Savion exploring strategic alternatives via Macquarie and Guggenheim
First round bids for solar and storage developer Savion Energy are due on 20 September, said three sources familiar with the situation.
The process, being run by Macquarie Capital and Guggenheim Securities, launched last month.
The Kansas City-based developer has 12.5 GW of solar and 3.3 GW of energy storage under development and has 2 GW of projects in solar and storage that have either reached the construction phase or are in operation, according to its website.
Savion Energy, Macquarie Capital and Guggenheim Securities all declined comment on the situation.
Savion is among the latest set of developers that have been shopped in the market as fund managers and institutional managers chase development returns.
The wave of M&A activity, if anything, heightened over the summer as EQT Infrastructure acquired Cypress Creek Renewables, Partners Group acquired community solar and battery storage developer Dimension Renewable Energy and last month Blackrock Real Assets acquired National Renewable Solutions, a Minneapolis-based early-stage wind and solar developer.
Savion, founded in 2019, after Macquarie’s Green Investment Group agreed to acquire Savion LLC from Tradewind Energy in November 2019, according to the company’s website.
According to NPM data, it has interconnection requests of roughly 1 GW of solar and 279 MW of storage in ERCOT, and is also active in PJM, MISO and NYISO queues.
Savion most recently sold the 260 MW Brazoria West Solar project to S&B USA in March.
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