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AltaGas to sell stakes in 3 hydro projects; Montana OKs Hydro One-Avista merger


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AltaGas to sell stakes in 3 hydro projects; Montana OKs Hydro One-Avista merger

AltaGas selling stake in 3 hydro facilities for C$922M to fund WGL acquisition

AltaGas Ltd. is selling an indirect 35% stake in three Northwest British Columbia hydroelectric facilities for C$922 million under a definitive agreement with a joint venture owned by Manulife Financial Corp. and Axium Infrastructure Inc.

Elliott, Bluescape offer Sempra avenue to share price ascent

In launching its latest campaign to carve up Sempra Energy, Elliott Management Corp. has presented Sempra management with a playbook likely to leaven its stock price, while redefining the California utility and gas giant's approach to governance.

Montana approves Hydro One acquisition of Avista Corp.

Montana regulators on June 12 approved the proposed merger of Hydro One Inc. and Avista Corp. after securing several conditions to help ease the impact of the eventual retirement of the coal-fired Colstrip power plant. Avista has a 15% ownership stake in Colstrip units 3 and 4 as well as some hydroelectric generation assets in the state.

EDP board rejects €9B takeover bid from China Three Gorges

The executive board of Portuguese utility EDP - Energias de Portugal SA on June 8 rejected a €9.07 billion all-cash takeover bid by China Three Gorges Corp. as it found the offer undervalues the company. The board, however, said there are benefits to be gained from a takeover by CTG and it will seek more information from the Chinese utility.

ENGIE acquiring French renewable developer LANGA

ENGIE SA is acquiring renewable energy developer LANGA Group, subject to certain conditions, in a deal that ENGIE said would further strengthen its position as a leading European wind and solar energy developer. LANGA was founded in 2008 and is headquartered in Brittany, France.

Investment firm Fengate buys Texas solar portfolio from PowerFin Partners

Canada-based Fengate Real Assets Investments committed to a $100 million equity investment in PowerFin Partners and acquired a 9.1-MWdc portfolio of operating solar projects in Texas from the partnership. The private equity firm, which specializes in real assets, said it will exclusively invest in the partnership's solar projects over multiple years.

GenOn completes sale of 800-MW gas facility to private equity firm

NRG Wholesale Generation LP has completed the sale of its 800-MW Hunterstown CC gas-fired plant in Straban Township, Pa., to private equity firm Platinum Equity Advisors LLC. As previously reported, the GenOn Energy Inc. subsidiary sold the combined-cycle plant for more than $500 million.

NRG completes acquisition of power retailer XOOM Energy

NRG Energy Inc. subsidiary NRG Retail LLC has closed its acquisition of Xoom Energy Global Holdings LLC from BlueGreen Holding LLC. The $210 million transaction was funded with $75 million of excess cash and $135 million of debt.

US Foreign Investment Committee clears Capital Dynamics deal for 8point3 Energy

The Committee on Foreign Investment in the United States has determined that the acquisition of 8point3 Energy Partners LP by asset manager Capital Dynamics Inc. has no unresolved national security concerns. The deal is expected to close in the third fiscal quarter of 2018, subject to customary closing conditions.

TerraForm issues $650M of shares to acquire Saeta Yield

TerraForm Power Inc. on June 11 issued 60,975,609 class A common shares to affiliates of Brookfield Asset Management Inc. at $10.66 per share for total proceeds of $650 million to fund the acquisition of Saeta Yield S.A.

Enbridge seeks FERC approval to divest interests in 2 renewable facilities

The Canada Pension Plan Investment Board is seeking approval from the Federal Energy Regulatory Commission for a deal to indirectly acquire 49% of the equity interests in two renewable facilities from a subsidiary of Enbridge Inc. The Enbridge subsidiary will retain 51% in the facilities at deal close.

Cal Water approaches SJW Group shareholders in continuing water utility bid

Drama in the water utilities sector took a new twist when California Water Service Group approached SJW Group shareholders directly to acquire the company at $68.25 per share in a cash tender offer.

Macquarie Infrastructure acquires, deactivates NJ cogeneration facility

A Macquarie Infrastructure Corp. subsidiary closed the acquisition of a combined-cycle cogeneration plant in Bayonne, N.J. from Talen Energy Corp. on June 1, according to a June 8 filing with the Federal Energy Regulatory Commission. Talen Energy is a subsidiary of Riverstone Holdings LLC.

Enphase Energy to purchase SunPower's microinverter business

Enphase Energy Inc. signed a definitive agreement to acquire SunPower Corp.'s microinverter business under a deal valued at $25 million in cash and 7.5 million of Enphase common shares. The $25 million cash component will be funded in two installments from Enphase's balance sheet.