15 largest transactions of operational portfolios/plants in North America
As a preparation for Solar Asset Management North America 2016, Solarplaza has tracked down the 15 largest solar PV plant and portfolio transactions that took place in North America.
For every transaction, we collected information about seller, buyer, value of the transaction, project size and number of plants (if a portfolio transaction), country and deal date.
Some quick observations about the data shown in the table:
- Canadian Solar is the most represented company, appearing 5 times as the seller and only once as the buyer. This makes it the most 'active' company in the North American secondary market, according to this overview.
- TerraForm Power is represented in the list 4 times, always as the buyer and in one occasion buying from its mother company SunEdison.
- Despite the big difference in market size between US and Canada, 7 out of 15 transactions are related to Canadian assets. This could indicate this market has, so far, shown more favorable conditions for secondary market transactions.
As a side note, please be aware some transaction values are rough estimations, based on average known transaction values for other plants of similar size.
| Ranking | Seller | Buyer | Transaction (M$) | Project Size (MWp) | Number of PV Plants | Country | Date |
|---|---|---|---|---|---|---|---|
| 1 | Dominion | TerraNova | 300 | 231.00 | 11 | USA | 1/20/2016 |
| 2 | Capital Dynamics | TerraForm Power | 250 | 77.60 | 39 | USA | 11-4-2014 |
| 3 | FLS Energy | sPower | 100 | 63.10 | 16 | USA | 3-11-2015 |
| 4 | " KKR" | CSIQ | 204 | 59.80 | 3 | Canada | 10-5-2015 |
| 5 | SunEdison | TerraForm Power | 47 | 26.00 | 21 | USA | 1-7-2015 |
| 6 | Hanergy | PSEG Solar | 71 (est.) | 25.40 | 1 | USA | 8/26/2015 |
| 7 | Invenergy | TerraForm Power | 70 (est.) | 25.00 | 2 | Canada | 3-4-2015 |
| 8 | EDF Renewable Energy | Dominion Development | 68 (est.) | 24.30 | 1 | USA | 8-4-2015 |
| 9 | Integrys Energy Group | TerraForm Power | 55 | 23.00 | 48 | USA | 5-6-2015 |
| 10 | CSIQ | RET Capital | 66 (est.) | 14.10 | 1 | Canada | 4-6-2015 |
| 11 | Pacific Northwest Solar, LLC | Blue Earth Inc. | 61 (est.) | 13.00 | 1 | USA | 10/24/2015 |
| 12 | CSIQ | One West Holdings Ltd. | 50 | 10.00 | 1 | Canada | 12/23/2015 |
| 13 | CSIQ | BluEarth Renewables | 53 | 10.00 | 1 | Canada | 6/23/2015 |
| 14 | CSIQ | DIF | 49 | 10.00 | 1 | Canada | 1-1-2015 |
| 15 | CSIQ | DIF | 48 | 10.00 | 1 | Canada | 3/30/2015 |
Additional information
| Rank | State(s) | Remarks | Source |
|---|---|---|---|
| 1 | Indiana, Georgia, Connecticut, California, Tennessee, and Utah | Plant names are: Pavant, 62.3 MW Cottonwood Carport, 1.1 MW (under construction) Cottonwood Corcoran, 14.7 MW Cottonwood Goose Lake, 16.9 MW Richland, 33.7 MW Alamo, 23.7 MW Maricopa West, 28.2 MW Catalina 2, 24.3 MW Imperial Valley, 25.9 MW, The transaction was a 33% stake in a 567MW porfolio of Dominion | http://cleantechnica.com/2016/01/20/sunedison-closes-231-mw-solar-portfolio-acquisition-dominion/ |
| 2 | California, Massachusetts, New Jersey, New York and Pennsylvania | Investment with an expected cash-on-cash return of about 9% | http://www.pv-magazine.com/news/details/beitrag/terraform-power-pays-250m-for-capital-dynamics-solar-assets_100017045/#axzz3yWtKY4up |
| 3 | North Carolina | portfolio consisting of 16 Ground mounted PV plants | http://www.pv-magazine.com/news/details/beitrag/spower-acquires-63-mw-north-carolina-solar-portfolio_100018570/#axzz3yLWpF9ya |
| 4 | Ontario | Several farms sold as part of Candian Solar expansion | http://www.pv-magazine.com/news/details/beitrag/canadian-solar-purchases-598-mw-solar-assets-from-kkr_100021365/#axzz3yLWpF9ya |
| 5 | Arizona , California , Connecticut , Massachusetts , New Jersey and Pennsylvania | Selling of 21 High quality power plants in different projects like schools,municipalities etc. | http://investors.sunedison.com/phoenix.zhtml?c=106680&p=irol-newsArticle&ID=2004558 |
| 6 | California | http://www.pv-magazine.com/news/details/beitrag/pseg-solar-acquires-254-mw-project-from-hanergy_100020748/#axzz3yWtKY4up | |
| 7 | Ontario | Selling of 2 seperate plants: Sandringham Solar Energy Center (13 MW), and the Woodville Solar Energy Center (12 MW), Transaction amount was undisclosed. The number displayed is based on an estimation regarding average transaction costs in other deals | https://globenewswire.com/news-release/2015/05/04/731477/10132248/en/TerraForm-Power-Announces-Acquisition-of-25-MW-of-Solar-Power-Plants-From-Invenergy.html |
| 8 | California | Transaction amount was undisclosed. The number displayed is based on an estimation regarding average transaction costs in other deals | http://www.businesswire.com/news/home/20150804006393/en/EDF-Renewable-Energy-Dominion-Close-Acquisition-Solar |
| 9 | Arizona , California , Connecticut , Massachusetts , New Jersey and Pennsylvania | A Stake in a 54MW portfolio | http://www.pv-magazine.com/news/details/beitrag/us--terraform-power-acquires-48-solar-projects-from-integrys_100019723/#axzz3yWtKY4up |
| 10 | Ontario | Transaction amount was undisclosed. The number displayed is based on an estimation regarding average transaction costs in other deals | http://www.bloomberg.com/news/articles/2015-04-06/canadian-solar-sells-third-ontario-power-plant-to-ret-capital |
| 11 | Oregon | Transaction amount was undisclosed. The number displayed is based on an estimation regarding average transaction costs in other deals | http://www.solarquarter.com/index.php/news/north-america/item/1414-blue-earth-announces-acquisition-of-13mwp-solar-project-in-malheur-county-oregon |
| 12 | Ontario | -One West Holdings Ltd. is an affiliate of Concord Green Energy Inc. ,Companies have had 5 trasnactions of the same portfolio in the last one and a half year | http://www.prnewswire.com/news-releases/canadian-solar-completes-sale-of-earthlight-solar-power-plant-to-concord-green-energy-300196763.html |
| 13 | Ontario | CSIQ has sold over 40MW to BluEarth renewables over the past 2 years | http://www.prnewswire.com/news-releases/canadian-solar-completes-sale-of-lunarlight-solar-power-plant-to-bluearth-300103181.html |
| 14 | Ontario | CSIQ is very present in this list | http://www.prnewswire.com/news-releases/canadian-solar-completes-the-sale-of-glenarm-solar-power-plant-to-dutch-infrastructure-fund-300024150.html |
| 15 | Ontario | idem | http://www.greentechlead.com/solar/canadian-solar-selling-goldlight-project-to-dif-infrastructure-22889 |
Projects are updated until 31 January, 2016
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