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Wind Energy M&A Report 2008: Value Drivers and Acquisition Multiples for European Wind Transactions
Epsilon Research, Sep 2008, Pages: 48
We are please to announce the release of the ‘Wind Energy M&A Report 2008, Value Drivers and Acquisition Multiples for European Wind Transactions in 2007’ published by Epsilon Research and Climate Capital Ltd.
Target Audience
The Wind Energy M&A Report is targeted at the following players in the wind energy market [the ‘Wind Players’]:
A) Investors and financing providers for wind farms: renewable energy funds, utilities, private equity firms, banks and other capital and debt providers;
B) Owners and developers of wind farms;
C) Advisors and research analysts: independent and banks M&A advisors, equity research analysts of renewable energy and utilities.
Report Objectives
This report focuses on analysing transaction multiples, based on public & proprietary databases. Unlike classic market research or general reports on M&A activity in the wind market, it aims to:
Provide Wind Players with reliable benchmarks for valuing wind farms and portfolios, in tandem with other valuation methodologies (DCF, etc.).
Segment transaction multiples for wind farms or portfolios according to development stage and analyse valuation drivers (feed-in tariffs, capacity factor, etc...) to quantify their impact on price.
Analyse real deal and earn-out structures for early stage wind farm portfolios, providing further insight for benchmarking portfolios and structuring potential deals.
Methodology
The Wind Energy M&A Report 2008 is based on the detailed analysis of 40 European wind [farm or developer] transactions announced in 2007. The total portfolio capacity of the targets represents 20% of the total European installed capacity.
Purchasers of this report can access the 40 reports online via the EMAT database which provides detailed and sourced multiple analysis reports
Our methodology is based on market practice:
- Deals are classified according to the stage of development of the wind farm or the portfolio of wind farms [from project to operation]: pipeline, in development, in construction or in operation;
- Multiples calculated are based on capacity (MW), production (MWh) and Sales (€), depending on development stage: installed, expected or portfolio capacity / production, actual or expected sales.
- Probability-Weighted Multiples, based on the probability of reaching the operational stage, have also been calculated for wind farms in early stages of development.
Key findings
- Coherent multiples were found at each development stage, providing a robust benchmark for wind farm portfolio valuation;
- Although Capacity multiple is often used as the key valuation reference in equity research reports, the expected sales multiple (as defined in this Report) appears to be a better benchmark to compare deals that have different capacity factors and feed-in tariffs;
- Several of the large European deals in 2007 clearly stand out from the average multiples of their peer group, suggesting that they may have been overpriced or that there was a premium for scale.
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