Led by $1.6bn acquisition of Clearway Energy Group, North America’s power industry saw a drop of 14.50% in cross border deal activity during Q2 2022, when compared to the last four-quarter average, according to GlobalData’s deals database.
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A total of 28 cross border deals worth $2.3bn were announced for the region during Q2 2022, against the last four-quarter average of 32.75 deals.
Of all the deal types, M&A saw most activity in Q2 2022 with 13 deals, representing a 46.4% share for the region.
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In second place was venture financing with ten deals, followed by private equity deals with five transactions, respectively capturing a 35.7% and 17.9% share of the overall cross border deal activity for the quarter.
In terms of value of cross border deals, M&A was the leading category in North America’s power industry with $1.6bn, while venture financing and private equity deals totalled $559.6m and $104.1m, respectively.
North America power industry cross border deals in Q2 2022: Top deals
The top five power cross border deals accounted for a 94.03% share of the overall value during Q2 2022.
The combined value of the top five cross border deals stood at $2.13bn, against the overall value of $2.3bn recorded for the quarter.
1) TotalEnergies $1.6bn acquisition deal for 50% stake in Clearway Energy Group
2) The $198m venture financing of Electric Hydrogen by Breakthrough Energy Ventures,Capricorn Partners,Climate Pledge Fund,Cosan,Energy Impact Partners,Equinor Ventures,Fifth Wall Ventures Management,Honeywell,Mitsubishi Heavy Industries,Prelude Ventures,Rio Tinto,S2G Ventures,Silicon Valley Bank and Trinity Capital
3) Bill Gates,Impresa Management,Khosla Ventures,Lightrock,Lineage Ventures and Princeville Capital $150m venture financing deal with Mainspring Energy
4) The $125m venture financing of FreeWire Technologies by BlackRock Financial Management,Blue Bear Capital,BP Ventures,Daishin Private Equity,GLy Capital Management,Octave Ventures and Riverstone Holdings
5) Energy Capital Partners Management and Phoenix Insurance Group $58m private equity deal with Calpine and Pantheon Infrastructure