The winds of change

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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Publié le 06 juin 2011
Nombre de lectures 112
Langue English
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KPMG'sGlobalEnergy&NaturalResourcesContact MichielSoeting GlobalChair,Energy&NaturalResources +44(0)2076943052  michiel.soeting@kpmg.co.uk

KPMGsM&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 industryslargestoperators: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   MoodysInvestorsServiceisamong theworld’smostrespectedandwidely utilizedsourcesforcreditratings, Locationofsurveyrespondents: 6% 7% 30% 8%
25% 26% Key NorthAmerica   AsiaPacic 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 worldsbiggestproducerofrenewable energy.ScottishPowerRenewablesis currentlytheUKslargestdeveloper ofonshorewindfarmswithover30 windfarmsfullyoperational,under construction,orinplanning. Businessesrepresentedby surveyrespondents: 13% 24% 9%
11% 18% 12% 14% Key Gas/oil/coalextraction/mining/rening  Powergenerator Financialinvestor(includingprivate equityfundsandinfrastructurefunds)  Energydistributor/supplier  Renewableenergysupplier Lenderoradvisor(eg,non-equityprovider) Other