M&A Deal Summary

Innergex Renewable Energy Acquires Aela Energia

On February 3, 2022, Innergex Renewable Energy acquired renewable energy company Aela Energia from Actis Capital and NMS Capital for 686M USD

Acquisition Highlights
  • This is Innergex Renewable Energy’s 5th transaction in the Renewable Energy sector.
  • This is Innergex Renewable Energy’s 2nd largest (disclosed) transaction.
  • This is Innergex Renewable Energy’s 3rd transaction in Chile.

M&A Deal Summary

Date 2022-02-03
Target Aela Energia
Sector Renewable Energy
Buyer(s) Innergex Renewable Energy
Sellers(s) Actis Capital
NMS Capital
Deal Type Add-on Acquisition
Deal Value 686M USD

Target

Aela Energia

Santiago, Chile
Aela Energía is a renewable energy generation company that has a 332 MW portfolio of three newly-built operating wind assets in Chile. Aela’s portfolio consists of the Sarco wind farm (170 MW), the Aurora wind farm (129 MW), and the Cuel wind farm (33 MW). Aela Energia was founded in 2013 and is based in Santiago, Chile.

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Buyer(S) 1

Buyer

Innergex Renewable Energy

Longueuil, Quebec, Canada

Category Company
Founded 1990
Sector Renewable Energy
Employees602
Revenue 970M CAD (2023)
DESCRIPTION

Innergex Renewable Energy develops, owns and operates run-of-river hydroelectric facilities, wind farms and solar photovoltaic farms and carries out its operations in Quebec, Ontario and British Columbia, Canada, France and Idaho, U.S. Its portfolio of assets currently consists of: (i) interests in 52 operating facilities with an aggregate net installed capacity of 1,078 MW (gross 1,781 MW), including 31 hydroelectric facilities, 20 wind farms and one solar farm; (ii) interests in two projects under construction with a net installed capacity of 46 MW (gross 66 MW), for which power purchase agreements have been secured; and (iii) prospective projects with an aggregate net capacity totalling 3,560 MW (gross 3,940 MW). Innergex Renewable Energy was founded in 1990 and is based in Longueuil, Quebec.


DEAL STATS #
Overall 5 of 5
Sector (Renewable Energy) 5 of 5
Type (Add-on Acquisition) 4 of 4
Country (Chile) 3 of 3
Year (2022) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-14 Etrion - PV Salvador

Chile

Etrion Corp. - PV Salvador SpA is a 68 MW solar power plant operating in northern Chile. Salvador has several years of strong generation track record and is expected to generate 182.2 GWh annually, enough to power more than 70,000 Chilean households with clean energy.

Buy -

Seller(S) 2

SELLER

Actis Capital

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 24.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Actis Capital is a private equity firm focused on investments in emerging markets. Actis segments its investment activity into three areas. These include private equity, energy, and real estate. Actis' private equity team looks for buyout and growth capital opportunities requiring at least $50 million in financing. Depending on the situation, Actis will consider both controlling and minority investment situations. Sectors of interest include financial services, consumer and retail, business services, and industrial. Actis' energy group seeks to invest in in a variety of energy and utility projects. Actis' real estate team invests equity capital in office, residential, industrial, hotel and retail projects. Actis Capital was established in 2004 and is based in London.


DEAL STATS #
Overall 76 of 81
Sector (Renewable Energy) 4 of 9
Type (Add-on Acquisition) 37 of 41
Country (Chile) 1 of 1
Year (2022) 1 of 5
Size (of disclosed) 5 of 18
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-20 It sSeg

Sao Paulo, Brazil

It'sSeg is an insurance consultancy and brokerage firm that offers an array of tech-driven financial services solutions in areas including Insurance, Re-insurance services. It'sSeg was founded in 2014 and is based in Sao Paulo, Brazil.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-04 Echoenergia

São Paulo, Brazil

Echoenergia is a company that develops, implements, and operates projects to generate electricity from renewable sources. Echoenergia was founded in 2017 and is based in São Paulo, Brazil.

Sell -
SELLER

NMS Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2010
PE ASSETS 1.5B USD
Size Large
Type Sector Agnostic
DESCRIPTION

New MainStream Capital is a private investment firm that specializes in strategic equity investments and leveraged buyouts. The Firm targets middle-market growth companies throughout the US. New Mainstream focuses on companies with experienced management, high operating margins, and strong cash flows. New MainStream looks to invest $25 to $75 million in companies valued up to $150 million. The Firm will consider opportunities in a variety of sectors, however the Firm has a special interest in healthcare services, consumer products/services, and specialized business services. New MainStream Capital was formed in 2010. The Firm is based in New York City with an additional office in Dallas, Texas.


DEAL STATS #
Overall 7 of 9
Sector (Renewable Energy) 1 of 1
Type (Add-on Acquisition) 5 of 5
Country (Chile) 1 of 1
Year (2022) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-12 Flourish Research

Apex, North Carolina, United States

Flourish Research is a clinical trial site network focused on performing the highest quality trials for sponsors and CROs and providing patients with an exceptional clinical experience. Flourish Research was founded in 2021 and is based in Apex, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-08 LDR Site Services

Atlanta, Georgia, United States

LDR Site Services is an asset-light provider of equipment rental and related hauling services to site-based projects across the U.S. LDR services multiple industries with varying needs, including, environmental, facilities maintenance, retail, government, construction and commercial, and other events. LDR Site Services was founded in 2010 and is headquartered in Atlanta, Georgia.

Buy -