Spain’s National Securities Market Commission (CNMV) has approved TerraForm Power’s proposal to acquire a 95% interest in Saeta Yield (Saeta) for $1.2bn.

TerraForm also plans to acquire the remaining 5% by July 2018.

The company plans to arrange funds for the acquisition by issuing Class A stock to its sponsor Brookfield Asset Management or its affiliates to raise $650m under a private placement. The remaining $550m will be financed from available liquidity.

The acquisition is expected to strengthen TerraForm’s long-term plan to establish an investment-grade balance sheet and further expand its operations into Europe.

Based in the US, TerraForm is engaged in power generation, while the target company is a renewable energy company in Spain.

Canaccord Genuity Acquisition (CGAC) and its sponsor CG Investments have agreed to merge with Spark Power.

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The new company will be named Spark Power Corp.

The transaction includes the purchase of certain shares of Spark Power for cash and a note, as well as the exchange of all the remaining shares of Spark Power on a fully diluted basis for common shares of CGAC.

Based in Canada, CGAC is a special-purpose acquisition corporation, while CG Investments is an investment holding company based in the US. Spark Power is a renewable energy projects developer based in Canada.

CGAC has engaged Goodmans LLP as its legal counsel, while Spark Power has Miller Thomson as its legal counsel for the transaction.

“The sale is part of AES’s strategic decision to exit from the distribution business and focus more on renewable business in Brazil.”

The AES Corporation has sold 17% of its stake in Brazilian utility Eletropaulo to Enel Brasil Investimentos Sudeste for R$1.27bn ($339.6m).

The sale is part of AES’s strategic decision to exit from the distribution business and focus more on renewable business in Brazil.

Based in the US, AES Corporation generates sustainable energy through a diverse portfolio of distribution businesses, in addition to thermal and renewable generation facilities. Enel Brasil Investimentos Sudeste is a Brazil-based subsidiary of integrated electricity and gas distributions company, Enel.

Svartisen Holding has reached an agreement with Fortum Corporation to acquire a 10% stake in Hafslund Produksjon Holding for €160m ($185m).

The Svartisen is engaged in power generation, while the Hafslund is a hydropower generation company.

MET Holding has reached an agreement with Elmu-Emasz Ugyfelszolgalati to acquire RWE Energie (RWEE) Romania.

The acquisition will enable MET to capture 10% of market share and make it one of the top three suppliers in the competitive energy market in Romania.

Based in Switzerland, MET is an energy company, while RWEE is a Romanian company engaged in the supply of electricity and natural gas.