ERG forays into the US renewables market in partnership with Apex Clean Energy; Altus has raised finance from Goldman Sachs and CPPIB Credit Investments; Enel Green Power offloads all of its geothermal and some small solar plants in the US.
ERG, now in the US too: European renewable energy company ERG has entered the US renewable energy space with a strategic agreement with Apex Clean Energy holdings. It has acquired a 75% stake in Apex's 317 MW portfolio which comprises a recently commissioned wind (224.4 MW) and a solar farm (92.4 MW). Additionally, they will cooperate for 1 GW of new solar and onshore wind projects under development in the country. "We expect to present our strategy and growth targets in the U.S. to the financial community in the first half of next year with the 2024-28 industrial plan. This strategic partnership concludes a 2023 of significant changes and exceptional growth for ERG, now a pure and more international renewable player," said ERG EO Paolo Merli.
Altus raises finance: Solar power company Altus Power has achieved financial closure for a $100 million principal loan amount from an affiliate of Goldman Sachs Asset Management and CPPIB Credit Investments III, a subsidiary of Canada Pension Plan Investment Board. It will use the proceeds to support its ongoing expansion. The company recently announced the acquisition of 121 MW of solar assets in North and South Carolina from funds advised by Basalt Infrastructure Partners LLC and Soltage, LLC. This acquisition expands its presence in the Southeast US, it explained.
Enel sells RE portfolio in the US: Enel Green Power (EGP) has sold about 150 MW of its operational geothermal and solar PV plants in the US to ORMAT Technologies. The $271 million sale includes all of its geothermal and a number of small solar plants. It stated, "The transaction does not alter the over 8 GW profile of the Enel Group's renewable consolidated capacity in the United States, confirming Enel Green Power North America as one of the largest renewable power producers in the region through its core technology portfolio."
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