M&A Deal Summary

JEN Partners and Hudson Sustainable Investment Management Acquire Recurrent Energy

On July 16, 2008, private equity real estate JEN Partners and private equity firm Hudson Sustainable Investment Management acquired renewable energy company Recurrent Energy for 75M USD

Acquisition Highlights
  • This is JEN Partners’ 1st and Hudson Sustainable Investment Management’s 1st transaction in the Renewable Energy sector.
  • This is JEN Partners’ and Hudson Sustainable Investment Management’s largest (disclosed) transaction.
  • This is JEN Partners’ 1st and Hudson Sustainable Investment Management’s 2nd transaction in the United States.
  • This is JEN Partners’ 1st and Hudson Sustainable Investment Management’s 2nd transaction in California.
Investment Fate
  • Recurrent Energy was sold to a publicly-traded strategic buyer in 2010 for 305M USD.
  • Recurrent Energy was divested to a consortium of strategic buyers in 2015.

M&A Deal Summary
Date 2008-07-16
Target Recurrent Energy
Sector Renewable Energy
Buyer(s) JEN Partners
Hudson Sustainable Investment Management
Deal Type Buyout (LBO, MBO, MBI)
Deal Value 75M USD

Target

Recurrent Energy

San Francisco, California, United States
Recurrent Energy is a provider of solar projects for utilities, government, and commercial customers. We develop, build, and operate distributed solar power systems—typically 2-20MW each—connected to the existing distribution grid. We market renewable power to our customers in North America and Europe at competitive rates via a Power Purchase Agreement (PPA) or Feed-in Tariff (FiT).

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Buyer(S) 2

Buyer

JEN Partners

New York, New York, United States
Category Private Equity Real Estate
Founded 2005
Size Middle-Market
Type Sector Focused
DESCRIPTION

JEN Partners is a real estate private equity firm that makes investments in real estate development projects and operating real estate companies. Specific areas of interest include homebuilding, public storage, industrial/office, brokerage, land entitlement, senior care residences, medical offices, construction services, building product suppliers, and hotels. JEN prefers opportunities located in North America and can commit up to $25 million of equity per transaction. JEN Partners was formed in 2005 and is based in New York City.

DEAL STATS #
Overall 1 of 4
Sector (Renewable Energy) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 1 of 2
State (California) 1 of 1
Country (United States) 1 of 4
Year (2008) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-07-01 Boston Financial Investment Management

Boston, Massachusetts, United States

Boston Financial Investment Management L.P. is a provider of low income housing tax credit industry.

Buy -
Buyer

Hudson Sustainable Investment Management

Miami, Florida, United States
Category Private Equity Firm
Founded 2007
PE ASSETS 3.0B USD
Size Large
Type Sector Focused
DESCRIPTION

Hudson Clean Energy Partners is a private equity firm focused on investments in clean energy. Hudson invests in companies focused on renewable power, alternative fuels, energy storage and demand-side energy management. The Firm prefers high-growth, asset based opportunities. Hudson Clean Energy Partners was formed in 2007 and is based in Teaneck, New Jersey.

DEAL STATS #
Overall 4 of 12
Sector (Renewable Energy) 1 of 4
Type (Buyout (LBO, MBO, MBI)) 4 of 7
State (California) 2 of 3
Country (United States) 2 of 7
Year (2008) 4 of 5
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-01-01 Element Power

London, United Kingdom

Element Power was established with industry professionals to develop, finance, construct and operate renewable energy projects globally. Element has offices throughout Europe and North America with highly experienced teams focused on developing wind and solar projects alone and under joint venture. Element Power was established in 2008 and is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2008-09-01 Solopower

Portland, Oregon, United States

Solopower is a provider of thin-film photovoltaic (PV) cells and modules. SoloPower is manufacturing and commercializing a new generation of high-efficiency, low-cost Copper-Indium-Gallium-Selenide (CIGS) based devices to enable solar electricity generation at a cost that is competitive with traditional methods. Solopower was founded in 2005 and is based in Portland, Oregon.

Buy -
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