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🚀 EEW Renewables' $400mn SPAC Deal – Why Is The UK-based Developer Bidding for a Nasdaq Listing Again? Analyse with Enerdatics! EEW Renewables Ltd entered into a business combination agreement with Compass Digital Acquisition Corp. (CDAC), a special purpose acquisition company, for a pro forma EV of $386mn. Upon closing, the combined company is expected to be listed on Nasdaq. This follows EEW’s previous agreement with ClimateRock for a similar deal at a proposed equity value of $650mn in Oct '22. However, this agreement was terminated in Nov '23. Why is EEW trying SPAC again? The key reason lies in EEW’s ambition to shift from being a developer, generating revenue by selling projects at RTB or CoD stage, to becoming an independent power producer (IPP), generating recurring revenue from power sales. Through the business combination, EEW is set to benefit from a capital injection, including $25mn in gross cash proceeds from the SPAC trust at closing, and the strategic support of CDAC’s management team to realize EEW’s long-term vision. 🚀 Diversified Portfolio: EEW’s transition to IPP focuses on advancing its development portfolio, which includes 3.2 GW Solar PV, 4.1 GWh BESS, and 1.75 GWh green hydrogen and ammonia pipeline, located across Australia, UK, Spain, Sweden, Italy, and Morocco. 🌱 Expanding into High-Growth Markets: EEW is also actively looking to expand into high-growth markets. Earlier this month, EEW launched a US subsidiary and opened an office in New York City. The company plans to grow its utility-scale solar PV pipeline through greenfield developments and pursue selective acquisitions nationwide. #SPACDeal #RenewableEnergy #NasdaqListing #SolarPV #GreenHydrogen #EnergyTransition #BESS #CleanEnergy #IPPs #SustainableGrowth #MergersAndAcquisitions #ClimateAction #GreenInvestments #svantekumlin #infrastructure #sustainablefuture #eew

Neon sells Victorian portfolio to HMC capital for $950M 💲 Neoen sells its Victorian renewable assets and pipeline to HMC Capital for $950 million, following Brookfield's ACCC-approved acquisition of Neoen 🔋 The transaction covers 1.5GW of wind and 1.3GW of battery storage in development pipeline. 👷♂️ Neoen retains 3.7GW capacity elsewhere in Australia, aiming for 10GW by 2030 #renewableenergy #BESS #renewableinvestment

3.3X EV/Revenue Valuation: GIP and CPP Investments Acquire US Utility Allete for $6.2bn 🏦 Private Equity (PE) investment powerhouses Global Infrastructure Partners (GIP) Partners and Canada Pension Plan Investment Board’s CPP Investments | Investissements RPC acquired 100% of Allete for an enterprise value of $6.2bn 💰 Enerdatics calculates the EV/Revenue multiple of the deal at 3.3X, rendering this purchase as one of the most value accretive utility-focussed acquisitions in the US, since the start of 2022 ⚡ Enerdatics believes that during 2024-25, utility-centric investments in the US will be valued between 3-6X of last-twelve-months (LTM) revenue, which is significantly lower than the EV/Revenue multiples observed for takeovers and investments in renewables developers over the past two years, such as: - TransAlta Corp’s acquisition of TransAlta Renewables | Dec’23 | EV/Revenue: 9X - GIC committing $1bn to EDP Renewables | Mar’23 | EV/Revenue: 10X - ROTH Acquisition acquires solar PV developer Tigo | Dec’22 | EV/Revenue: 9X - XL Fleet acquires residential solar firm Spruce Power | Sep’22 | EV/Revenue: 7X 🌞 Over the next 18 months, Enerdatics forecasts that this discount in valuations will continue spurring investor interest in North American utilities, driven by: - Buyers, led by PE firms and other large-cap companies, that seek to deploy billions of dollars of available capital into platforms with earnings from stable, conventional power generation assets, coupled with GWs of long-term potential from renewables development pipelines - Leveraged utilities as sellers, that aim to rationalize their portfolios and improve credit ratings by divesting non-core operations and raising equity capital to trim debt #energy #alternativeenergy #renewableenergy #energytransition #enerdatics For more updates, please follow us at Enerdatics. PS: The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.

Continuing the conversation on the #energytransition task from last week's #Partnerships2024, Macquarie Group's latest article delves into how flexible financing solutions can support the delivery of major renewable infrastructure assets in Australia.

Europe M&A: PE Firms are Dominating Acquisitions of Renewables Developers, at Attractive EV/EBITDA Multiples 💡$1.5bn Acquisition: Private Equity (PE) investment powerhouse EQT Group acquired 100% of Sweden-based solar and wind developer OX2 for an enterprise value of $1.5bn, in a take-private deal. The purchase involves a 34 GW pipeline of early-stage and under-construction solar, onshore wind, offshore wind and battery projects across Sweden, Finland, Estonia, Lithuania, Poland, Romania, France, Spain, Italy, Greece, and Aland. 📈 19X EBITDA Multiple: The deal represented an EV/Last-Twelve-Months (LTM) EBITDA multiple of 19X, which is at the higher end of the valuation range observed for recent PE-led acquisitions in Europe. Enerdatics notes that the partnership between a PE firm and an established developer leads to an alliance that is well capitalized to progress a GW-scale pipeline, while simultaneously adopting a more integrated operating model with opportunities to tap additional income streams across the project development value chain 🔄 Emergence of Take-Private Deals: An Associate Director at Warburg Research recently commented: “As long as markets are concerned about possible short-term obstacles for renewables stocks, private equity investors will take the opportunity to take them private and maintain a buy-and-build strategy. The main difference should be the time perspective. Whilst markets tend to overvalue short-term triggers (i.e. 3-9 months), [private equity firms] usually have a longer time horizon and no mark-to-market valuation at any day a year. That somewhat fits the renewables industry, which is caught in very long investment/lifetime cycles due to its underlying assets." #energy #alternativeenergy #renewableenergy #energytransition #enerdatics For more updates, please follow us at Enerdatics. PS: The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.

Large-scale renewables projects in Australia require high levels of capital and carry unique risks, which has slowed the pace of their growth. Macquarie Capital is helping clients find flexible financing solutions to support the development of these assets. In our latest perspective article, Danish Aleemullah, Nick Cowling and Bethwyn Cowcher discuss how changes to Australia’s renewables financing landscape are re-energising the #EnergyTransition: https://macq.co/6047WqWQx

🌍 Brookfield: $15bn+ of Capital Deployed towards Renewables Investments Since 2022, Primarily in North America 🚀 Neoen: Brookfield Asset Management recently announced a bid for Australia- and Europe-focused renewable energy developer Neoen, acquiring a 53.3% stake for an EV of $5.1bn. Following the closing of this deal, the firm aims to launch a cash tender offer for the remaining shares. Neoen holds a 28 GW portfolio of solar, wind and storage projects, including 5.1 GW in operation and 2.9 GW under construction $15bn+ Capital Deployed: The deal, which marks Brookfield's largest acquisition since the start of 2022, brings its total investment over the past ~2.5 years to more than $15bn. In Feb'23, CEO Connor Teskey stated: "We saw tremendous opportunities in 2022 to buy high-quality renewables developers in our core markets at entry points that, quite frankly, we would have fallen out of our chair to execute on. We're still seeing attractive value entry points there and hope to execute some of those transactions in the near term." Actively Fundraising for BGTF II: Brookfield has so far raised $10bn for its Global Transition Fund II, including $1.2bn in Q1 2024, and aims to surpass the $15bn raised for BGTF I. CEO Connor Teskey commented in May'24: “Our confidence in the reception of our transition strategy continues to be immense. This was the best Q1 fundraising quarter we’ve ever had for all of Brookfield’s strategies collectively. Fundraising in 2023 was “back-end loaded”, with the most capital raised in Q4. We don’t see as much of that dynamic this year. We do expect fundraising to be more balanced across the four quarters." #Brookfield #RenewableEnergy #Sustainability #Neoen #Investment #SolarEnergy #WindEnergy #EnergyStorage #GreenInvestment #CleanTech

QuotedData have conducted an analysis of Downing’s Renewables & Infrastructure Trust (DORE), providing insights into DORE’s performance, market outlook, and current position.   Key takeaways from their extract:   • NAV total return of 33% since its IPO in December 2020 highlights the strong performance of DORE and there remains significant scope for the asset value to compound further as the portfolio develops.     • Operating profit was £24.7m, up 27% from the year prior, showcasing impressive profitability metrics given the portfolio is yet to fully mature.     • DORE announced a 7.85% increase in the 2024 target dividend, supported by a forecasted cash coverage ratio of 1.35x, highlighting stable earnings.    • DORE advanced its portfolio construction, investing £47m in 11 diversified projects across multiple technologies. “By almost every measure, DORE has delivered above expectations since its IPO in December 2020.” Read the full review here: https://lnkd.in/e2KbM2V2   Capital at risk. Returns not guaranteed.  #DORE #Renewables #Trust #Infrastructure  

Spanish energy giant Iberdrola Renewables is among the top bidders for Neoen’s Victorian assets, following Brookfield’s €6.1 billion ($10 billion) bid for the French renewables developer. These Victorian assets include key projects like the 128 MW Numurkah Solar Farm, the Bulgana Green Power Hub (with a 194 MW wind farm and 20 MW battery), and the 300 MW Victorian Big Battery in Geelong. Should Iberdrola win, they will also acquire six pipeline projects, including the 400 MW Navarre and Kentbruck Green Power Hubs, and additional battery energy storage systems (BESS) in Moorabool. This potential acquisition builds on Iberdrola’s strong track record in Australia, following their $841 million purchase of Infigen in 2020. This transaction not only strengthens Iberdrola’s position but also highlights Australia’s appeal as a key market for renewable energy investment. It is a clear signal of confidence in the country’s energy transition, with large-scale solar, wind, and battery projects leading the way. Such developments are crucial for driving sustainability efforts and ensuring a more resilient energy future for Australia. #renewableenergy #sustainability #australia #cleanenergy #victoria #neoen #energytransition #iberdrola #australia #evoegy

Statkraft Finalizes Acquisition of Elecnor’s Subsidiary Enerfin On November 17, 2023, Statkraft signed an agreement with the Spanish company Elecnor to acquire its renewables subsidiary, Enerfin. This transaction has now been finalized. The portfolio presents significant opportunities for repowering wind farms, hybridization, and battery storage. Additionally, the acquisition enhances market operations in both Spain and Brazil. As previously announced, Statkraft plans to divest the Enerfin portfolio in Canada, the US, Colombia, Australia, and Chile. This acquisition significantly enhances Statkraft’s scale and strengthens its position in Spain and Brazil. The deal adds a portfolio of 1.5 GW of wind and solar power projects, both operational and under construction, […] Read the full story here: https://lnkd.in/g-25cwZH #solarenergy #alternativeenergy #solarpv #pvsolar #photovoltaic #cleanenergy #cleantech #climatechange #middleeast #africa #india #asiapacific #asia #acquisition #enerfin #europe #renewableenergy #spain #statkraft