Energy & Sustainability M&A Activity — April 2023
Mintz Energy Deal Highlight
Mintz helped Logical Buildings close a first-of-its-kind energy efficiency–financing vehicle that will be used to cover capital expenses related to the purchase and installation of energy efficiency equipment (e.g., smart thermostats, etc.). At a time when many clients are focused on complying with upcoming carbon emissions regulations, the financing vehicle enables Logical Buildings to offer energy efficiency services for no up-front costs. This new financing will allow the parties to evaluate potential virtual power plants on a project-by-project basis, accelerate the deployment of energy efficiency techniques, and reduce the need to expand the supply of fossil-based electricity resources.
Recent M&A Activity:
March 1, 2023: Viridi Energy, a full-service renewable natural gas (RNG) platform, has acquired a landfill renewable natural gas project at the Marathon County Solid Waste Department’s landfill in Ringle, Wisconsin. Viridi is reactivating and improving a dormant facility at the site, transforming it into a state-of-the-art operation that converts landfill gas into clean RNG. The deal will generate RNG that is equivalent to more than three million gallons of gasoline annually.
March 17, 2023: Apollo 3 Energy, a provider of renewable energy services based in San Diego, California, was acquired by Maddox Defense for an undisclosed amount on March 17, 2023. The company provides solutions in energy optimization, lighting design, and installation, offering different packages that utilize technology to optimize efficiency. The acquisition helps Maddox Defense better serve its clients in the rapidly evolving renewable energy market.
March 24, 2023: Foundation Solar Partners, an independent solar development company, was acquired by Birch Creek Development for an undisclosed amount on March 24, 2023. Foundation Solar Partners intends to identify and develop utility-scale solar generation projects in the eastern United States. It also specializes in leasing or purchasing property to develop and host solar farms and convert a portion of the property into a contracted revenue generator that is insulated from the effects of weather and commodity prices.
March 28, 2023: Logical Buildings, a leading smart building software and solutions company, announced it closed a $110 million virtual power plant (VPP) project facility with Keyframe Capital. The facility will be used to pursue VPP projects within New York City- and New Jersey-based multifamily residential buildings, providing thousands of operators with reputational and financial incentives to invest in initiatives that will drive energy savings, lower greenhouse gas emissions, and establish new channels for grid services revenue.