M&As this week: Presage Corp, Senvion, Electricity Holding Company, and GE Financial Services
Presage Corp has acquired a 17.79% stake in NorthWind Power Development Corporation.
Presage Corp is a wholly-owned subsidiary of Philippines-based energy utility company, AC Energy Holdings.
Following the acquisition, the parent company of AC Energy Holdings, Ayala Corporation, will hold a total 67.79% stake in NorthWind Power Development Corporation after it acquired a 50% stake through its subsidiary Michigan Power in March 2011.
AC Energy Holdings plans to expand its portfolio of wind energy projects.
Senvion has completed the acquisition of EUROS Group, which comprises manufacturers EUROS Entwicklungsgesellschaft fur Windkraftanlagen, EUROS Polska, and EUROS Rotor Systems Polska.
The Group is engaged in rotor blade manufacturing, master plug and mould design, and owns facilities in Poland that make onshore moulds and blades.
Electricity Holding Company has announced its intention to divest a 49% stake in its power utility subsidiary, Muscat Electricity Distribution Company (MEDC), through a combination of private placement and initial public offerings.
GE Energy Financial Services will acquire a 1% interest in US-based power generation company EGPNA Renewable Energy Partners from Enel Green Power North America.
The target company owns 46 renewable power plants including wind, geothermal, hydropower, and solar, with a combined installed capacity of approximately 1,200MW.
This follows GE Financial Services' purchase of a 49% interest in 2015. The latest acquisition will increase the stake to 50%.