BUYER POOL ANALYSIS
Selling a Solar to Private Equity / PE-Backed Roll-Up buyers
Private equity firms and PE-backed platform consolidators acquiring for roll-up, add-on, or platform plays. Pricing tends to lead the market for fee-viable scale, with multi-bidder competitive processes above the EBITDA floor.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 14.48x across 10 disclosed deals (P25: 10.65x, P75: 19.25x). Median EV/Revenue 7.91x across 10 deals. Median deal value: $875.61M.
- How many disclosed transactions?
- 11 deals total (4 from 2018+), filtered to Private Equity / PE-Backed Roll-Up acquirers of solar businesses.
- Most active buyers
- La Caisse de dépôt et placement du Québec (2) · Rice Acquisition Corp. (:RICE) (1) · Capital Dynamics, Inc. (1) · ORIX Corporation (1) · Brookfield Renewable Partners L.P. (TSX:BEP.UN) (1) · Irving Infrastructure Corp. (1)
Recent disclosed deals
Private Equity / PE-Backed Roll-Up acquisitions of solar businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2026 | Boralex Inc. | La Caisse de dépôt et placement du Québec | $5868.6M | 16.0x | 10.19x |
| 2025 | Innergex Renewable Energy Inc. | La Caisse de dépôt et placement du Québec | $7159.8M | 14.4x | 9.74x |
| 2021 | Aria Energy LLC | Rice Acquisition Corp. (:RICE) | $875.6M | — | 4.99x |
| 2018 | 8point3 Energy Partners LP | Capital Dynamics, Inc. | $2236.6M | 22.7x | 31.98x |
| 2017 | Ormat Technologies, Inc. | ORIX Corporation | $626.4M | 11.5x | 5.28x |
| 2017 | TerraForm Power, Inc. | Brookfield Renewable Partners L.P. (TSX:BEP.UN) | $5431.2M | 14.6x | 10.01x |
What this buyer pool prices for
Private equity acquirers price for scale and roll-up arbitrage. They pay up for businesses that fit a platform thesis — recurring revenue mix above 30%, technician/professional depth, clean financials, and a management layer that survives integration. The same solar can command 1.5x to 2x the multiple of an individual-buyer transaction simply because the PE buyer is acquiring a platform piece, not an owner-operated shop.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to solar businesses acquired by private equity / pe-backed roll-up buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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