2023年5月18日

图片来源:Enerdatics创始人Enerdatics Enerdatics建筑。在高增长SaaS公司领导经验和获得成功的退出。一位天生的领导者关心为所有利益相关者创造价值。丰富的经验…成员自2022年以来4观点交易细节:这笔交易价值包括假设~ mn 124美元的净债务。企业价值是一个8 x多个平台的预计2023年EBITDA,意味着每年88美元的EBITDA mn。事务涉及12运营风电项目总计~ 420 MW, 2005 - 2012之间的委托。电厂在西班牙监管体制下运行,与加权平均剩余合同~ 6年的生活。此外,该交易包括435 MWp风+太阳能混合动力项目后期的发展阶段。原理:我们相信Ardian买入投资合同,稳定的现金流项目有关。 The company acquired the assets in Aug’19 from Spanish power company Renovalia Energy for $609mn, representing a deal multiple of $1.45mn/MW. In the current transaction, Enerdatics estimates that Ardian divested the operating portfolio to Naturgy at a similar valuation, as the potential for re-powering and stable cash-flows for the remaining contractual term offsets the depreciation in asset value due to declining turbine efficiency and higher operations and maintenance (O&M) costs. Additionally, Ardian was able to secure an attractive multiple of more than $0.2mn/MW on the wind + solar development pipeline, driven primarily by the higher capacity factor for hybrid projects due to lower intermittency issues. For Naturgy, the acquisition enables it to access a large renewable energy portfolio operating in the regulated market, and a high-efficiency renewable energy project in the late stages of development. Other PE exits: KKR recently exited its solar platform X-Elio after eight years of possession by selling its 50% ownership to Brookfield for $1.8bn. The transaction represented a ~260% return on KKR’s initial purchase price. Another major transaction in the space includes Green Tie Capital's divestment of a 2 GW solar portfolio to Shell. 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.