Canada (~1,500 MW)
from Caisse; and a $399 million investment was received by EDF EN's Mexican
unit, Eoliatec del Istmo, for its 164 MW Bii Stinu onshore wind project from
Mitsui’s subsidiary MIT Renewables Mexico and EDF Energies Nouvelles.
were four M&A transactions in Q1 2013, amounting to $543 million, out of
which three were disclosed.
top M&A transaction this quarter was the acquisition of the Polish onshore
wind business of Dong Energy, a company involved in procuring, producing, distributing
and trading in energy and related products, by two Polish power utilities
Polska Grupa Energetyczna (PGE) and Energa, for $314 million.
was strong project acquisition activity this quarter with 17 transactions
amounting to $1.4 billion. The largest project M&A transaction by amount was
UK-based renewable energy investor and developer Blue Energy’s acquisition of
the 177 MW RidgeWind portfolio from HgCapital for $392 million. The largest
project acquisition by MW was Geronimo Energy’s acquisition of Midwest Wind
Energy’s 1,000 MW Wind Park Burg II Project.
learn more about the report, visit: Wind
Q1 2013 Funding and M&A Report
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