Altarea, a French-based real estate company, has acquired Prejeance Industrial, a rooftop solar development company, from the Spanish group Repsol. This acquisition will help expand the photovoltaic installation development platform in France that the Group implemented in 2023 as part of the new activities segment of its strategic roadmap.

The investment amount is approximately €140 (~$151) million (including approximately €25 (~$27) million of goodwill and €115 (~$125) million of solar power plants in operation, in construction, or under development). PI will be consolidated into the Group’s accounts starting from the second half of 2024.

Founded in 2019, Prejeance Industrial specializes in the development of small to medium-sized rooftop photovoltaic projects (between 100 and 500 kW), mainly on agricultural sheds.

As of the end of June 2024, the company claims to own and operate a total installed capacity of over 42 MW, entirely located in France, and is developing a controlled project pipeline of nearly 400 MW, including 41 MW under construction.

Last month, a Singapore-based fund manager specializing in renewable energy investments company SC Oscar, announced the acquisition of a 100% stake in Rānui Generation, a New Zealand-based solar project developer, through its renewable energy infrastructure fund, SC Renewable Energy Plus Fund 1. The acquisition includes four development-stage solar projects in New Zealand with a total capacity of around 157 MW.

According to Mercom’s Q1 2024 Solar Funding and M&A report, a total of 21 solar M&A transactions were recorded in Q1 2024, the same amount as in Q4 2023, but about 22% lower compared to 27 solar M&A deals in Q1 2023.

Last Year, DIF Capital, an independent infrastructure equity fund manager, acquired a 50% stake in the ground-mounted solar solutions provider Novar from ib vogt for an undisclosed amount. The divestment by ib vogt, a solar development and engineering, procurement, and construction (EPC) platform, is expected to generate funds for its future investments.