Deals and M&As this week: Vestas, KfW IPEX-Bank, Drax Group

4 January 2019 (Last Updated January 4th, 2019 09:14)

Vestas China has received an order from Hanas Group for supplying 2MW platform wind turbines for the Fengjigou project located in the Ningxia province of China.

Vestas China has received an order from Hanas Group for supplying 2MW platform wind turbines for the Fengjigou project located in the Ningxia province of China.

The deal has increased the total order from Hanas to 1.4GW. The transaction also includes a two-year service agreement.

Vestas China is a Chinese subsidiary of Danish renewable and sustainable energy solutions company Vestas, while Hanas is a China-based company involved in the development of clean and renewable energy.

Kreditanstalt für Wiederaufbau (KfW) IPEX-Bank has agreed to finance four power grid projects being developed by Translec Concesiones in Chile.

KfW will provide $120m under the terms of the deal. Japanese bank MUFG and credit agency Export Development Canada will provide approximately $240m for the project.

The financing will enable Transelec Concesiones to develop the Nueva Port Montt and Nueva Charrua substations.

Based in Germany, KfW IPEX-Bank provides export financing and supports large-scale international projects, while Translec Concesiones is a Chilean company that develops electrical systems for energy transmission.

Drax Group has completed the acquisition of Iberdrola’s renewable and low carbon assets for £702m ($889m).

“The acquisition adds 2.6GW or 60% of electricity generation capacity to Drax’s portfolio.”

The acquisition adds 2.6GW or 60% of electricity generation capacity to Drax’s portfolio. It will increase the company’s footprint in the UK while supporting its intermittent renewable capacity.

The acquisition was announced in October 2018 and approved by shareholders in December 2018.

Drax Group is a UK-based power and energy generation company, while Iberdrola is a Spain-based multi-national electricity utility company and a leading developer of offshore wind power.

Dominion Energy has completed the previously announced merger with SCANA Corporation.

The acquisition will expand Dominion Energy’s presence in Georgia and Carolina and enhance the company’s growth potential.

Dominion Energy is a power and energy company, while SCANA Corporation is a holding energy company. Both companies are based in the US.

NextEra Energy has completed the acquisition of Gulf Power Company from Southern Company. The sale involved Gulf Power, Florida City Gas and Southern Power’s interests in Plant Stanton and Plant Oleander.

In May 2018, Southern Company signed a deal to sell out the Florida assets of the company to NextEra Energy at a price of approximately $6.4bn. The proceeds from the previous deals will be utilised to reduce debt and strengthen the balance sheet.

NextEra Energy is a leading competitive energy transmission company.

Southern Company is a leading gas and electric utility company.