GIC Private Limited (GIC) has announced that Fortis agreed to sell a 19.9% stake in the power transmission and distribution company ITC Holdings Corp for approximately $1.23bn.
The all-cash deal is part of Fortis’ acquisition of ITC Holdings for $11.3bn, which was announced in February 2016. Selling a part of the stake will provide Fortis the necessary funds to complete the acquisition of ITC Holdings, as well as maintain an investment-grade credit rating.
GIC is a fund management company based in Singapore, whereas Fortis is a Canadian electric and gas utility. The acquisition is expected to be completed by the end of this year.
Suzlon Energy Limited is a wind turbine supplier based in Pune, India. It has acquired five small solar power companies to implement a number of renewable energy projects across India.
The acquired companies are Gale Solarfarms, Tornado Solarfarms, Abha Solarfarms, Aalok Solarfarms, and Shreyas Solarfarms, and will be used as special purpose vehicles (SPVs) for the proposed solar project.
Silex Systems Limited is planning to acquire a stake in GE-Hitachi Global Laser Enrichment (GLE) from GE-Hitachi Nuclear Energy, which is a joint venture between General Electric and Hitachi.
GLE holds an exclusive license for Silex’s laser uranium enrichment technology.
Power Analytics Corporation has announced that it has merged with Power Generation Services (PoGens) to provide comprehensive energy services with a national footprint for design, registration, market participation, and operation of both traditional and distributed energy resources.
Power Analytics is a software developer for electrical power system design, simulation, and power analytics, whereas Power Generation Services provides turnkey managed energy services for distributed generation and energy resources.
Brazilian power generation company Tractebel Energia has acquired 50% stake in GD Brasil Energia Solar SA, also based in Brazil, in order to expand its distributed solar generation.
The minority stake purchase in the renewable energy company cost Tractebel $6.76m.
BKW AG, a power generation company based in Switzerland, has signed an agreement to sell its 5% stake in Romande Energie Holding SA to the City of Lausanne and one of Credit Suisse Investment Foundation’s investment groups, CSA Energy Infrastructure Switzerland.
The transaction, which will include 56,919 shares, acquired by BKW AG in January 2008, is expected to be completed on or before 31 May.
Image: Suzlon Energy, a wind turbine supplier, has acquired five small solar power companies in India. Photo: Courtesy of FreeImages.com/Steve Ralston.