M&A Deal Summary

PSP Investments Acquires ENGIE - 1.4GW Hydroelectric Assets Portfolio

On February 25, 2016, pension PSP Investments acquired renewable energy company ENGIE - 1.4GW Hydroelectric Assets Portfolio from ENGIE for 1.2B USD

Acquisition Highlights
  • This is PSP Investments’ 1st transaction in the Renewable Energy sector.
  • This is PSP Investments’ 9th largest (disclosed) transaction.
  • This is PSP Investments’ 5th transaction in the United States.

M&A Deal Summary
Date 2016-02-25
Target ENGIE - 1.4GW Hydroelectric Assets Portfolio
Sector Renewable Energy
Buyer(s) PSP Investments
Sellers(s) ENGIE
Deal Type Divestiture
Deal Value 1.2B USD

Target

ENGIE - 1.4GW Hydroelectric Assets Portfolio

New England, United States
ENGIE's 1.4GW Hydroelectric Assets Portfolio are core operational merchant hydroelectric facilities located primarily on the Connecticut River in Massachusetts and the Housatonic River in Connecticut. They constitute the 2 nd largest privately-owned hydroelectric portfolio within the well-developed and functional ISO New-England (ISO-NE) power market. They include the 1,168MW Northfield Mountain pumped-storage facility as well as 12 conventional hydroelectric facilities, the three largest of which represent an aggregate generation capacity of 134MW. The portfolio generates Renewable Energy Credits.

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Buyer(S) 1

Buyer

PSP Investments

Investor Investor Investor Investor Investor

Category Pension
Founded 1999
PE ASSETS 19.4B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

PSP Investments is a Canadian pension manager focused on a variety of investment strategies including public equities, real estate, private equity, infrastructure, private debt, and natural resources. The Firm's private equity group looks to back funds as well as make direct investments in partnership with managers. PSP will consider opportunities globally and will invest across a broad range of sectors, including financials, consumer, industrials, healthcare, technology, communications, and energy. PSP Investments is based in Ottawa.

DEAL STATS #
Overall 8 of 29
Sector (Renewable Energy) 1 of 4
Type (Divestiture) 3 of 5
Country (United States) 5 of 11
Year (2016) 1 of 6
Size (of disclosed) 9 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-06-23 Alliant Insurance Services

Irvine, California, United States

Alliant Insurance Services is a retail insurance broker providing property and casualty insurance and employee benefits products to over 15,000 commercial middle market clients nationwide. Alliant Insurance Services was founded in 1925 and is based in Newport Beach, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-10 Allflex Europe

Roxburghshire, United Kingdom

Allflex Europe is a designer, producer and distributor of animal intelligence and monitoring technologies for livestock, pets, fish and other species. It designs, produces and distributes a variety of products such as radio‐frequency identification (RFID) and visual ear tags, tissue sampling devices, RFID implants, monitoring devices, milk meters, and other farm management equipment. Allflex Europe was founded in 1973 and is based in Roxburghshire, United Kingdom.

Buy -

Seller(S) 1

SELLER

ENGIE

Courbevoie, France
Category Company
Founded 1880
Sector Utilities
Employees97,000
Revenue 82.6B EUR (2023)
DESCRIPTION

ENGIE is a French utility company. ENGIE provides electricity generation and distribution, natural gas and renewable energy. ENGIE was founded in 1880 and is based in Courbevoie, France.

DEAL STATS #
Overall 5 of 8
Sector (Renewable Energy) 2 of 3
Type (Divestiture) 4 of 7
Country (United States) 2 of 4
Year (2016) 2 of 2
Size (of disclosed) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-25 ENGIE - U.S. Follis Portfolio

United States

ENGIE - U.S. Follis Portfolio consisting of 8,731 megawatts of generation capacity located in ERCOT, PJM, and ISO-New England.

Sell $3.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-10 Maia Eolis SA

Lille, France

Maia Eolis SA is a provider in the development, construction, operation and maintenance of wind farms in France.

Buy -
Mergr

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