Calendar of Events

Oct 20, 2014 to Oct 23, 2014 | Orlando, FL
Oct 27, 2014 to Oct 31, 2014 | Clearwater Beach, FL
Nov 05, 2014 to Nov 06, 2014 | Las Vegas, Nevada

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M&A News

 
 
 

A123 Systems Sells Off Energy Storage Division for $100 Million to NEC

A123 Systems signed an agreement with NEC Corporation (NEC) of Japan to divest of its grid storage business and other assets related to energy storage for telecom and IT data storage applications. NEC acquired the A123 Energy Solutions for approximately $100 million. An agreement on the terms of the deal has been finalized and a new company, NEC Energy Solutions, is slated to begin operation in June 2014 under the direction of NEC.

Planned NRG and Edison Mission Energy Merger Receives FERC Approval

NRG Energy and Edison Mission Energy (EME) jointly announced that the Federal Energy Regulatory Commission (FERC) has approved the sale of substantially all of EME's assets to NRG. The acquisition of EME's portfolio of renewable and conventional generation assets will create the second-largest US power company. EME will add nearly 8,000 MW of generating capacity to the combined company's diverse portfolio of both conventional and wind generation facilities.

NRG Energy Acquires Dominion’s Retail Electric Business

NRG Energy entered into agreements with Dominion Resources to acquire its retail electric business. Once completed, the acquisition will support NRG's ongoing efforts to expand the company's retail footprint in the Northeast and to grow its retail position in Texas.The transaction closed at the end of March.

Manitoba Hydro Signs Two New Power Deals with Wisconsin Public Service

Manitoba Hydro signed two major power sales with Wisconsin Public Service (WPS), a subsidiary of Integrys Energy Group. The first sale, running from 2016-2021, is for 108 MW of firm power. The second sale - which will use electricity produced by the proposed new Conawapa Generating Station on the Nelson River - is for 308 MW of firm power for up to 10-years. The 308-MW sale is scheduled to start in 2027.

Calpine Completes Purchase of Guadalupe Power Plant in Texas for $625 Million

Calpine completed the acquisition of a natural gas-fired, combined-cycle power plant located in Guadalupe County, 30 miles northeast of San Antonio, Texas, in ERCOT's south zone. Calpine purchased the plant, which has a generating capacity of 1,050 MW, from MinnTex Power Holdings (a portfolio company owned by a private investment fund managed by Wayzata Investment Partners) for $625 million plus adjustments.

Manitoba Hydro and Great River Energy Announce 600 MW Power Sale Memorandum of Understanding

Manitoba Hydro and Great River Energy signed a MOU to jointly investigate the sale of up to 600 MW of electricity from Manitoba Hydro to Great River Energy, commencing in approximately 2020. Under the MOU, the utilities have agreed to discuss supplying some of Great River Energy's long-term electricity needs from Manitoba Hydro's proposed new hydroelectric stations.

FirstEnergy Completes Sale of Eleven Hydroelectric Power Stations to Harbor Hydro Holdings

FirstEnergy completed the sale of 11 hydroelectric power stations to Harbor Hydro Holdings, a subsidiary of LS Power Equity Partners, for approximately $395 million. The two companies originally announced the sales agreement in September 2013. The hydroelectric power stations included in this sale are owned by FirstEnergy Generation, Allegheny Energy Supply and Green Valley Hydro and have a total capacity of 527 MW.

Canadian Solar Announces the Sale its Fourth Utility Scale Solar Power Plant in Ontario to a Fund Managed by BlackRock

Canadian Solar Solutions entered into an agreement with a fund managed by BlackRock, whereby BlackRock will acquire from Canadian Solar the 10 MW Oro-Medonte (Oro) solar power plant. The fourth utility-scale solar power plant purchased by BlackRock is located in the Township of Oro-Medonte and is scheduled to start construction in the first quarter of 2014, with commercial operation expected in the third quarter of 2014.

Sunrun Acquires REC Solar's Residential Division, AEE Solar and SnapNrack

Sunrun acquired the residential division of REC Solar, AEE Solar and SnapNrack. The companies represent Mainstream Energy's residential solar sales, design and installation; wholesale distribution; and mounting systems and hardware businesses, respectively. In the commercial market, REC Solar will continue as an independent organization under the legal name REC Solar Commercial. The value of the transaction was not disclosed.

ALLETE Clean Energy Finalizes Acquisition of Wind Farms for $27M

ALLETE Clean Energy (ALLETE) finalized the purchase of wind farms in Minnesota, Iowa and Oregon from AES. ALLETE acquired the operating wind energy projects for $27 million and all three wind farms - with a total output of 231 MW - have PPAs in place for their entire electric output. ALLETE also signed in November an option agreement to acquire a fourth wind farm from AES in mid-2015.

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