Merger & acquisition (M&A) activity within and across the sustainability market remained quite strong in February 2024. Indeed, Sustainable Tech Partner tracked 51 M&A deals involving green IT services, renewable energy, climate tech, IT asset disposition (ITAD), e-waste reduction, and consulting during the month.
Related: Search our M&A Database for a List of All Mergers & Acquisitions
Buyers, sellers and investors in February 2024 included ESG (environmental, social and governance) consulting companies, renewable energy firms, software providers, technology businesses, private equity firms, climate tech startups and plenty more. Still, buyers and investors rarely disclosed deal valuations -- so it's difficult to pinpoint the overall health and investor interest in the sector.
For some context, here's a look at each of the 51 M&A deals that we spotted in February 2024:
A. Renewable Energy M&A (Solar, Wind, Hydro, Bio)
1. Energy Consultancy: CLEAResult, backed by private equity firm TPG, has acquired Energetics -- an energy-focused sustainability consultancy that has deep expertise in the U.S. federal government market. Financial terms of the deal were not disclosed.
2. Renewable Energy Consulting: Global sustainability consultancy SLR Consulting, backed by private equity firm Ares Management, has acquired ITPEnergised -- a consulting firm focused on the renewable energy sector. Financial terms of the deal were not disclosed.
3. Renewable Energy - Wind and Hydro Power: Revolve Renewable Power Corp. has acquired WindRiver Power, a Canadian-based owner, operator and developer of wind and hydro projects in the Provinces of British Columbia and Alberta. Revolved paid C$4.85 million up front in cash. Revolve may pay an additional $14 million if certain acquired projects achieve various business metrics. Revolve has also agreed to pass through contingent payments of up to C$5.7 million expected to be received by WindRiver from development assets previously sold to third parties by WindRiver.
4. Renewable Energy - Solar Infrastructure: The CEE Group has acquired a solar park in Brandenburg, Germany. Financial terms of the deal were not disclosed. The CEE Group now owns 54 solar and 47 wind parks. CEE Group can now supply green energy to 885,300 households, roughly equivalent to Munich, Germany's size, thereby preventing nearly 1.5 million tons of CO2 emissions annually, the company said.
5. Green Hydrogen: NextChem will acquire 80% of HyDep and 100% of Dragoni Group for €3.6 million (US$3.9 million). NextChem also has the option to potentially acquire the remaining 20% stake in HyDep. The acquisitions will "further strengthen" NextChem's green hydrogen expertise.
6. Digital Twin Technology: Capgemini will acquire the digital twin professional services business from Unity. Customers often use digital twin software to simulate various energy and carbon footprint scenarios for their physical products and infrastructure.
7. Offshore Wind Projects: Eversource Energy has agreed to sell its 50% stake in two US offshore wind projects to Global Infrastructure Partners LP, moving closer to its goal of exiting the industry, Bloomberg reported. Eversource will realize $1.1 billion in cash proceeds for the stakes in the South Fork and Revolution projects, the report said. The sale is expected to close in mid-2024.
8. Renewable Energy:Â Swire Renewable Energy A/S, a subsidiary of the Swire Group specializing in renewable energy maintenance and services, has acquired Obelisk Energy Services Ltd. and its affiliated companies in South Africa and Ireland. Obelisk has supported more than 200 renewable energy development sites and 20+ windfarms in South Africa since 2010. The company provides wind measurement services, HS&E advisory services, statutory inspections, operational maintenance services and blade and tower services, as part of its product portfolio.
9. Energy Storage Technology: Danfoss has acquired 1500 VDC converter technology and the associated product team from Ampner Oy. The acquisition will help Danfoss to scale its smart grid and energy storage business, the buyer said. Financial terms of the deal were not disclosed.
10. Solar Power: SolarSquare, a rooftop solar company based in Mumbai, India, has acquired solar consultancy PV Diagnostics, according to Mercom. Financial terms of the deal were not disclosed.
11. Solar Power: CDPQ, a global investment group, has acquired an 80% stake in a solar power generation plant in Japan, alongside its portfolio company Shizen Energy. Financial terms of this particular investment were not disclosed.
12. Solar Consulting: Facility Solutions Group (FSG) has acquired Greenleaf Energy Solutions, a consulting firm that offers solar and renewable energy solutions. Financial terms of the deal were not disclosed.
13. Solar Power and Energy Storage: Swell Energy has acquired  Renu Energy Solutions, a provider of customized residential and commercial solar and energy storage solutions. The combination delivers a "bicoastal presence to enable the deployment of Virtual Power Plants (VPPs) in key energy markets," Swell Energy said. Financial terms of the deal were not disclosed.
14. Solar Projects: Cubico Sustainable Investments has acquired Renantis Mexico and inked a strategic agreement with Sowitec Group. The Mexico-focused acquisitions span 12 solar and hybrid projects across seven states and in various stages of development, solidifying Cubico’s presence and impact nationwide.Â
16. Solar Energy: Altus Power has acquired various solar power infrastructure from Vitol for $118 million. The deal includes thousands of long-term solar customers served by a mix of rooftop, ground and carport arrays in the U.S. Northeast region, the buyer said.
17. Solar Farm Infrastructure: Nautilus Solar Energy has acquired a 12.7 MW portfolio of community solar projects from SolAmerica Energy. The projects, located in Canton, New York, are expected to be fully operational in 2024. Once completed, the community solar projects will provide clean energy to power over 1,800 residential subscribers within the National Grid utility territory. Financial terms of the deal were not disclosed.
18. Solar Energy and Storage Solutions: Aggreko has acquired the UK and South African based businesses of RenEnergy. Financial terms of the deal were not disclosed.
19. Solar Energy Infrastructure: CuraScientific has acquired Sustainable Energy Group Inc., a provider of solar energy solutions that generates roughly $3.5 million in annual sales. Financial terms of the deal were not disclosed.
20. Solar Roofing:Â Holcim has acquired ZinCo, a provider of green roofing systems. ZinCo, based in Germany, has operations across Europe, Asia and the Americas. Financial terms of the deal were not disclosed.
Related: Search our M&A Database for a List of All Mergers & Acquisitions
Continue to page two of the article for M&A deals 21 and beyond for February 2024.
