M&As this week: Itron, ESCO Technologies, ORIX, Avangrid Renewables

11 May 2017 (Last Updated May 11th, 2017 18:30)

Itron has agreed to acquire clean energy company Comverge for approximately $100m.

Itron has agreed to acquire clean energy company Comverge for approximately $100m.

This move has followed an acquisition of Comverge's parent company Peak Holding Corp.

Comverge provides integrated cloud-based demand response, energy efficiency, and customer engagement solutions for electric utilities.

Expected to be completed in Q2, 2017, the acquisition will help Itron implement its strategy to provide more value to utilities and customers.

ESCO Technologies has announced the acquisition of Renewable NRG Systems (formerly NRG Systems).

ESCO is engaged in the production of engineered products and systems, while Renewable NRG Systems manufactures wind energy assessment equipment and decision support tools for the renewable energy industry.

ORIX has announced its intention to acquire a 22.1% stake in Israeli geothermal energy producer Ormat Technologies.

The stake will be purchased for $627m from a consortium of FIMI ENRG Partnership, FIMI ENRG, Bronicki Investments, and senior members of Ormat management.

As part of the transaction, ORIX and Ormat have agreed to work together on a number of issues such as financing and technical support for the development of geothermal energy projects.

Avangrid Renewables has announced the acquisition of a 50% stake in offshore wind development company Vineyard Wind.

Avangrid Renewables and Vineyard Wind will work together on a new wind energy project off the coast of Massachusetts.