DOCSLIB.ORG

Specialty Materials Investment Banking

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Specialty Materials Investment Banking February 2015 Sector Update Specialty Materials Investment Banking Elliot G. Farkas efarkas@williamblair.com +1 312 364 8157 Matthew B. Gooch mgooch@williamblair.com +44 20 7868 4478 In this Issue: Specialty Materials – Specialty Materials Sector Update – Specialty Materials M&A Market Summary – Specialty Materials Public Comparables – Middle-Market M&A Summary – Debt Capital Markets William Blair’s investment banking group combines signi�icant transaction experience, rich industry knowledge, and deep relationships to deliver successful advisory and �inancing solutions to our global base of corporate clients. We serve both publicly traded and privately held companies, executing mergers and acquisitions, growth �inancing, �inancial restructuring, and general advisory projects. This comprehensive suite of services allows us to be a long-term partner to our clients as they grow and evolve. About William Blair From 2010-2014, the investment banking group completed more than 330 merger-and- Investment Banking acquisition transactions worth $73 billion in value, involving parties in 36 countries and �ive continents, was an underwriter on more than 20% of all U.S. initial public offerings, and raised nearly $100 billion in public and private �inancing. William Blair & Company Table of Contents Specialty Materials Investment Banking – Executive Summary .............................................................................................................................................. 1 Specialty Materials Sector Update .......................................................................................................................................................................................................... 7 Specialty Materials Trends .................................................................................................................................................................................................................... 8 Specialty Materials Transformations ............................................................................................................................................................................................... 8 Composites ................................................................................................................................................................................................................................................. 10 Elastomers/Rubber ............................................................................................................................................................................................................................... 17 M&A Activity .................................................................................................................................................................................................................................................. 23 Recent Notable Specialty Materials Transactions ........................................................................................................................................................................ 28 Public Comparables .................................................................................................................................................................................................................................... 33 Quarterly Market Update – All Industries........................................................................................................................................................................................ 37 Debt Capital Markets Summary ............................................................................................................................................................................................................ 40 Notes .................................................................................................................................................................................................................................................................. 41 Disclosures ...................................................................................................................................................................................................................................................... 42 Specialty Materials Investment Banking Table of Contents William Blair & Company Specialty Materials Investment Banking – Executive Summary Focus on High-Growth End-Markets Drives Surge in Transactions and Valuations Sector sees increased M&A activity and valuations as buyers seek to capitalize on strong secular tailwinds and shift portfolios toward aerospace, medical, oil and gas, and other high-growth end- markets Fueled by corporations looking externally for new sources of growth, record amounts of private equity “dry powder,” and accommodative debt markets, M&A activity surged in 2014 across most sectors. Even in this supercharged deal-making environment, specialty materials have stood out as a particularly active industry from an M&A perspective. For specialty materials in 2014 there were 304 transactions representing a cumulative $30.9 billion. These figures equate to a 20.2% M&A Snapshot – Specialty Materials increase in the number of transactions completed and a staggering Last 12 months 114.1% increase in total transaction value over 2013 totals. In addition to these impressive activity levels, the median EBITDA multiple for EBITDA multiples reach 2014 transactions of 9.8 times exceeds the previous 10-year high of 9.7 9.8x 10-year highs times set in 2005. This surge in activity has been driven by strategic and financial acquirers’ desire to increase their exposure to aerospace, medical, oil and gas, and other high-growth, high-margin end-markets, as well as +114% Increase in total transaction secular “megatrends” that drive increased adoption of composites and value from 2013 other specialty materials. In this report, we examine the trends that are shaping the deal-making environment for specialty materials. We also provide an in-depth look +20% Increase in number of transactions at the specific competitive landscape for composites and completed from 2013 elastomers/rubbers across various end-markets. Strategic acquirers – Corporates seek increased exposure to attractive end-markets Offering faster growth, greater product differentiation, superior pricing power (with concommitant higher margins), and lower earnings volatility, specialty materials have tremendous appeal for industrial companies. As a result, the specialty materials sector is drawing increasing attention from broad-based industrial companies intent on breaking into specialty materials, as well as from companies that are looking to increase their existing exposure to specialty materials. PolyOne and Cytec are two examples of companies that are transforming themselves into specialty materials businesses through a combination of M&A, divestitures, and increased research and development. Transformations such as these allow the companies to migrate their product portfolios and process capabilities from a focus on Increased M&A activity in specialty materials has been driven by commodities and other low value-added secular “mega-trends” and acquirers’ desire to increase exposure materials to faster growing, higher-margin to aerospace, medical, oil and gas, and other attractive end- specialty materials and products. markets In a muted growth environment for industrials as a whole, industrial consolidators are looking to expand their specialty materials exposure to the fastest-growing end-markets, particularly aerospace, medical, and oil and gas. Sumitomo Bakelite’s acquisition of Vaupell in April 2014 allowed the company to access the aerospace and medical end-markets. Citadel Plastics’ acquisition of The Composites Group in November 2014 and Wabtec’s acquisition of Longwood Industries in September 2013, two transactions where William Blair advised the seller, were driven in part by the buyers’ desire to increase their exposure to the oil and gas market. Specialty Materials Investment Banking Specialty Materials Investment Banking – Executive Summary 1 William Blair & Company Financial sponsors – Secular megatrends, differentiation attract private equity The megatrends of increased lightweighting and demand for high-performance materials create a compelling secular growth environment for financial sponsors to invest. In addition to these megatrends, the specialty materials industry exhibits several other characteristics that make the space particularly attractive to financial buyers. Specialty materials companies tend to have highly defensible businesses because of their unique materials, technologies, or process capabilities. Relative to other industrial companies, specialty materials businesses tend to exhibit higher margins and stronger cash flows. This strong margin profile is especially true for companies in the aerospace, medical, and oil and gas end-markets. Opportunities for sellers, challenges for buyers The current M&A dynamics in specialty materials have created powerful opportunities for sellers and distinct challenges for buyers. The sellers that have received the strongest valuations have been the ones with 1) differentiated products, technologies, and processes that create increased protection from competition, and 2) significant exposure to aerospace, medical, oil and gas,
Load more

Recommended publications
  • Analysing Changes in Electricity Industries Against Actors and Technologies: Utility to Business Transformations in Denmark, Germany, Finland and Spain
    Received February 28, 2012 / Accepted June 9, 2012 J. Technol. Manag. Innov. 2012, Volume 7, Issue 2 Analysing Changes in Electricity Industries Against Actors and Technologies: Utility to Business Transformations in Denmark, Germany, Finland and Spain Mari Ratinen1, Peter Lund Abstract Liberalization of electricity markets, governmental policies for renewable electricity and technology development are transforming national electricity industries. However, there are considerable national differences in how these industries have changed and which businesses have been developed. We propose a typology for comparing changes in electricity industry based on the changes in the actors and technologies. Wind power and solar photovoltaic are used here as technology examples. A qualitative analysis of the changes in electricity industries in four EU member states is presented. Based on the preliminary findings, we conclude that if the industry consists of many, small firms with relatively loose ties with the government the industry is more likely to change than if it consists of few large firms with strong relations with the government. Keywords: electricity industry; liberalization; technology development; wind energy; solar photovoltaic 1Aalto University, School of Sciences, P.O. Box 11000, FI-00076 AALTO, Finland. email: mari.ratinen@gmail.com ISSN: 0718-2724. (http://www.jotmi.org) Journal of Technology Management & Innovation © Universidad Alberto Hurtado, Facultad de Economía y Negocios. 87 J. Technol. Manag. Innov. 2012, Volume 7, Issue 2 1. Introduction fluence energy policies. Citizens influencing by voting green parties, supporting anti-nuclear movements or parties with National electricity industries are undergoing fundamen- environmental programs have brought about changes in en- tal changes, which are brought about by three interlinked ergy policies and technologies (O’Neill, 1997).
    [Show full text]
  • IEA Wind Task 26
    Work Package 1 Final Report IEA Wind Task 26 Multi-national Case Study of the Financial Cost of Wind Energy Leading Authors Paul Schwabe: National Renewable Energy Laboratory Sander Lensink: Energy Research Center of the Netherlands Maureen Hand: National Renewable Energy Laboratory IEA Wind Task 26 Multi-national Case Study of the Financial Cost of wind Energy Work Package 1 Lead Authors: Paul Schwabe: National Renewable Energy Laboratory Sander Lensink: Energy Research Centre of the Netherlands Maureen Hand: National Renewable Energy Laboratory Contributing Authors: Athanasia Arapogianni: European Wind Energy Association Alberto Ceña: Spanish Wind Energy Association Karlynn Cory: National Renewable Energy Laboratory Markus Geissmann: Swiss Federal Office of Energy Klaus Hammes: Swedish Energy Agency Stefan Luxembourg: Energy Research Centre of the Netherlands Ángeles Mora Sánchez: Spanish Wind Energy Association Edward James-Smith: Ea Energy Analyses Jan Wallasch: Deutsche WindGuard Paul Wilczek: European Wind Energy Association The IEA Wind agreement, also known as the Implementing Agreement for cooperation in the Research, Development, and Deployment of Wind Energy Systems, functions within a framework created by the International Energy Agency (IEA). Views, findings, and publications of IEA Wind do not necessarily represent the views or policies of the IEA Secretariat or of all its individual member countries. NREL is a national laboratory of the U.S. Department of Energy, Office of Energy Efficiency & Renewable Energy, operated by the Alliance for Sustainable Energy, LLC. National Renewable Energy Laboratory Technical Report 1617 Cole Boulevard NREL/TP-6A2-48155 Golden, Colorado 80401 March 2011 303-275-3000 • www.nrel.gov Contract No. DE-AC36-08GO28308 NOTICE This report was prepared as an account of work sponsored by an agency of the United States government.
    [Show full text]
  • Offshore Wind Energy Potential for Bahrain Via Multi-Criteria Evaluation
    Preprints (www.preprints.org) | NOT PEER-REVIEWED | Posted: 18 December 2020 doi:10.20944/preprints202012.0474.v1 Research Article Offshore Wind Energy Potential for Bahrain via Multi-criteria Evaluation Mohamed Elgabiri 1, Diane Palmer 1,*, Hanan Al Buflasa 2 and Murray Thomson 1 1 Loughborough University, Loughborough, UK; mohamed.elgabiri@gmail.com 2 University of Bahrain, Kingdom of Bahrain; h.m.albuflasa@gmail.com * Correspondence: d.palmer@lboro.ac.uk; Tel.: +44 1509 635604. ORCID 0000-0002-5381-0504 Abstract: Current global commitments to reduce emissions of greenhouse gases encourage national targets for renewable generation. Due to its small land mass, offshore wind could help Bahrain to fulfill its obligations. However, no scoping study has yet been carried out. The methodology presented here addresses this research need. It employs Analytical Hierarchy Process and pairwise comparison methods in a Geographical Information Systems environment. Publicly available land use, infrastructure and transport data are used to exclude areas unsuitable for development due to physical and safety constraints. Meteorological and oceanic opportunities are ranked, then competing uses are analyzed to deliver optimal sites for wind farms. The potential annual wind energy yield is calculated by dividing the sum of optimal areas by a suitable turbine footprint, to deliver maximum turbine number. Ten favourable wind farm areas were identified in Bahrain’s territorial waters, representing about 4% of the total maritime area, and capable of supplying 2.68 TWh/yr of wind energy or almost 10% of the Kingdom’s annual electricity consumption. Detailed maps of potential sites for offshore wind construction are provided in the paper, giving an initial plan for installation in these locations.
    [Show full text]
  • CHAPTER 1 Introduction to Wind Power
    CHAPTER 1 Introduction to Wind Power R�S� Amano University of Wisconsin-Milwaukee, Madison, WI, USA. Abstract Wind power is a well-proven and cost-effective technology and expected to be the main way in which industry responds to the Government’s targets – so becoming an important source of electricity in years to come� In this book, we have focused on basic and some advanced topics needed to understand the current situation in the win power engineering� This chapter provides introductory materials for the wind energy� Keywords: Introduction to renewable energy, wind energy in the world, fundamen- tals in wind turbines. 1 Introduction As the clean energy industry emerges from initial stage caused by the global eco- nomic downturn, it is entering a new stage of rapid change of business� The world- wide demand for energy is expected to double by the year 2030 and triple by 2050, when fossil fuels will account for no more than two-thirds of all energy consumed, compared with 79% of the energy consumed today� Traditional fossil sources such as oil, gas and coal are not renewable and cause pollution by releasing huge quanti- ties of carbon dioxide and other pollutants into the atmosphere, thereby damaging the environment in many ways, from acid rain to climate change� To help combat these problems, many states in the United States are seeking ways to use renewable energy sources, such as wind, solar and biomass� Along with its environmental and cost benefits, renewable energy is a rapidly growing industry with vast potential for economic growth
    [Show full text]
  • Offshore Wind Market and Economic Analysis
    Offshore Wind Market and Economic Analysis Annual Market Assessment Prepared for: U.S. Department of Energy Client Contact Michael Hahn, Patrick Gilman Award Number DE-EE0005360 Navigant Consulting, Inc. 77 Bedford Street Suite 400 Burlington, MA 01803-5154 781.270.8314 www.navigant.com February 22, 2013 U.S. Offshore Wind Market and Economic Analysis Annual Market Assessment Document Number DE-EE0005360 Prepared for: U.S. Department of Energy Michael Hahn Patrick Gilman Prepared by: Navigant Consulting, Inc. Lisa Frantzis, Principal Investigator Lindsay Battenberg Mark Bielecki Charlie Bloch Terese Decker Bruce Hamilton Aris Karcanias Birger Madsen Jay Paidipati Andy Wickless Feng Zhao Navigant Consortium Member Organizations Key Contributors American Wind Energy Association Jeff Anthony and Chris Long Great Lakes Wind Collaborative John Hummer and Victoria Pebbles Green Giraffe Energy Bankers Marie DeGraaf, Jérôme Guillet, and Niels Jongste National Renewable Energy Laboratory Eric Lantz Ocean & Coastal Consultants (a COWI company) Brent D. Cooper, P.E., Joe Marrone, P.E., and Stanley M. White, P.E., D.PE, D.CE Tetra Tech EC, Inc. Michael D. Ernst, Esq. Offshore Wind Market and Economic Analysis Page ii Document Number DE-EE0005360 Notice and Disclaimer This report was prepared by Navigant Consulting, Inc. for the exclusive use of the U.S. Department of Energy – who supported this effort under Award Number DE-EE0005360. The work presented in this report represents our best efforts and judgments based on the information available at the time this report was prepared. Navigant Consulting, Inc. is not responsible for the reader’s use of, or reliance upon, the report, nor any decisions based on the report.
    [Show full text]
  • Gwec – Global Wind Report | Annual Market Update 2015
    GLOBAL WIND REPORT ANNUAL MARKET UPDATE 2015 Opening up new markets for business “It’s expensive for emerging companies to enter new markets like China. The risk of failure is high leading to delays and high costs of sales. GWEC introduced us to the key people we needed to know, made the personal contacts on our behalf and laid the groundwork for us to come into the market. Their services were excellent and we are a terrific referenceable member and partner.” ED WARNER, CHIEF DIGITAL OFFICER, SENTIENT SCIENCE Join GWEC today! www.gwec.net Global Report 213x303 FP advert v2.indd 2 8/04/16 8:37 pm TABLE OF CONTENTS Foreword 4 Preface 6 Global Status of Wind Power in 2015 8 Market Forecast 2016-2020 20 Australia 26 Brazil 28 Canada 30 PR China 32 The European Union 36 Egypt 38 Finland 40 France 42 Germany 44 Offshore Wind 46 India 54 Japan 56 Mexico 58 Netherlands 60 Poland 62 South Africa 64 Turkey 66 Uruguay 68 United Kingdom 70 United States 72 About GWEC 74 GWEC – Global Wind 2015 Report 3 FOREWORD 015 was a stellar year for the wind industry and for Elsewhere in Asia, India is the main story, which has now the energy revolution, culminating with the landmark surpassed Spain to move into 4th place in the global 2Paris Agreement in December An all too rare triumph of cumulative installations ranking, and had the fifth largest multilateralism, 186 governments have finally agreed on market last year Pakistan, the Philippines, Viet Nam, where we need to get to in order to protect the climate Thailand, Mongolia and now Indonesia are all ripe
    [Show full text]
  • Offshore Statistics 2012.Indd
    The European offshore wind industry - key trends and statistics 2012 January 2013 A report by the European Wind Energy Association Contents Contents Executive summary 3 Annual market in 2012 5 Cumulative market 11 Market outlook for 2013 and 2014 16 Trends: turbines, water depth and distance to shore 18 Financing 21 Annual investment in offshore wind farms 24 Wind turbine announcements 25 Offshore grid developments 27 National updates 28 If you have a query on distribution or reproduction, contact EWEA Offshore grid development: Communications Director Julian Scola at communication@ewea.org. Paul Wilczek (Senior Regulatory Affairs Advisor – grids and Markets, EWEA) Review: Contributors: Julian Scola (Communication Director, EWEA) Author and Statistical analysis: Sarah Azau (Head of Communications Unit, EWEA) Athanasia Arapogianni (Senior Research Officer, EWEA) Co-ordinating authors: Acknowledgements: Jacopo Moccia (Head of Policy Analysis, EWEA), RenewableUK – EDORA – ODE Vlaanderen – Irish Wind Energy Association Justin Wilkes (Policy Director, EWEA) (IWEA) – Nederlands Wind Energie Associatie (NWEA) – Stiftung Offshore Financing highlights and developments: Windenergie (SOW), Danish Wind Industry Association (DWIA) Jérôme Guillet (Green Giraffe Energy Bankers) The European offshore wind industry - key trends and statistics 2012 2 Executive summary Executive summary Offshore wind power • 293 new offshore wind turbines, in 9 wind farms, representing investments of market in 2012 around €3.4 bn to €4.6 bn, were fully grid connected between 1 January and 31 December 2012, totalling 1,166 MW, 33% more than in 2011. • 369 turbines were erected during 2012, an average of 3.9 MW per day. 76 of these turbines are awaiting grid connection. • Work is on-going on five projects and foundation installation has started on a further nine new projects.
    [Show full text]
  • World Turbines
    INDUSTRY MARKET RESEARCH FOR BUSINESS LEADERS, STRATEGISTS, DECISION MAKERS CLICK TO VIEW Table of Contents 2 List of Tables & Charts 3 Study Overview 4 Sample Text, Table & Chart 5 photo: U.S. Silica Sample Profile, Table & Forecast 6 Order Form & Corporate Use License 7 About Freedonia, Custom Research, Related Studies, 8 World Turbines Industry Study with Forecasts for 2016 & 2021 Study #3009 | March 2013 | $6100 | 437 pages The Freedonia Group 767 Beta Drive www.freedoniagroup.com Cleveland, OH • 44143-2326 • USA Toll Free US Tel: 800.927.5900 or +1 440.684.9600 Fax: +1 440.646.0484 E-mail: info@freedoniagroup.com Study #3009 March 2013 World Turbines $6100 437 Pages Industry Study with Forecasts for 2016 & 2021 Table of Contents Belgium .................................................. 110 Capstone Turbine ...................................... 319 Denmark .................................................. 115 Caterpillar Incorporated ............................. 321 France ..................................................... 120 China Chang Jiang Energy .......................... 324 EXECUTIVE SUMMARY Germany .................................................. 126 Dongfang Electric Corporation ..................... 326 Italy ....................................................... 132 Doosan Heavy Industries and Construction .... 328 MARKET ENVIRONMENT Netherlands ............................................. 137 Dresser-Rand Group ................................... 331 Spain .....................................................
    [Show full text]
  • The Economics of Wind Power
    WIND ENERGY - THE FACTS PART III THE ECONOMICS OF WIND POWER 1565_Part III.indd 197 2/17/2009 7:18:12 PM Acknowledgements Part III was compiled by Poul Erik Morthorst of Risø´ DTU National Laboratory, Technical University of Denmark; Hans Auer of the Energy Economics Group, University of Vienna; Andrew Garrad of Garrad Hassan and Partners; Isabel Blanco of UAH, Spain. We would like to thank all the peer reviewers for their valuable advice and for the tremendous effort that they put into the revision of Part III. Part III was carefully reviewed by the following experts: Rune Moesgaard Danish Wind Industry Association Hugo Chandler IEA Paulis Barons Latvian Wind Energy Association Mr. G. Bakema Essent Netherlands 1565_Part III.indd 198 2/17/2009 7:18:15 PM PART III INTRODUCTION Wind power is developing rapidly at both European takes into account the lifetime of turbines and O&M and global levels. Over the past 15 years, the global costs, and the past and future development of the installed capacity of wind power increased from around costs of wind-generated power is analysed. In subse- 2.5 GW in 1992 to just over 94 GW at the end of 2007, quent chapters, the importance of fi nance, support an average annual growth of more than 25 per cent. schemes and employment issues are discussed. Finally, Owing to ongoing improvements in turbine effi ciency and the cost of wind-generated electricity is compared to higher fuel prices, wind power is becoming economi- the cost of conventional fossil fuel-fi red power plants.
    [Show full text]
  • Shifting Towards Offshore Wind Energy—Recent Activity and Future Development
    Energy Policy 53 (2013) 136–148 Contents lists available at SciVerse ScienceDirect Energy Policy journal homepage: www.elsevier.com/locate/enpol Shifting towards offshore wind energy—Recent activity and future development J.K. Kaldellis n, M. Kapsali Lab of Soft Energy Applications & Environmental Protection, TEI of Piraeus, P.O. Box 41046, Athens 12201, Greece HIGHLIGHTS c An overview of the activity noted in the field of offshore wind energy is carried out. c Emphasis is given on the current status and future trends of the technology. c Wind energy production and availability issues are discussed. c Economic issues such as investment and energy production costs are also analysed. article info abstract Article history: To date, most of the existing wind farms have been built on-land but during the last few years many Received 10 February 2012 countries have also invested in offshore applications. The shift towards offshore wind project Accepted 11 October 2012 developments has mainly been driven by European energy policies, especially in north-west countries. Available online 21 November 2012 In offshore sites the winds are stronger and steadier than on-land, making wind farms more productive Keywords: with higher capacity factors. On the other hand, although offshore wind energy is not in its infancy Availability period, most of the costs associated with its development are still much higher from onshore Reliability counterparts; however some recent technological progress may have the potential to narrow this Levelized cost gap in the years to come. In the present work, an overview of the activity noted in the field of offshore wind energy is carried out, with emphasis being given on the current status and future trends of the technology employed, examining at the same time energy production and availability issues as well as economic considerations.
    [Show full text]
  • Evaluation of the Operation and Maintenance Market WP2
    The European Commission's support for the production of this publication does not constitute an endorsement of the contents, which reflect the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein. Advanced maintenance, lifetime extension and repowering of wind farms supported by advanced digital tools Project nº 612424-EPP-1-2019-1-ES-EPPKA2-KA R2.1 Evaluation of the operation and maintenance market WP2 Written by 8.2 Consulting AG Project consortium R2.1 Evaluation of the operation and maintenance market Table of Contents Table of Contents ................................................................................................................ 2 Tables ................................................................................................................................... 5 Figure ................................................................................................................................... 5 1 Wind Energy in the world ............................................................................................. 6 1.1 Total installations onshore (%) .................................................................................. 6 1.2 Total installations offshore (%) .................................................................................. 6 1.3 Historic development of total installation onshore and offshore................................. 7 2 Wind Energy in Europe ................................................................................................
    [Show full text]
  • The European Offshore Wind Industry - Key Trends and Statistics 1St Half 2013
    The European offshore wind industry - key trends and statistics 1st half 2013 The European offshore wind industry - key trends and statistics 1st half 2013 1 Mid-Year European offshore wind energy statistics In the first six months of 2013, Europe fully grid connected 277 offshore wind turbines, with a combined capacity totalling over 1 GW. Overall, 18 wind farms were under construction. Once completed these wind farms will have a total capacity of 5,111 MW. New offshore capacity installations during the first half of 2013 doubled compared to the same period the previous year and was just 121 MW less than total 2012 installations. Figure 1: AnnuAl instAlled oFFshore wind cApAcity in europe (Mw) 1400 1200 1000 800 600 400 200 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 H1 Full year Source: EWEA The work carried out on these wind farms during the • 254 turbines (43 units or 20% more than during first six months of 2013 is detailed below: the same period last year) were erected in 10 wind farms: Thornton Bank (BE), Gunfleet Sands 3 (UK), • 277 wind turbines were fully grid connected, Lincs (UK), Gwynt y Môr (UK), Teesside (UK), Anholt totalling 1,045 MW (up 522 MW or double (DK), Bard (DE), Riffgat (DE), Kårehamn (SE), Arinaga installations during the same period last year) in Quay (ES). seven wind farms: Thornton Bank (BE), Gunfleet Sands 3 (UK), Lincs (UK), London Array (UK), Teesside • Preparatory work has begun in three further wind (UK), Anholt (DK), BARD Offshore 1 (DE).
    [Show full text]