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Kansas clears Algonquin/Empire District deal; AES, Tesla to buy SunEdison assets


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Insight Weekly: Cybersecurity M&A momentum; US banks' loan growth; miners' labor supply woes

Kansas clears Algonquin/Empire District deal; AES, Tesla to buy SunEdison assets

A weekly review of SNL Energy power M&A updates, announcements and completions.

Algonquin, Empire District clear final regulatory hurdle for merger

The Kansas Corporation Commission approved the proposed $2.4 billion merger of Algonquin Power & Utilities Corp. and Empire District Electric Co. With the receipt of the final required regulatory approval, the companies expect to close the deal Jan. 1, 2017.

AES, Tesla set to scoop SunEdison assets on discount

AES Corp. and Tesla Motors Inc. are the latest buyers to emerge for what remains of SunEdison Inc.'s solar assets. The hearing for approval of the sale to AES is scheduled for Jan. 12, 2017, in the Southern District court. Objections to the proposed sale to AES must be filed by Jan. 5, 2017.

FERC approves $3.3B purchase of Engie plants, orders market power mitigation

FERC conditionally approved Atlas Power Finance LLC's acquisition of several thousand megawatts of mostly natural gas-fired generating plants in the U.S. from Engie. Atlas Power, a joint venture between Dynegy Inc. and Energy Capital Partners LLC, and a wholly owned subsidiary of Atlas Power LLC, was formed in February specifically to purchase Engie subsidiary GDF SUEZ Energy North America and its public utility subsidiaries for $3.3 billion.

Silverfern, Arroyo close deal for South Carolina gas peaker with Duke contract

Asset management firm Silverfern Group Inc., in partnership with Arroyo Energy Investment Partners LLC, completed the acquisition of the 878-MW Broad River Energy Center from Energy Capital Partners. Energy Capital Partners purchased the facility from Calpine Corp. in 2014 for $427 million, or about $504/kW.

Maxim Power to sell US subsidiary to Hull Street Energy

Maxim Power Corp. entered an agreement to sell its 100% ownership interest in wholly owned subsidiary Maxim Power (USA) Inc. to an affiliate of Hull Street Energy LLC for $106 million. Net proceeds to Maxim after accounting for debt and transaction costs are expected to be $84 million.

Southern Co. continues asset acquisition spree with Texas wind deal

Southern Co. unit Southern Power Co. acquired the 174-MW Salt Fork and 126-MW Tyler Bluff wind facilities in Texas from EDF Renewable Energy Inc. for an undisclosed sum. The addition of these facilities grows Southern Power's wholesale renewable portfolio to more than 3,000 MW, including more than 1,000 MW of wind power.

Agera wins FERC nod to buy 3 retail energy marketers

FERC authorized Agera P&G Capital to acquire Agera Holdings LLC, the owner of retail energy marketers Agera Energy LLC, Aequitas Energy Inc. and Energy.Me Midwest LLC. Agera Supplemental LLC and Michael Joseph Nordlicht hold the equity interests in Agera Holdings.

FERC clears Algonquin Power deal for Mich. wind farm stake

Algonquin Power & Utilities Corp. earned FERC approval to become the sole owner of class B membership interests in the planned 149-MW Deerfield wind facility in Michigan. Under the deal, Algonquin Power will acquire the remaining 50% stake in the Huron County-based project from RES Group unit RES America Developments for an undisclosed sum.

ITC Midwest seeks to purchase portion of 345-kV transmission line in Iowa

ITC Midwest LLC is seeking approval from FERC to acquire MidAmerican Energy Co.'s 14-mile portion of the 345-kV Duane Arnold-to-Tiffin transmission line near Palo, Iowa, according to a Dec. 19 application. MidAmerican Energy is a subsidiary of Berkshire Hathaway Energy.

Innergex closes deal for 2 wind projects in France

Innergex Renewable Energy Inc. closed its acquisition of a majority interest in two wind power projects, totaling 24 MW, in France from BayWa re for approximately C$20.96 million. Innergex will own a 69.55% stake in the Nouvelle-Aquitaine-based projects and the Desjardins Group Pension Plan will own the remaining 30.45%.