The winds of change
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An insight into M&A in the renewable energy sector in 2009
Les opérations de rapprochements dans les énergies renouvelables fortement impactées par la crise, malgré des perspectives toujours positives
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Les opérations de rapprochements dans les énergies renouvelables fortement impactées par la crise, malgré des perspectives toujours positives
kpmg.com
KPMG'sGlobalEnergy&NaturalResourcesContact MichielSoeting GlobalChair,Energy&NaturalResources +44(0)2076943052 michiel.soeting@kpmg.co.uk
KPMG’sM&AEnergyandUtilitiesteamPrimaryContacts KPMGintheUK KPMGin Germany AndyCox LeifZierz Partner Partner +44(0)2073114817+496995871559 andrew.f.cox@kpmg.co.uk lzierz@kpmg.com RichardNoble IngoBick Partner Partner +44(0)2073114259+492114757015 richard.noble@kpmg.co.uk ibick@kpmg.com AdrianScholtz NielsBuck Director Partner +44(0)2073114230+4940320155848 adrian.scholtz@kpmg.co.uk nbuck@kpmg.com JamieCarstairs KPMGinthe Netherlands Director-EnergyRegulation HansBongartz +44(0)2073113511Partner jamie.carstairs@kpmg.co.uk +31104534466 Bongartz.hans@kpmg.nl KPMGinAustralia MatPanopoulos JaapVanRoekel Director Partner +61392885148 +31206567623 mpanopoulos@kpmg.com.au Vanroekel.jaap@kpmg.nl KPMGin France KPMGin Russia WilfridLaurianoDoRego LeonidBalanovsky Partner Partner +33155686872 +7(495)9374444ext:10455 wlaurianodorego@kpmg.com lbalanovsky@kpmg.ru
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Thewindsofchange
AninsightintoM&A intherenewableenergysectorin200
A D V I S O RY
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Contents
Abouttheresearch
Foreword
Executivesummary
Thecrunchhitsrenewables
Despitethegloom,positivesignsareevident
Stimulatinggrowth:thecrucialroleof governmentsinrenewables
What'sintheUSStimulusBill?
Differentplayers,differentfocus
RenewablesM&Awillnotrecoverovernight
Theshapeofthemarketinthecomingyear
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1KPMGThewindsofchange
Abouttheresearch
Thisreportisanannualreviewof M&Aactivitywithintherenewable energysector.Itwaswrittenin co-operationwiththeEconomist IntelligenceUnitandisbasedon asurveyof200seniorexecutives fromacrosstheglobalenergy industry,conductedinFebruary andMarch2009. Allrespondentsarefrommanagement positions,with71percentholding executiveboardroompositionsor whoaredirectorsorvice-presidents. Theyrepresentpowergenerating businesses,renewableenergy suppliers,energydistributors,oiland gasmajorsandfinancialinvestors. Arangeofcompanysizesare represented,includingsomeofthe industry’slargestoperators:23percent ofrespondentshadannualrevenue ofUS$10bnormore.Theyarebroadly evenlysplitbetweenEurope(32 percent),NorthAmerica(30percent) andAsia-Pacific(26percent),with theremainderfromLatinAmerica, theMiddleEastandAfrica. Supplementarytothesurveyresults, interviewswerealsoconductedby theEIUwiththefollowingsenior executives: Airtricity DonalFlynn ,CFO Aleadingrenewableenergycompany developingandoperatingwindfarms acrossEurope. InJanuary2008,the saleofAirtricitywascompletedto ScottishandSouthernEnergyPlc. BPAlternativeEnergy KatrinaLandis,COOAlternativeEnergy A globalenergycompanyinvestingin aportfolioofcleantechandrenewable energyoperations . Since2005,BP AlternativeEnergyhasinvestedaround US$2.9bninwind,solar,biofuels, andhydrogenpowerwithcarbon captureandstorage.
Essent ErikvanEngelen,DirectorofInnovation ANetherlandsbasedverticallyintegrated energycompany.Essentdevelopand operatebothconventionalandrenewable generatingresourcesaswellasbeing amajorsupplierofelectricityandgas. MacquarieGroup DanielWong,DivisionDirector, MacquarieCapitalAdvisers A globalproviderofbanking,financial, advisory,investment,andfunds managementservices . Macquarieis dedicatedtosourcinginvestmentsacross renewabletechnologiesincludingwind, solar,landfillgas,hydro,biomass,biogas, andgeothermal. Moody’s NeilGriffiths-LambertandHelenFrancis, VicePresidentsandSeniorAnalysts, EMEAUtilitiesandInfrastructure FinanceTeam Moody’sInvestorsServiceisamong theworld’smostrespectedandwidely utilizedsourcesforcreditratings, Locationofsurveyrespondents: 6% 7% 30% 8%
25% 26% Key NorthAmerica AsiaPacific WesternEurope LatinAmerica EasternEurope MiddleEastandAfrica Source:EconomistIntelligenceUnit2009
research,andriskanalysis . Moody’s providesresearchdataandanalytictools forassessingcreditrisk,andpublishes market-leadingcreditopinions,deal research,andcommentary,servingmore than9,300customeraccounts. MainstreamRenewablePower ManusO’Donnell,Headof CorporateFinance Development,constructionandoperation ofwind,solar,thermalandoceancurrent plants. Mainstreamworkscloselywith governments,development partners,andinvestorstodeliver successfulprojects. ScottishPowerRenewables KeithAnderson,ManagingDirector PartofIberdrolaRenovablesGroup,the world’sbiggestproducerofrenewable energy.ScottishPowerRenewablesis currentlytheUK’slargestdeveloper ofonshorewindfarmswithover30 windfarmsfullyoperational,under construction,orinplanning. Businessesrepresentedby surveyrespondents: 13% 24% 9%
11% 18% 12% 14% Key Gas/oil/coalextraction/mining/refining Powergenerator Financialinvestor(includingprivate equityfundsandinfrastructurefunds) Energydistributor/supplier Renewableenergysupplier Lenderoradvisor(eg,non-equityprovider) Other
