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Cerberus Acquires Spain's Renovalia Energy in €1B Deal

Cerberus Acquires Spain's Renovalia Energy in €1B Deal

Renovalia solar panels in Puertollano, Spain.[/caption] Renovalia Energy was created more than ten years ago in Villarrobledo, Spain, to provide electricity for the industrial company of the Ortega Martínez family, Grupo Forlasa. In a major strategic turnaround, the Ortega family subsequently moved away from its Forlasa dairy business to focus its efforts on renewable energy. Grupo Forlasa was created in 1970 by Bernardo Ortega. The French company Lactalis took over Ortega’s Grupo Forlasa in 2010. Juan Domingo Ortega, the family patriarch and Renovalia’s president, died in 2014. In conjunction with its acquisition of Renovalia, Cerberus also said that Jose Luis Marín has joined as chairman of the firm’s renewable energy investments business. Marín has extensive professional experience in both the industrial and energy sectors, including 17 years with Endesa where his most recent responsibilities were as CEO of Endesa Diversificación and president and CEO of Endesa Red. “We are pleased to welcome Jose Luis Marín to the firm, where his extensive industry experience will be a great asset,” said Lee Millstein, Head of European Investments. “Along with our recent acquisitions, this move significantly advances our renewable energy investment strategy in Europe. We look forward to growing owned operating assets and expanding Renovalia’s asset management and operation and maintenance (“O&M”) capabilities globally.” Cerberus was advised on legal matters by Watson Farley & Williams LLP and Ashurst LLP. Financial due diligence was provided by KPMG, technical due diligence by G-advisory, and insurance by Aon Insurance. Renovalia was advised on legal matters by Bird & Bird LLP. Cerberus Capital Management, L.P. is one of the world’s leading private investment firms. Founded in 1992 by its CEO Steve Feinberg, Cerberus has more than $29 billion under management invested in four primary strategies: private equity; real estate-related investments; commercial mid-market lending; and distressed securities & assets. Cerberus (Kerberos in Greek) is named after a mythological three-headed dog. The firm is headquartered in New York City and has a large network of affiliate and advisory offices in the U.S., Europe and Asia. Cerberus invests in multiple sectors around the world. Former U.S. Vice President Dan Quayle, serves as chairman of the firm’s global investments, and former U.S. Secretary of the Treasury John W. Snow, serves as the firm’s chairman.  ]]>

French Group Veolia to Acquire Kurion Nuclear Cleanup Startup for $350M

French Group Veolia to Acquire Kurion Nuclear Cleanup Startup for $350M

The acquisition completes a critical part of Veolia’s strategy in the nuclear cleanup sector. Its objectives in this area were outlined in 2013 when the company signed a collaboration agreement with the French Alternative Energies and Atomic Energy Commission (CEA) and formed Asteralis. With the addition of Kurion’s expertise and technology, Veolia is rounding out its portfolio of services to the nuclear industry and will now be able to provide all existing solutions and know-how in both nuclear facility cleanup and the treatment of low and medium-level radioactive waste. Veolia has unique expertise and know-how in the management of sensitive sites. Its Asteralis subsidiary specializes in characterizing waste and assessing nuclear facilities. Its specialist subsidiaries in water and waste treatment, and soil remediation—Veolia Water Technologies, SARP Industries and GRS Valtech—have state-of-the-art technology that can serve the nuclear industry. The combination of these technologies and know-how with that of Kurion in radioactive waste separation, vitrification and robotics for access to sensitive areas, will enable Veolia to develop a world-class industrial offer for nuclear facility cleanup and the treatment of low and medium-level radioactive waste. Synergies may be deployed in the medium term to develop an integrated offer for facility cleanup and restoration, as well as the treatment of solid and liquid waste. The offer will be proposed to the nuclear sector (facilities and research centers, that are in operation or being decommissioned), as well as to the oil industry and the pharmaceuticals industry. “With Veolia, Kurion has found the perfect partner to accelerate our growth trajectory while expanding our markets and commercial offerings. The combination of the two companies establishes a major force in the Nuclear Restoration market”, said William Gallo, Kurion CEO. “The dream when we started was deep technology, rapid growth and permanent global impact. I was extremely impressed and persuaded by the vision of Veolia CEO Antoine Frérot for growth and permanence.  I look forward to seeing positive headlines for years to come,” said Josh Wolfe, MD of Lux Capital, who founded and funded Kurion. Antoine Frérot, chairman and CEO of Veolia, said: “Bringing Kurion and its employees into Veolia is going to enable us to develop a world-class integrated offer in nuclear facility cleanup and treatment of low level radioactive waste around the world. By having all the expertise and solutions that are indispensable for the treatment of this type of waste, our company is confirming that it is what it has always been: a pioneer in the treatment and recovery of waste and resources.” The acquisition is subject to approval by US authorities, in particular US antitrust authorities. Veolia Environnement S.A. is a global leader in optimized resource management. With over 179,000 employees worldwide, the Group designs and provides water, waste and energy management solutions that contribute to the sustainable development of communities and industries. Through its three complementary business activities, Veolia helps to develop access to resources, preserve available resources, and to replenish them. In 2014, the Veolia group supplied 96 million people with drinking water and 60 million people with wastewater service, produced 52 million megawatt hours of energy and converted 31 million metric tons of waste into new materials and energy.]]>

Tel Aviv-based Blackbird in 500MW Sea Wave Power Plant JV with Guinea-Bissau

Tel Aviv-based Blackbird in 500MW Sea Wave Power Plant JV with Guinea-Bissau

Shmuel Ovadia, Director of Blackbird International Corp, STD Inventor & CEO[/caption] “Guinea-Bissau is a perfect location to introduce sea wave energy as a viable and profitable solution for rising energy needs by implementing our patented technology and is further testament to our unique and patented sea wave power generation technology and its worldwide demand,” stated inventor Shmuel Ovadia, inventor CEO STD, current director of BBRD and previous CEO and founder of SDE. Guinea_Bissau_MapGuinea-Bissau is expected to receive a 30% partnership interest in the joint venture, and a 40% share of the profits for a term of 25 years. BBRD is forecasting the costs of the project at an estimated $325 million. Guinea-Bissau reportedly agreed to pay $0.10 per KWH, which BBRD expects to generate $50 million in annual revenue. The planning and building stage is estimated to take three years to be completed. BBRD is the parent company of Israel-based Wave Electricity Renewal Power Ocean Ltd (WERPO), which acquired all sea wave energy intellectual property assets of SDE Ltd., including its patents and contracts. WERPO was specifically formed in order to structure a reverse merger with BBRD. WERPO/SDE’s hydro-pneumatic sea wave energy technology invented by Mr. Ovadia, is based on the rise and fall of sea waves, which yield hydraulic pressure able to produce electricity, while exploiting the full potential of wave speed, height, depth and currents beneath the water. The company reportedly has eleven joint ventures with local partners in nine countries, including China.]]>

China's ET Solar to Build 50MWp Solar Power Plant in Israel

China's ET Solar to Build 50MWp Solar Power Plant in Israel

Dennis Haifeng She, President and CEO of ET Solar Energy Corp.[/caption] “The solar project comes in the wake of last year’s achievements, which included completion of a 7.8 MWp solar power plant and a contract for a 40 MWp project. We are pleased to note that, with our local partners, we have become the largest EPC contractor in Israel for utility-scale projects,” added She. ET SolarET Solar Group, a vertically-integrated provider of solar energy equipment and turnkey solutions, is headquartered in Nanjing, China. The company was founded in 2004 and has grown to more than 3000 employees worldwide.  Its European headquarters is in Munich, Germany, and maintains branch offices in Milan, Italy, and Lyon, France. ET Solar Group’s North American headquarters is based in California. In addition, it has offices and marketing teams in Seoul, Korea, Tel Aviv, Israel, Bucharest, Romania, and Tokyo, Japan.  In Latin America, ET Solar is headquartered in Chile, where it is engaged in several solar energy projects. [caption id="attachment_6102" align="aligncenter" width="200"]Xinhua Wang, Founder and Chairman of ET Solar Group Xinhua Wang, Founder and Chairman of ET Solar Group[/caption] ET Solar’s founder and chairman is Xinghua Wang, member of the Standing Committee of Jiangsu Provincial People’s Congress, Vice Chairman of Jiangsu PV Industry Association, Chairman of Jiangsu Province Volleyball Association, and CPPCC member of Taizhou City. He was named as one of the Top Ten Young Entrepreneurs in Taizhou City, and Top Ten Outstanding Youths in Taizhou City. From 1996 to 2003, he served in senior management positions at Jiangsu Maidun Estate, Nanjing Sino-Membrane Corp., and Quick Gem Optoelectronic. Mr. Wang has a B.Acy. degree from Hohai University. ET Solar is a leading smart energy solutions provider. With innovative solar technologies and tailored financial solutions, ET Solar provides professional one-stop solutions across the entire solar power-plant lifecycle including development, financing, engineering, procurement, construction, and operations and maintenance.]]>