Lightstar Renewables

Overview

Deal Type Mergers & Acquisitions
Client & Transactional Partners Lightstar Renewables
Eagle Creek Renewable Energy
Our Role Exclusive Financial Advisor

Summary

On January 31, 2024, Eagle Creek Renewable Energy completed an acquisition of Lightstar Renewables (Lightstar). KeyBanc Capital Markets (KBCM) acted as exclusive financial advisor to Lightstar.

Transaction History
In 2019, Lightstar received a strategic investment from Magnetar Capital, paving the way for the company to scale to a 1.8+ GW development pipeline and 35+ person team. With 100+ megawatts (MW) expected to reach notice to proceed (NTP) over the next 12 months, KBCM was engaged by Lightstar to identify a long-term strategic partner looking to invest in the community solar space and support its growth as an independent power producer.

KBCM conducted a broad, high-touch process, marketing Lightstar as a compelling investment opportunity in one of the few pure-play greenfield community solar development platforms of its kind. The process highlighted the company’s leadership of known industry veterans as well as Lightstar’s end-to-end, high-efficiency development vehicle.

Lightstar Renewables
Lightstar Renewables is a greenfield community solar developer based in Boston, Massachusetts, with asset development across the nation. It is active in 10+ community solar markets, combining project origination with strong policy capabilities in both existing and emerging markets. Lightstar’s value chain spans the full development process, from origination to operations, and is streamlined by the Company’s proprietary project management software, Vault.

Eagle Creek Renewable Energy
Founded in 2010, Eagle Creek is a privately held, wholly owned subsidiary of Ontario Power Generation with a historical focus on owning and operating hydroelectric facilities. Eagle Creek’s portfolio includes 85 hydroelectric assets representing 691 MW of capacity across the U.S., in addition to equity interests in 14 other hydro assets and a solar facility in New England. The transaction presents an opportunity for Eagle Creek to expand into solar with immediate capital deployment and pipeline realization.

B I Deal Disclosure

KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., member FINRA/SIPC (“KBCMI”), and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and by its licensed securities representatives. Banking products and services are offered by KeyBank N.A.

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