DOCSLIB.ORG

February 2018 Monthly Update

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
February 2018 Monthly Update Sustainable Technology and Infrastructure Monthly Market Update February 2018 Performance of Key Market Indices 35% 25% 25% 20% 19% 15% 15% 5% (5%) Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 NASDAQ Clean Edge Green Energy Dow Jones Industrial Average NASDAQ Composite S&P 500 Index Performance February Ending Versus First Day of the February YTD CY 2017 52 Wk High 52 Wk Low Dow Jones Industrial Average (4.4%) 1.3% 25.1% (6.0%) 22.7% NASDAQ Composite (1.5%) 5.4% 28.2% (3.1%) 25.5% S&P 500 (3.8%) 1.5% 19.4% (5.5%) 16.5% NASDAQ Clean Edge Green Energy (3.8%) (2.3%) 30.8% (8.0%) 22.0% Notable Recent Transactions & Capital Raises Acquirer Target Transaction Description Corporate Transactions Acquired a leading water management, construction and drilling company for $565m Launched a tender offer to purchase 100% of the outstanding shares for $1.2bn Acquired its renewable O&M and development Corporate M&A and platform Asset Transactions Acquired the yieldco created by rival solar companies FirstSolar and SunPower for $1.7bn Asset Transactions Acquired five solar thermal plants in Spain with a total capacity of 250 MW for $1.4bn Acquired a 206 MW portfolio of renewable energy assets in Japan including solar and wind facilities for $326mm Company Description Aurora Innovation, a Palo Alto-based self-driving vehicle startup, has raised $90mm from Greylock Partners and Index Ventures Capital Raises Ionic Materials, a Massachusetts-based battery-material developer, has raised $65mm Note: M&A transaction values are in enterprise value, unless indicated otherwise. Greentech Advised on This Transaction About Greentech Capital Advisors Our mission is to empower companies and investors who are creating a more efficient and sustainable global infrastructure. We are purpose-built to ensure that our clients achieve success. We have deeply experienced senior bankers and investment professionals who are sector experts and understand our clients' industry and needs. We reach a vast global network of buyers, growth companies, asset owners and investors, and thereby provide clients with more ways to succeed through a deeper relationship network. We have directly relevant transaction experience which enables us to find creative structures and solutions to close transactions. We are an expert team of 55 professionals working seamlessly on our clients' behalf in New York, Zurich and San Francisco and through a strategicGreentechpartnership / 1 in Japan. Our team of experienced bankers and investment professionals provides conflict-free advice and thoughtful, innovative solutions, and we do so with an intensely focused effort that does not stop until our clients achieve success. Select Recent Sustainable Technology & Infrastructure M&A Transactions (1/3) Corporate Transactions Transaction Multiple(1) Transaction Date Acquirer Target Target Description Subsector Value ($mm) Revenue EBITDA Acquired a global LED lighting solutions Power Infra / 2/28/2018 SloanLED Litecorr Undisclosed ND ND provider Smart Grid Acquired a maker of smart home Industrial IoT & 2/28/2018 Amazon Ring $1,100 ND ND products Software Acquired a small U.S. ride services company in order to expand its reach in 2/22/2018 Robert Bosch Splitting Fares Advanced Mobility Undisclosed ND ND the markets for ride services and connected vehicles Acquired the wind energy developer and 2/21/2018 Engie North America Infinity Renewables Renewable Energy Undisclosed ND ND its 8,000 MW development pipeline Acquired the high-resolution satellite imagery company that detects plant 2/16/2018 Syngenta FarmShots AgTech Undisclosed ND ND health by analyzing absorbed light from field images Acquired a farm management and 2/16/2018 Proagrica SST Software AgTech Undisclosed ND ND precision agriculture platform Acquired parts of its overseas lighting 2/15/2018 Joerg Bauer General Electric Energy Efficiency Undisclosed ND ND business Grey Mountain CHEP Recycled Pallet Acquired an Atlanta-based whitewood Environmental 2/15/2018 Undisclosed ND ND Partners Solutions pellet recycler from Brambles Services Granite Acquired a leading water management, 2/14/2018 Layne Christensen Water $565 1.2x 22.5x Construction construction and drilling company Launched a voluntary tender offer to purchase 100% of the outstanding 2/8/2018 TerraForm Power Saeta Yield Renewable Energy $1,200 6.1x 8.4x shares for €12.20 in cash per share, a total of $1.2bn Acquired an Ohio-based provider of Environmental 2/7/2018 Valet Living V.I.P Waste Services recycling solutions to multi-family Undisclosed ND ND Services communities Acquired a San Francisco-based provider KAR Auction 2/7/2018 Stratim of urban fleet and autonomous vehicle Advanced Mobility Undisclosed ND ND Services logistics solutions Global Acquired its renewables O&M and 2/7/2018 Infrastructure NRG Yield Renewable Energy $1,375 ND ND development platform Partners Greentech / 2 Source: FactSet, company announcements, Greentech estimates, SEC filings and third party providers. Greentech Advised on This Transaction (1) Transaction multiples represent LTM EV/Adj. EBITDA and LTM EV/Sales. Select Recent Sustainable Technology & Infrastructure M&A Transactions (2/3) Corporate Transactions Transaction Multiple(1) Transaction Date Acquirer Target Target Description Subsector Value ($mm) Revenue EBITDA Acquired all of the issued and outstanding shares of EdgePower, an 2/6/2018 Just Energy EdgePower Energy Efficiency $14 ND ND energy monitoring and management company Acquired the yieldco created by rival 2/6/2018 Capital Dynamics 8point3 Energy solar companies First Solar and Renewable Energy $1,654 23.6x 31.6x SunPower Ningxia Jiaze Acquired the solar power project 2/1/2018 ET Energy Renewable Energy $397 ND ND Renewables contractor Greentech / 3 Source: FactSet, company announcements, Greentech estimates, SEC filings and third party providers. (1) Transaction multiples represent LTM EV/Adj. EBITDA and LTM EV/Sales. Select Recent Sustainable Technology & Infrastructure M&A Transactions (3/3) Asset Transactions Transaction Multiple(1) Transaction Date Acquirer Seller Target Description Subsector Value ($mm) Revenue EBITDA Acquired five solar thermal plants in 2/27/2018 ContourGlobal Acciona Spain with a combined capacity of Solar $1,400 ND ND 250 MW Acquired two energy storage facilities, a Convergent Energy 20 MW flywheel project located in Power Infra / Smart 2/27/2018 Rockland Capital Undisclosed ND ND & Power Stephentown, NY and a 20 MW flywheel Grid project located in Hazle, PA Acquired a 206 MW portfolio of Green Power 2/27/2018 Pattern Energy renewable energy assets in Japan, Renewable Energy $326 ND ND Investments including solar and wind facilities Acquired a 142 MW portfolio of solar 2/22/2018 Greencoat Capital Canadian Solar Solar $268 ND ND farms in the U.K. Acquired a 49% stake in the 100 MW 2/21/2018 New Energy Solar SunPower Solar $55 ND ND Boulder Solar 1 project in Nevada Acquired project rights in two Australian Overland Sun 2/21/2018 innogy solar plants with a combined planned Solar Undisclosed ND ND Farming capacity of approximately 462 MW An unnamed bidder has agreed to purchase Alevo's manufacturing Power Infra / Smart 2/21/2018 Undisclosed Alevo $5 ND ND equipment after its bankruptcy for Grid $5mm Acquired two U.S. wind projects, a 90 TransAlta 2/21/2018 Undisclosed MW project in Pennsylvania and a 29 MW Wind $240 ND ND Renewables project in New Hampshire Acquired a 37.5% stake in three Changhua Regional Taiwanese offshore wind projects in the 2/13/2018 EnBW Wind Undisclosed ND ND Government Changhua Region, which will collectively generate 2 GW Acquired the planned 277 MW Truscott- Truscott Gilliland 2/13/2018 Taaleri Gilliland East wind project located in Wind Undisclosed ND ND Wind Texas Acquired a 50% stake in Covanta's 58 Green Investment 2/13/2018 Covanta MW energy-from-waste facility located in Biomass $168 ND ND Group Dublin Acquired the 7 MW Halifax Solar Energy 2/9/2018 PSEG Solar Source BayWa Wind Undisclosed ND ND Center in North Carolina Acquired an 80% interest in two Local Landowner 2/8/2017 BluEarth Renewables Minnesota wind facilities, totaling 39.6 Wind Undisclosed ND ND Partners MW Acquired five wind farms with a 2/7/2018 Endesa Gestinver combined 132 MW in Galicia and Wind $219 ND ND Catalonia, Spain Alberta Investment Enel Green Power Acquired a 49% stake in a 145 MW pair 2/7/2018 Wind Undisclosed ND ND Management North America of Canadian wind farm projects Greentech / 4 Source: FactSet, company announcements, Greentech estimates, SEC filings and third party providers. Greentech Advised on This Transaction (1) Transaction multiples represent LTM EV/Adj. EBITDA and LTM EV/Sales. Select Recent Sustainable Technology & Infrastructure Capital Raise Transactions (1/2) Corporate Transactions Amount Date Company Transaction Description Raised ($mm) Subsector Selected Disclosed Investors Boost Biomes, a San Francisco-based microbe discovery Nimble Ventures, Tencent Holdings, 2/28/2018 Boost Biomes $2 AgTech startup, has raised $2mm Viking Global Investors Mérieux Développement, Foresite Inscripta, a Colorado-based CRISPR gene-editing startup, has Capital Management, NanoDimension, 2/28/2018 Inscripta $56 AgTech raised $55.5mm Paladin Capital Group, Spruce Capital Partners, Venrock, Xeraya Capital Aurora Innovation, a Palo Alto-based self-driving vehicle 2/28/2018 Aurora Innovation $90 Advanced Mobility Greylock Partners, Index Ventures startup, has raised $90mm Norwest Venture Partners, ff Venture CyberX, a Boston-based industrial IoT and
Load more

Recommended publications
  • Concentrated Photovoltaic
    Concentrated Photovoltaic (CPV) - Global Installation Size, Cost Analysis, Efficiencies and Competitive Analysis to 2020 Reference Code: GDAE1043MAR Publication Date: April 2011 The US, Germany and Japan are Key Countries for the CPV–The Emerging Solar Technology Industry CPV is an upcoming renewable market which promises to In 2010 Spain dominated the global CPV market with around provide cost-effective power generation at high levels of XX MW of cumulative installed capacity. Spain accounts for efficiency. Presently, the global CPV cumulative installed XX% of the global CPV installed base. Most parts of the country capacity is XX MW. The technology is still developing and so experience high DNI which attracts CPV installers for most CPV projects are in the pilot or prototype stage. Guascor investments in Spain. The US follows Spain with a cumulative Foton’s Navarre power plant and Murcia power plant are the installed capacity of around XX MW; thereby accounting for largest CPV plants with installed capacities of XX MW and XX XX% of the global CPV installed capacity. Greece and Australia MW respectively. Globally, Spain has the largest market for have also attracted CPV system installers due to a high DNI CPV installations. In the US, the major emerging companies are concentration. These countries account for approximately XX% SolFocus, Amonix, EMCORE and Skyline Solar. European and XX% of the global CPV cumulative installed capacity companies such as Concentrix, Abengoa Solar and ArimaEco respectively. have also started making progress in the CPV market. Global Cumulative Installations to Reach XX GW by 2020 Concentrated PV Market, Global, Cumulative Installed Capacity by Country, %, 2010 The CPV market is expected to grow dramatically over the next three years.
    [Show full text]
  • Permitted/Approved Renewable Energy Facilities NORTHERN NEVADA SOUTHERN NEVADA 1150 E
    Permitted/Approved Renewable Energy Facilities NORTHERN NEVADA SOUTHERN NEVADA 1150 E. William Street 9075 W. Diablo Dr., Ste. 250 Carson City, NV 89701 Las Vegas, NV 89148 Phone: (775) 684-6101 Phone: (702) 486-7210 Fax: (775) 684-6110 Fax: (702) 486-7206 Consumer Complaints: (775) 684-6100 Consumer Complaints: (702) 486-2600 Pursuant to Nevada Revised Statute 704.865, the PUCN approves Utility Environmental Protection Act (UEPA) permits for all privately- owned conventional (natural gas, oil, coal, nuclear) utility facilities constructed in Nevada. The PUCN also approves the construction of renewable energy projects with an output greater than 70 megawatts, and transmission for renewable energy greater than 200 kilovolts. Additionally, the PUCN approves purchase power agreements (PPAs) between NV Energy and conventional utility and renewable energy facilities. See the table below for a comprehensive list of renewable energy projects in Nevada with a PUCN- approved UEPA permit and/or PPA. Projects Within Nevada that Received PUCN PUCN Approval Project Details Approval MW Exporting/Internal Project UEPA¹ PPA² COD³ Notes⁶ Nameplate⁴ Generation⁵ Biogas 1 Truckee Meadows Water Reclamation Facility X 2005 0.80 Internal 2004 Geothermal 2 Beowawe X 2006 17.70 Internal 05-5010 3 Buffalo/Jersey Valley X N/A 24.00 N/A 06-10021 4 Brady X 1992 24.00 Internal 1990 5 Carson Lake X N/A 31.50 N/A 06-10021 6 Carson Lake Basin Project X N/A 62.00 N/A 07-07013 7 Clayton Valley 1 X N/A 53.50 N/A 10-03022 8 Coyote Canyon X N/A 70.00 Exporting 11-06014 9
    [Show full text]
  • Mutual Funds As Venture Capitalists? Evidence from Unicorns
    NBER WORKING PAPER SERIES MUTUAL FUNDS AS VENTURE CAPITALISTS? EVIDENCE FROM UNICORNS Sergey Chernenko Josh Lerner Yao Zeng Working Paper 23981 http://www.nber.org/papers/w23981 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 October 2017 We thank Slava Fos (discussant), Jesse Fried, Jarrad Harford, William Mann, Ramana Nanda, Morten Sorensen, Xiaoyun Yu (discussant), and conference participants at the Southern California Private Equity Conference, London Business School Private Equity Symposium, and the FRA Meeting for helpful comments. We thank Michael Ostendorff for access to the certificates of incorporation collected by VCExperts. We are grateful to Jennifer Fan for helping us better interpret and code the certificates of incorporation. We thank Quentin Dupont, Luna Qin, Bingyu Yan, and Wyatt Zimbelman for excellent research assistance. Lerner periodically receives compensation for advising institutional investors, private equity firms, corporate venturing groups, and government agencies on topics related to entrepreneurship, innovation, and private capital. Lerner acknowledges support from the Division of Research of Harvard Business School. Zeng acknowledges support from the Foster School of Business Research Fund. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2017 by Sergey Chernenko, Josh Lerner, and Yao Zeng. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source.
    [Show full text]
  • Boulder Solar Power JUN 3 2016 MBR App.Pdf
    20160603-5296 FERC PDF (Unofficial) 6/3/2016 12:51:20 PM UNITED STATES OF AMERICA BEFORE THE FEDERAL ENERGY REGULATORY COMMISSION Boulder Solar Power, LLC ) Docket No. ER16-_____-000 APPLICATION FOR MARKET-BASED RATE AUTHORIZATION, REQUEST FOR DETERMINATION OF CATEGORY 1 SELLER STATUS, REQUEST FOR WAIVERS AND BLANKET AUTHORIZATIONS, AND REQUEST FOR WAIVER OF PRIOR NOTICE REQUIREMENT Pursuant to Section 205 of the Federal Power Act (“FPA”),1 Section 35.12 of the regulations of the Federal Energy Regulatory Commission (“FERC” or the “Commission”),2 Rules 204 and 205 of the Commission’s Rules of Practice and Procedure,3 and FERC Order Nos. 697, et al.4 and Order No. 816,5 Boulder Solar Power, LLC (“Applicant”) hereby requests that the Commission: (1) accept Applicant’s proposed baseline market-based rate tariff (“MBR Tariff”) for filing; (2) authorize Applicant to sell electric energy, capacity, and certain ancillary services at market-based rates; (3) designate Applicant as a Category 1 Seller in all regions; and (4) grant Applicant such waivers and blanket authorizations as the Commission has granted to other sellers with market-based rate authorization. Applicant requests that the Commission waive its 60-day prior notice requirement6 to allow Applicant’s MBR Tariff to become effective as of July 1, 2016. In support of this Application, Applicant states as follows: 1 16 U.S.C. § 824d (2012). 2 18 C.F.R. § 35.12 (2016). 3 Id. §§ 385.204 and 385.205. 4 Mkt.-Based Rates for Wholesale Sales of Elec. Energy, Capacity & Ancillary Servs. by Pub. Utils., Order No.
    [Show full text]
  • Advanced Mobility Market Update
    Advanced Mobility Market Update February 2018 Electric Ecosystem Mobility-as Autonomous Data & Vehicles Intelligence -a-Service Infrastructure Analytics About Greentech Capital Advisors Our mission is to empower companies and investors who are creating a more efficient and sustainable global infrastructure. We are purpose-built to ensure that our clients achieve success. We have deeply experienced senior bankers and investment professionals who are sector experts and understand our clients' industry and needs. We reach a vast global network of buyers, growth companies, asset owners and investors, and thereby provide clients with more ways to succeed through a deeper relationship network. We have directly relevant transaction experience which enables us to find creative structures and solutions to close transactions. We are an expert team of 55 professionals working seamlessly on our clients' behalf in New York, Zurich and San Francisco and through a strategic partnership in Japan. Our team of experienced bankers and investment professionals provides conflict-free advice and thoughtful, innovative solutions, and we do so with an intensely focused effort that does not stop until our clients achieve success. Greentech Capital Advisors / 1 Advanced Mobility Market Update Recent News Business > Autoliv will spin-off of its Electronics business segment–now to be named Developments Veoneer–to create a new, independent, publicly traded company that will focus on ADAS and autonomous driving (Cision) > Bosch is establishing a new dedicated mobility
    [Show full text]
  • Real Estate to Oil and Gas to Revenue Generating Growth Companies
    2018 NEWSLETTER We hope you enjoy reviewing our first annual newsletter highlighting some of our activity from 2018 and including a few notes regarding our anticipated focus for 2019. RGI and Marc Realty Capital (“MRC”) have remained very active since the downturn in 2008. Between 2009 and 2015 we were focused on buying a deal every 10 days in core Chicago neighborhoods, mostly from distressed sellers. In 2016, we were forced to shift away from Chicago multifamily as pricing appeared too high for our risk tolerance. Rather than limit ourselves to one niche market, we spent significant time finding operating partners nationally to capitalize on numerous and potentially uncorrelated niche markets ranging from real estate to oil and gas to revenue generating growth companies. We even traveled to Dubai and sub-Saharan Africa in search of mispriced opportunities. While we are in the process of developing several institutional real estate assets, we tend to also thrive in mid-market private investment deals. 50% or more of a deal’s success is based on the market, which we can not control. However, we do have control over buying the right assets in attractive markets as well as partnering with and overseeing the best operators. BELOW IS A SAMPLING OF SOME OF THE DEALS THAT RGI SUCCESSFULLY COMPLETED IN 2018: REAL ESTATE 800 S WELLS, CHICAGO, IL $150,000,000 All-In Basis DECEMBER 21, 2018 This transaction is the largest ever condo deconversion globally, comprising 449 residential units, 250,000 NRSF of retail and office space, and 150 parking spaces. RGI partnered with The Wolcott Group, MRC and Fred Bronstein running point for the real estate team at Elliott Management Corporation to purchase this building known as “River City.” If fully rented today, in its current condition, the as-is cap rate of this purchase is around 6% and we believe we will stabilize this to over a 7% cap rate.
    [Show full text]
  • Energy Infrastructure Update for December 2016
    Office of Energy Projects Energy Infrastructure Update For December 2016 Natural Gas Highlights • Natural received authorization to place into service its 2012 Storage Optimization Project which will provide 100 MMcf/d of capacity on its Gulf Coast Mainline from the Loudon Storage Field located near St. Emo in Fayette County, IL to a point of termination at Natural’s Compressor Station No. 113 near Joliet in Will County, IL. • Algonquin received authorization to place into service the Stony Point to Yorktown Take-up and Relay facilities as part of its Algonquin Incremental Market Project. These facilities will provide the remaining 97 MMcf/d of capacity out of the authorized 342 MMcf/d of capacity. • UGI Sunbury received authorization to place into service its Sunbury Pipeline Project which will provide 200 MMcf/d of capacity to serve markets in central PA, including a proposed electric generation facility in Snyder County, PA. • Tennessee received authorization to construct and operate its Southwest Louisiana Supply Project which will provide 295 MMcf/d of capacity on its existing 800 Line System in LA to serve the Cameron LNG export facility in Cameron Parish, LA. • Texas Eastern received authorization to construct and operate three projects, the Access South, the Adair Southwest, and the Lebanon Extension Projects, which will provide a total of 622 MMcf/d of capacity on its mainline from a receipt point in Uniontown, PA to Midwest and Southeastern markets. • Tennessee received authorization to construct and operate its Triad Expansion Project which will provide 180 MMcf/d of west-to-east capacity on its existing Line 300 system to serve a proposed electric generating plant in Lackawanna County, PA.
    [Show full text]
  • Understanding Solar Lease Revenues
    LIVE WORK PLAY RETIRE TURNING LAND INTO REVENUES: UNDERSTANDING SOLAR LEASE REVENUES Reprint Date: August 25, 2020 Mayor Kiernan McManus Council Member Council Member Council Member Council Member Mayor pro tem Claudia Bridges Tracy Folda Judith A. Hoskins James Howard Adams City Manager Finance Director Alfonso Noyola, ICMA-CM Diane Pelletier, CPA Boulder City Revenue Overview Table of Contents Unlike most other municipalities and counties in Nevada, the revenue stream for Boulder City does not include the lucrative Some History . gaming tax. Prior to the recession of 2007 - 2009, the City’s • 4 • revenue stream did not have a sizable amount of monies from land leases. With the recent focus by California and more Charter/Ordinance Requirements recently at the national level on renewable energy development, • 4 • the City was in a key position to take advantage of its unique Land Lease Process position for solar development by leasing city-owned land for • 6 • energy production. Because of those prudent actions, today the Energy Lease Revenue History solar lease revenues equate to roughly 28% to 34% of the City’s • 7 • overall revenue stream to support vital governmental functions. Energy Lease Revenue Projections • • But is Land Lease Revenue Stable? 9 A common question posed to our City Council surrounds the Energy Lease Revenue Potential stability of land lease revenues. Traditional commercial or • 9 • residential land leases have many risks, as the tenants are Overall Energy Lease Revenue subject to market conditions or changes in employment. And History and Projections with recessions, these types of leases are common casualties • 10 • of a downturn in the economy.
    [Show full text]
  • Private Equity: How Does It Work?
    Faculty of Economics and Business Administration PRIVATE EQUITY: HOW DOES IT WORK?, FINAL BACHELOR'S PROJECT Author: Gonzalo Hernández Gajate Director: Ramón Bermejo Climent MADRID | April 2020 1 INDEX ABSTRACT .....................................................................................................................4 1. INTRODUCTION .................................................................................................................... 6 1.1. PE in the investment spectrum........................................................................................... 7 2. PRIVATE EQUITY BUSINESS MODEL ........................................................................... 8 2.1. Structure ............................................................................................................................ 8 2.2. Types of funds .................................................................................................................... 9 2.3. Phases of a PE investment ............................................................................................... 12 2.3.1. Sourcing ..................................................................................................................................................... 12 2.3.2. Execution ................................................................................................................................................... 16 2.3.3. Monitoring ................................................................................................................................................
    [Show full text]
  • 2018-Aaff.Pdf 2 7/5/18 17:45
    CUBIERTA-INFORME-2018-aaff.pdf 2 7/5/18 17:45 2 Príncipe de Vergara, 55 4º D • 28006 Madrid tel. (34) 91 411 96 17 • www.ascri.org C M Y CM MY CY CMY K 2018 SURVEY Venture Capital & Private Equity activity in Spain SURVEY Venture Capital & Private Equity activity in Spain 2018 WITH THE SPONSORSHIP OF Survey 2018 Venture Capital & Private Equity in Spain Sponsor by: 2 THIS REPORT HAS BEEN PREPARED BY: Ángela Alférez (ASCRI Research Director & Venture Capital Affairs), based on statistical data obtained and collected by José Martí Pellón (Professor of Financial Economics at the Complutense University of Madrid) and Marcos Salas de la Hera (Partner of Webcapitalriesgo.com) All Rights Reserved ASCRI ® 2018 THE TOTAL OR PARTIAL REPRODUCTION OF THE DOCUMENT, OR ITS COMPUTER TREATMENT, IS NOT ALLOWED TRANSMISSION IN ANY WAY OR BY ANY MEANS, WHETHER ELECTRONIC, BY PHOTOCOPY, BY REGISTRATION OR OTHER METHODS, WITHOUT PRIOR AND WRITTEN PERMISSION OF THE COPYRIGHT HOLDER. 3 The Spanish Venture Capital & Private Equity Asso- ciation (ASCRI) is the industry body that units and re- presents the sector to the authorities, Government, institutions, investors, entrepreneurs and media. ASCRI regularly communicates and provides statistics and -up dated information regarding the developments of the tax and legal framework. ASCRI also organizes a range of activities (training courses, events and round tables) for the members and general public in order to disseminate and reinforce the contribution of the Venture Capital & Private Equity industry for the economy and growth of SMEs in Spain. ASCRI comprises almost 100 national and international Venture Capital & Private Equity firms, 10 limited part- ners and over 70 service providers, spreading and en- suring the professional standards among its members: transparency, good governance and best practice.
    [Show full text]
  • Mutual Funds As Venture Capitalists? Evidence from Unicorns1
    Mutual Funds as Venture Capitalists? Evidence from Unicorns1 Sergey Chernenko Josh Lerner Yao Zeng Purdue University Harvard University University of Washington and NBER December 2018 Abstract Using novel contract-level data, we study open-end mutual funds investing in unicorns—highly valued, privately held start-ups—and their association with corporate governance provisions. Larger funds and those with more stable funding are more likely to invest in unicorns. Both mutual fund participation and the mutual fund share of the financing round are strongly correlated with the round’s contractual provisions. Compared to venture capital groups, mutual funds are underrepresented on boards of directors, suggesting less direct monitoring. However, rounds with mutual fund participation have stronger redemption and IPO-related rights, consistent with mutual funds’ liquidity needs and vulnerability to down-valuation IPOs. 1 We thank Francesca Cornelli, Slava Fos, Jesse Fried, Will Gornall, Jarrad Harford, Michelle Lowry, William Mann, John Morley, Ramana Nanda, Clemens Sialm, Morten Sorensen, Ilya Strebulaev, Xiaoyun Yu, and conference and seminar participants at the 2017 LBS Private Equity Symposium, the 2018 NYU/Penn Conference on Law and Finance, the 2017 Southern California Private Equity Conference, the 2018 Stanford Financing of Innovation Summit, the 2018 UNC Private Capital Spring Research Symposium, and the 2018 Western Finance Association meetings. We thank Michael Ostendorff for access to the certificates of incorporation collected by VCExperts. We are grateful to Jennifer Fan for constantly helping us better interpret and code the certificates of incorporation. We thank Quentin Dupont, Luna Qin, Kathleen Ryan, Michael Sibbett, Bingyu Yan, and Wyatt Zimbelman for excellent research assistance.
    [Show full text]
  • Ab307 Application Summary Proposed Project Applicant App
    AB307 APPLICATION SUMMARY PROPOSED PROJECT APPLICANT APP. RCVD. TYPE COUNTY SIZE Bordertown to California 120kV NV Energy 6/27/2012 Powerline Washoe 120 kV North Elko Pipeline Prospector Pipeline Comp. 7/11/2012 Nat Gas Pipeline Elko, Eureka Wild Rose ORNI 47 7/17/2012 Geothermal Mineral 30 MW New York Canyon New York Canyon LLC 8/14/2012 Geothermal Persh., Church. 70 MW Mountain View Solar Energy Mountain View Solar LLC 9/24/2012 Solar Clark 20 MW Mahacek to Mt. Hope 230kV Eureka Moly LLC 10/23/2012 Powerline Eureka 230 kV Moapa Solar Energy Center Moapa Solar LLC 11/5/2012 Powerline Clark 230 kV, 500 kV Pahrump Valley Solar Project Abengoa Solar Inc. 11/14/2012 Solar Clark, Nye 225 MW Copper Rays Solar Farm Element Power Solar Dev. LLC 11/26/2012 Solar Nye 180 MW Boulder City Solar Project Techren Solar 1/2/2013 Solar Clark 300 MW Townsite Solar Project KOWEPO America LLC/Skylar Res. LP 1/15/2013 Solar Clark 180 MW Copper Mountain Solar 3 CMS-3 LLC (Sempra Energy) 1/16/2013 Solar Clark 250 MW Crescent Peak Wind Crescent Peak Renewables LLC 1/23/2013 Wind Clark 500 MW Silver State Solar South Silver State Solar Power South LLC 1/23/2013 Solar Clark 350 MW Toquop Power Project Toquop Power Holdings LLC 1/23/2013 Fossil Fuel Lincoln 1,100 MW Hidden Hills 230kV Transmission Valley Electric Transmission Assoc. LLC 1/28/2013 Powerline Nye, Clark 230 kV Boulder Solar Project Boulder Solar Power LLC 1/25/2013 Solar Clark 350 MW ARES Regulation Energy Mgmt.
    [Show full text]