Energy & Sustainability M&A Activity — March 2024

Recent M&A Activity:

January 24, 2024: Sunrise Wind, a producer of renewable wind energy, reached a definitive agreement to be acquired by Ørsted (CSE: ORSTED) for an undisclosed amount. Sunrise Wind develops and manages offshore wind farms and produces clean energy to power nearly 600,000 homes. The joint venture is formed to build an offshore wind farm for New York State, with the potential capacity to power more than half a million homes. Both investors hold a 50% stake in the joint venture.

February 7, 2024: Renu Energy Solution was acquired by Swell (Alternative Energy Equipment) for an undisclosed amount on February 7, 2024. Renu Energy Solution offers customized solar panel installation, energy storage, system monitoring services, EV charging options, and maintenance services for solar systems. The acquisition accelerates the mass deployment of clean energy technologies through virtual power plant enablement and new financing opportunities available to solar companies on the East Coast.

February 24, 2024: SEAM Group provides safety, reliability, maintenance, and enterprise asset management services intended for the hospitality, food processing, and pharmaceutical industries. The company reached a definitive agreement to be acquired by ABB (SWX: ABBN) for an undisclosed amount. SEAM Group’s services include training and consulting, inspection and assessment, installation and repair of electric vehicle charging infrastructure, and helping clients optimize the performance of their most critical energized assets. The acquisition will complement ABB’s Electrification Service offering, bringing significant additional expertise to customers in the areas of predictive, preventive, and corrective maintenance, electrical safety, renewables, and asset management advisory services.

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