PwC Canada's acquisition of Toronto-based Equitable Value also in this week's roundup
A Canadian Solar subsidiary has secured a $500 million investment commitment from BlackRock. Also included in this week’s deals roundup is PwC Canada’s acquisition of Toronto-based Equitable Value Inc.
Recurrent Energy, a subsidiary of Canadian Solar Inc. and one of the world’s largest utility-scale solar and energy storage project development platforms, has secured a $500 million preferred equity investment commitment from BlackRock.
The deal includes operations in the U.S., Canada, Spain, Italy, the U.K., France, the Netherlands, Germany, South Africa, Brazil, Chile, Colombia, Australia, South Korea and Taiwan. It excludes Canadian Solar's project development business in Japan and China, and certain assets in Latin America and Taiwan.
“We started our global energy development business in 2009 and have since strategically grown Recurrent Energy as Canadian Solar's premier renewable energy platform, forging a new path in developing, financing and constructing first-of-their kind solar and energy storage projects,” said Canadian Solar Chairman and CEO Dr. Shawn Qu. “We are now at an inflection point for renewable energy growth. The infusion of capital from our partner BlackRock, who is also Canadian Solar's largest institutional investor, will provide the resources needed to further scale the Recurrent Energy platform and meet record clean energy power demand across the world."
Recurrent Energy CEO Ismael Guerrero said, “We are delighted to have the support of BlackRock, one of the largest and most sophisticated renewable energy investors in the world, as we scale Recurrent Energy in response to massive global demand for renewable energy and energy storage solutions.”
“We are excited to partner on behalf of our clients with Recurrent Energy,” said BlackRock Global Head of Climate Infrastructure and Chief Investment Officer of Transition Capital David Giordano. “We believe this partnership will help unlock the full potential of Recurrent Energy's impressive renewable energy project development platform. Recurrent Energy is emblematic of our strategy of investing in leading renewable power generation assets and transition-enabling infrastructure, and we are pleased to make this first investment commitment from the fourth vintage of BlackRock's Climate Infrastructure fund franchise.”
BofA Securities, Inc. and Banco Santander, S.A. served as financial advisors to Canadian Solar.
PwC Canada has acquired Equitable Value Inc., a Toronto-based property tax and valuation consulting firm.
Founded in 2011, Equitable Value helps clients minimize tax and maximize returns on properties in multi-residential, office, commercial, and industrial categories.
“We are thrilled to welcome the Equitable Value team to PwC Canada,” said PwC Canada National Tax Leader Dean Landry. “By joining forces with this team, we are enhancing our expertise in commercial property tax consulting, managed services and real estate valuations and increasing our footprint to offer our clients more integrated and customized services.”
Equitable Value Founder Jeff Grad said, “PwC's scale, expertise in emerging technologies, and our knowledge of the various municipal and provincial statutes and regulations, along with the commercial property market will open new opportunities for all of us.”
Lemay, a Montreal-based architecture and design company, backed by Caisse de dépôt et placement du Québec (CDPQ), National Bank of Canada, and Fonds régionaux de solidarité FTQ, has acquired Fusion Énergie, a Quebec-based provider of energy management and optimization solutions.
Financial details of the transaction were not disclosed.
The merger represents a major step towards the building sector’s transition to carbon neutrality.
“Combining the power of design with technological innovation will enable us to accelerate our efforts to decarbonize built environments,” said Lemay President Louis T. Lemay. “We've already carried out energy simulations at the conceptual stage of our projects, but with Fusion's energy intelligence, we will be able to monitor energy consumption proactively and measurably, make diagnoses, and offer appropriate responses in real-time throughout a building's operation.”
Fusion Énergie President Daniel Sarrazin said, “As part of the Lemay team, we will be able to extend the reach of our energy intelligence solutions to new markets. We couldn't be happier to join a firm that embodies the same human and environmental values as we do.”
CDPQ Executive Vice-President and Quebec Head Kim Thomassin said, “This transaction will promote the development of sustainable solutions in architecture and real estate.”
