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Lincoln International's Solar Energy DealReader: Q1 2016
May 6, 2016 | Lincoln InternationalEstimated reading time: 1 minute
There were 26 completed solar energy transactions in Q1 2016, which represents the same level of M&A activity in Q4 2015. On a comparative basis, this represents a decrease from the 36 transactions reported in Q1 2015.
Within the solar energy transactions, consolidation represented 73% of M&A activity, or 19 deals in Q1 2016. The next largest category was investment by private equity/investors with 7 transactions, or 27% of the deals in Q1 2016. There were no transactions categorized as vertical integration or diversification into the solar industry this quarter.
In Q1 2016, 50% or 13 of the 26 total transactions occurred in Europe. This represents an 8% increase in M&A activity in this geography from Q4 2015. The U.S. and Canada recorded the same number of transactions as in Q4 2015 with 10 deals, or 38% of the Q1 2016 total. Cross-continental deals accounted for two transactions, or 8% of the total in Q1 2016, while Asia recorded one transaction, or 4% of the Q1 2016 total. South America did not record a solar energy transaction this quarter.
In addition, there were 22 acquisitions of producers of solar energy (this category includes acquisitions of solar projects), or 85% of the total. There were three acquisitions of EPC integrators/developers, or 12% of the total transaction volume in this quarter. Acquisitions of solar companies categorized as balance of system providers accounted for one transaction, or 4% of the total in Q1 2016. There were no acquisitions of companies categorized as vertically integrated or service providers for solar during the quarter.
Consolidation for producers of solar power continued to be the primary source of deal activity, in addition to continued volume from the private equity/investors category. With the recent extension of the U.S. Investment Tax Credit (ITC), the solar energy industry is positioned for strong growth over the next several years. As the industry continues to grow and mature, further consolidation can be expected along with increased activity from private equity investors.
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