Apricus Generation, a holding company designed to build a national distributed solar and battery development platform and independent power producer (IPP), acquired a controlling stake in Nexus Renewables, a developer, owner, and operator of solar and energy storage projects under various stages of construction and development.
“The energy transition has created a market opportunity for a wide variety of participants ranging from well-capitalized utilities to entrepreneurial and self-funded developers. Nexus and Apricus are aligned on a common mandate to provide capital and resources to enable these developers to reach their full potential,” said Ravi Thuraisingham, CEO of Apricus Generation. “Apricus’ investment will enable Nexus to effectively position itself as a solution provider and consolidator for this underserved market segment.”
The Apricus investment will enable Nexus to scale its in-house capabilities fully and propel the company to capture a meaningful share of the energy transition market opportunity.
“Apricus’ founders bring deep experience in scaling businesses, corporate governance, operations, and capital markets. They have a proven track record in the energy industry and have enabled platform growth of companies like Nexus with successful exits in the recent past. Their experience and guidance will facilitate Nexus’ ability to execute this mandate rapidly and efficiently.” said Keith Sandor, CEO of Nexus Renewables.
According to Mercom’s Q1 2024 Funding and M&A report for Storage & Smart Grid, In Q1 2024, there were eight mergers and acquisitions (M&A) transactions in the Energy Storage sector, doubling from the four M&A transactions recorded in Q1 2023.
Last year, EQT, a private equity firm, through its EQT Infrastructure VI fund, agreed to acquire Statera Energy, a UK-based battery storage and flexible generation infrastructure developer and operator from InfraRed Capital Partners.
