Introduction to Green Giraffe Energy Bankers. January 2013

Transcription

1 Introduction to Green Giraffe Energy Bankers January 2013

2 A specialist advisory boutique focused on renewable energy At the heart of the energy transition Deep roots in renewable energy finance Launched by experienced finance specialists with a strong and proven track record in the renewable energy sector (over 30 transactions in the renewable energy sector closed in the 5 years prior to the creation of the company) Currently with 21 professionals with offices in Utrecht (the Netherlands), Paris (France), London (UK) and Hamburg () Green Giraffe Energy Bankers follows a simple strategy: Stick to our core competences and markets Focus on assignments where we know we can deliver results Work with people and in markets we believe in Built on a multi-disciplinary skill set including project & structured finance, M&A, legal & tax expertise We have successfully closed four utility-scale non recourse financings for offshore wind projects since the company s creation in 2010 An ambition to provide high quality, specialised advisory services Focus on projects where we can actually add value We include sector-specific tasks in our scope in addition to traditional debt or equity advisory (such as project contracting services for offshore wind) Priority given to a limited number of clients, based on long term relationships and a shared approach to transactions & risks Priority on getting the deal done! We have an unparalleled track record in successfully closing deals for our clients 2

3 An extensive track record over the past 3 years Completed advisory missions for over 4,000 MW of proposed capacity Bankability evaluation of a 10% stake in the Gwynt y Môr offshore wind farm Acquisition of a stake in an offshore wind farm Tendering strategy of turbine manufacturer on offshore wind project Non-recourse refinancing of a solar PV portfolio Evaluation of a potential stake in an offshore wind farm Evaluation of a stake in a solar PV project 576 MW Undisclosed Undisclosed 24 MW 210 MW 8 MW Highland Group Holdings UK 2010 North America Europe Spain France Bid for a 49% stake in the Gunfleet Sands offshore wind farm Financial advisory services - offshore wind Financial advisory services state waters offshore wind project Acquisition of a stake in the ForVEI solar PV portfolio Evaluation of a stake in the Belwind offshore wind farm Financial advisory services French offshore wind tender 172 MW Undisclosed 25 MW 41 MW 165 MW 1,428 MW UK US US Italy Belgium France 3

4 A portfolio of major renewable energy projects under development Our clients trust us on a wide variety of long term missions across Europe and North America Equity and debt funding of the Gemini offshore wind farms Non-recourse financing of 25% stake in Walney offshore wind farm Strategic advisory Offshore investment fund Valuation of an offshore wind farm under development Non-recourse financing of the Gode Wind 2 offshore wind farm Market intelligence on the offshore wind sector 600 MW 92 MW Undisclosed 400 MW 252 MW N/A The Netherlands UK Europe US Non-recourse financing of the Cape Wind offshore wind farm Non-recourse financing of an onshore wind farm Acquisition of an offshore wind farm Non-recourse financing and sale of a portfolio of solar PV assets Non-recourse financing of the Block Island offshore wind farm Modelling support on a PV solar project 468 MW Undisclosed Undisclosed 16 MW 30 MW Undisclosed US Europe Europe France US France 4

5 A strong presence in the offshore wind sector Text: Operating wind farm Developing wind farm Marker: PF past deal PF current deal not PF deal North Sea projects (end ) and GGEB involvement GGEB involvement GGEB officers involvement Roenland - 17 MW Anholt 400 MW Walney I&II MW Gwynt y Môr MW Rhyl Flats - 90 MW Robin Riggs MW Ormonde MW Barrow - 90 MW Teesside - 62 MW Burbo Bank - 90 MW Lincs MW North Hoyle - 60 MW Sheringham Shoal MW Lynn & Inner Dowsing MW Scroby Sands - 60 MW Greater Gabbard MW Gunfleet Sands I&II MW London Array MW Belwind I&II 330 MW Kentish Flats - 90 MW Northwind 216 MW Thanet MW Thornton Bank I,II&III 326 MW Horns Rev II MW Horns Rev I MW Global Tech I 400 MW BARD I 400 MW Borkum West MW Borkum Riffgrund MW Gemini 600 MW Prinses Amalia 120 MW Egmond aan Zee 108 MW Butendiek MW Amrumbank MW NordseeOst -295 MW MEG I 400 MW Meerwind 288 MW Gode Wind II 252 MW Alpha Ventus 60 MW Nordergründe 110 MW Samso - 23 MW Rodsand II 210 MW Nysted MW Baltic I 48 MW 5

6 Recent landmark transactions (1/4) Project highlights C-Power (2010) 325 MW offshore wind farm Approx 30 km off the Belgian coast in water depth of m Will produce over 1 TWh of electricity per annum Advisor to C-Power to raise project finance debt 325 MW Sponsors Investment Deme, SRIW Environnement, Socofe, Nuhma, RWE, EDF EN, Marguerite Fund EUR 1.3 billion Belgium 2010 Financial Close Closed 25 November 2010 EUR 1,007 million debt facilities including EUR 913 million in long term facilities Largest ever non recourse financing for an offshore wind farm First time ever Euler Hermes provides non recourse debt to the offshore wind sector First financing for 6 MW turbines offshore Role of GGEB Financial advisor to the project company to arrange non-recourse construction debt funding Euromoney s European Offshore Wind Project Finance Deal of the Year PFI s EMEA Renewables Deal of the Year Infrastructure Journal s Renewables Deal of the Year 6

7 Recent landmark transactions (2/4) Project highlights Meerwind () 288 MW offshore wind farm Approx 50 km off the German coast in the North Sea Will produce over 1 TWh of electricity per annum Advisor to WindMW to raise project finance debt 288 MW Sponsors Investment Blackstone & Windland EUR 1.2 billion The Blackstone Group Financial Close Closed 5 August EUR 977 million debt facilities including EUR 863 million in long term facilities First project financed through the new KfW program for offshore wind sector in First non recourse construction financing for Siemens 3.6 MW turbines offshore First project developed and financed by a private equity investor in offshore wind Blackstone is Financial Sponsor of the Year Role of GGEB Financial advisor to the project company to arrange non-recourse construction debt funding "Green Giraffe consistently distinguished themselves and played a critical role throughout every step of the financing process" (Blackstone) This transaction creates a standard for German offshore wind a solid structure with high leverage allowing for private-equity-style returns 7

8 Recent landmark transactions (3/4) Project highlights Northwind () 216 MW offshore wind farm Approx 40 km off the Belgian coast in the North Sea Will produce over 800 GWh of electricity per annum Advisor to Northwind to raise project finance debt 216 MW Sponsors Investment Aspiravi & Colruyt EUR 0.85 billion Belgium Financial Close Closed 27 June EUR 595 million in long term facilities First debt financed project with the Vestas V112 turbine First offshore wind project for ONDD (Belgium), GIEK (Norway) & PensionDanmark (debt) Long maturity and attractive pricing despite market turmoil Other awards pending! Role of GGEB Financial advisor to the project company to negotiate contractual arrangements and to arrange non-recourse construction debt funding This transaction confirms that good projects can get long term project finance at attractive conditions despite the difficult banking market conditions 8

9 Recent landmark transactions (4/4) Project highlights Walney 367 MW offshore wind farm Approx 14 km off the North West coast of England Will produce over 1.3 TWh of electricity per annum Non-recourse financing of 25% stake in Walney offshore wind farm 367 MW Sponsors Investment Ampère and PGGM GBP 1.2 billion for the full project; GBP 0.3 billion for the 24.8% minority share UK Financial Close Closed 18 December GBP 224 million in senior facilities First project financed at the minority shareholder level without any ECA guarantee First offshore wind project with the new UK Green Investment Bank First offshore wind project for PGGM Dutch pension fund Awards pending! Role of GGEB Financial advisor to the Holdco SPV to arrange non-recourse debt funding This transaction opens new opportunities for utilities to recycle investments in existing assets from pension funds or infrastructure funds Confidential 9

10 Our involvement will bring measurable value to you Demonstrably improved financial structures k /MW 5,000 Recent offshore wind non recourse debt transactions 4,500 4,000 Debt 3,500 3,000 With GGEB More senior debt raised 2,500 Cheaper senior debt Quasi equity Hard equity 2,000 1,500 1,000 Less equity needed with GGEB Less equity required Higher returns Belgium Transactions where GGEB acted as financial advisor have higher leverage and better returns than comparable deals in the market 10

11 Our market and project knowledge will improve your equity proposition Full scope equity advisory Valuation exercises If you are buying or selling a project, we can provide a fair assessment of its value, whether it is project financed or not We are familiar with market-standard values at different phases of development and corresponding investor IRR requirements Based on your strategy we can advise on entry points and exit options Equity raising We know a large fraction of the market of active potential buyers, including their timing, returns, technology preferences We can keep the project finance option open even if it is not the stated financing route of the likely buyers Coordination of debt and equity processes In our experience, it is simpler to run both processes jointly as it ensures that the requirements of all parties are compatible A lot of the work can be mutualised (due diligence, information packages, modeling) We have a successful track record already: Equity and debt funding of the Gemini offshore wind farms Bankability evaluation of a 10% stake in the Gwynt y Môr offshore wind farm Evaluation of a potential stake in an offshore wind farm Evaluation of a stake in a solar PV project Acquisition of a stake in the ForVEI solar PV portfolio Evaluation of a stake in the Belwind offshore wind farm Valuation of an offshore wind farm under development 600 MW 576 MW 210 MW 8 MW 41 MW 165 MW 400 MW Highland Group Holdings The Netherlands UK 2010 France Italy Belgium 11

12 What we can do for you Our value added What Green Giraffe Energy Bankers brings to the table Specialised competence & expertise with regard to debt & equity raising and structuring, project development and contracting for complex transactions Credibility in the equity markets through a strong and proven track record in buy/sell side advisory and brokerage in the wind and solar industry Access to an extensive and first class network with investors, EPC/technology suppliers, banks, advisors and intermediaries in the renewables market which we leverage to the benefit of your project The lessons we have already learned (sometimes the hard way) will enable you to optimize the project development process and avoid costly mistakes and delays We are deeply committed to the success of our clients and we offer you highly competitive fees structures including success oriented schemes The services we can offer you include Strategic financial advisory Renewable energy strategic development Technology and project bankability assessment Business plan analysis, financial modelling and valuation Financing strategy Debt and equity raising and structuring Detailed financial analysis and valuation Preparation of all necessary support materials (information memo, financial models, management presentations, etc.) Prepare tailor made commercial proposition to banks or investors Active marketing of your project(s) to a selection of potential debt and equity partners (investors) from our extensive network Commercial negotiations with investors or banks Transaction documentation Assistance in project contract negotiations Review of contracting strategy with the objective of ensuring bankability Review of commercial terms, e.g. EPC warranties, availability levels, etc. We have a proven track record in closing transactions and maximising value for our clients and their projects 12

13 What sets us apart Our philosophy Our team is small and will remain that way. We all have shared experience and strong relationships with clients and counterparties We are always happy to talk to you. It s not information we re selling (or not just information) We actually believe in renewable energy. It s not just regulatory arbitrage We enjoy our work and like our clients 13

14 Green Giraffe Energy Bankers Paris Utrecht 8 rue d Uzès, Paris tel: fr@green-giraffe.eu Maliebaan 92, 3581 CX Utrecht tel: nl@green-giraffe.eu London Hamburg 133 Houndsditch, London EC3A 7BX tel: uk@green-giraffe.eu Mattentwiete 5, Hamburg tel: de@green-giraffe.eu 14