M&A News

Suzlon Group (Suzlon) completed the sale of the 240 MW Big Sky Wind Farm in Illinois to EverPower Wind Holdings, which was previously announced on April 9. Suzlon Group had recently acquired the Big Sky wind farm from Edison Mission Energy via their fully owned US-based subsidiary Suzlon Wind Energy Corp (SWECO). Suzlon and EverPower also agreed to a seven year service agreement, keeping SWECO involved in the project at the operations level.

Dominion acquired two stand-alone solar energy developments in southwest Tennessee, currently in late stage development by Strata Solar of Chapel Hill, N.C. All power and environmental attributes from both projects will be purchased by the Tennessee Valley Authority (TVA) under their renewable standard offer program. Interconnection to the electric grid will take place through facilities owned and operated by Pickwick Electric Cooperative of Selmer, TN.

Juhl Energy, through its Juhl Renewable Assets (JRAI) division, reached a definitive agreement to acquire two operating wind farms located in North Central Iowa near the towns of Manley and Kensett. The projects utilize GE XLE 1.62 MW wind turbines and total 3.24 MW.

El Paso Pipeline Partners acquired from Kinder Morgan Inc., KMI’s 50 percent interest in Ruby Pipeline, 50 percent interest in Gulf LNG and 47.5 percent interest in Young Gas Storage. The transaction value is approximately $2 billion, including $1.012 billion of proportionate debt at Ruby and Gulf LNG, resulting in an equity purchase price of $972 million. EPB plans to fund 10 percent of the transaction value, net of the proportionate debt, with EPB common units that will be issued to KMI at closing valued at approximately $97.2 million.

GE submitted a binding offer to acquire the thermal, renewables (power) and grid businesses of Alstom consisting of $13.5 billion enterprise value and $3.4 billion of net cash, totaling $16.9 billion. The Alstom board of directors has positively received GE’s offer and has appointed a committee of independent directors led by Jean-Martin Folz to review the transaction.

Exelon and Pepco Holdings signed a definitive agreement to combine the two companies in an all-cash transaction. The agreement, which has been unanimously approved by both companies’ boards of directors, brings together Exelon’s three electric and gas utilities – BGE, ComEd and PECO – and Pepco Holdings’ electric and gas utilities – Atlantic City Electric, Delmarva Power and Pepco – to create the leading Mid-Atlantic electric and gas utility.

Southern Company subsidiary Southern Power, in partnership with Turner Renewable Energy, officially acquired of the partnership's second California solar installation. The agreement to acquire the Adobe Solar Facility, a 20- MW solar PV installation in Kern County, Calif., was closed upon successful completion of construction. The facility represents the partnership's sixth solar project and is expected to begin commercial operation in May.

Calpine agreed to sell six power plants in its Southeast region to LS Power for $1.57 billion in cash, subject to working capital and other adjustments. Plants sold include: Oneta Energy Center (1,134 MW), Coweta, OK; Carville Energy Center (501 MW), St. Gabriel, LA; Decatur Energy Center (795 MW), Decatur, AL; Hog Bayou Energy Center (237 MW), Mobile, AL; Santa Rosa Energy Center (225 MW), Pace, Florida; Columbia Energy Center (606 MW), Calhoun County, SC.

Energen signed a definitive stock purchase agreement to sell its natural gas utility business, Alabama Gas Corporation (Alagasco), to The Laclede Group. The value of the transaction is $1.6 billion, subject to customary closing adjustments, and is comprised of $1.28 billion in cash and approximately $320 million of debt. Energen's after-tax proceeds are estimated to be $1.1 billion, after consideration of accelerated intangible drilling costs.

Accenture and Siemens completed the formation of a joint venture company called OMNETRIC Group. OMNETRIC Group will bring together Siemens' smart grid products and solutions; Accenture's management and technology consulting, systems integration and managed-services capabilities.