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

Interogo Holding, via its infrastructure investment fund Inter Infrastructure Capital (IIC), a non-furniture-related business of the IKEA Group, entered an agreement to acquire 49% of a 1,066 MW portfolio of operational and under-construction solar photovoltaic generation assets from BRUC Group. The transaction details were not disclosed.

Santander and JP Morgan have acted as financial advisors and Linklaters as legal on BRUC’s side. The transaction is subject to certain regulatory approvals and other customary closing conditions.

BRUC’s Chairman, Juan Béjar, considers that “the incorporation of a world-class shareholder such as Interogo Holding demonstrates, on the one hand, BRUC’s capacity to create value and, on the other, the confidence of investors with a long-term vision in the ambitious growth project “. In his opinion, “having investors such as OPTrust, USS and Interogo Holding gives us the financial strength we need to continue creating a great leader in renewable energy. “

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, agreed to sell the 149 MW Garnacha solar project in Spain to ERG, a renewable energy independent power producer. 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). The project has signed a 12-year pay-as-produced power purchase agreement (PPA) with a multinational corporation for seventy percent of the electricity generated. It covers an area of 224 hectares of land on low-quality soil and will consist of more than 270,000 of the latest-generation bifacial solar modules. Ib vogt has selected a single-axis tracker system with a north-south orientation for optimal performance. Augusta & Co provided financial advice, and Pinsent Masons provided legal advice for the transaction.