European Renewable Energy Market Monthly Market Update

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European Renewable Energy Market Monthly Market Update European Renewable Energy Market Monthly Market Update July 2017 ADVANCED ENERGY Monthly Market Update — July 2017 July 2017 Review Corporate Transactions EWE Erneuerbare Energien has acquired Hannover based onshore wind farm developer TurboWind Energie and its 900MW project pipeline. TurboWind will remain an independent unit and complement EWE’s activities EDF Energies Nouvelles has increased its control of French renewable energy company Futuren following a simplified public purchase offer. EDF now holds 87.5% of Futuren capital. Futuren currently operates 745MW of onshore wind assets in Germany, France, Morocco and Italy Marine contractor GeoSea to acquire 100% of offshore wind installation specialist A2Sea. Dong and Siemens have been owners of A2Sea since 2009 Mergers & Acquisitions, and Asset Transactions Asset Transactions Scottish developer Muirhall Energy and partner WWS Renewables have acquired the development assets of UK outfit Infinis from owner Terra Firma. The deal includes six projects totalling 90MW across England, Scotland and Wales as well as a number of projects in the planning process Clean energy investor Glennmont Partners has completed acquisition of a 10MW operational wind farm in central Italy. The wind farm is powered by five Siemens Gamesa G90 turbines and benefits from a 15-year feed-in tariff until 2027 Greencoat UK Wind acquired the 16.4MW Bishopthorpe Wind Farm in England from BayWa for £47 million. The project was commissioned in May and has a forecast net load factor of 35.5% Corporate Transactions European Bank for Reconstruction and Development (EBRD) has provided €28.3 million to Hellenic Petroleum to diversify into renewable energy in Greece. The EBRD subscribed to bonds issued by Hellenic Petroleum that will support a pipeline of wind and solar projects totalling 190MW The European Investment Bank (EIB) is to loan the Belgian transmission system operator Elia €100 million that will help link offshore wind to the Belgium's mainland grid Denmark’s AP Pension is investing €67.2 million in a new infrastructure fund focusing on European and US renewable energy assets, alongside other big Nordic and UK investors Capital Raisings, and Project Finance Transactions Asset Transactions Vortex completed the £337 million refinancing of its 365MW UK solar power portfolio comprising 24 operational projects. Santander and RBS were lead arrangers, with other lenders including Allied Irish Bank, Banco Sabadell, Caixabank, Commonwealth Bank of Australia, ING and Natixis The European Investment Bank (EIB) has signed a €24 million financing agreement with Terna Energy Group to help fund three wind farms totalling 48.6MW in Greece. The projects, which will be located in Viotia in central Greece, will comprise 18 turbines split across three sites FINANCIAL ADVISORY GROUP The client’s Investment Banking Group works with leading multinational corporations, developers, and financial institutions on structuring and capital raising for long term, commercially sustainable investments We develop innovative investment approaches, designed to achieve attractive levels of investment return through investment in infrastructure, and operational businesses positioned to benefit from long term trends in resource efficiency As an organization, the client holds a unique position within environmental capital markets that includes a combination of governments, financial institutions, multinational corporations, multilateral development banks, NGOs, and leading institutional investors who areeach active within the environmental and social markets. The client’s Investment Banking Group provides creative solutions across complex and critical mandates. The hallmarks of our practice are an independent, conflict-free structure, a team that is one of the most highly experienced and expert in our selected industries and our global relationships and reach Office 1 Office 2 Office 3 Office 4 Office 5 2 ADVANCED ENERGY Monthly Market Update — July 2017 Selected Recent European Renewable Energy M&A Transactions Date Buyer Target Transaction type Amount Sector Description 27-July Cubico Antin Acquisition - Solar Cubico Sustainable Investments, announced Sustainable Infrastructure that it has acquired two operational Investments Partners, Concentrated Solar Power plants in Granada, Deutsche Spain, totalling 99.8MW from two Asset Mgmt. international funds, Antin Infrastructure and Cobra Partners and Deutsche Asset Management’s Sistemas y infrastructure investment business, and the Redes Spanish construction company Cobra Sistemas y Redes 26-July EWE TurboWind Acquisition - Wind EWE Erneuerbare Energien has acquired Erneuerbare Energie Hannover based onshore wind farm developer Energien TurboWind Energie and its 900MW project pipeline. TurboWind will remain an independent unit and complement EWE’s activities 21-July EDF Energies Futuren Acquisition - Renewables EDF Energies Nouvelles has increased its Nouvelles control of French renewable energy company Futuren following a simplified public purchase offer. The developer now holds 87.5% of Futuren. Futuren currently operates 745MW of onshore wind assets in Germany, France, Morocco and Italy 20-July Muirhall (Infinis) Terra Acquisition - Renewables Scottish developer Muirhall Energy and Energy and Firma partner WWS Renewables have acquired the WWS development assets of UK-based Infinis from Renewables owner Terra Firma. The deal includes six projects totalling 90MW across England, Scotland and Wales as well as a number of projects in the planning process 20-July Glennmont - Acquisition - Wind Clean energy investor Glennmont Partners has Partners completed acquisition of a 10MW operational wind farm in central Italy. The wind farm benefits from a 15-year feed-in tariff until 2027. The acquisition takes Glennmont’s overall onshore wind portfolio to 550MW 19-July Octopus Blue Energy Acquisition - Wind Octopus Investments has acquired a 149MW Investments portfolio of UK onshore wind farms from developer Blue Energy. The company has secured the 109MW Beinneun, 21MW Cour and 6.9MW Hillhead of Auquhirie in Scotland as well as the 12.3MW Grange project in England 14-July ABP Pension DIF Acquisition €125 Wind and Dutch pension fund ABP to acquire wind and Fund million Solar solar assets in France and Germany from DIF as part of a larger deal. The deal involves 48 Public Private Partnerships (PPPs), Private Finance Initiative (PFI) and renewable energy assets, including both solar and wind, across Continental Europe and the UK 13-July EDF Energy Partnerships Acquisition - Wind EDF Energy Renewables to acquire 600MW Renewables for portfolio of Scottish wind farms from UK Renewables developer Partnerships for Renewables. The deal includes 100MW across three consented projects, one late-stage developments and early-stage ambitions across the UK Office 1 Office 2 Office 3 Office 4 Office 5 3 ADVANCED ENERGY Monthly Market Update — July 2017 Selected Recent European Renewable Energy M&A Transactions Date Buyer Target Transaction type Amount Sector Description 11-July CEE European Acquisition - Wind German private equity company CEE has Energy acquired the 6.6MW Lüdersdorf wind farm in Brandenburg from Danish outfit European Energy. The acquisition brings CEE Group’s renewable energy portfolio to 592MW 10-July Engie EDPR Acquisition £21 million Wind Engie has agreed a deal to acquire a 23% stake in EDPR’s up to 1.1GW Moray East wind farm off Scotland. The £21m deal includes an equity shareholding and “outstanding shareholders loans" 07-July GeoSea A2Sea Acquisition Wind Marine contractor GeoSea to acquire 100% of offshore wind installation specialist A2Sea. Dong and Siemens have been owners of A2Sea since 2009 06-July Recom Sillia Acquisition - Solar German solar manufacturer Recom acquired French PV manufacturer Sillia VL aimed to boost production capacity at the Lannion site to 150MW by the end of 2017 from 50MW currently 06-July Innergex BayWa Divestment €99.2 Wind BayWa sold two wind farms in France totalling Renewable million EV 43MW to Innergex Renewable Energy and Energy and (€27.2 mn Quebec pension fund Regime de rentes du Quebec equity + Mouvement Desjardins. The Eole de Plan pension fund €72 mn Fleury and Les Renardières projects are both debt) located in Champagne-Ardenne, France 06-July Foresight Vale Acquisition - Solar Foresight Group acquired Vale Matanças, a Group Matanças 7.2MW solar farm located in Alcácer do Sal, Portugal. The project has been developed by Exus Management Partners and it will be built by EPC contractor Solarig Global Services on turn-key basis 05-July Reetec (EDF Offshore Acquisition - Wind Reetec GmbH, a subsidiary of EDF Energies Energies Wind Nouvelles, has acquired the German company Nouvelles) Solutions Offshore Wind Solutions GmbH (OWS), a specialist in the offshore wind Operations and Maintenance (O&M). The acquisition will increase staff at Reetec by 188 to more than 350 O&M specialists 05-July German European Divestment - Wind European Energy Group signed an agreement buyer Energy Group to sell its stake in a 12MW wind farm in Germany to a local buyer. European Energy Group owns just under 50% of the wind farm, which is located in Lower Saxony 03-July Greencoat BayWa Acquisition £47 million Wind Greencoat UK Wind acquired the 16.4MW UK Bishopthorpe Wind Farm in England from BayWa for £47 million. The project was commissioned in May and has a forecast net load factor of 35.5% Office 1 Office 2 Office 3 Office 4 Office 5 4 ADVANCED ENERGY Monthly Market
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