TRC Companies (TRC), a consulting firm providing environmentally focused and digitally powered solutions, acquired Blue Oak Energy, a firm specializing in engineering solar and solar energy storage projects. With this acquisition, TRC is expanding its renewable energy capabilities.
“By acquiring Blue Oak Energy, TRC expands its value to renewable energy developers as a full-service delivery team supporting projects from concept to operation,” said Christopher Vincze, Chairman, and CEO of TRC. “This acquisition reinforces our strategic growth objectives, including a major expansion of our Climate Solutions offering, and strengthens our well-established ability to deliver integrated solutions for a wide range of renewable energy projects.”
“Joining TRC gives our clients access to a complete suite of solutions and resources to advance their renewable energy goals,” said Danny Lee, Senior Vice President of Blue Oak Energy. “Having partnered with TRC on development projects in the past, we are excited to be part of their dedicated and passionate multi-disciplinary team.”
According to Mercom’s 1H and Q2 2022 Solar Funding and M&A Report, In 1H 2022, there were 53 solar M&A transactions compared to 54 transactions in 1H 2021. In 1H 2022, the top deal was by Macquarie Asset Management, a consortium with British Columbia Investment Management Corporation (BCI) and MEAG, which agreed to acquire Reden Solar from InfraVia Capital Partners and Eurazeo for an enterprise value of $2.72 billion.
In July, CleanCapital, a clean energy investment company, acquired 100% ownership stakes in BQ Energy (BQE), a landfill and brownfield renewable energy development company. The acquisition includes about 300 MW of late-stage development solar projects and more than 700 MW of mid-stage solar projects. CleanCapital will fund these projects at various development stages, deploy capital to projects that advance the energy transition, and put underutilized and polluted land to new use with myriad climate and community-related benefits.
In June 2022, Mirova, an affiliate of Natixis Investment Manager and asset management company offering investment solutions, acquired SunFunder, a private debt management company that finances renewable energy projects in Africa and Asia. Mirova is expanding its investment platform in international markets through the acquisition.