US-based infrastructure company Quanta Services has agreed to acquire utility-scale renewable energy infrastructure solutions provider Blattner for $2.7bn.

The two companies have signed a definitive agreement, under which Quanta Services will pay around $2.36bn in cash together with issue shares worth $340m.

If certain financial performance targets are achieved, Blattner’s owners will be eligible for an earn-out payment of up to $300m.

To date, Blattner has completed or been awarded more than 300 wind projects, whose total installed generating capacity comes to 49GW.

The company has also completed or been awarded more than 90 solar power projects with more than 12GW of total installed capacity, as well as 17 energy storage projects.

Through this acquisition, Quanta expects to enhance its capabilities to deliver infrastructure solutions, increase its exposure to utility-scale renewable energy markets and accelerate its near and long-term growth drivers.

The company also expects Blattner to generate revenues of between $2.5bn and $2.7bn next year, as well as adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in the range of $250m to $290m.

Quanta president and CEO Duke Austin said: “We believe what Quanta is to the electric power solutions industry, Blattner is to the utility-scale renewable energy solutions industry.

“Together, we will be focused on what we believe are the most attractive areas of the electric infrastructure complex.

“Blattner will bring an exceptional management team that, we believe, will enhance our ability to collaborate with our customers to shape North America’s energy transition to a carbon-neutral economy.”

The deal is expected to close in the fourth quarter of the year subject to regulatory approvals and other customary closing conditions.

Lazard served as financial advisor to Quanta for the acquisition, while Latham and Watkins acted as the company’s legal advisor.

JP Morgan Securities served as exclusive financial advisor to Blattner.