The irresistible rise of renewables - by Jennifer Bollen
Clean energy deals are up more than 50% on last year. Tumbling oil prices have caused some to question the continued attraction of renewable energy in the face of more affordable oil, but private equity firms remain bullish about the sector’s prospects on the evidence of last week. Portuguese buyout firm Magnum Capital Industrial Partners agreed the biggest renewable energy deal in the last 13 years last week, with a €1.2bn ($1.6bn) acquisition of wind energy assets owned by Enersis, a portfolio company of Australian investment bank and infrastructure specialist Babcock & Brown. The transaction confirmed the sector’s rise in popularity during the credit crisis, overtaking an $895m (696m) acquisition of German wind turbine manufacturer RE Power by Citigroup Private Equity, the buyout arm of Citigroup, last year which had been the biggest renewable energy deal since data provider Dealogic’s records began. It took total deal values in the renewable energy sector to $2.4bn so far this year, up from about $1bn in the same period last year, according to Dealogic.
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