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Wind venture capital funding tanks in second quarter 

Credit:  Bill Opalka | www.renewablesbiz.com 26 July 2012 ~~

Venture capital funding for wind farms fell significantly in the second quarter of the year, a new report by Mercom Capital Group reports.

The drop to $17m in three deals follows a strong first quarter in which $240m was spread over 12 wind farm deals.

In the first quarter of this year, more than $240m went into 12 wind farm deals, the report. The top VC deals for the second quarter included $9.8m raised by ReGen Powertech and $7.5m raised by Southwest Windpower, both wind turbine manufacturers.

Large-scale project funding in the second quarter totaled $5.4bn in 23 deals. Onshore projects grabbed the majority of that, $4bn, while $1.4bn went to offshore projects.

The biggest large-scale project funding deals were for European offshore projects. In first place was the $741m raised by Belgian supermarket owner Colruyt for its 216 MW Northwind offshore wind farm. That was followed by $662m raised by Lincs Wind Farm Ltd. for its 270 MW wind farm off the coast of England. The largest investment in a U.S. project was the $650m raised by Terra-Gen Power for the developer’s 300 MW Alta Wind VII & IX wind projects in California.

Other top project funding deals included $444m raised by Invenergy for its 200 MW California Ridge wind energy project, and $379m raised by Iberdrola and Neoenergia for 10 wind farms totaling 288 MW, Mercom said.

Large-scale project funding investors with multiple deals during the second quarter included BNDES, KfW IPEX-Bank, Union Bank, Bank of Tokyo-Mitsubishi UFJ, BayernLB, EBRD, Lloyds, Rabobank and Santander.

In corporate mergers and acquisitions (M&A), second-quarter activity totaled $93m – including five transactions – compared to $872m in 11 transactions in the first quarter.

Mercom said the second-quarter M&A transactions included a $60m acquisition of Suzlon (Suzlon Energy Tianjin Ltd.), a wind turbine manufacturer, by China Power New Energy Development Co. and the $33m acquisition of Tellhow Wind Power, a wind blade manufacturer, by Simomatech.

There were 17 projects M&As announced in the second quarter, amounting to $705m in six disclosed transactions.

Project M&A activity was mostly outside of the U.S. Top project M&A transactions included the $301m acquisition of Agaoglu Group’s two Turkish wind farms (126 MW) by Dogan Sirketler Grubu Holding, and the $174m acquisition of AGL Energy’s Hallett 5 wind farm in Australia (52.5 MW) by Eurus Energy.

Other top transactions included the $85.5m acquisition of a 49% stake in each of four AES Corp. wind farms in China (120 MW) by Sembcorp, the $62m acquisition of the Dobrich wind farm (40 MW) by LUKERG Bulgaria, and the $42m acquisition of AES Southern Europe Holdings’ St. Patrick wind farm and three InnoVent projects by Boralex (90.5 MW).

Source:  Bill Opalka | www.renewablesbiz.com 26 July 2012

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

The copyright of this article resides with the author or publisher indicated. As part of its noncommercial educational effort to present the environmental, social, scientific, and economic issues of large-scale wind power development to a global audience seeking such information, National Wind Watch endeavors to observe “fair use” as provided for in section 107 of U.S. Copyright Law and similar “fair dealing” provisions of the copyright laws of other nations. Send requests to excerpt, general inquiries, and comments via e-mail.

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