pv magazine
Summary
Ernst & Young (EY) has released a report detailing transactions in power and utilities (P&U) for all of 2021, with data showing that increased utility interest in their environmental, social, and governance (ESG) profiles has led to an unprecedented appetite for renewable assets and other environmental and sustainability initiatives.
Specifically, the report outlines initiatives taken by seven of the US’s largest investor-owned utilities, including Duke Energy’s announced plans to double its portfolio of solar, wind and biomass generation by 2025; Dominion Energy’s $48 million in contributions to charitable and community causes, including a $2.5 million gift to the International African American Museum in Charleston, South Carolina; and Xcel Energy’s 2030 Clean Energy Plan, which encompasses reductions in CO2 emission to 85% from 2005 levels by 2030.
Energy services also became an attractive platform for investors, with the Americas bearing witness to 13 deals in the that segment, totaling $14.7 billion, an increase of a $11 billion in deal activity over 2020. The largest among these deals was Sweden-based private equity firm EQT Partners acquiring Covanta Holding Corporation, which is engaged in converting waste into energy, for $5.2 billion. The second largest deal came from IFM Investors and Ontario Teachers Pension Plan acquiring Enwave Energy Corp., a Canadian district energy service provider, while other investors focused their appetites on acquiring hydrogen fuel cells, artificial intelligence for solar energy technology, grid software, EV charging and battery storage.
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