M&A Deal Summary

ECP and Angeleno Group Acquire Anza

On May 17, 2023, private equity firm ECP and growth capital firm Angeleno Group acquired renewable energy company Anza from Borrego Solar

Acquisition Highlights
  • This is ECP’s 11th and Angeleno Group’s 5th transaction in the Renewable Energy sector.
  • This is ECP’s 46th and Angeleno Group’s 23rd transaction in the United States.
  • This is ECP’s 6th and Angeleno Group’s 16th transaction in California.

M&A Deal Summary
Date 2023-05-17
Target Anza
Sector Renewable Energy
Buyer(s) ECP
Angeleno Group
Sellers(s) Borrego Solar
Deal Type Divestiture

Target

Anza

Oakland, California, United States
Anza is a revolutionary platform that empowers solar and energy storage equipment buyers and developers to use advanced data and technology to see more options, reduce risk, increase project profits, and save massive amounts of time. The proprietary technology engine behind the Anza digital platform is a cost and performance modeling software that identifies the most optimized components based on customer-provided project details. Anza is based in Oakland, California.

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Buyer(S) 2

Buyer

ECP

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 27.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

ECP is a specialist private equity firm focused on investments in energy infrastructure. Specific areas of interest include power generation, including renewable energy facilities; electric transmission; midstream gas, including gas storage and pipelines; and other energy service businesses and infrastructure assets. The Firm primarily targets opportunities located in North America. ECP was formed in 2005 and is based in Summit, New Jersey.

DEAL STATS #
Overall 48 of 51
Sector (Renewable Energy) 11 of 12
Type (Divestiture) 9 of 9
State (California) 6 of 6
Country (United States) 46 of 48
Year (2023) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-20 Braya Renewable Fuels

Dallas, Texas, United States

Braya Renewable Fuels owns and operates the Come By Chance Refinery. The refinery plans to produce renewable fuel and sustainable aviation fuel to help decarbonize the heavy road transport and aviation sectors. Braya Renewable Fuels is based in Dallas, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-02 Heartland Generation

Calgary, Alberta, Canada

Heartland Generation is a power generation company. Heartland Generation provides more than 2,660 MW of safe, reliable and affordable electricity to industrial, commercial and residential customers. Heartland Generation was founded in 2019 and is based in Calgary, Alberta.

Sell $658M
Buyer

Angeleno Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor

Category Growth Capital Firm
Founded 2001
Size Small
Type Sector Agnostic
DESCRIPTION

Angeleno Group is a private equity firm focused on high growth investments within the energy sector. The Firm pursues a wide range of opportunities and will consider transactions across the US. Angeleno looks for companies that are heavily involved in the development of innovative products and services that are emerging as potential solutions to global energy and environmental challenges. Specific sub-sectors of interest include clean transportation, emissions control and carbon management, energy efficiency, power infrastructure, renewable energy, solar, waste management, and wind. The Firm looks to commit $10 to $30 million per investment and will consider a variety of deal types, including secondaries, first institutional equity, growth equity, and PIPEs. Angeleno Group was founded in 2001 and is based in Los Angeles, California.

DEAL STATS #
Overall 27 of 27
Sector (Renewable Energy) 5 of 5
Type (Divestiture) 1 of 1
State (California) 16 of 16
Country (United States) 23 of 23
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-30 Patriot Environmental Services

Wilmington, California, United States

Patriot Environmental Services is an environmental service provider serving the Southwestern United States with a proven ability to implement. Patriot provides full-service environmental solutions to a wide variety of end markets, serving customers within manufacturing, agriculture, construction, healthcare, mining, oil & gas, transportation, and utilities markets. Patriot Environmental Services was founded in 2002 and is based in Wilmington, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-10 Locana

Seattle, Washington, United States

Locana is a technology consultancy and geospatial info provider that helps businesses drive performance through spatial IT solutions, services and software products. Locana is based in Seattle, Washington.

Sell -

Seller(S) 1

SELLER

Borrego Solar

San Diego, California, United States
Category Company
Founded 1980
Sector Renewable Energy
DESCRIPTION

Borrego Solar is a privately-owned developer, designer, installer, and O&M provider of commercial and utility-scale solar and energy storage projects. Borrego Solar was formed in 1980 and is based in San Diego, California.

DEAL STATS #
Overall 2 of 2
Sector (Renewable Energy) 2 of 2
Type (Divestiture) 2 of 2
State (California) 2 of 2
Country (United States) 2 of 2
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-07 Borrego Solar Systems - 17.2 Megawatt Community Solar Portfolio

California, United States

Borrego Solar Systems, Inc. - 17.2 Megawatt (MW) Community Solar Portfolio comprises of three solar projects in Monroe and Saratoga counties, the portfolio will produce enough safe, pollution-free, energy to power 1,500 homes.

Sell -
Mergr

Product

Company

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