DLA Piper advises Fiera Infrastructure’s purchase of US-based solar energy firm

DLA Piper advised Fiera Infrastructure in the acquisition of a US-based solar energy company. Also included in this week’s deals roundup is TransAlta Corporation buying shares in an Alberta-based hydro development project in a deal valued at approximately $33.7 million (US$25 million).

Fiera, Palisade to acquire Amp US Primary Holdings

Fiera Infrastructure Inc. and Australia-based Palisade Infrastructure Group have agreed to jointly acquire Amp US Primary Holdings Inc., a developer and operator of US community solar and storage projects, from Ontario-based Amp Solar Group Inc.

DLA Piper is serving as legal counsel and Macquarie Capital as financial advisor to Fiera Infrastructure and Palisade Infrastructure.

Milbank LLP is serving as legal counsel and KeyBanc Capital Markets as financial advisor to Amp Solar Group.

Fiera Infrastructure President Alina Osorio said, “Amp US will play a meaningful role in Fiera Infrastructure's continued commitment to support energy transition across our core markets. The investment will further diversify our portfolio of clean energy investments in wind, utility-scale solar, energy from waste, and hydroelectric generation.”

Palisade Infrastructure Managing Director Mike Reynolds said, “We believe community solar is one of the most attractive segments of the US renewables market and this investment allows us to leverage our strong existing expertise in the broader renewables sector. There is growing subscriber demand and policy support nationwide for community solar programs, which provides strong tailwinds for Amp US to build out its diversified project pipeline across the country.”

Amp Energy Founder and CEO Dave Rogers said, “Palisade Infrastructure and Fiera Infrastructure are focused on the continued scaling of the business, and we look forward to them carrying on the mission to drive the energy transition forward with our high-growth fully integrated platform.”

The deal is expected to close in March 2023, subject to customary closing conditions and regulatory approvals.

TransAlta to buy 50 percent interest in Montem’s hydro project for $33.7 million

TransAlta Corporation, Alberta's largest producer of hydro-electric power, has agreed to acquire a 50 percent interest in the Tent Mountain Renewable Energy Complex, a hydro energy storage development project located in Alberta, from Australia-based Montem Resources Limited, for approximately $33.7 million (US$25 million).

Upon deal completion, TransAlta will act as the project developer.

Target development of the project is within the next four years, with construction anticipated to begin as early as 2026, with a commercial operation date between 2028 and 2030, all subject to regulatory, commercial, and engineering considerations.

The project is expected to have a life span of over 80 years which substantially reduces the operating cost over time. Impact to Alberta’s natural river system is also expected to be minimal due to the project’s closed loop system.

“The Tent Mountain Renewable Energy Complex is a unique development opportunity for our company and the Province of Alberta,” said TransAlta President and CEO John Kousinioris. “The project can support the reliability of the Alberta grid with a proven technology that is non-emitting and has a significantly larger capacity and duration than other currently available storage options. We believe long duration storage projects, like Tent Mountain, are essential to support the reliability of the grid in Alberta as wind and solar penetration increase on the path to net-zero electricity.”

Montem Managing Director and CEO Peter Doyle said, “We are thrilled to be entering into this partnership with TransAlta to develop the Tent Mountain Renewable Energy Complex. TransAlta has been operating in the Alberta power market for more than 110 years and brings many skill sets which are complementary to Montem's.”

The deal is expected to close in March 2023, subject to customary closing conditions.

ATAC Resources receives $31 million acquisition offer from Hecla Mining

ATAC Resources Ltd., a mining company headquartered in British Columbia, received an acquisition offer from Hecla Mining Company, the largest silver producer in the United States, through a non-binding Letter of Intent valued at $31 million.

The proposed deal includes ATAC’s Rackla and Connaught projects in Yukon.

Hecla Mining has entered a 30-days exclusivity period with ATAC.