Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Solar Project Acquisitions (9.22.10)

833 views

Published on

Financial Analysis of Recent Solar Project Acquisitions

  • Be the first to comment

  • Be the first to like this

Solar Project Acquisitions (9.22.10)

  1. 1. Selected Solar Project Pipeline Acquisitions Size Acquisition Project(s) Location (MW) Buyer Seller Announ. Value ($M) $K/MW Recurrent Pipeline U.S., Canada, EU 2,000 Sharp Recurrent / Hudson Clean 09/10 $305.0 $152.5 US Solar Pipeline U.S. - Southwest 450 NRG Energy ArcLight / US Solar 06/10 N/A N/A NextLight Pipeline U.S. - Southwest 1,100 First Solar NextLight / Energy Capital Partners 04/10 $285.0 $259.1 SunRay Pipeline Western Europe 1,200 SunPower SunRay / Denham Capital 02/10 $277.0 $230.8 Edison Mission Pipeline U.S. - Southwest N/A First Solar Edison Mission 01/10 N/A N/A SunEdison Pipeline U.S., EU 1,500 MEMC SunEdison 10/09 $200.0 $133.3 OptiSolar Pipeline U.S. - Southwest 1,850 First Solar OptiSolar 04/09 $400.0 $216.2 UPC Solar Pipeline Ontario 350 Recurrent Energy UPC Solar 03/09 N/A N/A Mean $293.4 $198.4 Median $285.0 $216.2 Source: CapitalIQ, ThomsonOne Analytics, SEC filings, Wall Street Research, and Company press releases. 1
  2. 2. Selected Solar Project Pipeline Acquisitions (Cont’d) Recurrent / Hudson Clean US Solar / ArcLight NextLight / ECP SunRay / Denham Buyer: Sharp Buyer: NRG Buyer: First Solar Buyer: SunPower Price Tag: $305M Price Tag: N/D Price Tag: $285M Price Tag: $277M $/MW: $152.5 $/MW: N/A $/MW: $259K $/MW: $231K Projects: N/A Projects: 9 Projects: N/D Projects: N/A MWs: ~2,000MW MWs: ~450MW MWs: 1,100MW MWs: 1,200MW Location: U.S., Canada, EU Location: CA, AZ Location: CA, AZ, NV Location: Italy, France, Israel, COD: N/A COD: 2011-2013 COD: 2011+ Spain, UK and Greece Other Intel: 330MW contracted Other Intel: No PPAs in place; one Other Intel: 3 PPAs in place with COD: 2010+ distributed projects (e.g. 170MW w/ project “within a couple of months” of PG&E and NV Energy for a total of Other Intel: Included several Italian Ontario Power Authority, 60MW w/ completing permitting 570MWs; material portion of value plants set to begin delivering power SMUD and 50MW w/ SCE); value reflects NextLight 30 person mgmt. in 2010 reflects Recurrent development team and EPC team Edison Mission SunEdison OptiSolar UPC Solar Buyer: First Solar Buyer: MEMC Buyer: First Solar Buyer: Recurrent Price Tag: N/D Price Tag: $200M Price Tag: $400M Price Tag: N/D $/MW: N/A $/MW: $133.3K $/MW: $216K $/MW: N/A Projects: N/D Projects: N/A Projects: N/D Projects: N/D MWs: N/D MWs: 1,100MW MWs: 1,850MW MWs: 350MW Location: CA, AZ Location: U.S., EU Location: CA and Southwest Location: U.S. and Canada COD: N/D COD: 2010+ COD: 2011-2013 COD: 2012+ Other Intel: No PPAs in place Other Intel: Acquisition value Other Intel: Key asset 800MW Other Intel: Consideration paid over excludes potential $89M cash and project w/ signed PG&E PPA time as projects go online $34M stock earnout (would increase expected to break ground in 2010, value to $215.3K/MW); 80MWs COD COD in 2011 and complete construction in 2013 Source: CapitalIQ, ThomsonOne Analytics, SEC filings, Wall Street Research, and Company press releases. 2

×