M&A Deal Summary

Equinor Acquires Rio Energy

On July 21, 2023, Equinor acquired renewable energy company Rio Energy from Denham Capital

Acquisition Highlights
  • This is Equinor’s 2nd transaction in the Renewable Energy sector.
  • This is Equinor’s 1st transaction in Brazil.

M&A Deal Summary

Date 2023-07-21
Target Rio Energy
Sector Renewable Energy
Buyer(s) Equinor
Sellers(s) Denham Capital
Deal Type Add-on Acquisition

Target

Rio Energy

Rio de Janeiro, Brazil
Rio Energy is a renewable power platform with 485MW of wind projects in operation, 144MW under construction, and 2,000MW+ of project pipeline opportunities. Rio Energy was founded in 2012 and is based in Rio de Janeiro, Brazil.

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Buyer(S) 1

Buyer

Equinor

Stavanger, Norway

Category Company
Founded 1972
Sector Oil/Gas Exploration
Employees24,126
Revenue 102.5B USD (2024)
DESCRIPTION
Statoil office in Houston, Texas.
Statoil office in Houston, Texas.

Equinor is an integrated oil and gas company with operations worldwide. Equinor was founded in 1972 and is based in Stavanger, Norway.


DEAL STATS #
Overall 5 of 5
Sector: Renewable Energy M&A 2 of 2
Type: Add-on Acquisition M&A Deals 3 of 3
Country: Brazil M&A 1 of 1
Year: 2023 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-03 Equinor Energy Ireland

Ireland

Equinor Energy Ireland is an integrated oil and gas company with operations worldwide.

Sell $434M

Seller(S) 1

SELLER

Denham Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 9.7B USD
Size Mega
Type Sector Focused
DESCRIPTION

Denham Capital Management is a specialist private investment firm focused on the energy and commodities sectors. Denham looks to invest in businesses and assets involving natural resources, metals and mining, power and utilities, and energy-related infrastructure and services. Denham will consider investments worldwide, with current projects in the US, Canada, South America, Europe, and Asia. Denham will also consider both development projects as well as mature, operating businesses. The Firm's target investment size is $50 to $200 million. Denham Capital Management was founded in 2004 and is based in Boston, Massachusetts.


DEAL STATS #
Overall 22 of 22
Sector: Renewable Energy M&A 5 of 5
Type: Add-on Acquisition M&A Deals 12 of 12
Country: Brazil M&A 1 of 1
Year: 2023 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-28 EVC

Crawley, United Kingdom

EVC installs fully funded EV charging points in the destination, residential, commercial, and workplace sectors. EVC is striving to fill the gap left by the lack of EV charging infrastructure across the UK, giving individuals and businesses the confidence to make the switch to electric and enabling the government to reach its Net Zero goals. EVC was founded in 2020 and is based in Crawley, England.

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