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<p><a href="https://www.pne-ag.com/en/" target="_blank" rel="noopener">PNE</a>, a Germany-based renewable energy project developer, sold a 240 MW solar project to the South African energy company NOA Group. The Khauta Project will be constructed in the Free State province in central South Africa. The project is expected to reach the fully developed phase by mid-2024.</p>
<p>The project is in a region with strong mining and agricultural sectors. PNE will continue to support the project through WKN Windcurrent, which belongs to the PNE Group. According to the company, there is potential to expand the size of the project in the future.</p>
<p>Karel Cornelissen, CEO of NOA, said, “The Khauta project will be a pioneering project for NOA as it will be the first large-scale (&gt;100MW) solar facility entering the NOA aggregator portfolio. As NOA, together with the support of our shareholder, African Infrastructure Investment Managers (‘AIIM’), we aspire to make a meaningful contribution towards solving the immediate energy supply deficit in South Africa”.</p>
<p>As of the end of 2023, the German developer had about 4 GW of solar and wind projects under development in South Africa. PNE has been active in South Africa since 2010. The NOA Group, an integrated energy company, develops, constructs, and operates solar, wind, and energy storage projects.</p>
<p>According to Mercom’s Annual and Q4 2023 Solar Funding and M&amp;A <a href="https://cms.mercomindia.com/product/annual-q4-2023-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, 231 large-scale solar project acquisitions in 2023 compared to 268 acquisitions in 2022. In 2023, almost 45.4 GW of solar projects were acquired 2023, compared to 66 GW in 2022, a 31% decline YoY.</p>
<p>Recently, Aspen Power, a distributed generation platform developer, <a href="https://cms.mercomindia.com/aspen-power-acquires-solar-projects/" target="_blank" rel="noopener">announced</a> the acquisition of eight ground-mounted solar projects in Pennsylvania and New York, totaling 41 MW. The projects were acquired from Solar Site Developers, a solar project developer who will also co-develop the project with Aspen Power.</p>
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PNE Sells 240 MW Solar Project in South Africa


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					</table><p>Global private investment firm <a href="https://www.ardian.com/" target="_blank" rel="noopener">Ardian</a> has agreed to sell its renewable portfolio, comprising 12 wind farms of 422 MW and hybrid photovoltaic projects of 435 MW, to Spain-based energy group <a href="https://www.naturgy.com/en/home" target="_blank" rel="noopener">Naturgy</a>.</p>
<p>The wind farms were commissioned between 2005 and 2012 in different regions across Spain.</p>
<p>The hybrid photovoltaic farms are currently being developed as part of a project in Spain, maximizing the quality of connection points and stabilizing the energy production of the assets once hybridized.</p>
<p>The company used the ASR Wind platform to manage other renewable energy projects of 1 GW capacity spread across Spain and Italy, which are not a part of this transaction.</p>
<p>Co-Head of Infrastructure Europe, Ardian, Juan Angoitia, said, “This transaction marks a milestone moment for Ardian’s Infrastructure strategy. Our team is now a pioneer in Spain in developing wind-solar hybrid systems, optimizing their production capacity, and improving their industrial value. Furthermore, we will continue to develop our remaining 1GW portfolio with AGR-AM and continue to create value.”</p>
<p>Ardian will drive several other value-creating initiatives in Spain, including hybridizing wind assets with solar photovoltaic power generation systems led by AGR-AM, the renewable asset manager dedicated exclusively to Ardian&#8217;s portfolio in Spain and Latin America.</p>
<p>Ardian acquired 95% of the ASR Wind portfolio in 2019, representing the first investment of its fifth-generation fund, Ardian Infrastructure Fund V. The remaining percentage is held by Exus Management Partners, which will also exit the company&#8217;s ownership following the transaction.</p>
<p>The transaction&#8217;s closing is scheduled for the end of July, subject to Naturgy receiving approval from relevant authorities.</p>
<p>In July last year, Ardian Clean Energy Evergreen Fund <a href="https://www.mercomindia.com/project-finance-brief-opdenergy-secures-financing-solar-projects" target="_blank" rel="noopener">acquired</a> a 100 MW solar portfolio under development in Sardinia, Italy, from Atlas and Heron Advisory.</p>
<p>In October 2022, Ardian and FiveT Hydrogen’s joint venture company Hy24 <a href="https://www.mercomindia.com/hy24-e2-billion-scale-hydrogen-technologies" target="_blank" rel="noopener">announced</a> closing its first impact fund — Clean H2 Infra Fund — at €2 billion (~$2.18 billion) of allocations, aiming to help scale proven hydrogen technologies.</p>
<p>Over 2.6 GW of rooftop solar capacity was <a href="https://www.mercomindia.com/spain-rooftop-solar-capacity-2022" target="_blank" rel="noopener">installed</a> in Spain last year, according to the annual report published by Spain&#8217;s Association of Renewable Energy Companies.</p>
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Investment Firm Ardian to Sell 857 MW Renewable Portfolio to Naturgy


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					</table><p>France-based energy conglomerate <a href="https://totalenergies.com/" target="_blank" rel="noopener">TotalEnergies</a> said it has sold 50% of a 234 MW portfolio of renewable projects to insurance group <a href="https://www.credit-agricole.fr/particulier/assurances.html" target="_blank" rel="noopener">Crédit Agricole Assurances</a>.</p>
<p>The company said that the transaction implied an enterprise value of $300 million (100%) for the portfolio, which is equivalent to 16 times the EBITDA.</p>
<p>The portfolio includes 29 solar and wind projects, of which 25 projects totaling 180 MW are already operational while four others of 54 MW capacity will be commissioned in the first half of 2023, TotalEnergies said.</p>
<p>The partial transaction will enable TotalEnergies to accelerate its project cash flows and improve the return on invested capital, aligning with its business model for the development of renewable energy.</p>
<p>The asset management, operation, and maintenance of the 29 clean projects will be undertaken by the company. The projects will cumulatively provide energy for 200,000 people while helping mitigate at least 96,000 tons of carbon emissions for the next three decades.</p>
<p>“This partial sale demonstrates the strength of our business model, which ensures a return on invested capital in renewable energies of more than 10%. With Crédit Agricole Assurances’ strong teams and business model, TotalEnergies intends to continue its development in France where we aim to reach 4 GW of renewable generation capacity by 2025,” said Senior Vice President, Renewables at TotalEnergies, Vincent Stoquart.</p>
<p>Head of Investments at Crédit Agricole Assurances Florence Barjou said, &#8220;This transaction is in line with our strategy as a long-term institutional investor in the acceleration of renewable energies, in favor of the energy transition and a low-carbon economy. In line with the Crédit Agricole Group&#8217;s climate commitments, this transaction will increase our investments in renewable energies and help us reach an installed capacity of 14 GW by 2025.”</p>
<p>In December 2022, TotalEnergies ENEOS <a href="https://mercomindia.com/daily-wrap-up-totalenergies-rooftop-solar-textile-company/" target="_blank" rel="noopener">installed</a> a 1 MW rooftop solar photovoltaic system for a textile company, Sri Kannapiran Mills in Tamil Nadu. The system is aimed at catering to 30% of the mill’s power needs and will generate around 1,500 MW of power annually to help the mill mitigate 1,200 tons of carbon emissions.</p>
<p>Last June, a consortium formed by Crédit Agricole Assurances and Switzerland-based Energy Infrastructure Partners <a href="https://mercomindia.com/funding-and-ma-roundup-repsol-renewables-stake/" target="_blank" rel="noopener">bought</a> a 25% stake in the renewables business of Spanish petrochemical company Repsol for €905 million (~$949 million).</p>


TotalEnergies Sells Half of $300 Million Renewables Portfolio

<p><a href="https://www.dsm.com/corporate/home.html" target="_blank" rel="noopener noreferrer">Royal DSM</a>, a  Netherlands-based multinational corporation, has decided to sell its Resins &amp; Functional Materials and associated business for an equity value of €1.6 billion (~$ 1.87 billion). The deal for the sale has been signed with German adhesive manufacturer <a href="https://www.covestro.com/en" target="_blank" rel="noopener noreferrer">Covestro AG</a>.</p>
<p>The company said that the transaction would include its all Resins &amp; Functional Material businesses, including DSM Niaga®, DSM Additive Manufacturing, and the coating activities of DSM Advanced Solar. However, DSM Advanced Solar’s activities in next-generation backsheets for photovoltaic modules remain a part of the company.</p>
<p>According to the company, DSM Resins and Functional Materials business comprises the sustainable coatings division and functional materials division, which supply products like resins for consumption in paints, other industrial applications, and optical fiber coatings. DSM advanced solar coatings are utilized in solar glasses.</p>
<p>According to its press statement, the transaction is expected to be completed in the first half of 2021. Upon closing of the transaction, the company is expected to receive around €1.4 billion (~$ 1.64 billion) in cash, including repayments of Resins &amp; Functional Materials’ net debt, capital gains tax, and after transaction costs.</p>
<p>“This sale builds on our approach of actively managing our businesses, as DSM continues to evolve as a purpose-lead science-based company operating in the field of nutrition, health, and sustainable living. The deal delivers strong value to DSM and strategically attractive for all parties,” said Geraldine Matchett and Dimitri de Vreeze, Co-Chief Executive Officers of Royal DSM.</p>
<p>These businesses represented €1.012 billion (~$ 1. 18 billion) of the company’s total net sales in 2019, as well as its total earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) worth €133 million (~$ 156.21 million) in 2019. The company would provide the rehashed figures of its materials cluster before its results for the third quarter.</p>
<p>The company stated that the collaboration of Covestro AG and DSM’s resins &amp; functional materials unit would develop the business with advanced scale and technological capabilities, benefitting its consumers and employees.</p>
<p>According to Mercom Capital Group’s Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/1h-q2-2020-solar-funding-ma-report/" target="_blank" rel="noopener noreferrer">Report</a>, in the first half of 2020, there were a total of 25 solar M&amp;A transactions of which six of them disclosed transaction amount totaling $184 million.</p>


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