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Renewable energy analytics firm Enerdatics finds that in the UK, Germany and Spain, M&A is dominated by asset and portfolio deals, while in France these do not have represented only a fifth of the volume of transactions since 2019. In France, it is in fact corporate buyouts and investments that have dominated the mergers and acquisitions landscape.

Alantra launched N-Sun Energy – in partnership with Solarig, with backing from Reichmuth and Amundi. N-Sun will be backed by €1bn in debt financing and €700mn in equity capital. Enerdatics research, aggregate solar PV capacity in Italy more than doubled y/y to more than 5 GW in 2022, while the capacity in Spain declined slightly to 27 GW during the year.

The project is being developed by WestWind, a company that oil major Shell a in earlier in 2022. According to Enerdatics’ research, the advent of innovative financial structures and products that are emerging for renewables investments has reduced the necessity of a PPA, with several projects now operating on a fully-merchant basis.

“The portfolio’s total enterprise value (EV) is $1 billion, implying an EV multiple of $4 million/MW for the transaction. The projects comprise 70 MW of operational capacity spanning three PV plants and 180 MW of under-construction capacity across five PV plants,” reported Enerdatics.

According to Enerdatics, the solar sector leads the renewables M&A (mergers and acquisitions) landscape in Asia, accounting for 66 percent of overall deal volume and 78 percent of total deal value in 2021.

The deal, announced in February, is the largest renewable energy acquisition in Japan more than five years, based on transaction value and power capacity, according to research firm Enerdatics.