While you were out by the pool or out on the lake celebrating the 4th, EQT Infrastructure made a major transaction in the renewables world, acquiring Cypress Creek Renewables.
The acquisition marks EQT’s first acquisition of a renewable energy platform in the US, and the company shares that the move was carried out as part of and EQT’s larger, thematic, approach to investing in sustainable, values-focused businesses.
EQT expects to begin by making investments in Cypress Creek’s operational, organizational, digital and sustainability initiatives. It would appear that Cypress Creek’s day-to-day operations will remain largely unchanged, with EQT supporting the company’s overall growth.
Barclays served as financial advisor to EQT Infrastructure in connection with the transaction and Simpson Thacher & Bartlett LLP served as legal counsel. Morgan Stanley & Co. LLC served as the exclusive financial advisor to Cypress Creek in connection with the transaction and Kirkland & Ellis LLP served as legal counsel.
Several large solar projects proposed in Louisiana
Previously undisclosed state records revealed by local press show that seven solar projects have been proposed for development in Louisiana, with a combined capacity roughly five times greater than the state’s entire installed capacity thus far. The projects in question would be developed in Vacherie, Thibodaux, Bogalusa, Singer and Franklinton.
Three of the projects are slated to be 200 MW in capacity, an unheard of level of development in a state where the combined installed solar capacity currently sits at 190 MW. Those projects would be in Singer, Thibodaux and Bogalusa. Vacherie would be home to three projects, those coming in at 120, MW 90 MW, and 80 MW, respectively. The installation in Franklinton is proposed to be 50 MW.
Proposals say the project in Franklinton and the two smaller ones in Vacherie would be completed in 2023, with the four largest finished in 2024. Each project would support 160 to 300 construction jobs, and, if approved, all seven could be operational between 2023 and 2024.
Generac acquires microinverter manufacturer
Generac entered the microinverter market with the purchase of Chilicon Power, a designer and manufacturer of grid-interactive solar microinverter and monitoring solutions.
The microinverter joins Generac’s solar and storage product lines, which includes rapid shutdown devices, power optimizers, energy storage and software.
California-based Chilicon said their microinverter technology allows for integration of a battery or generator, and said this allows for flexibility in the end-user experience. Chilicon builds a 720 W microinverter capable of serving two modules, and the company claims a 96.6% peak efficiency.
EVgo goes public in combination with CLII
EVgo announced the completion of its business combination with Climate Change Crisis Real Impact I Acquistion Corporation (CLII). Concurrent with this action, CLII has changed its name to “EVgo Inc.”
The transaction was unanimously approved by the CLII board of directors. It was comprised primarily of about $230 million of cash from CLII’s former trust account, and $400 million in cash from a private investment in public equity. LS Power and EVgo management, who combined owned 100% of EVgo before the combination, have rolled 100% of their equity, and now own about 74% of the newly combined company.
EVgo owns more than 800 fast charging locations, across 34 states and the company said they have over 250,000 customers.
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