Solar Q4 2023 Report

SUSI Partners, a Swiss-based investment manager, through its flagship Energy Transition Fund (SETF), has acquired a controlling interest in U.S. clean energy developer Encore Renewable Energy, a clean energy company specialized in developing, constructing, and operating distributed and utility-scale solar PV and battery storage assets.

The financial terms of the transaction were not disclosed.

The transaction further expands SUSI’s investment footprint in the U.S., adding renewable energy generation to previous investments in battery storage and electric vehicle charging infrastructure.

This strategic investment reflects the growing momentum of the clean energy sector in the United States. SUSI’s additional equity injection will enable Encore to transition from a project developer to an independent power producer, scaling its operations and asset portfolio.

The investment in Encore expands SETF’s diversified and growing portfolio, which covers investments from renewable energy production over energy efficiency to energy storage and integrated customer energy solutions in Europe, the U.S., Chile, and Australia. Given the continued deployment progress through the existing platforms and further attractive near-term investment opportunities in the pipeline, SUSI is looking to expand SETF’s capital base further in 2023.

According to Mercom’s Q1 2023 Solar Funding and M&A Report, there were 27 solar M&A transactions in Q1 2023 compared to 38 in Q4 2022. In a YoY comparison, M&A activity decreased slightly compared to Q1 2022.

Petronas, a Malaysian state-owned oil company, announced that its clean energy subsidiary Gentari Renewables Australia had completed the purchase of Australian renewables firm Wirsol Energy, which has solar and battery energy storage integration capabilities and a pipeline of development projects. The financial terms of the transaction were not disclosed. Wirsol Energy, which entered the Australian renewable energy market in 2017, owns and operates renewable energy and storage projects across New South Wales (NSW), Victoria, and Queensland.