Calgary based Enbridge Inc. acquired renewable project developer Tri Global Energy for $270 million in cash and assumed debt. 

Another $50 million could be paid out contingent on successful execution of Tri Global’s project portfolio. That portfolio includes onshore wind and solar projects representing more than 7 GW of capacity.

Tri Global has wind, solar and energy storage projects in Texas, Nebraska, Illinois, Indiana, Pennsylvania and Virginia.

Enbridge is a player in oil and natural transportation and delivery. It moves about 30% of the crude oil produced in North America, as well as nearly 20% of the natural gas consumed in the U.S. It also operates North America’s third-largest natural gas utility by consumer count. 

It said it expects North American renewable power fundamentals to remain robust. Rising targets for state renewable portfolio standards and growing private sector demand for zero-carbon electricity are set to drive investment in wind and solar power generation “significantly higher in the next decade.”

The deal is expected to generate immediate cash flow through the 3.9 GW of renewable generation projects Tri Global previously sold to operators, which will generate development fees and accretion.

In addition, 3 GW of late-stage development of wholly owned projects are expected to be placed into service between 2024 and 2028, providing an expected ramp up in cash flows along with a slate of further projects in earlier stage development.

Enbridge said that Dallas-based Tri Global’s development team will remain in place following closing.

Tri Global was founded in 2009 by John B. Billingsley. His business model was called The Wind Force Plan that led the company to lease around 670,000 acres in West Texas. The approach provided payments to landowners and investors upon project development, whether or not wind turbines were placed on their land. The land was developed into multiple wind farms, and more recently, solar farms.

In August, the American Clean Power Association released data showing that Tri Global ranked No. 10 in the U.S. for overall renewable energy development nationwide; No. 3 for onshore wind development; and No. 1 for onshore wind development in Texas.

A group of former Ørsted executives has launched an early-stage development capital firm with an initial pool of $100 million.

Declan Flanagan, the former CEO of Ørsted’s onshore wind business, founded Bluestar Energy Capital to target early-stage development and provide a capital stream for new development platforms and projects.

Flanagan is Bluestar’s controlling shareholder and will serve as CEO. He was joined by S2G Ventures and Great Bay Renewables in establishing the fund.

“A huge amount of capital is seeking a role in the energy transition, but a scarcity remains of the right kind of capital for new development platforms and new projects,” Flanagan said.

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Bluestar launched with two regional platforms.

Nova Clean Energy will focus on the North American market and pursue greenfield project development, as well as M&A opportunities across wind, solar, and energy storage.

Bluestar Energy Australia is already building a pipeline of primarily wind power assets with plans to expand into solar and energy storage.

Dennis Meany, the former president of Lincoln Clean Energy, which sold to Ørsted, was named Bluestar’s president and appointed to the company’s board. Courtney Zaret will lead Bluestar’s accounting and administration operations after previously working as the financial controller at Ørsted Onshore. Joe Condo, the former general council at Ørsted Onshore and Lincoln Clean Energy, will take on a similar role. And Dylan Reeves, formerly chief commercial & product officer of Onshore Wind Services at GE Renewable Energy, was named head of project delivery.

Prior to joining Ørsted, Flanagan was founder and CEO of Lincoln Clean Energy (LCE), from 2009 until its sale to Ørsted in 2018.  By the time of its acquisition by Ørsted, LCE had developed and financed wind and solar power projects representing more than $3 billion in capital investment and 2 GW of capacity. He also was CEO of the North American business of German utility E.ON and earlier as CEO of Airtricity North America.

Brookfield Renewable said it is buying Standard Solar and Scout Clean Energy for a combined $1.5 billion with the potential to invest another $500 million to grow both companies.

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Brookfield agreed to buy Colorado-based Scout Clean Energy for $1 billion from Quinbrook Infrastructure Partners. It said it could invest another $350 million to support the company’s growth. Quinbrook acquired Scout as a start-up in 2017 for $6 million.

Scout’s portfolio includes more than 1,200 MW of operating wind assets, including 400 MW managed on behalf of third parties. It also has a pipeline of over 22,000 MW of wind, solar, and storage projects across 24 states, including almost 2,500 MW of under construction and advanced-stage projects.

In a separate transaction, Brookfield said it closed its acquisition of Maryland-based Standard Solar $540 million with the potential to invest another $160 million for its growth opportunities.

Standard Solar develops, owns and operates commercial and community distributed solar. It has roughly 500 MW of operating and under- construction contracted assets and a development pipeline of almost 2,000 MW.

Both Scout and Standard Solar will continue to operate as independent businesses within the Brookfield Renewable U.S. platform. 

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Brookfield Renewable CEO Connor Teskey said the investments were underwritten without the benefits of the Inflation Reduction Act factored in, meaning the legislation could provide significant boosts to both companies.

“Combined with our existing fleet we are well positioned for continued growth as owners and operators of one of the largest diversified clean power businesses in the country,” Teskey said.

The Scout and Standard Solar acquisitions are the latest in a series of clean energy investments by Brookfield Renewable in North America during 2022, including:

• Urban Grid: $650 million acquisition of a solar and battery storage developer with a development pipeline of 20,000 MW of utility-scale solar and energy storage projects in the Umid-Atlantic, Midwest and Southeast.
• Carbon Capture and Sequestration: Exclusive right to invest up to $750 million on a project-by-project basis into Entropy Inc. and a joint venture with California Resource Corp., two carbon capture and sequestration platforms in Alberta and California, respectively.

All totaled, the Brookfield Global Transition Fund has invested or allocated $3.5 billion for clean energy investments and follow-on capital in North America in 2022.