Originally published Natural Gas Electricity ©2011, December, Wiley Periodicals, Inc
The renewable energy merger-and-acquisition (MA) marketplace has been a busy neighborhood in which to reside over the past 12-24 months, highly trafficked by industry players domestically and internationally, both upstream and downstream, and featuring transactions among large and small-tomid- size players alike.
The MA marketplace has been a busy neighborhood in which to reside over the past 12-24 months.
In 2010 in the solar sector, Sharp Corporation’s $305 million acquisition of Recurrent Energy and First Solar’s $297 million acquisition of NextLight, and in the wind sector, Exelon’s $897 million acquisition of John Deere Renewables, collectively triggered a wave of optimism in the market for portfolio sale transactions in which value would be given to development pipelines.
In 2011, portfolio acquisitions have been less successful, particularly those featuring noncontracted project development pipelines. Nevertheless, other transactions, such as Total’s $1.38 billion acquisition of 60 percent of SunPower, helped continue to perpetuate deal-making aspirations in what constituted a significant, large-scale joint venture conducted by means of a tender offer.
Other transactions, such as Total’s $1.38 billion acquisition of 60 percent of SunPower, helped continue to perpetuate deal-making aspirations.
As the market approaches year-end 2011, the data indicate that
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