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Highlights of CMS experience in Energy in 2020

January 2021

Highlights of CMS experience in Energy in 2020

  • Octopus Renewables Infrastructure Trust plc (ORIT) on its £144m acquisition of a 100% interest in a portfolio of solar photovoltaic (PV) assets located throughout the UK.
  • Equinor on its agreement with BP to sell 50% of its non-operated interests in the Empire Wind and Beacon Wind assets on the US east coast for a total consideration before adjustments of USD 1.1 billion. Power generation from each site will be sufficient to power more than 1 million homes.
  • The sale by KKR to AXA and Acciona on a portfolio of 2.3 GW net generation capacity comprising 52 renewable energy assets (primarily onshore wind and solar). These assets span 6 continents with assets located mainly in OECD countries, including Australia, Canada, Chile, Croatia, India, Italy, Mexico, Poland, Portugal, South Africa and the United States. AXA Infrastructure Equity 3 SAS (AXA) financed the transaction, agreeing to acquire 100% of the issued share capital of Atlanta Renewables and conditional on Acciona Energía S.A acquiring a further 13.33% stake in AEI. 
  • RWE on an agreement to sell a 49% stake in the Humber Gateway offshore wind farm to Greencoat, a UK-based investment company focusing on renewables projects, for a total cash consideration of £648 million. 
  • Hidroelectrica, the Romanian majority state-owned hydro power producer on the acquisition of an operational 108 MW wind farm located in Constanta county from STEAG group, one of the largest generators of electricity in Germany. Hidroelectrica is a leader in the production of energy and the main provider of ancillary services necessary for the National Energy System in Romania, a vital company in this strategic sector. This acquisition is one of the largest stand-alone M&A transactions in the renewables sector in Romania.
  • Nordex SE on its execution of a put option agreement for the potential sale of Nordex's European wind and photovoltaic development pipeline to RWE. Tthe project development pipeline is located across France, Spain, Sweden, and Poland, and accounts for almost 80% of all projects carried out by Nordex to date. 
  • Santander, NordLB, UniCredit, Rabobank and SMBC as Lenders, and Crédit Agricole as Agent, Security Agent and Account Bank on the financial close on the EUR310,000,000 project financing of Nordic Renewable Power AB, a renewable energy company owned by Green Investment Group, part of the Macquarie group. The transaction sees the Lenders providing committed credit facilities to fund the development of a portfolio of greenfield wind energy projects currently under construction in Sweden and Norway, and an accordion facility which can be used to fund other projects in Europe in future.
  • Global Tech Offshore Wind GmbH, the operating company behind the 400 MW Global Tech I wind farm in the North Sea on a comprehensive refinancing of existing loans. The wind farm is held by a group of sponsors led by Stadtwerke München, Axpo International S.A. and Entega AG.
  • ACWA Power, Blackrock and Crescent Capital on the sale of ACWA Power CF Karad PV Park and NOMAC Bulgaria, a 60 MWp photovoltaic plant Karadzhalovo in Bulgaria, to Enery Development GmbH, an Austrian investor and project developer.
  • Low Carbon Investment Management (Low Carbon) on its agreement to acquire three development stage onshore windfarms in Romania, with a total installed capacity of 1GW, from Nero Renewables BV (Nero). Low Carbon has acquired a 75% stake in the windfarms and with the remaining 25% stake to be acquired from Nero on financial close
  • Macquarie’s Green Investment Group (GIG) on the acquisition of a 25.3 MW operating onshore wind farm in Jóźwin, located in western Poland, from Vortex Energy Poland and Max Bögl International SE. Now in operation for nearly five years, the Jóźwin wind farm comprises nine GE turbines and helps avoid 42kt CO2e in greenhouse gas emissions every year. 
  • Signify, on the purchase of renewable energy from Green Investment Group (GIG) by way of a virtual corporate power purchase agreement (VPPA) – one of the first agreements of this type completed in Poland. VPPAs allow for the virtual purchase of electricity generated from renewable sources directly from the generator.