Introduction The urgency of addressing climate change continues to propel renewable energy to the forefront of global investment strategies. London, a major financial center with a robust green finance ecosystem, witnessed a surge in renewable energy M&A activity in the first quarter of 2024. Investment banks played a pivotal role in facilitating these deals, leveraging their expertise and capital markets access to connect investors with clean energy opportunities. Let's explore some of the most noteworthy renewable energy deals that closed in London during the first three months of this year: 1. Ørsted Divests London Array Stake for £922 Million: Danish renewable energy giant Ørsted divested its 25% stake in the London Array, one of the world's largest offshore wind farms located off the coast of Kent, England. A consortium comprising Schroders, RWE, CDPQ (Caisse de dépôt et placement du Québec), and Masdar acquired the stake for £922 million in a deal advised by London-based investment bank Evercore. This transaction highlights the growing investor appetite for established renewable energy assets in the UK, particularly large-scale offshore wind projects. 2. Shell Acquires Ubitricity to Bolster EV Charging Infrastructure: In a strategic move to strengthen its electric vehicle (EV) charging infrastructure portfolio, Shell acquired Ubitricity, the UK's leading public electric vehicle charging network operator. The deal, valued at an undisclosed amount and advised by Barclays, signifies Shell's commitment to expanding its clean energy offerings and catering to the burgeoning EV market in London. This acquisition positions Shell to capitalize on the rapid growth of electric vehicles and the increasing demand for convenient and reliable charging solutions. 3. Green Investment Group Backs Offshore Wind Developer for £150 Million: The Green Investment Group (GIG), a leading clean energy investor backed by Macquarie Group, announced a £150 million investment in BlueFloat Energy UK, a developer of offshore wind projects. This investment, facilitated by London investment bank Jefferies, will support BlueFloat's development of the Salamander offshore wind farm project in the Celtic Sea, further contributing to the UK's offshore wind capacity and its clean energy goals. 4. Lightsource bp Secures Funding for Solar Farm Portfolio Expansion: Lightsource bp, a leading renewable energy company formed from a joint venture between Lightsource and BP, secured significant funding to expand its solar farm portfolio in the UK. This deal, advised by Lazard, involved a combination of debt financing from institutional investors and a new equity investment from bp. The additional capital will enable Lightsource bp to develop new solar farms and contribute to the UK's renewable energy targets. 5. Innovative Financing for Battery Storage Project: A consortium led by Macquarie Capital and InfraRed Capital Partners closed a £120 million financing package for a new battery storage project in the UK. This innovative deal, advised by law firm Baker & McKenzie, utilized a combination of debt and equity financing from institutional investors. The project will play a crucial role in grid stability and integration of renewable energy sources into the UK's electricity grid. Conclusion The renewable energy deals that closed in London during Q1 2024 showcase the city's commitment to a sustainable future. Investment banks are actively facilitating transactions across various segments of the clean energy sector, from established offshore wind farms to innovative battery storage solutions. This surge in activity reflects investor confidence in the long-term growth prospects of renewable energy and the UK's ambition to become a leader in the global energy transition. As the focus on climate change intensifies, London is likely to remain a key hub for renewable energy investment in the years to come.