Renewable Energy Acquisitions in Canada

SkyFire Energy Inc., an employee-owned solar engineering, procurement and construction (EPC) and operations & maintenance (O&M) provider, acquired Hakai Energy Solutions, a British Columbia-based renewable energy company focused on grid-tied and remote off-grid solar and microgrid projects. The deal expands SkyFire Energy’s presence across British Columbia (including Vancouver Island, coastal regions, the Comox Valley and Victoria) and strengthens combined capabilities in solar, battery energy storage systems, and microgrids with a combined team of about 200 employees.

StormFisher Hydrogen announced the acquisition of Recyclage Carbone Varennes (RCV) through a court-approved process. StormFisher plans to convert RCV’s partially built Varennes site into North America’s first large-scale RFNBO-compliant low-carbon methanol plant, targeted to begin operations in 2028.

Quinbrook acquired a strategic, majority ownership stake in Elemental Clean Fuels (ECF), a Canadian clean energy developer focused on renewable and low-carbon fuels projects across Canada. The majority stake was acquired from ECF’s founders and lead investor Piney Point Capital, with both Piney Point and the founding team retaining substantial minority stakes and board representation. Quinbrook also committed significant capital to fund ECF’s development pipeline, marking Quinbrook’s first investment in Canada.

CDPQ entered into a definitive arrangement agreement to acquire all issued and outstanding shares of Innergex Renewable Energy Inc. for CAD $13.75 per common share in cash (and CAD $25.00 per preferred share, plus applicable dividends), valuing the transaction at approximately CAD $10.0 billion enterprise value. Hydro-Québec, Innergex’s largest shareholder, and other supporting shareholders agreed to vote in favor, and certain members of Innergex senior management will roll over a portion of their shares. The transaction is expected to close by Q4 2025, subject to shareholder, regulatory, and court approvals.

An affiliate of Northampton Capital Partners LLC (the Northampton Purchaser) completed the acquisition of Altius Renewable Royalties Corp. for C$12.00 per share via a statutory plan of arrangement under Alberta’s Business Corporations Act. The transaction covered all issued and outstanding ARR common shares other than those indirectly owned by Altius Minerals Corporation, ARR’s parent company.

Generac Power Systems acquired PowerPlay Battery Energy Storage Systems, a division of SunGrid Solutions Inc., expanding Generac’s commercial and industrial (C&I) battery energy storage systems (BESS) capabilities. PowerPlay will continue operating in Cambridge, Canada, serving as a dedicated R&D facility for Generac’s C&I BESS solutions. The transaction closed on June 26, 2024, and financial terms were not disclosed.

SunDensity, Inc. acquired QD Solar, Inc. via an asset acquisition agreement and formed a new wholly owned subsidiary, SunDensity Canada, to expand its solar solutions capabilities. The deal combines SunDensity’s photonic smart coating technology with QD Solar’s perovskite-based photovoltaic materials to accelerate development of higher-efficiency solar modules. Financial terms of the private transaction were not disclosed.

TowerBrook Capital Partners made a majority equity investment in LiftWerx Holdings Inc., a Canada-based provider of turnkey operations and maintenance services for the onshore wind industry in North America. LiftWerx, founded in 2016 and previously founder- and management-owned, specializes in major wind-turbine component replacements and uses proprietary uptower crane technology to service turbines more safely and with a lower environmental impact.

Apricus Generation announced the acquisition of a controlling interest in Nexus Renewables, a Toronto-based developer of solar and energy storage projects and an independent power producer. The deal is the first addition to the Apricus Generation platform and is intended to provide Nexus with strategic oversight and capital to advance its 500+ MW project pipeline to generation.

NOVA Infrastructure completed the purchase of UGE International Ltd., a community solar and battery storage developer, owner and operator. NOVA agreed on May 28, 2024 to acquire approximately 70% of UGE’s common shares, and the transaction received required securityholder and regulatory approvals. NOVA is partnering with UGE’s management team and providing both acquisition and growth capital to expand UGE’s U.S. community solar and storage platform.

Myers Emergency Power Systems (Myers EPS) acquired Storage Power Solutions (SPS), a provider of battery energy storage systems (BESS), and will rebrand SPS under Myers EPS. The deal expands Myers EPS into regulatory-driven energy efficiency and clean energy storage markets and coincides with the launch of Myers EPS’ EnerShed BESS product line.

Subterra Renewables announced its expansion into Western Canada and the United States following its affiliated companies’ acquisition of privately held Alberta-based Earth Drilling Co. Ltd. The transaction also includes the acquisition of Nevada-based Harris Exploration, adding drilling and installation capabilities to Subterra’s coast-to-coast geothermal drilling network.

Energy Plug Technologies Corp. has completed its acquisition of True North Battery Energy Storage Corp., adding an EV battery storage business to its portfolio. The transaction includes a Letter-of-Cooperation enabling distribution in North and South America of battery energy storage products manufactured by Taiwan-based C-LiFE Technologies Inc.

FirstLight Power has finalized an agreement to acquire Hydromega Services Inc., a Canadian renewable power operator and developer with ownership interests in 10 operating hydroelectric generating stations across Québec and Northeastern Ontario. The deal also adds Hydromega’s clean energy development pipeline of more than 2 GW of wind, solar, storage, and hydro projects, and is expected to close in Q4 2023 subject to customary conditions.

Occidental announced that its wholly owned subsidiary entered into a definitive agreement to acquire all outstanding equity of Carbon Engineering Ltd. for approximately $1.1 billion in cash, paid in three roughly equal annual installments beginning at closing. Following close (expected before the end of 2023, subject to regulatory and court approvals), Carbon Engineering will become a wholly owned subsidiary of Oxy Low Carbon Ventures, with R&D and its Innovation Center remaining in Squamish, British Columbia.

TransAlta Corporation entered into a definitive arrangement agreement to acquire all outstanding common shares of TransAlta Renewables Inc. that it does not already own, subject to shareholder, court, and regulatory approvals. RNW shareholders can elect to receive 1.0337 TransAlta shares or $13.00 in cash per share (subject to proration), valuing the transaction at approximately $1.384 billion as of July 10, 2023. The deal is intended to simplify TransAlta’s corporate structure and create a single, scaled clean electricity platform.

DIF Capital Partners signed an agreement to acquire a majority interest (75%) in Diverso Energy Inc., a Canadian developer, owner, and operator of geothermal energy systems. The stake is being purchased directly from Diverso’s founders, who will retain 25% ownership and continue to lead the business. The investment, made through DIF Infrastructure VII, is intended to support Diverso’s growth and expanding geothermal project pipeline in Canada.

Braya Renewable Fuels, a Newfoundland and Labrador, Canada-based producer converting the Come-By-Chance refinery to renewable fuel operations, received a USD $300 million preferred equity investment from Energy Capital Partners (ECP). The financing supports Braya’s refinery conversion and expansion plans to produce low-carbon fuels including renewable diesel and sustainable aviation fuel, alongside existing owners Cresta Fund Management and North Atlantic Refining Corp. (managed by Silverpeak).

Ancala acquired a majority interest in Noventa Energy Partners for an undisclosed amount through Ancala Infrastructure Fund III. Noventa provides wastewater-based heating and cooling solutions (WET Systems) and an energy-as-a-service model to help buildings decarbonise, with a project pipeline across Canada, the United Kingdom, and the United States. Ancala’s investment is intended to support Noventa’s management team and fund delivery of its international growth plans and project pipeline.

Endurant Energy has completed the acquisition of GEOptimize, Inc., a specialist geothermal heating/cooling and ground source heat pump (GSHP) system design firm. The deal strengthens Endurant Energy’s North American geothermal design-build-own-operate capabilities and positions GEOptimize to accelerate growth amid rising demand for low-carbon heating and cooling solutions.

EverGen Infrastructure Corp. completed the acquisition of a 67% interest in Grow the Energy Circle Ltd. (GrowTEC), an Alberta-based biogas facility being upgraded to renewable natural gas (RNG). Consideration includes $2.1 million in cash (subject to working capital adjustments), 600,000 EverGen common shares, and up to an additional $4.0 million in milestone-based payments as the facility expands RNG production.

In April 2022, Centurion Group acquired Trido Energy Services, a Calgary-based provider of solar-powered production equipment for the energy industry. The deal marks Centurion’s first acquisition of a renewable energy technology company and adds Trido’s end-to-end carbon credit management solutions that help customers reduce emissions and generate carbon tax credits.

NovaSource Power Services acquired Heliolytics, Inc., an aerial solar inspection and site data services provider, to expand NovaSource’s renewable energy lifecycle services and digital capabilities. Heliolytics will continue operating as a standalone entity under its existing name and branding. NovaSource is a portfolio company of Clairvest Group Inc.

EverGen, a Canadian renewable natural gas (RNG) infrastructure platform, acquired Fraser Valley Biogas Ltd. in Abbotsford, British Columbia. The facility, producing RNG from agricultural waste via anaerobic digestion and biogas upgrading, becomes a wholly owned subsidiary of EverGen, which plans to expand production capacity.

Visionstate Corp. signed a letter of intent to acquire all outstanding shares of Exceed Solar, an Alberta-based renewable energy company focused on smart, high-tech building envelopes for residential applications. The purchase price is $300,000 (comprised of $100,000 cash and $200,000 in Visionstate shares), and the transaction remains subject to TSX Venture Exchange and Visionstate board approvals.

Vorsana Environmental Inc., a clean technology company, announced the acquisition of NanosTech, a developer of nano-catalyst-based technologies for clean energy and in-situ upgrading. The deal expands Vorsana’s cleantech portfolio by adding NanosTech’s in-situ upgrading technology and catalytic upgrading capabilities, supporting emissions reduction and commercialization efforts in Canada.

Jericho Oil Corporation entered into an agreement to acquire all assets of Hydrogen Technologies Inc. (HTI), including HTI’s patented high-temperature Dynamic Combustion Chamber (DCC) hydrogen boiler technology and the associated technical team. Consideration will be paid in 6,700,000 shares of Jericho common stock, subject to milestone-based restrictions, with closing subject to TSX Venture Exchange and HTI shareholder approvals.

The Carlyle Group made a strategic growth investment via a $374 million commitment to Amp Solar Group, Inc. (doing business as Amp Energy), a Toronto-headquartered renewable energy and energy transition platform. Carlyle’s funding—committed from its Global Infrastructure Opportunity Fund and Renewable & Sustainable Energy Fund—is intended to support the continued expansion of Amp Energy’s renewable generation and battery storage portfolio and its digital energy platform, Amp X.

Funds managed by Blackstone Energy Partners, part of Blackstone, completed the acquisition of NRStor C&I L.P., a Toronto-based developer of battery energy storage solutions. NRStor develops and operates battery storage projects across North America, with significant activity in Ontario and expansion into the United States. Financial terms were not disclosed.