Mercom Capital Group, llc, a global clean energy communications and consulting firm, released its report on funding and merger and acquisition (M&A) activity for the wind sector during the third quarter of 2014.
Wind venture capital (VC) funding came in at $140 million in one deal, compared to $48 million in four deals in Q2 2014. The only VC deal in Q3 as ReNew Power Ventures’ $140 million raise from Goldman Sachs Group, Asian Development Bank, GEF SACEF India.
Chart: VC funding
Total corporate funding in the wind sector came to $2.4 billion in Q3 2014, including VC funding, public market financing and debt financing.
Announced large-scale project funding in Q3 2014 dropped to $3 billion in 28 deals, compared to $6.3 billion in 38 deals in Q2 2014.
Chart: Wind Top 5 Large scale projects funded
Mercom also tracked nearly 10.9 GW of new project announcements globally this quarter in various stages of development.
There were six M&A transactions in Q3 2014, two of which disclosed amounts totaling $81 million. The top disclosed M&A transaction this quarter was the acquisition of Polish Energy Partners, a wind project developer, by CEE Equity Partners, a Chinese private-equity fund, for $78 million.
Announced project acquisitions in the third quarter was its lowest since 2010, coming in at $5.3 billion in 49 transactions (19 disclosed) compared to $1.4 billion in 31 transactions (11 disclosed) in Q2 2014.
The Top 5 project acquisitions by disclosed amount were led by Laidlaw Capital Group, an investment firm, which signed a deal with Bard Group, a manufacturer, installer and operator of offshore wind turbines, to acquire the 400 MW Veja Mate offshore wind project in the North Sea for $1.3 billion. That was followed by wind project developer Masdar Abu Dhabi Future Energy, which agreed to acquire part of Norwegian oil and gas company Statoil’s stake in the 402 MW Dudgeon offshore wind project in England for $858 million.
A consortium of Danish pension funds, PKA, Industriens Pension, Lærernes Pension and Lægernes Pensionskasse, acquired 50 percent of the 252 MW German offshore wind farm project, Gode Wind 2, from DONG Energy, an offshore wind project developer for $812.7 million. Mainstream Renewable Power, a renewable energy project developer, acquired the 225 MW Ayitepa wind project in Ghana from NEK Umwelttechnik, a Swiss wind project developer, for $525 million. Rounding out the Top 5 was the $406 million acquisition of two Polish wind projects, Wroblew and Project 2 totaling 250 MW, by China-CEE Fund and Enlight Renewable Energy, a renewable energy project developer based in Israel, from GEO Renewables, a wind project developer.
Of the disclosed project acquisitions in Q3 2014, 20 investment firms, 14 project developers, seven utilities and five independent power producers that acquired wind projects.
There were two Initial Public Offerings this quarter, CECEP Wind-power raised $63 million on the Shangai Stock Exchange and ELTECH ANEMOS, a Greece-based wind developer, raised $48 million on the Athens stock exchange.
There are 172 companies and 42 investors covered in this report. The report also includes 45 charts and tables.
To learn more about the report, visit: http://store.mercom.mercomcapital.com/?p=1857
Mercom Capital Group
Filed Under: News, Projects