The number of deals made in cleantech and renewable energy assets by unlisted cleantech infrastructure fund managers has increased significantly in recent years. There was a notable increase in the number of deals completed between 2007 and 2008; it more than doubled from 29 to 62 completed transactions. The industry reached its peak in 2010 when 71 deals were made by cleantech infrastructure fund managers in cleantech and renewable energy assets.
Two significant deals made in the renewable energy sector by unlisted infrastructure fund managers include the €1.2bn purchase of Iberwind by a consortium featuring ES Infrastructures Fund I in 2008, and the $1.3bn purchase of FirstLight Power Resources by Energy Capital Partners in 2006. Iberwind is the owner and operator of a diversified portfolio on wind power facilities in Portugal, and FirstLight operates a portfolio of predominantly hydro-generation facilities in Connecticut and Massachusetts, in the US. Energy Capital Partners subsequently sold FirstLight to GDF SUEZ Energy North America for $2bn in 2008.
Several renewable energy deals have been made by unlisted infrastructure fund managers in Q1 2011. Earlier this month, Alinda Infrastructure Fund II acquired a majority stake in agri.capital, a developer and operator of European biogas facilities. Alinda agreed to invest a further €300mn in agri.capital over the coming three years.
63% of cleantech and renewable energy deals completed by cleantech infrastructure fund managers are made in assets based in Europe. North America accounts for 25% of total deals and 12% are made in assets located in Asia and Rest of World