Funding and M&A Roundup Solar Developer Amarenco Raises $321 Million

EE North America, a subsidiary of European Energy, a solar and wind project developer, agreed to sell a 350 MW utility-scale solar project in Texas to Osaka Gas USA, an energy utility company. The project is currently being developed and expected to enter commercial operation by July 2025.

Lorena Ciciriello, CEO of EE North America, underscored the importance of the agreement with OGUSA, “We take great pride in being trustworthy collaborators with our investors, financial partners, and the communities where we operate. Selling this project to OGUSA is part of our long-term growth strategy; we will continue to leverage our partnerships, share our expertise, and be a leading global force in promoting the green transition.”

“We’re pleased to take over the development of this project from EE North America, an experienced developer delivering tailored clean energy solutions to a broad range of technologies. We hope to expand this longstanding relationship through future collaboration and contribute to decarbonizing the U.S. power grid,” said Sunao Okamoto, President & CEO of OGUSA.

According to Mercom’s Q1 2023 Solar Funding and M&A Report, there were 67 large-scale solar project acquisitions in Q1 2023, compared to 61 transactions in Q4 2022.

In a recent transaction, Ib vogt, a renewable energy project developer, has agreed to sell the 149 MW Garnacha solar project in Spain to ERG, a renewable energy independent power producer. The Garnacha solar power project is located in the province of Zamora in Spain and is currently in an advanced stage of construction. Commercial operation is expected to begin by the end of 2023, after which ib vogt will provide full O&M services. The transaction for the 100 % stake of Garnacha Solar SL is expected to close by the third quarter of 2023 and represents an enterprise value of 170 million euros (~$188 million).