Weekly renewables M&A round-up (Oct 25-29)

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October 29 (Renewables Now) - Renewables Now covered M&A stories about SK Group, AEP, Reliance, Solarpack and others over the past week. Below is the full list:

-- Global corp funding for battery storage soars to USD 11.4bn in 9mo

Battery storage companies across the world secured USD 11.4 billion in total corporate funding in the first nine months of 2021, achieving an all-time high, shows a new report by Mercom Capital Group.

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-- Foresight fund invests in Dutch geothermal JV

UK investment manager Foresight Group Holdings Ltd (LON:FSG) said that its recently closed energy transition fund FEIP has invested in a geothermal joint venture (JV) in the Netherlands.

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-- Icelandic partners join Transmark Renewables on geothermal project in Chile

Icelandic geothermal companies GEG Power ehf and North Tech Energy have joined Amsterdam-based Transmark Renewables in a joint venture (JV) to develop the Adobera geothermal project in Chile, GEG said.

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-- Altus Power buys 9.9-MW solar farm in New Jersey

US clean energy firm Altus Power Inc announced the acquisition of a 9.9-MW operating solar generation commercial and industrial asset in Sussex County, New Jersey, boosting its total solar capacity to over 350 MW.

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-- OX2 posts lower Q3 profit, sheds 24-MW Polish wind farm

Swedish renewables developer OX2 today posted an 88.6% year-on-year drop in third-quarter profit to SEK 15 million and announced the sale of a 24-MW wind farm in Poland.

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-- SK plans USD-500m investment in Bloom Energy, expands partnership

An affiliate of South Korean conglomerate SK Group has signed a contract to deploy at least 500 MW of power from Bloom Energy (NYSE:BE) through 2024, representing an estimated USD 4.5 billion in equipment and service revenues, it was announced.

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-- Aker Horizons lands deals under planned green industrial hub in Norway

Aker Horizons ASA (OSE:AKH), the renewables platform controlled by Norway’s Aker ASA (OSE:AKER), unveiled two deals worth a combined NOK 290 million under a new plan to develop green value chains for power-intensive industries in northern Norway.

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-- SUSI Partners to buy over 200 MW of distributed renewables in Chile

Swiss asset manager SUSI Partners AG announced it has agreed to buy a portfolio of distributed solar and wind projects in Chile with a combined capacity exceeding 200 MW.

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-- Octopus Renewables funds acquire 17-MW waste-to-energy project in Scotland

Funds managed by Octopus Renewables have acquired a 17-MW waste-to-energy project in Scotland from Low Carbon and Waste Energy Power Partners (WEPP), the companies announced.

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-- European Energy eyes 300 MW of fresh wind in Lithuania, sheds 185-MW portfolio

European Energy A/S announced a deal to offload a portfolio of 185.5 MW of wind projects in Lithuania and pledged to install over 300 MW of wind power capacity in the country in 2022.

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-- AEP agrees to shed Kentucky ops amid renewables spending

American Electric Power Co Inc (NASDAQ:AEP) has agreed to divest its Kentucky operations at an enterprise value of USD 2.85 billion, whilst continuing to invest in regulated renewables, transmission and other projects.

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-- Reliance launches USD-245m public offer for shares in Sterling & Wilson Solar

Reliance New Energy Solar Ltd, part of Indian conglomerate Reliance Industries Ltd (BOM:500325), has made an open offer to acquire a 25.9% stake in domestic solar EPC contractor Sterling and Wilson Solar Ltd (BOM:542760) for roughly INR 18.4 billion in cash.

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-- Greenbacker buys 30.7-MWp Minnesota wind duo from PRC

Greenbacker Renewable Energy Company LLC said it has bought a bundle of wind parks in Minnesota with a combined capacity of 30.7 MW DC.

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-- CenterPoint Energy gets thumbs up to add 400 MW of solar in Indiana

US power utility CenterPoint Energy Inc (NYSE:CNP) has received regulatory approval to buy a 300-MW solar park in Indiana and sign an off-take deal for 100 MW of solar power capacity in the same state.

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-- Australia's Selath to take up to 10% of Greek utility PPC

Australia-based diversified distribution group Selath Holdings Sarl will buy at least 10% of PPC SA (ATH:PPC) under the Greek power utility’s share capital increase plan aimed at backing its renewables spending strategy.

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-- EQT fund gets green light to take over Spain's Solarpack

Spanish securities market regulator CNMV said it had approved the move by a fund affiliated with Swedish investment firm EQT AB (STO:EQT) to take over the entire share capital of Spanish solar energy company Solarpack Corporacion Tecnologica SA (BME:SPK).

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-- Amazon's Climate Pledge Fund backs electrofuels start-up Infinium

US e-commerce giant Amazon.com Inc's (NASDAQ:AMZN) Climate Pledge Fund has co-led a USD-69-million funding round for ultra-low carbon electrofuels company Infinium, in what is the fund's second investment in the start-up in 2021.

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-- Engie Spain acquires Spanish PV specialist Sofos Energia

Engie Espana, part of French electric utility group Engie SA (EPA:ENGI) said it has acquired Sofos Energia, a Spanish specialist in the development and construction of solar PV projects.

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-- Former Petrofac leaders set up UK offshore wind services group

A newly-formed, UK-based offshore wind services group intends to invest some GBP 250 million by mid-2022 in capabilities across the wind farm life cycle and eventually pursue a public listing for its stock.

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-- Innergex, Hydro-Quebec acquire 60-MW hydro portfolio in New York

Canadian power producers Innergex Renewable Energy Inc (TSE:INE) and Hydro-Quebec have finalised their joint acquisition of the 60-MW Curtis Palmer run-of-river hydroelectric portfolio in the US state of New York, the partners announced in a press release this week.

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-- SUN Energy to buy 100-MW solar farm in Australia

Singapore-based SUN Energy announced an agreement to buy a 100-MW solar farm located in Western Australia from Chinese company Risen Energy (SHE:300118).

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-- ERG closes buy of 97-MW renewables portfolio in France

A subsidiary of Italian energy company ERG SpA (BIT:ERG) has finalised the acquisition of a 97.3-MW operational wind and solar portfolio in France.

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-- Octopus Renewables to enter Finland with onshore wind deal for 71 MW

Octopus Renewables Infrastructure Trust Plc (LON:ORIT) announced a call option agreement to acquire two onshore wind projects in Finland with a combined capacity of 71.4 MW, in what is the British fund's first deal in the Nordic country.

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-- Hanwha Solutions closes acquisition of RES France

Hanwha Solutions Corporation (KRX:009830), the parent of solar panels maker Q Cells, has wrapped up the takeover of RES Mediterranee SAS, which holds the French renewables development business formerly owned by UK-based RES Group.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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