M&A News

 
 
 

SunEdison to Sell 333 MW of Wind to Terra Nova Renewable Partners

SunEdison agreed to sell 333 MW of wind-power assets to Terra Nova Renewable Partners for $209 million. The two acquired projects are the 185-MW Bingham wind farm and 148-MW Oakfield wind farm, both located in Maine. Construction on Oakfield Wind was completed fall 2015 and it is now online and operating as the largest wind project in New England.

Invenergy Completes Sale of 832 MW of Wind Power to TerraForm Power

Invenergy Wind sold 832 MW of wind power plants to TerraForm Power. A final closing for an additional 98 MW of projects is scheduled to be completed in early 2016. The total enterprise value of the transaction is more than $2 billion. The closing encompasses four power plants, representing 754 MW in the United States and one 78 MW project in Canada.

Dominion Closes on First Phase of Solar Sale to SunEdison

Dominion closed on the first phase of its previously announced sale of a 33 percent ownership interest in 425 MW of solar generating capacity to SunEdison. Dominion received approximately $180 million for the first phase, which includes an ownership interest in 253 MW of solar generating capacity at 15 sites in five states. The second phase is expected to close by early 2016 for approximately $120 million, subject to working capital and certain other adjustments.

Southern Company Subsidiary Acquires First Solar Project in Texas

Southern Company subsidiary Southern Power acquired a controlling interest in the 157- MW Roserock solar facility from Recurrent Energy. The facility is being developed by Recurrent Energy, a subsidiary of Canadian Solar, which will retain the remaining interest in the project. The project, currently under construction, is expected to enter commercial operation in the fourth quarter of 2016.

Enbridge Acquires 103-MW West Virginia Wind Project

Enbridge acquired a 100 percent interest in the 103- MW New Creek Wind Project, from EverPower Wind Holdings. Enbridge's total investment is approximately $20 million. Located in Grant County, West Virginia, New Creek Wind will comprise 49 Gamesa G97/G90 turbines and is targeted to be in service in December 2016. The project was developed by EverPower Wind Holdings. New Creek will be constructed under a fixed-EPC agreement with White Construction.

NRG Energy Enters into Agreements to Sell Two Generating Plants for $138 Million

NRG Energy agreed to sell two of its generating stations: the 525-MW Seward power plant in New Florence, Pennsylvania and the 352-MW Shelby County power plant in Neoga, Illinois. The Seward facility, which is located in the PJM Interconnection, is being acquired by Seward Generation, a Robindale Energy Services company. The Shelby County facility, which is located in the MISO Interconnection, is being acquired by an affiliate of Rockland Capital.

AGL Resources Shareholders Vote to Approve Merger with Southern Company

Shareholders of AGL Resources voted to approve the proposed merger with Southern Company announced on August 24, 2015. Additionally, AGL Resources shareholders approved the proposed executive compensation that may be paid or may become payable to the Company's named executive officers in connection with or following the consummation of the merger. The merger remains subject to federal and state regulatory approvals, and the transaction is expected to close in the second half of 2016.

Dominion Acquires 80-MW Amazon Solar Farm in Virginia

Dominion Energy acquired Amazon Solar Farm U.S. East, an 80-MW solar facility in Virginia from project developer Community Energy. Construction is expected to begin later in 2015. The facility would enter service in fall 2016. The facility's construction was enabled through a long-term PPA with an affiliate of Amazon's cloud computing business, Amazon Web Services (AWS). Interconnection agreements have also been secured with Delmarva Power.

Southern Company, AGL Resources File Request with New Jersey Regulators for Merger Approval

In a joint filing with the New Jersey Board of Public Utilities, Southern Company and AGL Resources requested regulatory approval of the companies' proposed merger. AGL Resources is the parent company of Elizabethtown Gas. When completed, the combination of Southern Company and AGL Resources is expected to create the second-largest utility company in the U.S. by customer base.

Calpine to Purchase Granite Ridge Energy Center in New Hampshire

Calpine acquired the Granite Ridge Energy Center from Granite Ridge Holdings for $500 million, subject to working capital adjustments. The 745-MW, combined-cycle, gas-fired power plant is located in Londonderry, New Hampshire. The power plant, which commenced commercial operation in 2003, features two Siemens 501G combustion turbines, two heat recovery steam generators and one steam turbine. Calpine expects the transaction to close by the first quarter of 2016.