WEC Acquires 80% Stake in 250 MW Solar Project in Texas

Ethical Power Development, a renewable energy developer and investor and a part of the Ethical Power Group, has acquired the development business of Public Power Solutions (PPS), including a pipeline of solar and energy storage projects with a potential capacity of over 250 MW.

The financial terms of the transaction were not disclosed.

Public Power Solutions and Ethical Power have been collaborating since 2021. The latest deal enables Ethical Power to take ownership of large-scale solar PV and BESS co-located projects with a total capacity of over 250 MW.

“This is an important milestone supporting further expansion of the business and will allow us to streamline project developments both in the UK and internationally,” said Spencer Jansen, managing director of Ethical Power Development.

PPS’ director of power solutions, Steve Cairns, said, “PPS and Ethical Power already share a common commitment to delivering clean energy projects which help tackle the climate crisis and boost the UK’s energy security while delivering long-term benefits for local communities. This exciting next step is a natural evolution of our existing partnership, providing a sustainable basis for future growth.”

Last Month, Birch Creek Energy, a renewable energy company, announced the acquisition of Foundation Solar Partners, a solar developer from private equity firm Hull Street Energy, for an undisclosed amount. Foundation Solar has developed and sold over 800 MW of solar projects. It has an additional pipeline of nearly 5 GW in operation solar and storage projects.

According to Mercom’s Q4 and Annual Solar Funding and M&A Report, 128 mergers and acquisition (M&A) transactions were recorded in 2022—the highest since 2010, including eight deals exceeding a billion dollars each.

Brookfield Renewable, an owner and operator of renewable projects, recently acquired a 50% stake in X-ELIO, which specializes in developing, constructing, financing, and operating renewable energy projects, including solar. The financial terms of the deal were not disclosed.