Renantis, an Italy-based energy company, and Ventient Energy, a renewable power company based in the UK, have agreed to merge into a new independent power producer (IPP) with a combined total installed renewables capacity of over 4.2 GW and an extensive 18 GW pipeline.

The integration process has commenced, and the companies anticipate operating as a unified entity by 2024.

The two renewable energy companies, owned by institutional investors advised by JP Morgan Asset Management, are poised to become one of Europe’s top five onshore wind IPPs with the new company.

Together, these organizations possess a diverse portfolio of onshore wind farms, solar projects, and energy storage facilities across nine countries in Europe and the U.S.

The joint development pipeline encompasses various projects such as onshore wind, floating offshore wind, solar, energy storage, and green hydrogen initiatives.

The unified entity workforce will comprise 750 employees from Renantis and 250 from Ventient Energy.

“This is an exciting milestone in the growth of our companies. The existing synergies and complementary expertise will allow us to reach yet untapped potential. Standing alone, our businesses are making positive steps to accelerate the energy transition and build a more sustainable energy future. But together, those steps become strides, which we can transform into future leaps,” said Kevin McCullough, ad interim CEO of Ventient Energy.

Renantis, formerly known as Falck Renewables, underwent a rebranding following its recent acquisition and has been actively engaged in renewable energy since 2002. Renantis presently operates nearly 70 renewable energy projects, with a substantial capacity of 1,420 MW.

Moreover, the company possesses an extensive project pipeline of 17 GW, including 8.6 GW of floating offshore wind projects under development—5.5 GW in Italy and 3.1 GW in the UK.

Ventient Energy is a pan-European renewable energy business possessing an installed onshore wind capacity of 2.8 GW.

With integrated energy market solutions across 145 sites, Ventient Energy is actively developing wind and solar colocation projects in Iberia while having a colocation development pipeline exceeding 1 GW of solar.

In May last year, Ventient Energy acquired a 443 MW renewable portfolio in the Spanish region of Castilla y Leon. The portfolio comprised 203 MW of onshore wind and 240 MW of solar capacity to develop at the onshore wind sites.

A total of 27 solar M&A transactions were recorded in the first quarter of 2023 compared to 38 in Q4 2022 and 29 solar M&A transactions in Q1 2022, according to Mercom’s Q1 2023 solar funding and M&A report.