Clean Energy Europe Finance Guide 2015

Transcription

4th
Edition
Clean Energy Europe
Finance Guide 2015
Sponsored by:
Neoen Cestas
EUR 311 million
ECRIS
Project finance facilities for
300MW Solar Plant
EUR 93 million
Financing of the acquisition
from E.ON of 49MW solar
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MLA
France
December 2014
MLA, Hedging Bank
Italy
February 2015
Trustwind
Edens
Ancora
EUR 175 million
171.6MW onshore
wind farms
MLA, Hedging Bank
Portugal
November 2014
EUR 144 million
EUR 245 million
214MW onshore wind farms
Financing of the acquisition
from EDF/Edison of 594MW
wind portfolio in Italy
MLA, Hedging Bank
MLA, Hedging Bank
Portugal
October 2014
Italy
November 2014
RENEWABLE
ENERGY GENERATION
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EUR 320 million
Term loan for
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MLA, Structuring, Hedging
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July 2014
REG St. Breock & Ramsey
GBP 21 million
Corni Eolian
18MW wind farm portfolio
EUR 67 million
MLA, Hedging Bank
70MW wind farm
UK
June 2014
MLA, Hedging Bank
Romania
April 2014
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Contents
Clean Energy Europe
Finance Guide 2015
Managing Editor:
Douglas Lloyd
Research Director:
Thomas Sturge
Production Editor:
Tom Naylor
Business Development Managers:
Sonja van Linden Tol
Andrea Hart
Clean Energy Europe
Finance Guide 2015
Published by:
Clean Energy Pipeline
A division of VB/Research Ltd.
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or transmitted, in any form or
by any means, without prior
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includes hosting all or part of this
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Foreword....................................................................................................3
Douglas Lloyd
Oh brave new world! – European regulatory round-up..........................4
Paul Brennan et al.
Squire Patton Boggs
Converting capital into success.............................................................10
Ian Thomas
Turquoise International Limited
The changing regulatory landscape in continental Europe................14
Antoine Millioud
KKB AG
New trends in renewable energy investment.......................................17
Ross McArthur
John Laing Group plc
Integrated offering of technology and financing powers................... 20
Gemini offshore wind farm
Kirk Edelman
Siemens Financial Services
European renewable energy M&A trends............................................ 22
Peter Rossbach & Ben Stafford
Impax Asset Management
Perfecting due diligence........................................................................24
Giles Dearden
Natural Power
Liechtenstein’s banks take responsibility........................................... 26
Contributed by:
Steffen Klatt, Zurich/Vaduz, Café Europe
League Tables........................................................................................ 29
Market Analysis..................................................................................... 33
○○ Public Markets
○○ Project/Asset Finance
○○ Venture Capital & Private Equity
○○ Mergers & Acquisitions
Directory................................................................................................. 45
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2
FOREWORD
Foreword
Douglas Lloyd
Founder & CEO
As 2014 came to a close, and after several rather gloomy years, the clean energy industry once again had something to cheer about.
Brushing away the memories of 2012 and 2013, 2014 turned out to be a vintage year with annual new investment in the clean
energy sector surging 12% globally to $274 billion. In Europe, new investment growth at 40% year-on-year outpaced global growth
significantly and total new investment exceeded $64 billion.
It’s refreshing to begin 2015 on a high but that certainly doesn’t mean that we will avoid spending large chunks of this year
bemoaning government policy and/or political commitment to the sector. In the UK as the general election looms, it’s abundantly
clear that clean energy is being held hostage to party campaigns. Looking more broadly, and as Squire Patton Boggs identifies in
their white paper, the issue that now needs to be resolved is how to develop a coherent energy policy at the European level. There
simply are too many conflicting subsidy schemes operating in Europe.
Another topic worth addressing is how to fund innovation. European venture capital and private equity investment in 2014 posted
72% annual growth to $1.5 billion. In absolute terms that is obviously good news but it belies a general concern among young
businesses that funding isn’t available. Recent research conducted by Clean Energy Pipeline focused on Smart Cities indicated that
the lack of investment capital is the #1 barrier to the wider adoption of smart technologies within European cities.
The white papers in this guide discuss these challenges and other issues associated with operating in the European clean energy
sector. They also highlight new areas of activity, for example in Liechtenstein where they are developing a compelling blend of
philanthropic impact investing. If you are interested on more data on financing take a look at the market analysis section in the
guide. Past isn’t prelude to the future but it certainly provides trends on which markets are hot and those that are not.
Amazingly, this is the fourth edition of the Clean Energy Europe Finance Guide. I write “amazingly” deliberately because when
you launch a new product you never really know if the market will embrace it. The fact that on average our guides are downloaded
individually more than 100,000x gives me enormous pleasure. These statistics are also a glowing endorsement of: the contributions
of Squire Patton Boggs, Turquoise and the Liechtenstein Banking Association since 2013; and my research team, whose dedication
to great data provides the backbone to every guide we produce.
Douglas Lloyd
Founder & CEO
3
THOUGHT LEADERSHIP
Squire Patton Boggs
Oh brave new world!
European regulatory round-up
Paul Brennan
Energy Specialist
London
With contributions from:
Trevor Ingle
Partner, Head of European Energy
London
Joachim Heine
Partner
Frankfurt
Although Europe remains committed to the reduction of greenhouse gas emissions, the
European Commission (EC) is becoming increasingly concerned at the distortions to the
internal energy market which result from the variety of subsidy schemes adopted by
individual Member States. Alongside improvements in energy saving and increasing energy
production in the EU including through renewables, the EC cites a well-functioning and fully
integrated internal market as one of eight key pillars of its energy security strategy. This article
considers recent initiatives at the EU level and current trends in Brussels, and the response in
the key markets of Germany, UK and France.
EU Developments
The centrepiece of the EU 2030 Climate and Energy
Framework, agreed by the European Council in October
2014, is a binding target to reduce greenhouse gas (GHG)
emissions by 40% below 1990 levels by 2030. The target is
to be achieved in a large part through a reduction of GHG
emissions of sectors (including generation from fossil fuels
covered by the EU Emissions Trading Scheme (ETS), due to
be reformed under the framework, by 43% from 2005 levels
by 2030. The emissions of sectors outside the ETS are to be
reduced by 30% from 2005 levels with the burden to be
shared equitably between Member States. The framework
also includes EU-wide targets of 27% of final energy
consumption from renewable energy sources by 2030 and,
by the same date, a 27% reduction on projected levels of
energy consumption.
4
The Council reserved the right to revise the framework
in light of the outcome of the UNFCCC Paris conference
scheduled for December this year. Even so, the EC is
pushing forward with ambitious proposals to increase
renewable energy production and reduce energy
demand in the coming years. The EC’s recently published
Framework Strategy for a Resilient Energy Union with a
Forward-Looking Climate Change Policy underlines the
drive towards increased competition and the integration
of support measures for renewable energy and demand
reduction. As part of the associated action plan the EC
is aiming for the creation of “a seamless internal energy
market … integrating renewables in the market and
remedying the currently uncoordinated development of
capacity mechanisms in Member States”. The EC intends
to consult on a new electricity market design in 2015
and follow up with legislative proposals in 2016. Other
THOUGHT LEADERSHIP
Squire Patton Boggs
actions include a review and, where necessary, revisions of
legislation to underpin the 2030 energy saving target and a
new Renewable Energy Package in 2016-17.
EC State Aid Guidelines
New EC Guidelines on State aid for environmental
protection and energy, applicable until the end of 2020,
came into force in July 2014. The Guidelines establish the
criteria against which the EC will assess Member States’
applications for approval of national subsidy schemes.
Provided the requirements of the EU Treaties are met,
it is still possible for aid to be approved if it does not fall
within the Guidelines, but the approval process is far more
convoluted and uncertain.
“Importantly for generators benefitting or
seeking to benefit from existing aid schemes
for renewable energy and co-generation, the
Guidelines enable Member States to avoid
having to adapt approved schemes until the
expiry of their existing approval.
”
Aid schemes for renewable energy projects may be
approved for a maximum period of 10 years, but, in
the future more stringent conditions are imposed
with a view to reducing market distortions. Subject to
exceptions for smaller projects, new support schemes
should take the form of a premium payable which
supplements market prices. Recipients should be subject
to standard balancing responsibilities, save in cases
where there is no liquid intra-day market. Measures also
need to be put in place to ensure that generators have
no incentive to generate electricity where market prices
are negative. Operating aid schemes should in principle
be open to other European countries to limit overall
distortive effects.
Transparent and non-discriminatory competitive bidding
processes should apply to aid granted to at least 5% of
planned new renewable energy capacity in 2015 – 16.
With effect from 2017, new schemes must provide for aid
to new capacity (save for smaller projects) to be granted
though a transparent competitive bidding process. The
bidding process can be limited to specific technologies,
if needed to avoid a sub-optimal outcome, having
regard to factors such as the longer-term potential of a
new and innovative technologies, the need to achieve
diversification, network constraints and grid stability,
integration costs and the need to avoid distortions in
biomass markets.
Importantly for generators benefitting or seeking to
benefit from existing aid schemes for renewable energy
and co-generation, the Guidelines enable Member States
to avoid having to adapt approved schemes until the
expiry of their existing approval. Where a beneficiary
has received confirmation from a Member State that it
will benefit from State aid under such a scheme for a
predetermined period, such aid can be granted under
the entire period under the conditions laid down in
the scheme at the time of the confirmation. Existing
schemes which do not have the requisite approval
are vulnerable though. Speaking at a recent event EC
Competition Directorate’s Deputy Director-General GertJan Koopman observed that very few renewable energy
support schemes had been notified to the EC as state aid.
“The assumption is that there is a lot of illegal aid out
there that will have to be regularised”. The Guidelines
indicate that the EC is of the view that aid granted to
support electricity from renewable sources in respect of
the years preceding 2019 can be declared compatible with
the internal market provided the scheme is modified by a
suitable adjustment plan.
5
THOUGHT LEADERSHIP
Squire Patton Boggs
UK
The UK’s CfD regime, designed alongside and approved under
the EC’s Guidelines, gives an early indication of the likely
impact across Europe of the EC’s new approach as Member
States come to replace their existing subsidy schemes.
Ironically, the principal benefit of a CfD for developers
compared to the Renewables Obligation (RO), which closes
to new solar PV in March 2015 and to other renewables in
2017, is the removal of exposure to market prices - the CfD
pays out the difference between a market reference price
and the project’s price-indexed strike price. By selling its
output at a fixed discount to the market reference price, then
(leaving aside the possibility of negative market prices) a
developer can be assured that it will receive the strike price
less a fixed discount on the market reference price agreed
with his PPA offtaker. In contrast, although developers
under the RO have a reasonably good assurance that the
value of RO Certificates (ROCs) will be maintained, they are
exposed to the vagaries of wholesale electricity prices or
forced by funders into sub-optimal fixed priced PPAs.
With different technologies competing against each other
solely on price, as the results of the first Allocation Round
attest, CfDs can be expected to be awarded to the cheapest
technologies which are most favourably situated, although
this effect is mitigated through a separate auction for
less-established technologies such as onshore wind and
advanced combustion plant.
From the developer’s viewpoint, it is the lack of assurance
that a CfD will be available once planning permission has
been obtained and a grid connection date agreed for the
project that is the major drawback of the CfD regime.
To avoid project delays pending full implementation of
the Energy Act 2013, the first CfDs, for 4.5 GW of renewable
energy projects (five for offshore wind, two for biomass
conversions and one of biomass with CHP), were awarded
using a more informal procedure. Compared to the
outcome of the first formal CfD Allocation Round these
“Investment Contracts” awarded at the administrative
strike prices look attractively priced indeed.
Even so, the outcome of the first CfD Allocation Round
was better than many had feared. As illustrated in
the table below, although the strike prices awarded
to successful projects were, with the exception of two
energy from waste CHP projects, significantly less than
the administrative strike prices that would have been
awarded had there be insufficient demand for contracts,
in most cases the prices appear to be viable and at least
have the benefit of a greater number of projects being
awarded CfDs than would have been the case had prices
been higher.
CfDs do tend to remove the upside for developers of any
escalation in wholesale electricity market prices over the
lifetime of the CfD (typically 15 years, 5 years less than
support under the RO). Whereas, under the RO, a developer
which has not entered into a fixed price PPA keeps the
upside if market prices turn out to be better than the
conservative projections underlying the investment case,
a developer under a CfD simply receives a lower payment
under the CfD, and, if the market reference price exceeds the
strike price, actually has to pay the difference.
Clearing and administrative strike prices
2016/17
AP
CP
£/MWh £/MWh
2017/18
C
MW
AP
CP
£/MWh £/MWh
2018/19
C
MW
AP
CP
£/MWh £/MWh
C
MW
Offshore Wind
150
N/A
0
140
119.9
714
140
114.4
448
Advanced Combustion Technology
150
N/A
0
140
119.9
36
140
114.4
26
Onshore Wind
95
79.2
45
90
80
78
90
82.5
749
Solar PV
115
79.2
39
110
N/A
0
100
N/A
0
Energy from Waste w/CHP
80
N/A
0
80
N/A
0
80
80
95
Key:
AP = Administrative Strike Price (in effect a cap in £/MWh at 2012 value on the price that can be bid by projects of the relevant technology type with a scheduled delivery date in the
relevant year)
CP = Clearing Price (being the CFD strike price in £/MWh at 2012 value (rounded to the nearest £0.1) awarded to successful bids by projects of the relevant technology type with a
cheduled delivery date in the relevant year)
C = the total capacity (rounded to the nearest MW) of the projects of the relevant technology type which were successful at auction with a scheduled delivery date in the relevant year
6
THOUGHT LEADERSHIP
Squire Patton Boggs
The bulk of CfDs for established technologies were awarded
to onshore wind projects, many of them located in Scotland
and subject to long grid connection lead times and hence
ineligible for the RO. All of the successful onshore wind
projects were located in the more windy parts of Britain, and
on the whole successful developers can be best described as
being quietly jubilant.
The outcome for solar PV was less promising. It is unlikely
that the £50/MWh strike price awarded to two “successful”
2015/2016 solar PV projects (the only omissions from the
table) will actually take up the CfDs awarded to them. Even
the £79.23/MWh strike price, awarded to the three successful
2016/17 solar PV projects, looks challenging.
There is scant information available on unsuccessful bids,
but there appears to be plenty of consented projects which
will be eligible to compete in the next Allocation Round,
with competition intensifying due to the impending closure
of the RO. Undoubtedly, this will serve to put downward
pressure on supply chain costs, and reduce rents payable to
the landowners’ of wind farm sites. Developers are likely to
concentrate on the most cost-effective projects, intensifying
the focus on Scottish onshore wind. Many developers, such
as Lightsource, which recently announced that it is setting
aside £125 million for roof-mounted solar PV developments,
are shifting their focus to smaller projects which remain
eligible for Feed-in Tariffs.
Perhaps the greatest challenge for the industry at the
moment is uncertainty as to the budget that will be made
available in the next Allocation Round, exacerbated by an
impending General Election in which the chances of any one
single party winning an overall majority appear to be slim.
Yet, if current EU initiatives are successful, the current level
of uncertainty will prove to be just a short term blip.
France
A draft Energy Transition for Green Growth law, currently in
the final stages of completion, and related action plans, set
out ambitious green objectives, including:
•
Reductions in GHG emissions from 1990 levels by 40%
by 2030 and by 75% by 2050;
•
Reductions in final energy consumption from 2012
levels by 50% by 2050 with an intermediate target of a
20% reduction by 2030;
•
A reduction in final consumption of energy from fossil
fuels by 30% from the 2012 level by 2030;
•
An increase in the proportion of renewable energies in
final energy consumption to 23% by 2020 and to 32% by
2030, more than twice the current proportion;
•
The creation of an energy performance target to be
achieved by the entire housing stock by 2050, with the
renovation of 500,000 housing units per year;
•
A target of 10% of energy consumed in transport to
originate from renewable sources by 2020 and a target
of 7 million electric vehicle charging points by 2030.
The legislation is accompanied by a package of measures,
such as the Energy Transition Tax Credit (crédit d’impôt
transition énergétique), which allows householders to
obtain partial refunds of the cost of energy renovation work,
interest-free eco-loans of up to €30,000 and a guarantee
fund for loans to low income households. Also promised
are further bonuses to drivers replacing diesel cars with
electric vehicles, tax credits for the installation of charging
7
THOUGHT LEADERSHIP
Squire Patton Boggs
points, and targets for clean vehicles for central and local
government bodies, mass retailers and taxi firms. Planning
processes for renewable energy projects are to be simplified
including by reducing periods for challenge.
A new support scheme for renewable energy projects will
introduce a variable premium which will supplement
market prices to a given level. The French Government is
planning to set out soon additional details on the scheme,
due to come into force by 1st January 2016, in the near
future. Once the new scheme is introduced, the existing
Feed-in Tariff arrangements will only be available to small
projects and less established technologies such as tidal and
offshore wind. The implementation orders are expected in
mid-2015. It remains to be seen how France will square the
new scheme and its proposed multi-year energy programme
(Progammation Pluriannuelle de l’Energie), which is to
set the shares of electricity produced by various types of
generation, with the EC’s Guidelines.
Germany
Germany’s Renewable Energy Act (the “EEG”) was
originally introduced in 2000 with the objective of
regulating and encouraging the development of
renewable energy. Today, renewable energy has a market
share of approximately 25% of German electricity supply.
Substantial amendments to the EEG were made in 2014
with the aim of moderating costs and ensuring the share
of renewable electricity supply to final consumers rises to
40-45% by 2025 and to 55-60% by 2035.
The 2014 Act sets out corridors for the deployment of
technologies:
•
Offshore wind capacity is to reach 6.5 GW 2020 and
15 GW by 2030;
•
The increase in onshore wind capacity is to be
capped by a net figure of 2,500 MW a year (taking
into account the decommissioning of end of life
plants);
•
Generation capacity from solar energy is to
increase annually by up to 2,500 MW, gross (i.e.
disregarding the decommissioning of end of life
plants);
•
Generation capacity from bioenergy is to increase
by 100 MW, gross, annually.
“
Substantial amendments to the EEG were
made in 2014 with the aim of moderating
costs and ensuring the share of renewable
electricity supply to German final customers
rises to 40-45% by 2025 and to 55-60% by 2035.
”
Substantial funding will be made available to support
investment: the €5 billion savings fund of the Caisse des
dépôts et consignations has been reserved for funding
energy transition projects at beneficial rates; and BPI France
is to double the level of loans for renewable energy projects
to €800 million per year.
If the current Government’s plans are fully realised the new
law should see France becoming competitive with Germany
and the UK as a venue for investment in low carbon projects
and technologies.
During the early stages of drafting the latest amendments
to the EEG the German Parliament consulted to ensure its
compatibility with the European State aid law, coming
to agreement with the EC regarding the final version of
the amended EEG in July 2014. As part of this agreement,
several hundred energy intensive users were required
to repay a proportion of financial advantages that had
previously been granted to them under the EEG, an early
example of the use of the adaption plan procedure for nonapproved State aid under the EC’s new Guidelines.
THOUGHT LEADERSHIP
Squire Patton Boggs
The objective of the new EEG is to promote the
development of new renewable energy sources whilst
securing the affordability of renewable energy to all
citizens. Furthermore it is intended to reduce the general
costs of Germany’s power grid. With cost savings as one
of the main targets of the new EGG, it concentrates on
cheaper technologies such as wind power and solar power/
photovoltaic. The average remuneration for generators of
renewable energy prior to 2015 was €0.17/kWh. For new
projects this has now been reduced to an average of €0.12/
kWh.
The majority of new renewable energy plants will be
ineligible for Feed-in Tariffs but will instead be required
to sell their output into the market, and receive a market
premium. There are only two exceptions to this general
rule. Consistent with the EC’s Guidelines, Feed-in Tariffs
will continue to be available for small plants i.e. in 2015
installations with an installed capacity of 500kW or less
and in 2016 and from 2017 onwards a capacity of 250kW
or less and 100kW or less respectively. The other exception
is “last resort” discounted Feed-in Tariff rates, intended to
cover generators in the event of the insolvency of a PPA
offtaker.
“Although the amended EEG is intended to
continue the expansion of new renewable
energy development, the reforms have not
proved popular amongst smaller players in
Germany.
Conclusion
Although the amended EEG is intended to continue the
expansion of new renewable energy development, the
reforms have not proved popular amongst smaller players
in Germany, concerned as to the additional complexity of
engaging with wholesale energy markets, either directly
or through intermediary offtakers, and less inclined to
push forward new projects which will be dependent on
the outcome of a competitive process to qualify for support.
Larger players, taking comfort in the ambitious new targets,
tend to be more optimistic.
From now on rather “the more, the quicker, the better” the
new mantra for Germany, and one which may increasingly
apply across the rest of Europe in years to come, is “better
planned, better connected, more efficient”. Things could
always be better, and, with the availability and rates of
subsidies increasingly being determined through competitive
tenders, the increased risk in the pre-construction phase
of development has to be faced, but, if the EU is to meet its
targets, then opportunity beckons for dynamic developers
and investors in this brave new world. ◼
Squire Patton Boggs
Website:
Contact:
Position:
Email:
Telephone:
”
The 2014 Act provides for feed-in tariffs and market
premiums to be paid for a period of 20 years after the
year of project completion. Prices vary according to the
technology used, the size of the installation, the year in
which the installation first goes into operation, and in
certain cases locational factors. For wind and solar PV,
prices will also be influenced by the rate of deployment.
Perhaps the most radical reform in the 2014 Act is that
as of April 2015, the German Federal Network Agency
will determine the market premiums for electricity from
ground-mounted solar PV through tenders. Three tender
rounds will be conducted each year from 2015 to 2017.
As in the UK, the auction will be introduced on a ‘pay as
clear’ basis, meaning that successful bidders are paid the
clearing price set by the highest accepted bid. Although
competitive bidding for other technologies is planned
for 2017, further amendments to the EEG will be required
to bring German support schemes into line with the EC’s
Guidelines in 2017.
www.squirepattonboggs.com
Trevor Ingle
Head of European Energy
[email protected]
+44 20 7655 1514
Squire Patton Boggs is an international law firm
with a long established track record in clean energy
across the globe.
Our energy team comprises lawyers across
Europe, CIS, Middle East, North & South America,
Asia and Australia. We have in-depth expertise
across all relevant legal disciplines from project
finance, M&A, venture capital, private equity and
consortia arrangements to Government relations
and regulation, technology protection and
commercialisation, tax structuring, energy trading,
permitting, environmental, property, offtake, plant
supply and procurement, construction and energy
disputes resolution. Our clean energy clients include
developers, technology companies, private equity and
venture capital investors, banks, infrastructure funds,
utilities, contractors and other major corporates.
THOUGHT LEADERSHIP
Turquoise
Converting capital
into success
Ian Thomas
Managing Director
Turquoise
Ian Thomas is a Managing Director of Turquoise (www.TurquoiseAssociates.com), a
merchant bank specialising in Energy and Environment since 2002. Turquoise acts as
adviser to companies seeking to raise capital or undertake M&A transactions and makes
venture investments through Turquoise Capital and Low Carbon Innovation Fund
(www.LowCarbonFund.co.uk). Turquoise has been ranked #1 Investor in Companies and
#1 Financial Adviser (by deals) across 2013, 2014 and 2015 by Clean Energy Pipeline.
Turquoise has spent the past 13 years advising and
investing in energy and environmental businesses. During
that time, our approach has evolved towards that of a
traditional merchant bank whereby we seek to work with
companies in as many ways as possible – as corporate
advisers, venture capital investors, board members and, in a
few cases, as co-founders and members of the management
team. We believe that this yields the best results for clients
and portfolio companies and, by extension, for us. In an era
when the prevalent trend in financial services has been
towards specialisation and separation of roles, we have
swum against the tide.
Experience shows that the clean energy and environmental
industries are difficult sectors in which to build successful
companies. A large portion of the rewards created by
the move towards cleaner sources of energy and more
sustainable business models has been captured by
established corporates rather than new entrants. Overall,
investors have not generated the kind of returns that
compensate for the risk involved in backing private
companies in these sectors. Against this backdrop,
entrepreneurs require all the support they can get. Having
shareholders who can also assist in raising funds or selling
the company, an adviser who has a direct alignment of
10
interest with founders and investors, or a board member
who can guide management through the complexities
of corporate finance transactions, can be a powerful
combination provided that there is always transparency
around these different roles.
The principal challenge for most of the companies we work
with is securing commercial traction in markets where
customers (whether utilities, governments, contractors or
others) have long, slow adoption cycles for new products,
technologies and services. However, over time we have
seen a significant improvement in the level of commercial
experience and capability within management teams such
that they are better able to address this issue. Similarly, the
quality of financial controls within businesses are on the
whole much better as they are able to attract experienced
finance directors and financial controllers. On the other
hand, companies often continue to struggle with managing
their capital raising and exit processes.
We have seen numerous examples of potentially successful
companies held back or even brought down by a failure
to establish an effective financing strategy. The reasons for
this are varied but often include a lack of understanding
within management teams and/or shareholders of
Turquoise
investment processes, timing and criteria. A concern about
equity dilution on the part of founders is also a common
problem, manifesting itself in a desire to avoid raising
capital or seeking an unrealistically high valuation. Lastly,
some managers and shareholders are highly resistant to
engaging professional advisers, either because of a fear of
losing control over the process or a desire to avoid fees. Our
experience is that companies that restrict their approach in
these ways greatly reduce their chances of success.
THOUGHT LEADERSHIP
but rather that they understand how a fundraising process
works and can give perspective to founders and the board
on how investors see the world and how best to approach
the market. If they also have relevant investor contacts then
so much the better.
“Business planning and financial forecasting
should originate from the executive team but
putting that information into the context of a
financing strategy and defining the available
options is best undertaken by someone with
the time, resource and expertise to do so.
It is arguable that, in the UK at least, there has never been
a better time to start a new business, including in energy
and environment. Long-established tax incentives such as
the Enterprise Investment Scheme have been maintained
and augmented, for example Seed EIS for start-ups, and
the emergence of experienced angel syndicates and equity
crowdfunding platforms has deepened the pool of finance
for early-stage companies. This affords new businesses the
opportunity to raise larger amounts of money (e.g. £1M+)
than was possible two to three years ago. Additionally,
the conditions on which funding can be raised (including
valuation) from these sources are generally less onerous
than would be available from professional venture
capitalists. Accessing more substantial amounts of capital at
an acceptable cost should allow early stage companies with
commercially viable business models to establish a stronger
foundation to raise follow-on financing and, ultimately,
exit. However, we find that some do not take full advantage
of the situation by giving sufficient thought to a longer term
financial strategy.
Another very valuable input at an early stage is having
an informed strategic view on how the business is likely
to achieve an exit. Our experience is that the vast majority
of companies in energy and environment will be more
likely to exit by way of trade sale than IPO which means
that strategic thinking around who the acquirers are likely
to be, and what the business needs to achieve in order to
make itself an attractive target, is critical. For early stage
companies, this insight may come from the prior experience
of the founders or management team but, again, having
independent input from a non-executive director or
industry consultant can provide a different perspective.
Management teams can benefit by drawing upon corporate
finance expertise from the outset. Even if the executives
themselves have relevant experience in that field, their
priority will be technology, product and commercial
development. For a young company, the best option may be
to recruit an appropriately-qualified non-executive board
member to take responsibility for overseeing the financing
strategy. This allows the company to access a broader range
of experience than would otherwise be the case, as well as
gaining the benefits of having an arms-length, independent
view. The value of such a person is not, in the first instance,
that they will raise money for the company themselves,
Companies, particularly those that have completed their
first external (i.e. non ‘friends and family’) fundraising, often
fall into the trap of thinking that they can defer planning for
the next round of capital (much less their exit strategy) until
they have achieved their stated business plan milestones.
They tend to assume that meeting those goals will make
subsequent fundraising relatively straightforward. This
rarely turns out to be the case; firstly, because business
plan targets are more often than not missed and, secondly,
because there is usually insufficient operating runway
in the business to allow for a fundraising to occur in
sequence rather than in parallel with hitting technical and
”
11
THOUGHT LEADERSHIP
Turquoise
commercial milestones. It is only a slight exaggeration to
say that work on raising additional capital should start on
the day of closing of the previous round.
It is usually not in a company’s interests to have its
management focused continuously on fundraising.
Business planning and financial forecasting should
originate from the executive team but putting that
information into the context of a financing strategy and
defining the available options is best undertaken by
someone with the time, resource and expertise to do so. This
could be a non-executive director, a shareholder or, as the
company grows and the funding requirement increases,
an external adviser. Turquoise’s experience is that a single
party who plays more than one or all of those roles may
have the best combination of detailed understanding of the
business and independent perspective.
“
Ideally, at least one third of any fundraising
round would be underwritten by existing
shareholders in order to demonstrate that they
are happy to continue to back the company.
”
In cases where Turquoise is an investor, for example, via
the Low Carbon Innovation Fund (LCIF) which now has 20
investments, we always encourage portfolio companies to
give early consideration to engaging a financial adviser. If
Turquoise is able to provide that service then we will make
a proposal and rescind ourselves from the decision making
process. However, if another party is better suited to the role
then, as a shareholder, we gain the benefit of their support
for the company. Where LCIF is able to make a follow-on
investment and Turquoise can assist as adviser, there is
an alignment of interest with the investee company and
other shareholders which can have a strong impact on the
willingness of new investors to participate in a fundraising.
in order to demonstrate that they are happy to continue
to back the company. In our experience, this affirmation
of shareholder support is more important than whether
the valuation has increased or reduced since the previous
funding round.
A financial adviser can play a significant role in assisting
the company to persuade existing shareholders to
participate in new funding rounds. By validating the
management’s funding plan and giving an independent
view on the appropriate valuation, an adviser can help
to build confidence on the part of shareholders. Indeed,
Turquoise has experience of advising on fundraisings where
all of the money was provided by existing investors without
any external parties being approached. In those cases, the
shareholders required an adviser to play the role of ‘honest
broker’ between them and the company.
More often, the financial adviser will be tasked with
identifying new investors. This process is sometimes
misunderstood by fundraising companies to comprise of
making calls to a short list of people who can be relied upon
to invest on the adviser’s recommendation. In reality, a
good adviser adds value principally in two ways: during the
preparatory phase, by looking at the company’s proposition
through the eyes of a prospective investor and challenging
it where necessary, and, during the execution phase, by
putting that investment proposition in front of a receptive
audience with the aim of stimulating interest from multiple
sources. The ultimate investor(s) may be the first or last to be
approached and it is rarely possible to predict exactly who
they will be.
We have found that it is easier to achieve this kind of
alignment where the capital structure of the company is
kept simple; for example, 100% ordinary shares where all
shareholders rank pari passu. Conversely, complex capital
structures with multiple layers of preference shares create
divisions between different classes of shareholders that can
ultimately be self-defeating. There may be circumstances
in which having more than one share class is necessary,
such as to bridge gaps in valuation expectations between
founders and financial investors, but it can invite
subsequent incoming shareholders to insist on overriding
preferences. One advantage of flatter capital structures is
that they give all shareholders an incentive to make the
business successful, even in adverse circumstances.
Fundraising takes time – typically at least six months
and often up to a year. The need to have adequate cash
reserves to allow the process to be conducted has already
been mentioned. However, sometimes overlooked is
the importance of raising new money from a position of
relative financial strength. The old adage that a bank seeks
to lend money only to those who don’t need it applies to
some extent in the venture capital world. At the very least,
companies who approach the market with only a few
months’ of runway are issuing an invitation to investors
to exploit the situation by imposing disadvantageous
terms. The same is very true when exiting in a trade sale.
In our experience, a business should constantly monitor
its funding position and aim to maintain 9-12 months of
runway at all times. Ironically, the first part of this is easier
for pre-revenue businesses, which only have to focus on
costs, than for post-revenue companies where the accuracy
of sales forecasting has a very significant impact. (Against
that, the latter tend to find it easier to raise funding.) The
ability and willingness of existing shareholders to support
the company through periods of temporary cashflow
volatility can be critical.
One of the keys to successful fundraising is creating
momentum, both in terms of the business itself
demonstrating forward progress and also in terms of existing
shareholders being able and willing to make follow-on
investments. Ideally, at least one third of any fundraising
round would be underwritten by existing shareholders
A successful business is likely to require several rounds of
funding prior to exit, the point where it may always be either
preparing to raise money or actually executing a capital
fundraising. This places management under a significant
amount of pressure and can consume time and resources that
are needed for commercial development. Hence, our view
12
THOUGHT LEADERSHIP
Turquoise
is that private companies benefit from having long-term
relationships with financial advisers in much the same way
as a listed business has a corporate broker, or a Nominated
Adviser if listed in the UK Alternative Investment Market.
The amount of work required for an adviser to properly
understand a company is substantial and experience suggests
that it is better to go through that learning curve once than
treat each corporate transaction (e.g. fundraise, disposal, exit)
as a separate exercise.
Another benefit of maintaining an advisory relationship
of this kind is that it helps companies to avoid the trap
of over-reliance on their existing shareholders. We have
seen numerous situations where boards of directors have
assumed that shareholders will meet future funding needs
without seeking to explore possible alternatives. This
approach leaves a company in a very difficult position if
its shareholders then prove to be unwilling or unable to
provide the required finance. Where existing shareholders
are able to invest further it can still be desirable to
benchmark the terms against what may be available
elsewhere. Indeed, in many cases, existing shareholders
prefer to have new investors come in to provide that point
of reference.
When it comes to exit, it is doubly imperative for a company
to have an adviser who understands the business in
detail. Selling a business can be an incredibly lengthy and
attention-consuming exercise, and creates considerable risk
for a company if not properly handled. It is not uncommon
to see founders and management lose their focus on the
day-to-day business as discussions with potential acquirers
progress. The same is true of an IPO process. For earlystage companies whose value is highly dependent on the
potential of their IP, as opposed to financial metrics, the sale
process can be particularly long and involve a large number
of parties and deep due diligence. In these situations
management will almost certainly not be able to coordinate
matters without external support from someone who is also
able to advise on critical issues like creating competitive
tension, valuation and deal structure.
Turquoise’s experience has been that our varied business
activities yield genuine synergies. Our activity as venture
capital investors gives us insight into how to approach
corporate finance advisory assignments. Our advisory
work makes us better able to manage our investments and
provide support to portfolio companies. The experience
we gain from sitting on numerous company boards is
shared across our business and helps members of our team
work better with the management teams of our clients
and investee companies. We believe that this approach is
the best way for us to address the challenges of financing
companies in the energy and environment sectors, and
maximise the likelihood of success for those businesses as
well as our own. ◼
Turquoise International Limited
Website:
Contact:
Position:
Email:
Telephone:
www.TurquoiseAssociates.com
Ian Thomas
Managing Director
[email protected]
+44 20 7248 7503
Turquoise International is a merchant bank specialising
in Energy and the Environment. Established in 2002,
Turquoise offers in-depth industry knowledge and
extensive capital raising, transaction advisory, and
investment management expertise and track record.
Our advisory clients operate across a range of business
segments including technology, project development,
manufacturing and services. Turquoise assists clients in
raising equity and debt from a diverse range of investors
located in Europe and internationally. We also advise
on transactions such as mergers, acquisitions, disposals
and joint ventures as well as valuation and transaction
execution.
In fund management, Turquoise provides a range of
services to investors, ranging from advice in relation
to individual investments to discretionary investment
management for a portfolio of investments. Turquoise
invests directly through Turquoise Capital (seed stage
proprietary investments) and manages the European
Regional Development Fund-backed Low Carbon
Innovation Fund (venture investments in the East of
England).
THOUGHT LEADERSHIP
KKB Renewable Energy
The changing regulatory
landscape in continental
Europe
Q&A with Antoine Millioud, CEO, KKB AG
Antoine Millioud
CEO
KKB AG
Clean Energy Pipeline interviewed Antoine Millioud, CEO, Kleinkraftwerk Birseck AG (KKB),
to understand how the changing renewable energy regulatory landscape is impacting
investment decisions. Antoine also discusses the renewable energy project finance market
and KKB’s plans for 2015. KKB is an independent green power producer focusing on the
acquisition and operation of small-scale wind, solar and hydro power generation assets in
Switzerland and Europe. The company is listed on the BX Berne Exchange.
Can you outline your investment strategy?
We invest in wind, solar and hydro projects in Switzerland,
France, Germany, Italy and Norway. Our ambition is to be a
listed green independent power producer (IPP) with a broad
portfolio across different countries and technologies. We
have selected these countries as they are near Switzerland,
have good renewable energy resources and the right legal
frameworks to make investments possible.
We currently have 100 MW of operational capacity but
want to grow this to 300 MW in the next three to four years.
We are aiming for 40% of revenues to come from wind, 40%
from hydro and 20% from solar.
Two-thirds of the capital is allocated to projects which are
either just being commissioned or are already operating.
The remainder can take construction risk. But we never
take permitting risk, so the earliest point we get involved is
when permitting is completed and projects are ready to be
built. We want to be the long term owners of these assets.
14
Have tariff cuts in Italy materially changed the
case for renewables investment?
Solar feed-in tariffs were cut, but fortunately we just started
to enter Italy so were not too exposed to this. On the positive
side it is history now and we can acquire new projects
taking this into account. For wind we have a tender process.
It is quite complex for developers to get their projects
organised ahead of the tender and the investors will also
be a bit exposed given that developers never know if their
projects are going to get the tariffs or not. On the other hand,
projects are becoming less expensive on a megawatt basis.
“There is uncertainty in every European
market that is switching to an auction-based
system. Indeed developers are already getting
nervous about caps in Germany.
”
THOUGHT LEADERSHIP
What major regulatory changes have impacted
the investment case for renewables in other
markets?
France and Germany are in a transitional period in 2015 and
2016. These two countries do not yet have to change from
tariffs to auction systems. We have good dealflow for 201516 and a lot of solid projects that are still based on previous
feed-in tariffs. So developers are trying to get as many
projects as possible on the ground during the next two years.
We don’t know what will happen from 2017 though. There
is uncertainty in every European market that is switching
to an auction-based system. Indeed developers are already
getting nervous about caps in Germany.
Are the projects you invest in typically
leveraged?
Generally the wind and solar projects come with project
finance, which we like. We sometimes have to bring in debt
at a later stage for hydro projects. Debt typically accounts for
70%-80% of the capital structure for solar and wind projects
we invest in but around 40%-50% for hydro projects.
Has there been a material change in debt
terms in the past 18 months?
In France and Germany project finance terms are 15 years
and sometimes even 17 years. Interest rates have fallen so
project finance conditions in the two main markets are very
stable. But Italy has always been very difficult. Since the
financial crisis there has not been much of a recovery. You
can still get debt from smaller investment banks or small
regional banks, but it is of course not comparable at all to
Germany or France. In Norway, the debt is more similar to
corporate debt and is less onerous than project finance in
terms of documentation, with reasonably long terms.
How have returns changed in the past few years?
The returns are a function of the country risk and the project
risk, so you have to ask for a higher return in a more risky
country. So there is a return premium in Italy compared
to France. There is also a difference in technology. Hydro
has lower returns than wind and solar. I have heard that
there has been an erosion of returns in the last few years,
but I haven’t really seen it so I am not sure if there is a large
difference between 2014 and 2011. Interest rate reductions
have contributed to this.
Does KKB plan to raise further financing?
In the last three years we have raised capital and each year
we were able to secure capital from financial investors. We
want to continue on this path of combining utilities and
financial investors as our shareholders. We are planning
further capital increases where we will again invite
financial shareholders to invest alongside utilities.
How are policy changes at the European level
impacting the investment case for renewables?
There will certainly be pressure in the next three years to
increase the percentage of renewables in the power mix. I
hope the CO2 question will be tackled again, maybe in a few
years, as the pricing mechanism for CO2 doesn’t really work
at the moment. In the absence of such a mechanism we will
continue to see coal-fired power plants being competitive
against gas, which is really bad. We need a working CO2
emissions trading system in Europe.
As a Swiss investor, with Swiss utilities as shareholders, we
are very interested in the European market coupling and
we would like to participate in it. Switzerland would like
to be part of the European market. The European energy
market is a reality which is growing every year. 2014 was an
important year for this as a lot of progress has been made.
For us in Switzerland, it is quite a concern that we are not
yet contractually connected. It has to happen. Our whole
investment strategy is based on the idea that we are one, big
connected energy market.
For example the interconnectors between Norway and
mainland Europe will go some way to solve the problem
of network stability in Norway and it will improve our
business case.
In addition, I expect general uncertainty will increase due
to the incoming tender and auction systems in Europe for
renewable energy. That will mainly create problems for
developers. In the longer term I am a bit concerned about
network stability and what happens if the feed-in priority
that renewables have enjoyed is eroded. If that starts to
fall away then we will be in a whole new area of capacity
markets and overcapacity in some hours. That is one of the large
uncertainties for renewables in the future, but I am talking 15
years from now, not in the next 10 years. ◼
Website:
Contact:
Position:
Email:
Telephone:
www.kkbenergy.com
Mr. Antoine Millioud
CEO
[email protected]
+41 61 415 41 41
Kleinkraftwerk Birseck AG (KKB AG), is an independent
green power producer focusing on the acquisition and
operation of small-scale wind, solar and hydro power
generation assets in Switzerland and Europe. By 2020,
KKB is aiming at a diversified, well-balanced portfolio
of production units with a total installed capacity of
300 MW to become a leading operator of small power
generation assets in Europe. The company is listed on
the BX Berne Exchange (ISIN CH0023777235).
15
$9.6 BILLION
TOTAL SOLAR PROJECT FINANCE IN 2014,
A 4% INCREASE ON THE $9.2 BILLION
INVESTED IN 2013.
16
THOUGHT LEADERSHIP
New trends in renewable
energy investment
Q&A with Ross McArthur, Managing Director of
Renewable Energy, John Laing Group plc
Ross McArthur
Managing Director of Renewable Energy
Clean Energy Pipeline interviewed Ross McArthur, Managing Director of Renewable Energy,
John Laing Group plc, regarding new trends in European renewable energy finance and
investment. Ross discusses John Laing’s investment strategy, the current state of the project
finance debt market, the changing returns for renewable energy investors, and how yieldcos
are impacting the investment case for renewable energy infrastructure investors.
Can you provide an overview of your investment
strategy?
Environmental Assets Group, otherwise known as the
JLEN environmental infrastructure fund.
We entered the renewable energy market in 2011. Our
strategy is to invest post-consent but pre-construction in
most cases but we are also willing to consider slightly earlier
stages of development and taking some risk at the preconsent stage.
We are experienced in taking projects from consent through
construction and into operations, including procurement and
structuring of the key contracts. We provide the equity and
raise the debt, and in so doing we draw on our experience in
structuring projects to achieve a risk profile that is acceptable
to the equity and debt markets.
John Laing launched JLEN in March 2014 with the aim
of the fund investing in environmental infrastructure
projects that have the benefit of long-term, predictable,
wholly or partially inflation-linked cash flows supported
by long-term contracts or stable regulatory frameworks.
John Laing Capital Management advises the fund, and
individual projects are also supported by specialist
functions within the wider John Laing Group that provide
the management services for the John Laing projects that
are transferred to JLEN. This provides for continuity and
a long term approach. Fourteen of the sixteen assets are
located in the UK, the remainder being in Sweden.
We do this in onshore wind, solar PV and biomass
and have invested in sixteen projects, one of which
is biomass, four are solar PV and the balance are
onshore wind. A number of these projects have since
had their shareholdings transferred to the John Laing
Our strategy is to build up a balanced portfolio of assets with
sector, geographic and regulatory diversity and with that
in mind we are now concentrating on expanding further
into Europe including Ireland, France, Sweden, Finland and
Germany, with other markets under review.
17
THOUGHT LEADERSHIP
Is UK solar PV still attractive given the
expiry of the renewables obligation subsidy
framework?
Will non-bank structures such as bonds play
an increasingly important role in financing
European renewable energy projects?
We have been less active in UK solar PV in the last 12
months. The market has been very competitive and the
secondary market for solar projects has moved to earlier
points of entry due to the relatively lower risk of building a
PV project compared to a more complicated wind or biomass
project. The changing regulatory environment for solar PV
is also part of the reason we have been less active in the last
12 months. There has been much more regulatory change in
solar than for any other technology.
It varies from sector to sector. Banks are very competitive
when lending to vanilla solar and wind projects and are the
predominant source of funding. We do, however, expect to
see a number of institutional investors entering the debt
space for these projects, further adding to the competitive
pressure on banks. When you go to the biomass end of the
spectrum, it is not a mature or established market to the
extent of wind or solar and there are more complexities.
This segment of the market is supported by a smaller, but
committed, group of banks and some structured bond
investors. Notwithstanding this, we are seeing some new
commercial banks being interested in this sector too.
“
Banks are very competitive when lending to
vanilla solar and wind projects and are the
predominant source of funding.
”
To what extent has the project debt finance
market changed for renewable energy projects
in the last two years?
It is definitely a much more competitive market and banks
have returned and are competing hard. We are seeing more
innovative structuring and more competitive margins.
There are degrees of appetite depending on how developed
a project is and if it is with a sponsor with an established
track record, but it is a pretty good time to be a buyer of debt
at the moment. During the last couple of years margins
have reduced by at least 100 bps. Cover ratios and debt sizing
criteria have also tightened.
Banks are generally prepared to invest for longer periods
now although there are still different sections of the market.
For example the departure of the Co-op has not helped the
smaller end of the UK market. But there is definitely greater
choice of long-term lenders and mini-perm structures for
projects requiring debt of £10m+ whereas previously choice
was fairly rationed.
We see the market continuing to evolve, with new entrants
(both banks and institutional investors), new structures and
new products emerging in the short to medium horizon. We
also see lenders placing a greater emphasis on developing
closer relationships and working across more projects with
experienced sponsors. In response to this we have a dedicated
team of finance specialists focussed on keeping abreast of the
latest financial market developments and on deepening our
relationships with key lenders in this sector.
We structured a bond for our Speyside biomass CHP project
last year. Importantly, Infrastructure UK, which is backed
by the UK Treasury, provided a wrap for the bond, which
de-risked the investment. This created the environment for
investors to come in. This funding solution was pursued
as a result of the limited appetite amongst the commercial
banks when approached about the project a couple of
years ago. There has been a notable increase in appetite
when we compare the level of interest to our current
biomass CHP project.
How have investment returns for onshore wind
projects changed in the past two years?
Returns on onshore wind investments have compressed to
a degree, although secondary values have also improved. In
the three years we have been in the market there has been
an increase in the number of participants, so competition
has increased. But most often projects and delivery timelines
benefit from experienced investors like us who understand
deals and can get them across the line.
Projects are also coming to market that are not quite as
developed as they used to be. Developers are selling earlier,
so there is more work to be done to take a project forward
and reach a truly shovel-ready stage or financial close, for
example our Dungavel onshore wind project in Scotland.
THOUGHT LEADERSHIP
How has the rise of yieldcos changed the
investment landscape across Europe?
What other major trends are you observing in
the European renewable energy sector?
A strong secondary market is very important for every
infrastructure market across the world and is vital to recycle
capital into new projects. The renewable energy market is
relatively young and the progress of secondary market funds
during the last 18 months has pleasantly surprised most
people. I think it can only be a boon to the market to have
those funds and a strong and successful secondary market.
When we entered the market three years ago, everyone
was talking about subsidies and got very concerned when
subsidies were changed. But the market has matured and
people are now much more prepared to work within that
changing environment. There are many more conversations
now about how quickly we can get to a subsidy free market
and we support the move to auction based support as a step.
I expect we are close to capacity though, certainly in the
London market. But there might be capacity in other
European markets as a number of the London funds have a
UK focus. The JLEN fund differentiates itself through its wider
geographic remit and a wider technology remit that sets it
apart. There is less coverage in mainland Europe, but there
is a growing and active secondary market for institutional
buyers as well.
The sooner the market moves away from subsidies, the more
stable and resilient it will be and it will be easier to do deals
given one less variable. The market is very much rising to the
challenge. ◼
What makes the Nordics attractive for
renewable energy investment?
North and West Europe have been the most stable markets
from a political and sovereign risk perspective for many years.
Sweden is an easy place to do business. It is an open country.
Finland has a feed-in tariff which provides a different risk
profile. So a combination of factors are compelling us to look
at the Nordics. Risk diversity is important to us as is having
a good deal pipeline. The significant development activity
we are seeing in this region should flow through to the preconstruction sale of projects.
Website:
Contact:
Position:
Email:
Telephone:
www.laing.com
Ross McArthur
Managing Director - Renewable Energy
[email protected]
+44 20 7901 3200
John Laing is an originator, active investor and
manager of international infrastructure projects.
Our business is focused on major transport, social
and environmental infrastructure projects awarded
under governmental public-private partnership
(PPP) programmes, and renewable energy projects,
across international markets including Asia Pacific,
UK, Europe and North America. We are one of the
world’s most trusted brands in infrastructure thanks
to our expertise and credentials, with more than 100
projects in the last 30 years.
THOUGHT LEADERSHIP
Integrated offering of
technology and financing
powers Gemini offshore
wind farm
Kirk Edelman
CEO of Project and Structured
Finance Power, Oil & Gas
The European Union is on course to hit its target of producing one-fifth of its energy from
renewable sources by 2020. Yet the European Commission finds that only nine of the 27
participating European Union members will hit their individual renewable energy targets
that year. Financial providers such as Siemens Financial Services (SFS) are in a unique
position to help these countries meet their targets.
For example, the Netherlands derived less than 5% of its
energy from renewable sources in 2013. Today, Siemens
is supporting the Netherlands to capitalise on its high
potential for offshore wind energy with an integrated
offering of technology and financing for the country’s
largest offshore wind project. By supplying one-and-a-half
million Dutch citizens with clean energy, Gemini will play
an important role in helping the Netherlands achieve the
targets mandated by the European Union’s Renewable
Energy Directive.
The 600 MW Gemini wind power plant, to be located in
the North Sea, will consist of 150 Siemens wind turbines.
Siemens Financial Services is supporting the project with
a 20% equity investment. In May 2014, this combination
of technological innovation and tailored financing
secured the largest wind power turbine order ever for
Siemens.
Siemens’ 15-year service and maintenance agreement
for the Gemini project is introducing a highly advanced
logistics concept for offshore sites. For the first time, a
helicopter will be available for a project at all times and a
20
specially designed, purpose-built service operation vessel
(SOV) will be based at the wind farm. To ensure increased
turbine availability, maintenance work can be carried out
in much harsher weather and wave conditions with this
combined offering.
With more than 20 parties involved, 70% of the Eur2.8
billion budget will be provided on the basis of project
financing, making Gemini the largest-ever project financed
offshore wind farm in the world. The multi-source financing
model used in the project can help meet the increased
capital investment required to finance the next stage in
the offshore wind market’s development. It signals how
the appetite for offshore wind assets can be aligned across a
wide range of investor groups.
New investment vehicles are making it easier for renewable
energy developers to attract financing. Historically, yield
has been relatively thin and institutional investors tended
to shy away from the energy sector. Recently, greater market
liquidity has attracted greater interest among investors
— and new instruments are being devised to attract new
investor classes to the energy finance market.
THOUGHT LEADERSHIP
Success in the wind sector may be due, in part, to integrated
offerings of technology and finance, which are strongly
positioned to address the challenges project developers
currently face. Developers often seek assistance with both
financing and technology, and Siemens’ ability to invest
its own capital to support its technology helps instill the
necessary trust to attract the remaining debt and equity
capital necessary to finance a project.
“From 2020 onward, Siemens will offer
technologies that, in addition to optimised
balance of plant, will allow offshore wind
power to be produced on a LCOE level below
10 euro cents per kilowatt hour.
”
Developers installed 11.8 GW of wind turbines in Europe
last year, accounting for almost half the power-generation
capacity added, according to the European Wind Energy
Association. However, a surge in wind turbine production
also means a greater need for the financing of these projects.
Turbine installations this year will likely increase as developers
seek to qualify for government incentives. However, what
if these incentives are not received? There are similar concerns
in the U.S., where developers fear that wind development
activities may deteriorate if tax credits are not renewed.
Renewable energy is now one of the greatest single asset
classes held by SFS, and revenue from renewables has
increased significantly since 2005. As the demand for
energy continues to expand, the world needs new ideas to
further promote renewable power generation.
We are fortunate to play a role in developing, building,
and investing in these projects. The cost of windgenerated power has declined at a steady pace as the
technology has evolved. From 2020 onward, Siemens
will offer technologies that, in addition to optimised
balance of plant (BoP), will allow offshore wind power
to be produced on a LCOE level (levelized cost of energy)
below 10 euro cents per kilowatt hour. We are on the right
trajectory to see continued long-term investing success in
this sector and see the market continue to expand for the
near future. ◼
Website:
Contact:
Position:
Email:
Telephone:
www.siemens.com/energy-finance
Jillian Lukach
Strategic Development / Communications
[email protected]
+1-732-476-3492
As an international financial services provider we
supply financial solutions for business-to-business
customers. Drawing on an international network
of financial companies, we provide businesses as
well as Siemens with a wide variety of financial
solutions – centered on the areas of energy,
industry, healthcare and infrastructure. We enable
investments, providing commercial finance, project
& structured finance as well as leveraged finance
and insurance. Our solutions are based on deep asset
expertise in the energy market.
21
THOUGHT LEADERSHIP
European renewable
energy M&A trends
Peter Rossbach
Managing Director
Impax Asset
Management
Ben Stafford
Associate Director
Impax Asset
Management
Clean Energy Pipeline’s latest statistics on European Renewable Energy M&A from 2009
through 2014 reveal a robust and growing market, dominated, particularly since 2012,
by activity in Northern Europe, and an increasing frequency of portfolio or corporate
transactions rather than single asset deals.
Wind, solar and renewable enablers M&A
(by number of deals – 4-quarter running
average)
2009 to 2014
100%
80%
In practice as more capital is required to hold the installed
capacity base of a growing renewable generation market,
it is natural for assets to move from undercapitalised
22
46%
60%
40%
Deals over $100 million
Deals between $20 million and $100 million
Deals under $20 million
Source: Clean Energy Pipeline
3Q14
2Q14
1Q14
4Q13
3Q13
2Q13
1Q13
4Q12
3Q12
2Q12
4Q11
1Q12
3Q11
2Q11
0%
1Q11
20%
2Q10
Part of deal value growth is the appearance of a new “sweet
spot” for transactions in the $20 to $100 million range, where
the frequency of such transactions has increased steadily
over time. Prior to 2012, this segment was typically only a
third of total transactions, but since the start of 2012 it has
trended towards 40-50%. We perceive this to be down to an
overall increase in assets cumulatively built in the sector
coupled with normal industry consolidation.
27%
Total deal value is also trending up. Since 2009, M&A
activity totalled approximately $6.5 billion per calendar
quarter, rising to $7 billion per quarter since 2011.
Of course, the M&A numbers exclude project financings
or equity investments by the asset owners into their own
projects and therefore they do not reflect the material
3Q10
The market has become more focussed on multi-asset deals
or corporate investments. Single asset transactions ranged
widely from 8% to 36% of the value of all transactions
(excluding off-shore wind). Small value projects (typically
10-25 MW) are increasingly sharing the market with deals
marked by larger diversified portfolio investments (100-150
MW+).
developers to aggregators and then “destination owners”
such as pension funds and other long term holders.
4Q10
Over the past six years Northern European countries – led
by Germany, France, Ireland and the UK, followed by
Sweden, Poland and Italy – have dominated renewable
energy infrastructure M&A deals.
THOUGHT LEADERSHIP
37%
36%
Corporate
wind generation assets
Single generation asset
On-shore wind generation assets
Portfolio of generation assets
2009-2014
14%
25%
2%
3%
4%
586 DEALS
6%
90
8
80
7
70
6
60
5
50
4
40
3
30
2
20
1
10
0
0
On-shore wind
generation assets
Solar PV
generation assets
Renewables
enablers
Number
of deals
Country breakdown: M&A of onshore
wind generation assets in Europe (by
number of deals)
5%
9
Number of deals
27%
1Q09 to 4Q14
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
2014
M&A of wind, solar and renewable
enablers in Europe
Deal value ($ billion)
Target type breakdown: M&A in Europe
as a percentage of deal value
21%
7%
15%
Germany
Spain
UK
Italy
France
Ireland
Poland
Finland
Sweden
Other
investment being made in construction in this period.
These statistics also show total financial value, not MW
capacity. Larger portfolios often have assets in a variety
of stages, including pre-construction and development,
leading to increased investment activity post-M&A. As a
result, the final equity investment into corporates is often
understated as statistics focus on purchase price rather
than total spend over time. For this reason, corporate
transactions have significant latent value-add and growth
potential for the buyer.
Wind transactions have increased in number relative
to solar, especially since 2012, mainly due to the
compression of operating margins in solar. Furthermore,
there are new technology entrants into the market.
Clean Energy Pipeline’s figures show the sector is
presenting new opportunities in the field of renewable
“enabler” infrastructure and related businesses. These
include a number of generation technologies as well as
grid distribution-related “enablers” – such as peaking
infrastructure, energy storage and demand response
technologies. The intermittent nature of renewables
means that the demand for grid smoothing in various
forms looks set to increase.
While the market has matured significantly in recent
years, Clean Energy Pipeline’s figures indicate there is no
let-up in the rate of M&A in the renewables industry, a
trend creating strong opportunity in the years to come. ◼
Website:
Contact:
Position:
Email:
Telephone:
www.impaxam.com
Harry Lambert
Associate Director
[email protected]
+44 207 432 2655
Impax Asset Management is an award winning,
leading investment manager dedicated to investing
in the opportunities created by the scarcity of
natural resources and the growing demand for
cleaner, more efficient products and services,
through both listed and private equity strategies.
We manage c.US$4.6 billion (£3 billion) for investors
globally, and are committed to providing strong,
long-term, risk-adjusted returns.
23
THOUGHT LEADERSHIP
Natural Power
Perfecting due diligence
Preparing renewables projects for financing and M&A
Giles Dearden
Director
Natural Power
Giles Dearden is a Director of Natural Power, the leading international renewable energy
consultancy and products provider. The company has delivered due diligence services on
around 6 GW of transactions for some of the world’s largest energy providers and finance
houses, and provided asset management services on nearly 2.5 GW of operational assets. They
currently oversee operations on around 1,200 turbines, across 120 sites globally. Now in its
20th year, the company employs more than 300 renewable energy experts, having grown
from humble beginnings in a Glasgow tenement. With a reputation for its full lifecycle service
offering across three continents, the business is targeting sustained growth over the next
couple of years as it continues to build its business globally.
Natural Power routinely performs detailed technical
due diligence (DD) on behalf of clients in a number of
different transaction scenarios:
•
•
Project finance debt transactions, where Natural
Power fulfils the duties of lender’s or owner’s
independent engineers / technical advisors, from
pre-finance technical DD to project commissioning
and handover;
M&A transactions, often containing a mixture of
operating, pipeline and pre-construction assets,
where Natural Power performs technical DD
duties on behalf of the acquirer or on behalf of the
vendor.
Natural Power provides technical DD services throughout
all stages of the transaction cycle, from initial risk
assessment, data room presentation and reporting in early
transaction stages through to comprehensive reporting for
credit-committee at final bid stage or financial close.
Deep resources and global experience
The company’s DD experience spans more than 150
projects and portfolios, with a team of over 50 specialists
working as part of a 300 strong organisation.
Natural Power’s DD services are available globally, and
to date have included projects in the US, France, the UK,
Ireland, Finland, Sweden, Canada, Thailand, Romania,
Chile, Turkey, Kenya, South Africa and many more.
The company delivers technical DD work on the
following renewable energy technologies:
•
Offshore wind
•
Onshore wind
•
Solar PV
•
Bioenergy
•
Hydro-power
THOUGHT LEADERSHIP
Natural Power
Now entering its 20th year of operation, Natural Power
has collected a wealth of international experience and
is able to share some of its market perspectives gained
through delivering technical DD for renewable energy
project transactions:
The devil is in the detail – Natural Power’s extensive
record of designing, delivering and operating renewable
energy projects on behalf of clients gives them a true lifecycle perspective as to what makes a successful project.
Their experience has shown that it is very often in the
interactions between technical disciplines where risks lie.
Flushing out and mitigating these risks requires a tightlyintegrated technical approach, open communication and
well-honed processes.
Understand the drivers – Why is a particular project
being sold? Has the site been developed specifically for a
post-consent or post-construction sale? Has performance
met pre-construction expectations? Understanding the
commercial drivers behind a transaction helps to target
and focus the technical DD effort. As the secondary
market in renewable energy projects continues to expand,
finding the right opportunities to invest in, or indeed
understanding how best to market a project or portfolio,
requires an honest view to be taken on project issues.
Less haste, more speed – Natural Power has found that
time spent structuring a data-room and organising project
information pays dividends, in that it preserves value by
presenting project issues in a transparent and coherent
way. Well organised project information also allows
transactions to proceed at a greater pace as DD effort can
be focussed where it matters most.
Get the balance right – Natural Power believes it is
vital to understand the need for translating what are
often highly technical issues into language that can be
fully appreciated by a non-technical audience. Senior DD
personal and project managers work closely with clients
to ensure that risks are presented in proportion, and that
they communicate in such a way that as to present risks,
and opportunities, in the context of your transaction.
This allows them to maximise the value of advice and to
assist in developing transaction strategies and tactics as
required.
No team is an island – Technical DD does not
stand in isolation; there are a wide range of issues
and considerations to be taken into account when
undertaking a project transaction, from legal to
commercial to financial. It is essential that technical
advisors form effective working relationships with
clients’ commercial teams, and also with your wider
advisory team. This allows Natural Power to continually
present findings in the context of your project, and
to ensure that interfaces and overlaps with other
advisors’ scopes of work are effectively managed and
communicated.
Taking a long-term view – The information gained
through a thorough DD assignment provides a snap-shot
of the project at the point of transaction. Many of the
issues identified will need to be managed and addressed
over the course of the life of the project.
If you would like to discuss your project’s DD needs with
Natural Power, you can email: [email protected]
or telephone +44 1644 430 008. ◼
Natural Power
Website:
Contact:
Position:
Email:
Telephone:
Giles Dearden
Director
[email protected]
+44 1644 430 008
Natural Power is an independent renewable energy
consultancy and products provider with over two
decades of unique industry expertise. We provide
planning & development, ecology & hydrology,
environmental technical consultancy, construction
& geotechnical, asset management and due diligence
services locally across onshore wind, offshore wind,
wave, tidal and biomass sectors globally.
THOUGHT LEADERSHIP
Liechtenstein’s banks
take responsibility
Contributed by:
Steffen Klatt
Zurich/Vaduz
Café Europe
Liechtenstein’s three major banks are heavily involved with non-profit foundations, both in
Liechtenstein and globally. LGT, the largest bank in Liechtenstein, operates at the intersection
of risk capital and philanthropy through LGT Venture Philanthropy, an impact investor across
five continents. Meanwhile, the foundations of Liechtensteinische Landesbank and VP Bank
primarily operate in Liechtenstein. This article explores the work being undertaken by the
foundations of these banks.
LGT Venture Philanthropy – investing in
African solar
Solar power systems are the ideal solution for Africa’s
pressing energy problems. They can be installed quickly
and do not require a grid. The energy is also clean and
cheaper than the kerosene lamps that are widely used.
However, many consumers do not have the cash to
purchase the systems, preventing their widespread use.
M-KOPA Solar is solving this problem. The company,
based in Kenya’s capital, finances the systems and is paid
back via charging for its daily use. Customers pay $0.45
a day via their mobile phone. After a year, they own the
system.
M-KOPA was established in October 2012. When the first
400 systems were installed, LGT Venture Philanthropy
stepped in and financed M-KOPA’s market launch
with a capital investment of $37,500 and a loan of
$500,000. M-KOPA has since installed 150,000 systems
in Kenya, Uganda and Tanzania and is currently
installing 500 systems every day. M-KOPA now employs
over 500 people in East Africa, a region plagued by
unemployment.
26
Targeting scalable solutions
For Oliver Karius, Managing Director of LGT Venture
Philanthropy, M-KOPA Solar is a model example of LGT
Venture Philanthropy’s commitment. “We scale social
solutions that work”, he says. “We are not talking about
project financing or start-ups. The idea is to support
companies who have already shown that they improve
people’s quality of life in a sustainable way.”
“LGT Venture Philanthropy operates in
the middle ground between the focus on
profit of venture capitalists and traditional
philanthropy.
”
LGT Venture Philanthropy helps these solutions to reach a
large number of people. As the commitment by LGT Venture
Philanthropy is considered a stamp of quality and its
screening process is renowned, M-KOPA is now also funded
by a Kenyan bank.
THOUGHT LEADERSHIP
Operating at the intersection of risk capital
and philanthropy
LGT Venture Philanthropy was established in 2007 as one
of the first initiatives of Prince Max of Liechtenstein, after
he took over LGT as CEO in 2006. His decision was based
on the principle that companies as well as individuals
bear a social responsibility and a responsibility for the
environment. The foundation’s capital originally came
from the family and the bank. LGT Venture Philanthropy
operates in the middle ground between the focus on profit
of venture capitalists and traditional philanthropy. “There
are definitely opportunities for combining a positive social
impact with profitability,” says Prince Max. “However, there
are other areas where profitability is difficult, but capital is
still required.”
According to Oliver Karius, 42 million francs of the
foundation’s capital have now been channelled into
47 organisations and companies in Africa, Asia, Latin
America and Europe. Its key areas for investment are
health, education, nutrition, water and energy. The funds
committed per ogranisation range from $200,000 to $10
million. Care is always taken to assess whether recipients
have the management qualities to achieve the set goal of
making a lasting social impact on the lives of disadvantaged
people. Whether a profit is generated is less important.
LGT staff encouraged to get involved
LGT Venture Philanthropy plays a very active role in
its investments. Importantly, its investment managers
are rooted in the local markets. “Our team members
originate from 21 nations”, says Natija Dolic, Head
of Communications at LGT Venture Philanthropy.
“Each investment manager is in charge of three to four
organisations.”
Thanks to the ICats (impact catalysts) Programme, LGT
Venture Philanthropy can provide its partner organisations
with additional experts and resources. These experts commit
their services for up to one year on a voluntary basis to
build up management capacities in the companies and
organisations. Over a hundred experts have been posted as
part of this programme since it started.
“The foundation, endowed with 10 million
francs, promotes projects, institutions and
individuals in a wide spectrum of interest
areas ranging from art and science through to
social projects.
”
LGT staff members also get involved in the ICats
Programme. For example, the Group’s Head of Legal Affairs
worked for four weeks in an organisation in South Africa
that helps HIV-positive mothers bring healthy children
into the world. “The bank’s staff want to help solve social
problems,” explained Oliver Karius “To do this, they utilise
their professional strengths and experience in organisations
where skilled personnel are urgently needed, but are not
available locally or the organisation cannot afford them.”
The bank’s clients also have the chance to get involved
with LGT Venture Philanthropy. Some 30% of the funds
now come from clients. sees “This as a way of enhancing
the service to our clients,” explained Ursula Finsterwald,
LGT Group’s Sustainability Director. “We can therefore offer
clients the full range of potential investments, from ‘normal’
investments all the way to purely philanthropic ventures.
Particularly for institutional investors, sustainability criteria
have become increasingly important.”
VP Bank - unbureaucratic support
The VP Bank Foundation operates independently of
the bank. A connection exists, for instance, via the
charity tranche of the bank’s strategy fund, by which the
organisation SolidarMed is supported in its mandate to
27
THOUGHT LEADERSHIP
provide medical care in Africa. The support of the “pro natura
– pro ski” foundation is also internationally effective.
“I’m particularly impressed with how highly committed
people working in the social sphere are to looking after
those who need help,” says Fredy Vogt, Chairman of
the Board of Directors of VP Bank and one of the two
Foundation Directors. “It’s a wonderful addition to my
work as Chairman of the Board of Directors.”
The bank, whose biggest principal shareholder is itself
a non-profit foundation, set up the foundation in 2006
on its 50th anniversary. The foundation, endowed with
10 million francs, promotes projects, institutions and
individuals in a wide spectrum of interest areas ranging
from art and science through to social projects. Most of
the supported projects are connected with Liechtenstein.
The foundation supports the establishment of a professor
for foundation law at the University of Liechtenstein,
and social institutions in the country is given substantial
support as part of the “Lichtblick” initiative.
According to Vogt, artists are supported financially in
an unbureaucratic way. This unbureaucratic aspect
is important to Vogt. He and his fellow director, Hans
Brunhart, his predecessor as Chairman of the Board of
Directors and former head of government, require the
supported organisations to be transparent. However,
organisations can take decisions quickly.
Liechtensteinische Landesbank – facilitating
voluntary social years
The country’s oldest bank, Liechtensteinische
Landesbank, also set up a non-profit foundation on its
anniversary. It celebrated its 150th anniversary in 2011
under the motto “150 Years of Looking Forward”. This led
to the creation of the “Liechtensteinischen Landesbank
Future Foundation”. Initially capitalised with 3 million
francs, the foundation awards between 130,000 and
160,000 francs a year. Last year, 70,000 francs of this
was allocated to social organisations in Liechtenstein.
Individual projects were supported with an additional
65,000 francs.
The foundation promotes projects and initiatives that
have a visible and lasting effect. Roland Matt, CEO of
28
the Landesbank and President of the Foundation Board,
says it is focused on individuals and organisations
who make a successful commitment to society and
whose work is of an exemplary nature. A project
especially close to Roland Matt’s heart is the Voluntary
Social Year Liechtenstein, launched in 2013, which
enables young people complete a professionally
organised and supported voluntary social year. “The
Voluntary Social Year Liechtenstein enables young
people to gain insights into various working fields and
personal development opportunities”, says Matt. “At
the same time, it creates added value for the integrated
institutions.”
The foundation does not replace the bank’s comprehensive
sponsoring activities. For example, FC Vaduz, which plays
in Switzerland’s premier league, as well as the Vaduz
Film Festival and the concert series “Sommer im Hof” are
sponsored by the bank. ◼
The Liechtenstein banks are
represented by the Liechtenstein
Bankers Association (LBA)
Website:
Contact:
Position:
Email:
Telephone:
www.bankenverband.li
Simon Tribelhorn
CEO
[email protected]
+423 230 13 23
The Liechtenstein Bankers Association (LBA) was
founded in 1969 and is the voice of the banks
operating in Liechtenstein, at home and abroad. It
is one of the most important support organisations
in the country and implements important functions
ensuring the successful development of the financial
centre. Through membership of the European
Banking Federation (EBF) and the European
Payments Council (EPC), the Liechtenstein Bankers
Association is an integral part of key bodies at the
European level, and plays an active role in the
European legislative process.
League tables
Methodology
League tables are based on deals that were announced during the 2014 calendar year. The
only exception is the league table ranking legal and financial advisors, which is based on
deals that completed in 2014. This approach has been adopted as advisors are often not
disclosed until after a transaction has completed.
Qualifying transactions must be classified within at least one of the following sub-sectors:
advanced materials & technologies; sustainable agriculture; biofuels; biomass; clean coal;
energy efficiency; environmental services & remediation; geothermal; green transportation;
hydro; hydrogen generation; marine; microgeneration; recycling & waste; solar; water &
wastewater treatment; and wind. For a full description of our sector definitions please visit
www.cleanenergypipeline.com.
Number of deals ranking: for investor league tables, this is defined as the number of
individual companies invested in (not individual investments or transactions) during 2014.
For advisor league tables, this is defined as the number of individual transactions that have
been completed in which an advisor has been involved. Where more than one adviser or
investor has been involved in the same number of transactions, the higher ranking is given to
the adviser or investor associated with the highest aggregate deal value.
Deal credit: the deal credit allocated to an investor is calculated for each transaction by
dividing the total value of a transaction by the number of investors participating in the
fundraising. Deals of an undisclosed size are assigned a deal value of zero, apart from M&A
transactions involving operational onshore wind and solar PV assets. In such transactions,
a deal value is estimated on the basis of installed capacity using Clean Energy Pipeline’s
multiples.
Deal credit for legal and financial advisors is calculated using the same methodology. If more
than one advisor represents one party in a deal, the deal credit is divided equally between
the advisors.
As our online platform is updated in real time, league table rankings may differ from the
time of this release and the data found in our online platform at a later date. The Clean
Energy Pipeline league tables are based on deal information which has been collected by or
provided to our team. Clean Energy Pipeline endeavours to guarantee the accuracy of the deal
information used to compile the league tables. At the end of each quarter, organisations are
invited to email us a quarterly deal summary in any format to ensure that all relevant deals
are reflected in the Clean Energy Pipeline league tables. All submissions should be emailed to
Thai Tran at [email protected]. Clean Energy Pipeline reserves the rights to decline
inclusion of deals that it deems fall outside its definitions or methodology.
Copyright © 2005 – 2015
VB/Research Ltd.
All rights reserved. No parts of this publication may be reproduced, stored in a retrieval system or transmitted,
in any form or by any means, without prior permission of the publishers. This includes hosting all or part of this
publication online.
LEAGUE TABLES
League tables
Europe
The following league tables rank the most active investors, banks, law firms and financial
advisors in the European clean energy sector in 2014. Rankings are based on deals
involving Europe-based investee companies, M&A targets or projects tracked by Clean
Energy Pipeline’s deal data team. Our methodology is described on the previous page.
PROJECT & ASSET FINANCE – TOP 10 LEAD ARRANGERS BY DEAL CREDIT
Rank Lead Arranger
Number of Deals
Deal Credit ($ million)
1
European Investment Bank
20
3,870
2
Nord/LB
11
1,027
3
Natixis
37
913
4
Deutsche Bank
8
748
5
European Bank for Reconstruction and Development
11
713
6
HSH Nordbank
9
647
7
Nordic Investment Bank
9
608
8
Rabobank
4
585
9
Société Générale
5
484
10
Banco Santander
14
474
PROJECT & ASSET FINANCE – TOP 10 LEAD ARRANGERS BY NUMBER OF DEALS
Rank Lead Arranger
Number of Deals
1
Natixis
37
913
2
20
3,870
3
Macquarie Bank
16
439
4
Banco Santander
14
474
5
European Bank for Reconstruction and Development
11
713
6
Nord/LB
11
1,027
7
HSH Nordbank
9
647
8
9
608
9
ING Group
9
374
10
Triodos Bank
9
42
30
LEAGUE TABLES
INVESTMENT IN COMPANIES – TOP 10 INVESTORS BY DEAL CREDIT
Rank Investor
1
Gothaer Versicherungen
Number of Deals
2
392
2
Kawa Capital Management
1
200
3
Guangyu International
1
200
4
BE Bio Energy Group
1
110
5
Berti Investments
1
84
6
Export-Import Bank of China
1
78
7
Government of Singapore Investment Corporation
1
62
8
Unicredit
1
62
9
Business Growth Fund
4
41
10
Shaw Kwei & Partners
1
40
INVESTMENT IN COMPANIES – TOP 10 INVESTORS BY NUMBER OF DEALS
Rank Investor
Number of Deals
1
Turquoise International
10
7
2
Bpifrance
8
23
3
Demeter Partners
7
14
4
Emertec Gestion
6
12
5
High-Tech Gründerfonds Management
6
5
6
4
41
7
Aster Capital
4
16
8
Electranova Capital
3
15
9
IDInvest Partners
3
13
10
Siparex Ventures
3
9
PROJECT & ASSET FINANCE – TOP 10 LEGAL ADVISORS BY DEAL CREDIT
Rank Legal Advisor
Number of Deals
1
Allen & Overy
10
6,781
2
Clifford Chance
11
6,004
3
Linklaters
16
3,556
4
Norton Rose Fullbright
18
3,036
5
Eversheds
34
2,038
6
Watson Farley & Williams
15
1,846
7
Burges Salmon
10
1,190
890
8
DLA Piper
5
9
De Pardieu Brocas Maffei
3
740
10
Ashurst
3
667
PROJECT & ASSET FINANCE – TOP 10 LEGAL ADVISORS BY NUMBER OF DEALS
Rank Legal Advisor
Number of Deals
1
Eversheds
34
2,038
2
18
3,036
3
Linklaters
16
3,556
4
15
1,846
5
Clifford Chance
11
6,004
6
Allen & Overy
10
6,781
7
Burges Salmon
10
1,190
8
Simmons & Simmons
6
319
9
DLA Piper
5
890
10
Herbert Smith Freehills
4
496
31
LEAGUE TABLES
VENTURE CAPITAL & PRIVATE EQUITY AND M&A – TOP 10 LEGAL ADVISORS BY DEAL CREDIT
Rank Legal Advisor
Number of Deals
1
15
2,088
2
34
1,555
3
Hengeler Mueller
2
1,347
4
Simmons & Simmons
7
1,158
5
Ashurst
2
859
6
Linklaters
16
853
794
7
Burges Salmon
59
8
Latham & Watkins
1
370
9
Allen & Overy
7
366
10
McCarthy Tetrault
1
364
VENTURE CAPITAL & PRIVATE EQUITY AND M&A – TOP 10 LEGAL ADVISORS BY NUMBER OF DEALS
Rank Legal Advisor
Number of Deals
1
Burges Salmon
59
794
2
34
1,555
335
3
Eversheds
24
4
Linklaters
16
853
5
15
2,088
6
Beiten Burkhardt
11
n/d
7
Squire Patton Boggs
10
332
8
Simmons & Simmons
7
1,158
9
Allen & Overy
7
366
10
Clifford Chance
7
71
VENTURE CAPITAL & PRIVATE EQUITY AND M&A – TOP 10 FINANCIAL ADVISORS BY DEAL CREDIT
Rank Financial Advisor
Number of Deals
1
EY
13
2,178
2
Credit Suisse
2
2,000
3
Citigroup
1
2,000
2,000
4
Houlihan Lokey
1
5
DNB
7
1,469
6
FIH Partners
2
1,343
7
Fieldstone
1
1,068
8
Nomura Holdings
1
637
9
Jones Lang LaSalle Corporate Finance
6
417
10
Greentech Capital Advisors
1
335
VENTURE CAPITAL & PRIVATE EQUITY AND M&A – TOP 10 FINANCIAL ADVISORS BY NUMBER OF DEALS
Rank Financial Advisor
Number of Deals
1
Turquoise International
17
132
2
EY
13
2,178
3
Elgar Middleton
11
254
4
DNB
7
1,469
5
Jones Lang LaSalle Corporate Finance
6
417
6
Colville Partners
6
320
n/d
7
KAIROS Corporate Finance Advisory
4
8
BDO
3
25
9
Credit Suisse
2
2,000
10
FIH Partners
2
1,343
32
MARKET ANALYSIS
Public markets
Europe
This section analyses public market deal activity in Europe’s clean energy sector in 2014. The
analysis is based on deals tracked in Clean Energy Pipeline’s public market deal database.
Clean energy companies raised $3.8 billion on European public markets in 2014 through a
mixture of IPOs, secondary offerings and convertible notes, a 65% increase on the $2.3 billion
secured in 2013. The number of listings also increased – 38 public market listings were executed
in 2014, more than double the 17 transactions in 2013. This made 2014 the most active year for
clean energy public market deals in Europe in terms of the number of deals and the value of
funds raised since 2010.
Deal value
4Q14
3Q14
2Q14
1Q14
4Q13
3Q13
2Q13
0
1Q13
0
4Q12
3
3Q12
1
2Q12
6
4Q11
2
1Q12
9
3Q11
3
2Q11
12
4Q10
4
1Q11
15
3Q10
5
2Q10
18
1Q10
6
4Q09
21
3Q09
7
2Q09
1Q09 to 4Q14
1Q09
Public market listing activity was
also buoyant due to an increase
in listings of renewable energy
project developers – fourteen project
developers or independent power
producers (IPPs) raised $1.2 billion
through IPOs and secondary offerings
European clean energy public markets deal activity
Number of deals
The surge in deal activity was
underpinned by an increase in
listings of companies manufacturing
technology for the clean energy
sector. Indeed 14 clean energy
technology companies secured $1.4
billion on European public markets in
2014, a significant increase on the five
companies that secured $229 million
in 2013. Manufacturers of wind
turbines were notably active in 2014,
with Vestas and Gamesa securing $598
million and $306 million respectively
through secondary offerings.
Number of deals
33
MARKET ANALYSIS
Notable European yieldco vehicles
Yieldco
Sector focus
Dividend
yield*
Issue type
Bluefield Solar Income
Fund (BSIF)
Solar PV
6.38%
IPO
Foresight Solar Fund Ltd.
(FSFL)
Solar PV
Greencoat UK Wind plc
(UKW)
Onshore wind
5.81%
Deal value
(£ million)
Deal value
($ million)
Jul-13
130
197
Secondary
Feb-14
13
22
Secondary
Nov-14
123
195
IPO
Oct-13
150
243
Secondary
Oct-14
60
96
IPO
Mar-13
260
394
Secondary
Dec-13
83
136
Secondary
Jan-14
2
3
Secondary
Oct-14
125
200
Mar-14
160
264
John Laing Environmental
Assets Group (JLEN)
Onshore wind, solar
PV, & water and waste
management
5.11%
IPO
NextEnergy Solar Fund
(NESF)
Solar PV
5.94%
IPO
Apr-14
86
118
Secondary
Nov-14
96
152
The Renewables
Infrastructure Group Ltd.
(TRIG)
Onshore wind & solar PV
* Dividend yield as of 31/12/2014
34
5.55%
Issue date
5.80%
IPO
Jul-13
300
461
Secondary
Nov-13
10
17
Secondary
Mar-14
66
110
Secondary
Oct-14
38.6
62
MARKET ANALYSIS
European clean energy public markets
deal activity by issuer type
2014
31%
37%
Technology / equipment
manufacturer
Yieldcos
Project developers
32%
deal activity by sector
2014
SOLAR
27%
4%
2%
ENERGY STORAGE
3%
ENERGY
EFFICIENCY
OTHER
deal activity by stock exchange
2014
7%
London Stock Exchange
3% 4%
8%
Euronext Paris
37%
OMX Nordic - Copenhagen
Madrid Stock Exchange
16%
SIX Swiss Exchange
25%
Oslo Stock Exchange
Other
“2015 is already shaping up to be another
”
RECYCLING & WASTE
20%
Yieldcos continued to tap the public markets in 2014.
Yieldcos raised $1.2 billion in 2014, a slight decrease on
the $1.4 billion secured in 2013. This included IPOs of new
yieldcos John Laing Environmental Assets Group and
NextEnergy Solar Fund, which secured $264 million and
$118 million respectively, and secondary offerings totalling
$840 million of Bluefield Solar Income Fund, Foresight Solar
Fund, Greencoat UK Wind, NextEnergy Solar Fund and The
Renewables Infrastructure Group. As of 1 January 2015,
the six listed European clean energy yieldcos provided an
average dividend yield of 5.8%.
robust year for public market deal activity.
Yieldcos Greencoat UK Wind and NextEnergy
Solar Fund secured a combined $174 million
through secondary offerings in February
2015 while French solar developer Solaire
Direct SAS has made preliminary filings for a
$195 million IPO and German solar company
Conergy is reportedly preparing to file for an
IPO this year.
WIND
44%
in 2014, a significant increase on the six companies that
raised $581 million in 2013. Notable deals included
renewable energy IPP Voltalia’s $136 million IPO on the
Euronext Paris exchange and Norwegian solar developer
Scatec Solar’s $123 million IPO on the Oslo Stock Exchange.
Wind and solar companies dominated European public
market listing activity in 2014, accounting for 44% and 27%
respectively of the total value of funds raised. The London
Stock Exchange was the most attractive listing destination,
accounting for 37% of the total value of funds raised in 2014.
This was followed by Euronext Paris (25%), OMX Nordic
(16%) and the Madrid Stock Exchange (8%).
There were 19 clean energy IPOs in Europe in 2014, an
increase on the 13 IPOs in 2013. However an absence of
any large deals meant the value of funds raised from IPOs
fell 47% annually to $1.1 billion. Aside from the IPOs of
John Laing Environmental Assets Group, Voltalia, Scatec
Solar and NextEnergy Solar Fund described earlier, the
most notable IPOs in 2014 were UK fuel cell manufacturer
Intelligent Energy’s $96 million listing on the London Stock
Exchange in July 2014 and French microalgae producer
Fermentalg’s $56 million IPO on Euronext Paris in April
2014.
2015 is already shaping up to be another robust year for
public market deal activity. Yieldcos Greencoat UK Wind
and NextEnergy Solar Fund secured a combined $174
million through secondary offerings in February 2015
while French solar developer Solaire Direct SAS has made
preliminary filings for a $195 million IPO and German solar
company Conergy is reportedly preparing to file for an IPO
this year. ◼
35
36
MARKET ANALYSIS
Project/asset finance
Europe
This section analyses project finance deal activity in Europe’s clean energy sector in 2014.
The analysis is based on deals tracked in Clean Energy Pipeline’s project finance transaction
database.
European clean energy project finance totalled $59.0 billion in 2014, a 38% increase on the $42.7
billion invested in 2013. 2014 was in fact the largest year for European clean energy project
finance since 2011. In contrast, the number of project finance deals declined marginally to 625
in 2014, compared with 627 deals in 2013 and 691 deals in 2012. In fact, the number of project
finance transactions was at its lowest annual level since 2009.
European clean energy project finance
1Q09 to 4Q14
Deal value
4Q14
3Q14
2Q14
1Q14
4Q13
3Q13
2Q13
1Q13
4Q12
0
3Q12
0
2Q12
50
4Q11
5
1Q12
100
3Q11
10
2Q11
150
4Q10
15
1Q11
200
3Q10
20
2Q10
250
1Q10
25
4Q09
300
3Q09
30
2Q09
350
1Q09
35
Number of deals
The increase in the value of project
finance investment was a direct
result of a small number of very
large offshore wind deals. Three
European offshore wind farms
secured $4.1 billion of debt project
finance in 2014, a 2.5x increase on
the $1.6 billion invested in 2013.
This made 2014 the largest year on
record for offshore wind project debt
finance. Much of the increase was
due to the $3 billion debt package
to support construction of the
$3.9 billion 600 MW Gemini project
in the Netherlands. The financing
agreements were signed in May 2014.
This is the world’s largest renewable
energy project to be funded using
non-recourse project finance.
Offshore wind in focus
Number of deals
37
MARKET ANALYSIS
Offshore wind debt project finance
2006 to 2014
5
4
Gemini
3
Global Tech 1
2
Gunfleet Sands
172.8MW
Borkum West
II
Northwind
Butendiek
400MW
Bligh Bank
Phase I
(Belwind)
1
Meerwind
200MW
600MW
216MW
Thornton Bank
(C-Power)
Phases 2 & 3
Westermeerwind
Lincs
144MW
165MW
Walney
367MW
630MW
210MW
20
14
20
11
Baltic 1
20
13
48.3 MW
London Array
Phase 1
20
12
288MW
295.2MW
Westermost
Rough
288MW
270MW
20
10
09
20
08
194MW
20
20
Lynn & Inner
Dowsing
30MW
07
120MW
06
0
Thornton Bank
(C-Power)
Phase 1
20
Princess
Amalia
The Gemini transaction highlights the extent to which
commercial banks are now comfortable with lending to
offshore wind farms. In total, more than 40 commercial
banks have invested in the European offshore wind sector
since 2006. Five institutions invested in the sector for the
first time in 2014. These are Bank of Montreal, CIBC, Bank
Nederlandse Gemeenten and CaixaBank, which were
among the 12 commercial banks supporting the Gemini
project, and Triodos Bank, which invested in the 144 MW
Westermeerwind near-shore wind farm in the Netherlands.
Export credit agencies (ECAs) and multilateral finance
organisations are vital sources of finance for offshore wind
projects. All three projects that secured debt finance in
2014 were supported by these institutions. In May 2014,
the European Investment Bank (EIB) and three ECAs
– Denmark’s Eksport Kredit Fonden, Germany’s Euler
Hermes and Belgium’s Delcredere/Ducroire – provided
some $1.5 billion of non-recourse senior debt to the Gemini
project.
Two months later, Eksport Kredit Fonden participated in
the $550 million financing of the 144 MW Westermeerwind
offshore wind farm in the Netherlands by guaranteeing part
of the $440 million commercial bank debt provided by ING,
Rabobank, ASN Bank and Triodos Bank. In August 2014,
38
Sector breakdown: European project
finance as a percentage of deal value
2014
OFFSHORE WIND
33%
SOLAR PV
16%
32%
OTHER
BIOMASS
12%
ONSHORE WIND
ENERGY
EFFICIENCY
4%
4%
MARKET ANALYSIS
Country breakdown: Project finance in
Europe as a percentage of deal value
2014
FINLAND
IRELAND
$1.1 BN
$1.8 BN
7 DEALS
19 DEALS
UK
SWEDEN
$2.5 BN
$18.5 BN
215 DEALS
23 DEALS
NETHERLANDS
$6.4 BN
GERMANY
$12.4 BN
14 DEALS
FRANCE
$4.3 BN
REST
OF EUROPE
POLAND
$2.1 BN
19 DEALS
$6.5 BN
91 DEALS
134 DEALS
ROMANIA
59 DEALS
$1.4 BN
ITALY
15 DEALS
$2.0 BN
28 DEALS
Japan Bank of International Cooperation joined The Bank
of Tokyo-Mitsubishi UFJ, Mizuho Bank, Siemens Financial
Services and Societe Generale in providing $623 million to
refinance part of Marubeni and the UK Green Investment
Bank’s 50% stake in the 210 MW Westermost Rough project
in the UK.
Solar in focus
Solar project finance totalled $9.6 billion in 2014, a 4%
increase on the $9.2 billion invested in 2013. Despite the
annual increase, solar project finance is still well below
historic levels. Investment in European solar projects
totalled $12.8 billion in 2012 and $23.7 billion in 2011.
The annual increase was due to a small number of large
investments in French solar projects. For example, French
developer Neoen secured $450 million in November 2014
to fund construction of a 300 MW portfolio of 25 solar PV
projects. The financing was arranged by Société Générale.
Three months earlier, HSH Nordbank provided $150 million
to GP Joule to fund development of a 51 MW portfolio of 11
solar projects in the south of France.
Notably, only 182 solar projects in Europe secured finance
in 2014, a 32% decrease on the 269 projects financed in
2013 and a 48% decrease on the 350 projects financed in
2012. The decrease is a direct result of declining financing
activity in France, Italy and Germany, where only 50
projects were financed in 2014. Some 93 projects were
financed in these three countries in 2013 while 200 projects
were financed in 2012.
In contrast, the number of UK solar projects financed surged
54% from 70 in 2013 to 108 in 2014. The increase was a
direct result of the expiry of the renewables obligation (RO)
subsidy framework in April 2015 and its replacement with
a contracts-for-difference subsidy model. Developers rushed
to secure financing in 2014 to ensure their projects can
qualify for the more lucrative RO subsidies.
Onshore wind in focus
Onshore wind project finance grew 20% year-on-year to
$18.3 billion in 2014, a five year high. The surge was caused
by a fourfold increase in investment in German onshore
wind farms to $4.5 billion. The largest onshore wind deal
was the $272 million debt finance secured by developer
PNE Wind in January 2014 to fund construction of its
160 MW project pipeline. Deal activity in Scandinavia was
also robust – $2.3 billion was invested in wind farms in
Scandinavia in 2014, a 22% annual increase. ◼
39
MARKET ANALYSIS
Venture capital &
private equity
Europe
This section analyses venture capital and private equity (VCPE) investment in Europe’s clean
energy sector in 2014. The analysis is based on deals tracked in Clean Energy Pipeline’s VCPE
transaction database.
European clean energy VCPE investment (excluding private equity buyouts) totalled
$1.5 billion in 2014, a 72% increase on the $866 million invested in 2013. The number of
investments remained robust at 144 in 2014, in line with the 141 investments in 2013.
40
1Q09 to 4Q14
1,000
1,000
100
100
VC
VC -- Early
Early Growth
Growth
(Series
(Series AA to
to C)
C)
VC
VC -- Late
Late Stage
Stage
(Series
(Series D+)
D+)
PE
PE -- Development
Development
Capital
Capital
4Q14
4Q14
3Q14
3Q14
2Q14
2Q14
1Q14
1Q14
4Q13
4Q13
3Q13
3Q13
2Q13
2Q13
0
0
1Q13
1Q13
10
10
4Q12
4Q12
100
100
3Q12
3Q12
20
20
2Q12
2Q12
30
30
200
200
4Q11
4Q11
300
300
1Q12
1Q12
40
40
3Q11
3Q11
400
400
2Q11
2Q11
50
50
4Q10
4Q10
500
500
1Q11
1Q11
60
60
3Q10
3Q10
600
600
2Q10
2Q10
70
70
1Q10
1Q10
700
700
4Q09
4Q09
80
80
3Q09
3Q09
90
90
800
800
2Q09
2Q09
900
900
1Q09
1Q09
Dealvalue
value($($million)
million)
Deal
France was the most active European
country for VCPE investment last year
– venture capital and private equity
funds made 47 investments in French
clean energy companies in 2014, more
than the UK (40 investments) and
Germany (24 investments). Germany
dominated in terms of funds invested
– venture capital and private equity
funds invested $373 million in German
clean energy companies in 2014,
followed by France ($323 million), the
UK ($277 million) and Norway ($224
million).
European clean energy VCPE investment
Numberofofdeals
deals
Number
The increase in investment was
underpinned by two large private
equity investments. These were Gothaer
Versicherung’s $203 million investment
in German renewables independent
power producer Juwi IPP in January
2014 and Guangyu International’s $200
million investment in Norwegian solar
grade silicon producer Elkem Solar.
0
0
Number
Number
of
of deals
deals
MARKET ANALYSIS
Energy efficiency in focus
Some $267 million was invested
in European energy efficiency
companies in 2014, a 23% increase
on the $217 million invested in 2013.
2014 was in fact the largest year for
investment since 2010. On the flipside,
only 38 investments were made in
European clean energy efficiency
companies in 2014, the lowest number
since 2010.
Country breakdown:
European VCPE investment
NORWAY
2014
$224 MILLION
IRELAND
$66 MILLION
6 DEALS
The increase in the volume of
investment was due to a small
number of particularly large
investments. For example Swedish
LED nanotechnology company
GLO AB secured a $30 million Series
D financing round in March 2014
from a consortium of venture capital
funds and French energy efficient
connectivity solutions provider
Sigfox secured $21 million also from
a consortium of venture capital and
private equity funds in March 2014.
3 DEALS
NETHERLANDS
UK
SWEDEN
$35 MILLION
$115 MILLION
2 DEALS
6 DEALS
$277 MILLION
GERMANY
40 DEALS
$373 MILLION
FRANCE
24 DEALS
$323 MILLION
47 DEALS
REST OF EUROPE
Solar in focus
$75 MILLION
14 DEALS
Solar was the largest sector for
European clean energy investment in
2014, accounting for 41% ($619 million)
of the total value of investments and
27% of the total number of deals. The $619 million invested
Sector breakdown: VCPE investment
in 2014 represents a significant increase on the $139 million
a percentage of deal value
invested in 2013. It was also the second largest year for
investment in the last six years. The spike was due to the
2014
large investments in Juwi IPP and Elkem Solar AS described
earlier.
Notably, a number of Asian funds invested in European solar
companies in 2014 with a view to import the technology to
Asia. In addition to Hong Kong investment firm Guangyu
International’s $200 million investment in Elkem Solar,
Asian Private Equity fund’s Hong Kong investor Shaw
Kwei & Partners invested $40 million in solar production
equipment manufacturer Schmid Group.
Wind in focus
Wind was the third largest sector for venture capital and
private equity investment in 2014, accounting for 9%
($135 million) of total investment. This represented an 8%
increase on the $125 million invested in 2013. 2014 was in
fact the largest year for venture capital and private equity
investment in the European wind energy sector since 2011.
Notable deals in 2014 include French fund Salvepar’s
$38 million investment in French renewable energy
IPP Quadran Energies Libres in September 2014 and the
ENERGY EFFICIENCY
18%
SOLAR
41%
WIND
9%
OTHER
ENERGY STORAGE
RECYCLING & WASTE
7%
as
6%
18%
$37 million secured by Dutch offshore wind blade technology
specialist 2-B Energy from a consortium of venture capital
funds and the UK Department of Energy and Climate Change
in March 2014. ◼
41
MARKET ANALYSIS
Mergers & acquisitions
Europe
This section analyses clean energy M&A activity in Europe in 2014. The analysis is based on
deals tracked in Clean Energy Pipeline’s global M&A deal database.
Clean Energy M&A activity totalled $25.7 billion in 2014, a 7% increase on the $24.0 billion
transacted in 2013. Some 514 acquisitions were announced in 2014, a 4% annual increase. This
made 2014 the most active year ever for clean energy M&A. European M&A activity accounted
for 44% of the total number of deals announced globally in 2014.
42
Deal value
4Q14
3Q14
2Q14
1Q14
0
4Q13
0
3Q13
20
2Q13
2
1Q13
40
4Q12
60
4
3Q12
6
2Q12
80
4Q11
8
1Q12
100
3Q11
10
2Q11
120
4Q10
12
1Q11
140
3Q10
14
2Q10
160
1Q10
180
16
4Q09
18
3Q09
200
2Q09
20
Number of deals
Number of deals
The increase was a direct result of
growth in acquisitions of onshore
wind farm portfolios by financial
investors, including pension funds,
insurance companies, infrastructure
funds and yieldcos. Deal activity is
also being catalysed by European
utilities’ strategy to divest stakes in
existing renewable energy assets to
free up capital for new investments.
Indicative of this trend was Italian
infrastructure fund F2i’s acquisition in
November 2014 of a 70% stake in EDFs
1Q09 to 4Q14
1Q09
Some 167 wind acquisitions valued
at $10.8 billion were announced in
2014, a 46% increase in value on the
158 deals totalling $7.4 billion in 2013.
2014 was in fact the most active year
ever for wind M&A deal numbers.
Clean energy M&A activity in Europe
Wind in focus
MARKET ANALYSIS
Italian wind business, which includes
600 MW of operating wind capacity.
The size of the deal was not disclosed
but was likely in the region of $650
million.
The largest wind deals in 2014
involved the sale of stakes in offshore
wind farms by utilities to financial
investors. For example, DONG
Energy announced the sale of a 25%
stake in the 630 MW London Array
offshore wind farm to La Caisse
de dépôt et placement du Québec
for $1.1 billion in January 2014. In
addition, utilities including EnBW,
Statkraft, Statoil, RWE and Centrica
sold 913 MW of effective offshore
wind capacity (defined as the stake
acquired multiplied by the capacity
of the project) in 2014, in line with
the 999 MW transacted in 2013 but
significantly more than the 139 MW
acquired in 2012.
Clean energy M&A activity by country
2014
IRELAND
FINLAND
$767 MILLION
6 DEALS
NORWAY
$555 MILLION
$731 MILLION
16 DEALS
5 DEALS
UK
$7.8 BN
191 DEALS
FRANCE
$4.3 BN
GERMANY
POLAND
$6.4 BN
97 DEALS
Solar M&A activity also reached a new
height in 2014 measured by both the
number and value of transactions.
Some 185 deals totalling $8.7 billion
were announced in 2014, a significant
increase on the 148 deals valued at
$4.6 billion in 2013.
REST OF EUROPE
$500 MILLION
3 DEALS
ITALY
SPAIN
$586 MILLION
11 DEALS
4 DEALS
AUSTRIA
56 DEALS
Solar in focus
$485 MILLION
$2.0 BN
77 DEALS
$1.6 BN
49 DEALS
The jump in deal value was due to
three large M&A deals in the supply
chain. Most notably, US-listed solar
cell manufacturer Hanwha SolarOne
announced the $2 billion merger
with German cell maker Hanwha
Q-Cells in December 2014. The
combined companies will have an
annual solar PV cell manufacturing
capacity of 3.23 GW, making it the
largest cell manufacturer in the
world. Other notable deals in the
supply chain include China-based
Bluestar Elkem’s $640 million
acquisition of Norwegian solar
solution provider REC Solar and
Danfoss’ $416 million purchase of a
20% stake in German solar inverter
manufacturer SMA Solar.
The increase in deal numbers
was underpinned by the rise in
acquisitions of solar PV assets by
yieldcos. Yieldcos announced 37
43
MARKET ANALYSIS
Sector breakdown: M&A in Europe as a percentage of
deal value
2014
ENERGY EFFICIENCY
11%
SOLAR
34%
HYDRO
3%
RECYCLING & WASTE
BIOMASS
3% 3%
WIND
42%
OTHER
4%
Energy efficiency in focus
Sector breakdown: M&A in Europe as a percentage of
deal numbers
2014
ENERGY EFFICIENCY
WIND
7%
SOLAR
32% 36%
BIOMASS
OTHER
5% 4%
44
acquisitions of solar PV projects
valued at $1.5 billion in 2014,
more than double the 15 deals
totalling $460 million in 2013.
Notable acquisitions by yieldcos
include Abengoa’s acquisition
of two concentrated solar power
projects totalling 131 MW in Spain
in August 2014, The Renewables
Infrastructure Group’s $124 million
acquisition of three solar PV projects
totalling 56.6 MW in August 2014,
and Bluefield Solar Income Fund’s
$116 million acquisition of three
solar PV projects totalling 62 MW in
October 2014.
HYDRO
9%
RECYCLING & WASTE
6%
The number of energy efficiency and
storage M&A transactions remained
robust in 2014 – 47 deals valued
at $3.1 billion were announced in
2014, a 31% increase on the 36 deals
(totalling $5.3 billion) in 2013.
The largest acquisition of a company
with a footprint in energy efficiency
was GE’s announced acquisition of
Alstom’s power and grid business in
June 2014. The total size of the deal is
$16.9 billion, although Clean Energy
Pipeline estimates that the purchase
price for the energy efficiency and
renewable energy business is c.$2.1
billion. Other notable deals include
SSE’s $111 million acquisition of UKbased energy management solutions
provider The Energy Solutions Group
in July 2014 and Johnson Matthey’s
$75 million purchase of the battery
materials business of Clariant in
October 2014. ◼
DIRECTORY
Directory
This directory lists every investor, acquirer, project sponsor, law firm and financial advisor
that has executed or advised on a venture capital, private equity, project finance or M&A
transaction in the European clean energy sector in the 2014 calendar year. The directory is
based on transactions tracked by Clean Energy Pipeline’s deal data team.
Subscribers to Clean Energy Pipeline can view news, data and other information on the
companies, investors and advisors listed below on our website www.cleanenergypipeline.com.
Non-subscribers should contact Sonja van Linden, at [email protected], for
more information on how to access the service.
123
A
Aberdeen Asset Management
Aberdeen, UK
www.aberdeen-asset.com
123Venture SA
Paris, France
www.123venture.com
A. Silva Matos
Silva Escura, Portugal
www.asilvamatos.pt
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer, PE - Buyout, Project
sponsor
Project sponsor
Absolute Investment Partners
London, UK
www.absoluteinvestment.co.uk
3U Holding AG
Marburg, Germany
www.3u.net
INVESTMENT FOCUS:
A2A SpA
Milano, Italy
www.a2a.eu
INVESTMENT FOCUS:
INVESTMENT FOCUS:
ABG Sundal Collier
Oslo, Norway
www.abgsc.com
Project sponsor
M&A Acquirer
9REN Group
Madrid, Spain
www.9ren.org
INVESTMENT FOCUS:
Project sponsor
Debt project finance
ABB Group
Zurich, Switzerland
www.abb.com
ADVISORY FOCUS:
INVESTMENT FOCUS:
ABK Cesme Enerji Üretim A.S.
Istanbul, Turkey
www.abkenerji.com.tr
VC - Early Growth (Series A to C)
Project sponsor
Abengoa Yield plc
Brentford, UK
www.abengoayield.com
Financial - M&A
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
M&A Acquirer, PE - Buyout
45
DIRECTORY
Able UK Ltd.
Billingham, UK
www.ableuk.com
Addleshaw Goddard LLP
London, UK
www.addleshawgoddard.com
Agilitas Partners
London, UK
www.agilitaspartners.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
INVESTMENT FOCUS:
Project sponsor
Legal - M&A
ABN AMRO Bank NV
Amsterdam, Netherlands
www.abnamro.com
Addtech AB
Stockholm, Sweden
www.addtech.com
AGM Abogados
Barcelona, Spain
www.agmabogados.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
ADVISORY FOCUS:
Debt project finance, M&A Acquirer,
Project sponsor
M&A Acquirer
Legal - M&A
ADVISORY FOCUS:
Adiant Capital Partners
Zurich, Switzerland
www.adiantcapital.com
AHB Rechtsanwälte
Hamburg, Germany
www.ahblegal.eu
INVESTMENT FOCUS:
ADVISORY FOCUS:
sponsor
Legal - project finance
Financial - M&A
ABO Wind AG
Wiesbaden, Germany
www.abo-wind.com
INVESTMENT FOCUS:
M&A Acquirer, Project sponsor
ABO-Group
Ghent, Belgium
www.abo-group.eu
Adria Wind Power
Zagreb, Croatia
www.adriawindpower.hr
INVESTMENT FOCUS:
AC Biogas GmbH
Munster, Germany
www.ac-biogas.de
Advanced Energy Industries Inc.
Fort Collins, CO, USA
www.advanced-energy.com
INVESTMENT FOCUS:
Accuracy
Paris, France
www.accuracy.com
M&A Acquirer
Airvolution Energy Ltd.
London, UK
www.airvolution-projects.com
INVESTMENT FOCUS:
M&A Acquirer
INVESTMENT FOCUS:
M&A Acquirer
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
M&A Acquirer
Air Liquide SA
Paris, France
www.airliquide.com
Advokatfirmaet Schjødt AS
Oslo, Norway
www.schjodt.no
ADVISORY FOCUS:
Akca Holding
Izmir, Turkey
www.akcaholding.com
INVESTMENT FOCUS:
Project sponsor
Legal - M&A
Advokatfirmaet Selmer DA
Oslo, Norway
www.selmer.no
AkfenHES Yatirimlari ve Enerji
Uretim AS
Ankara, Turkey
www.akfen.com.tr
ADVISORY FOCUS:
INVESTMENT FOCUS:
Legal - M&A
Project sponsor
sponsor
Advokatfirman Oebergs
Stockholm, Sweden
www.oebergs.com
Akuo Energy SAS
Paris, France
www.akuoenergy.com
Active Capital Company B.V.
www.activecapitalcompany.nl
ADVISORY FOCUS:
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
Aescap Venture Management BV
www.aescap.com
Alanod-Solar GmbH & Co. KG
Start here, Germany
www.alanod-solar.com
Adali Holding
Istanbul, Turkey
www.adaliholding.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
VC - Late Stage (Series D+)
M&A Acquirer
INVESTMENT FOCUS:
AgFe
London, UK
www.agfe.com
Albioma
Paris, France
www.albioma.com
ADVISORY FOCUS:
INVESTMENT FOCUS:
Financial - M&A
Project sponsor
ADVISORY FOCUS:
Financial - M&A
Acofi
Paris, France
www.acofi.com
INVESTMENT FOCUS:
Project sponsor
46
DIRECTORY
Albion Community Power plc
London, UK
www.albioncommunitypower.co.uk
Alstom Power SA
Levallois-Perret, France
www.alstom.com
AmeyCespa Ltd.
Cambridge, UK
www.ameycespa.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Project sponsor
Project sponsor
Allen & Overy LLP
London, UK
www.allenovery.com
Altium Capital Ltd.
London, UK
www.altiumcapital.com
Ampair Energy Ltd.
Poole, UK
www.ampair.com
ADVISORY FOCUS:
ADVISORY FOCUS:
INVESTMENT FOCUS:
Legal - M&A, Project finance
Financial - M&A
M&A Acquirer
Alliance Venture AS
Oslo, Norway
www.allianceventure.com
Altus AG
Karlsruhe, Germany
www.altus-ag.de
ams AG
Unterpremstaetten, Austria
www.ams.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
M&A Acquirer
Allianz SE
Munich, Germany
www.allianz.com
Alven Capital
Paris, France
www.alvencapital.com
Amtech Systems Inc.
Tempe, AZ, USA
www.amtechsystems.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
sponsor
M&A Acquirer
Älvsborgsvind Vind AB
Trollhattan, Sweden
www.alvsborgsvind.se
Andromeda Capital
Exeter, UK
www.andromedacapital.co.uk
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
Seed Financing
Amadeus Capital Partners Ltd.
London, UK
www.amadeuscapital.com
Anesco Ltd.
Reading, UK
www.anesco.co.uk
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Amarenco Solar
Ireland
www.amarencosolar.com
Anterra Capital
www.anterracapital.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Amber Infrastructure Ltd.
London, UK
www.amberinfrastructure.com
Antin Infrastructure Partners SAS
Paris, France
www.antin-ip.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Project sponsor
Ambromobiliare SpA
Milan, Italy
www.ambromobiliare.it
APG Asset Management NV
Heerlen, Netherlands
www.apg.nl
ADVISORY FOCUS:
INVESTMENT FOCUS:
Financial - M&A
Ameresco Inc.
Framingham, MA, USA
www.ameresco.com
Appleby Global
Hamilton, Bermuda
www.applebyglobal.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
M&A Acquirer
Legal - M&A
Allied Irish Banks plc
Dublin, Ireland
www.aib.ie
INVESTMENT FOCUS:
Aloe Private Equity SA
London, UK
www.aloe-group.com
INVESTMENT FOCUS:
Alpha Bank SA
Athens, Greece
www.alpha.gr
INVESTMENT FOCUS:
Alpha Real Renewables
London, UK
www.alpharealrenewables.com
INVESTMENT FOCUS:
Alpiq Holding AG
Lausanne, Switzerland
www.alpiq.com
INVESTMENT FOCUS:
M&A Acquirer
ALPLA
Hard, Austria
www.alpla.com
INVESTMENT FOCUS:
47
DIRECTORY
INVESTMENT FOCUS:
Ashfords LLP
London, UK
www.ashfords.co.uk
Augusta & Co
London, UK
www.augustaco.com
ADVISORY FOCUS:
ADVISORY FOCUS:
Legal - M&A
Financial - M&A, Project finance
INVESTMENT FOCUS:
Ashurst LLP
London, UK
www.ashurst.com
AURELIUS AG
Gruenwald, Germany
www.aureliusinvest.com
M&A Acquirer
ADVISORY FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
ASJA AMBIENTE ITALIA S.p.A.
Rivoli, Italy
www.asja.biz
Avanza Bank
Stockholm, Sweden
www.avanza.se
INVESTMENT FOCUS:
ADVISORY FOCUS:
Project sponsor
Financial - M&A
ASN Bank
The Hague, Netherlands
www.asnbank.nl
Avenium
Grenoble, France
www.avenium-consulting.com
sponsor
INVESTMENT FOCUS:
ADVISORY FOCUS:
Financial - venture capital & private
equity
AREVA SA
Paris, France
www.areva.com
Aspiravi NV
Bruges, Belgium
www.aspiravi.be
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Aventum Partners Ltd.
Helsinki, Finland
www.aventum.fi
M&A Acquirer
ADVISORY FOCUS:
Arise AB
Halmstad, Sweden
www.arisewindpower.se
Assured Asset Energy Ltd.
London, UK
www.assuredassetfinance.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Aviva Investors
London, UK
www.avivainvestors.com
Project sponsor
Project sponsor
INVESTMENT FOCUS:
Arkolia Energies
Montpellier, France
www.arkoliaenergies.fr
Aster Capital SA
Paris, France
www.aster.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
PE - Development Capital, VC - Early
Growth (Series A to C), VC - Late Stage
(Series D+)
Aqton SE
Bod Homburg, Germany
Aqualis ASA
Oslo, Norway
www.aqualis.no
Aquila Capital
Hamburg, Germany
www.aquila-capital.de
Ardian Investment
Paris, France
www.ardian-investment.com
INVESTMENT FOCUS:
Financial - M&A
ARM Holdings PLC
Cambridge, UK
www.arm.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
Financial - M&A, Financial - venture
capital & private equity
INVESTMENT FOCUS:
Project sponsor
Atlantis Resources Ltd.
Singapore
www.atlantisresourcescorporation.com
Arthur Cox
London, UK
www.arthurcox.com
Project sponsor
Financial - M&A
INVESTMENT FOCUS:
Augean plc
Wetherby, UK
www.augeanplc.com
INVESTMENT FOCUS:
M&A Acquirer
48
AXIO Data Group Ltd.
London, UK
www.axiogroup.net
INVESTMENT FOCUS:
M&A Acquirer
Astris Finance LLC
Washington, DC, USA
www.astrisfinance.com
Armstrong Energy
London, UK
www.armstrongenergy.co.uk
ADVISORY FOCUS:
PE - Buyout, Project sponsor, VC - Late
Stage (Series D+)
AXPO Group
Zurich, Switzerland
www.axpo.ch
INVESTMENT FOCUS:
Project sponsor
DIRECTORY
Banca di Carnia e Gemonese
Tolmezzo, Italy
www.bcccarnia.it
Barclays plc
London, UK
www.barcap.com
B&M Waste Services
Liverpool, UK
www.bagnallandmorris.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
PE - Buyout
INVESTMENT FOCUS:
Banca Popolare di Bari
Bari, Italy
www.popolarebari.it
ADVISORY FOCUS:
Baker & McKenzie LLP
Chicago, IL, USA
www.bakermckenzie.com
INVESTMENT FOCUS:
BASF SE
Ludwigshafen, Germany
www.basf.com
ADVISORY FOCUS:
Banco Santander SA
Madrid, Spain
www.santander.com
B
Project sponsor
Legal - M&A
Balcas Ltd.
Enniskillen, UK
www.balcas.com
Balfour Beatty Infrastructure
Partners LLP
London, UK
www.bbip.com
INVESTMENT FOCUS:
sponsor
Balfour Beatty Investments
London, UK
www.balfourbeatty.com
INVESTMENT FOCUS:
BaltCap
Tallinn, Estonia
www.baltcap.com
INVESTMENT FOCUS:
sponsor
BASF Venture Capital GmbH
www.basf-vc.de
Bank Nederlandse Gemeenten
www.bng.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Bayern Kapital GmbH
Landshut, Germany
www.bayernkapital.de
INVESTMENT FOCUS:
INVESTMENT FOCUS:
BayernLB
Munich, Germany
www.bayernlb.de
INVESTMENT FOCUS:
INVESTMENT FOCUS:
BayWa r.e. renewable energy
GmbH
Munich, Germany
www.baywa-re.com
Bank of Ireland
Dublin, Ireland
www.bankofireland.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Banks Renewables
Durham, UK
www.banksgroup.co.uk
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
INVESTMENT FOCUS:
Bank of China Ltd.
Beijing, China
www.boc.cn
INVESTMENT FOCUS:
Banca Comerciala Romana
Bucharest, Romania
www.bcr.ro
Bank Ochrony Srodowiska SA
Warszawa, Poland
www.bosbank.pl
BankInvest Group
Copenhagen, Denmark
www.bankinvest.com
Banca Comerciala Carpatica
Sibiu, Romania
www.carpatica.ro
VC - Early Growth (Series A to C), VC Late Stage (Series D+)
PE - Buyout, Project sponsor
BAM Techniek
Bunnik, Netherlands
www.bamtechniek.nl
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Financial - M&A
BBVA
Bilbao, Spain
www.bbva.es
INVESTMENT FOCUS:
BCM & Partners LLP
London, UK
www.bcmpartners.eu
INVESTMENT FOCUS:
M&A Acquirer
BDO LLP
London, UK
www.bdo.com
ADVISORY FOCUS:
Financial - M&A, Project finance,
Venture capital & private equity
49
DIRECTORY
Beiten Burkhardt
Frankfurt, Germany
www.bblaw.com
Better Energy Invest A/S
Copenhagen, Denmark
www.betterenergy.dk
BlackRock Inc.
New York, NY, USA
www.blackrock.com
ADVISORY FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Legal - M&A
sponsor
Belectric Group
Kolitzheim, Germany
www.belectric.com
INVESTMENT FOCUS:
Project sponsor
BFB Frühphasenfonds
Brandenburg
Potsdam, Germany
www.fruehphasenfondsbrandenburg.de
Blättchen Financial Advisory GmbH
Leonberg, Germany
www.blaettchen-fa.de
ADVISORY FOCUS:
Financial - M&A
Belltown Power
London, UK
www.belltownpower.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Bicakcilar Enerji
Istanbul, Turkey
www.bicakcilarelektrik.com
INVESTMENT FOCUS:
Bernard Matthews Ltd.
Norwich, UK
www.bernardmatthews.com
INVESTMENT FOCUS:
Blue Orange
Paris, France
INVESTMENT FOCUS:
Biffa Ltd.
High Wycombe, UK
www.biffa.co.uk
Project sponsor
Bernis Energy
Marseille, France
Project sponsor
Berti Investments Ltd.
London, UK
www.bertiinvestments.com
Berwin Leighton Paisner LLP
London, UK
www.blplaw.com
Bluecell GmbH
Arnstadt, Germany
M&A Acquirer
INVESTMENT FOCUS:
M&A Acquirer
Big60Million Ltd.
London, UK
www.big60million.co.uk
INVESTMENT FOCUS:
Bluefield Partners LLP
London, UK
www.bluefieldllp.com
Project sponsor
ADVISORY FOCUS:
Financial - M&A
Bionerga NV
Houthalen-Helchteren, Belgium
www.bionerga.be
INVESTMENT FOCUS:
Bluefield Solar Income Fund
London, UK
www.bluefieldllp.com
M&A Acquirer
INVESTMENT FOCUS:
ADVISORY FOCUS:
BESLER Tekstil San. ve Tic. A.S
Kayseri, Turkey
www.beslertekstil.com.tr
Bird & Bird LLP
London, UK
www.twobirds.com
ADVISORY FOCUS:
Legal - M&A
INVESTMENT FOCUS:
Project sponsor
Bester Generation
Sevilla, Spain
www.bester.es
beta-motion GmbH
Pulheim, Germany
www.beta-motion.de
INVESTMENT FOCUS:
Project sponsor
50
sponsor
Bluesphere Corp.
Charlotte, NC, USA
www.bluespherecorporate.com
INVESTMENT FOCUS:
BKW FMB Energie AG
Bern, Switzerland
www.bkw-fmb.ch
INVESTMENT FOCUS:
M&A Acquirer
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
INVESTMENT FOCUS:
PE - Development Capital
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Blue Energy Ltd.
Cheshire, UK
www.blue-energyco.com
M&A Acquirer
Bluestar Elkem Investment Co. Ltd.
Oslo, Norway
www.elkem.com
INVESTMENT FOCUS:
Black Sea Trade and Development
Bank
Thessaloniki, Greece
www.bstdb.org
M&A Acquirer
INVESTMENT FOCUS:
BMO Financial Group
Toronto, ON, Canada
www.bmo.com
INVESTMENT FOCUS:
DIRECTORY
BMR Energy Solutions GmbH
Huckelhoven, Germany
www.bmr-energy.com
Borusan EnBW Energy
Istanbul, Turkey
www.borusanenbw.com.tr
Brodies LLP
Edinburgh, UK
www.brodies.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
ADVISORY FOCUS:
Project sponsor
Project sponsor
BMW AG
Munich, Germany
www.bmwgroup.com
Bouygues Construction
Trappes, France
www.bouygues-construction.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Brookfield Renewable Energy
Partners LP
Toronto, ON, Canada
www.brookfieldrenewable.com
Project sponsor, VC - Late Stage (Series
D+)
Project sponsor
INVESTMENT FOCUS:
BNP Paribas SA
Paris, France
www.bnpparibas.com
INVESTMENT FOCUS:
Debt project finance, VC - Early
Growth (Series A to C)
ADVISORY FOCUS:
Boydak Holding
Kayseri, Turkey
www.boydak.com
INVESTMENT FOCUS:
Brunswick & Associés
Neuilly-sur-Seine, France
www.brunswick.fr
M&A Acquirer
ADVISORY FOCUS:
BP plc
London, UK
www.bp.com
INVESTMENT FOCUS:
BOC Group plc
Windlesham, UK
www.boc-group.com
INVESTMENT FOCUS:
Bpifrance
Maisons-Alfort, France
www.bpifrance.fr
Project sponsor
Bombardier Inc.
Montreal, QC, Canada
www.bombardier.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
INVESTMENT FOCUS:
Debt project finance, PE Development Capital, VC - Early
Braveheart Investment Group Plc
Perth, UK
www.braveheart-ventures.co.uk
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Bright Capital LLC
Moscow, Russia
www.bright-capital.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Brilliant Harvest Ltd.
Somerset, UK
www.brilliantharvest.co.uk
INVESTMENT FOCUS:
ADVISORY FOCUS:
ADVISORY FOCUS:
Financial - M&A
b-to-v Partners AG
St. Gallen, Switzerland
www.b-to-v.com
INVESTMENT FOCUS:
Buergerservice GmbH Trier
Trier, Germany
www.bues-trier.de
INVESTMENT FOCUS:
Project sponsor
Building Insurance Bern (GVB)
Ittigen, Switzerland
www.gvb.ch
INVESTMENT FOCUS:
Project sponsor
Project sponsor
Borenius
Helsinki, Finland
www.boreniusgroup.com
Bryan, Garnier & Co
Paris, France
www.bryangarnier.fr
Bord na Mona plc
Newbridge, Ireland
www.bnm.ie
ADVISORY FOCUS:
Boralex Inc.
Kingsey Falls, QC, Canada
www.boralex.com
Bruun & Hjejle
Copenhagen, Denmark
www.bruunhjejle.dk
Legal - M&A
Project sponsor
Bond Dickinson LLP
Newcastle-upon-Tyne, UK
www.bonddickinson.com
Legal - M&A, Legal - venture capital &
private equity
British Solar Renewables Ltd.
Somerset, UK
www.britishrenewables.com
INVESTMENT FOCUS:
Project sponsor
Burges Salmon LLP
Bristol, UK
www.burges-salmon.com
ADVISORY FOCUS:
Legal - M&A, Project finance, Venture
Broadview Energy Ltd.
London, UK
www.broadviewenergy.com
INVESTMENT FOCUS:
Project sponsor
51
DIRECTORY
Burmeister & Wain Scandinavian
Contractor AS
Alleroed, Denmark
www.bwsc.com
Caixa Capital Risc
Lisbon, Portugal
www.caixabi.pt
CapAgro
Paris, France
www.capagro.fr
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Bursa Temiz Enerji
Bursa, Turkey
www.bursatemizenerji.com.tr
Caixa Central de Credito Agricola
Mutuo CRL
Lisbon, Portugal
www.credito-agricola.pt
Capital Advice
Brussels, Belgium
www.capitaladvice.be
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Financial - M&A
Project sponsor
Business Angels des Grandes Ecoles
France
www.business-angels.info
Caixa Geral de Depositos SL
Lisbon, Portugal
www.cgd.pt
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Angel Funding, VC - Early Growth
(Series A to C)
sponsor
Calao Finance
Paris, France
www.calaofinance.com
Capital Stage AG
Hamburg, Germany
www.capitalstage.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
PE - Buyout, Project sponsor
London, UK
www.businessgrowthfund.co.uk
INVESTMENT FOCUS:
Butterfly Ventures
Oulu, Finland
www.butterfly.vc
INVESTMENT FOCUS:
Calik Energy
Istanbul, Turkey
www.calik.com
Capital Dynamics AG
Zug, Switzerland
www.capdyn.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Capital-E
Antwerpen, Belgium
www.capital-e.be
Project sponsor
INVESTMENT FOCUS:
C
ADVISORY FOCUS:
Calysta Energy Inc.
Menlo Park, CA, USA
www.calystaenergy.com
INVESTMENT FOCUS:
Capricorn Venture Partners NV
Leuven, Belgium
www.capricorn.be
M&A Acquirer
INVESTMENT FOCUS:
Caisse de dépôt et placement du
Québec
www.lacaisse.com
Camborne Energy
Cardiff, UK
www.camborneenergy.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
Caisse d’Epargne Côte d’Azur
Nice, France
www.caisse-epargne.fr
Cambridge Innovation Capital
Cambridge, UK
www.cambridgeinnovationcapital.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Caisse d’Epargne Provence-AlpesCorse SA
Marseille, France
www.caisse-epargne.fr
Canaccord Genuity Group
Toronto, ON, Canada
www.canaccordgenuitygroup.com
INVESTMENT FOCUS:
Financial - M&A
Carbon Trust Investments Ltd.
London, UK
www.carbontrust.co.uk
INVESTMENT FOCUS:
Carey Olsen
London, UK
www.careyolsen.com
ADVISORY FOCUS:
ADVISORY FOCUS:
Caisse des Depots et
Consignations
Paris, France
www.caissedesdepots.fr
Legal - M&A
Cargill Inc.
Minneapolis, MN, USA
www.cargill.com
INVESTMENT FOCUS:
Cantor Fitzgerald
New York, NY, USA
www.cantor.com
ADVISORY FOCUS:
Financial - M&A
Project sponsor
Cariparma Crédit
Parma, Italy
www.cariparma.it
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Debt project finance, Project sponsor
52
DIRECTORY
Carnegie Investment Bank AB
Stockholm, Sweden
www.carnegie.se
ADVISORY FOCUS:
Centro para el Desarrollo
Tecnológico Industrial
Madrid, Spain
www.cdti.es
China National Building Material
Group Corp.
Beijing, China
www.cnbm.com.cn
Financial - M&A
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
Cassa Centrale Raiffeisen
dell’Alto Adige Spa
Bolzano, Italy
www.raiffeisen.it
CEPP Invest GmbH
Berlin, Germany
www.cepp-invest.de
China Seven Star Holdings Ltd.
Hong Kong, China
www.sevenstar.hk
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
M&A Acquirer
Castrén & Snellman
Helsinki, Finland
www.castren.fi
CERAC SA
Luxembourg City, Luxembourg
www.cerac.eu
Chiomenti Studio Legale
Rome, Italy
www.chiomenti.net
ADVISORY FOCUS:
INVESTMENT FOCUS:
ADVISORY FOCUS:
Legal - M&A
Project sponsor
Caterpillar Financial Services Corp.
Nashville, TN, USA
www.finance.cat.com
CFL Partners Inc.
Orlando, FL, USA
www.cflpartners.com
Chorus GmbH
Munich, Germany
www.chorus-gruppe.de
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
sponsor
CBA Studio Legale e Tributario
Milan, Italy
www.cbalex.com
CGR Legal
Paris, France
www.cgrlegal.eu
ADVISORY FOCUS:
ADVISORY FOCUS:
Legal - M&A
Legal - M&A, Venture capital & private
equity
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Chadbourne & Parke LLP
New York, NY, USA
www.chadbourne.com
CIBC World Markets Inc.
Toronto, ON, Canada
www.cibcwm.com
M&A Acquirer
ADVISORY FOCUS:
INVESTMENT FOCUS:
Legal - M&A
INVESTMENT FOCUS:
Chargemaster plc
Luton, UK
www.chargemasterplc.com
Cipio Partners GmbH
Munich, Germany
www.cipiopartners.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
INVESTMENT FOCUS:
China General Nuclear Power Corp.
www.cgnpc.com.cn
Shenzhen, China
Citigroup Inc.
New York, NY, USA
www.citigroup.com
Project sponsor
INVESTMENT FOCUS:
ADVISORY FOCUS:
M&A Acquirer
Financial - M&A
China Huadian New Energy
Development Co. Ltd
www.checne.com
Beijing, China
Ciurtin & Associates
Bucharest, Romania
www.ciurtin.ro
INVESTMENT FOCUS:
CBPE Capital LLP
London, UK
www.cbpel.com
CEA Investissement SA
Paris, France
www.cea-investissement.com
Cenit Solar
Valladolid, Spain
www.cenitsolar.com
Cenntro Motor Corp.
Sparks, NV, USA
www.cenntromotors.com
INVESTMENT FOCUS:
M&A Acquirer
Centrica plc
Windsor, UK
www.centricaenergy.com
Chrysalix SET
www.setvp.com
ADVISORY FOCUS:
M&A Acquirer
INVESTMENT FOCUS:
M&A Acquirer, VC - Early Growth
(Series A to C)
53
DIRECTORY
Cleantech Invest Oy
Helsinki, Finland
www.cleantechinvest.com
CMS Hasche Sigle
Berlin, Germany
www.cms-hs.com
Conergy AG
Hamburg, Germany
www.conergy.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
INVESTMENT FOCUS:
M&A Acquirer, PE - Buyout, PE Development Capital, VC - Early
M&A Acquirer
CMS Legal
Frankfurt, Germany
www.cmslegal.com
Conetwork Erneuerbare Energien
(CEE) Holding GmbH & Co. KgaA
Hamburg, Germany
www.cee-holding.de
Clearwater Corporate Finance LLP
London, UK
www.clearwatercf.com
ADVISORY FOCUS:
ADVISORY FOCUS:
equity
Financial - M&A
Clifford Chance LLP
London, UK
www.cliffordchance.com
ADVISORY FOCUS:
Climate Change Capital Ltd.
London, UK
www.climatechangecapital.com
Cofely
Paris, France
www.cofely-gdfsuez.com
ADVISORY FOCUS:
Financial - M&A
Close Brothers Leasing Ltd.
Manchester, UK
www.close-leasing.co.uk
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
Cogip Spa
Milan, Italy
www.cogip.it
INVESTMENT FOCUS:
Constantia Industrie AG
Vienna, Austria
www.ciag.at
Project sponsor
INVESTMENT FOCUS:
Colruyt Group
Brussels, Belgium
www.colruytgroup.com
INVESTMENT FOCUS:
ContourGlobal LP
New York, NY, USA
www.contourglobal.com
M&A Acquirer
INVESTMENT FOCUS:
Colville Partners Ltd.
London, UK
www.colvillepartners.com
ADVISORY FOCUS:
Close Brothers Seydler AG
Frankfurt, Germany
www.cbseydler.com
ADVISORY FOCUS:
Financial - M&A
CM-CIC Private Equity
Paris, France
www.cmciccapitalprive.com
sponsor
Connection Capital LLP
London, UK
www.connectioncapital.co.uk
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Financial - M&A
Copenhagen Infrastructure
Partners (CIP)
Copenhagen, Denmark
www.infrastructurepartners.dk
INVESTMENT FOCUS:
Commerzbank AG
Frankfurt, Germany
www.commerzbank.com
sponsor
INVESTMENT FOCUS:
Cory Environmental Ltd.
London, UK
www.coryenvironmental.co.uk
INVESTMENT FOCUS:
Community Energy Scotland
Dingwall, UK
communityenergyscotland.org.uk
ADVISORY FOCUS:
INVESTMENT FOCUS:
Financial - M&A
Covanta Holding Corp.
Morristown, NJ, USA
www.covantaholding.com
CMI (Cockerill Maintenance &
Ingénierie)
Seraing, Belgium
www.cmigroupe.com
Community Windpower Ltd.
Cheshire, UK
www.communitywindpower.co.uk
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Credit Agricole SA
Paris, France
www.credit-agricole.com
INVESTMENT FOCUS:
CMS Cameron McKenna
London, UK
www.cms-cmck.com
ADVISORY FOCUS:
Legal - venture capital & private
equity
54
Compagnie Nationale du Rhone
Lyon, France
www.cnr.tm.fr
INVESTMENT FOCUS:
Project sponsor
Project sponsor
Project sponsor
INVESTMENT FOCUS:
DIRECTORY
Credit Industriel et Commercial SA
Paris, France
www.cic.fr
Cruz & Cia Abogados SA
Santiago, Chile
www.cruzabogados.cl
Davaniere Capital Partenaire
Aix-en-Provence, France
INVESTMENT FOCUS:
ADVISORY FOCUS:
Legal - M&A
Credit Suisse Group AG
Zurich, Switzerland
www.credit-suisse.com
ADVISORY FOCUS:
CS Associados (Campos Ferreira, Sá
Carneiro & Associados)
Lisbon, Portugal
www.csassociados.pt
Financial - M&A
ADVISORY FOCUS:
Crescent Capital
Istanbul, Turkey
www.crescent.com.tr
INVESTMENT FOCUS:
sponsor, VC - Early Growth (Series A
to C)
D
Daimler AG
Stuttgart, Germany
www.daimler.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
Daldrup & Sohne AG
Ascheberg, Germany
www.daldrup.eu
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Danfoss Group Global
Nordborg, Denmark
www.danfoss.com
ADVISORY FOCUS:
Financial - M&A
Seed Financing
DCNS SA
Paris, France
www.dcnsgroup.com
INVESTMENT FOCUS:
Project sponsor
De Gaulle Fleurance & Associés
Paris, France
www.degaullefleurance.com
ADVISORY FOCUS:
De Hoge Dennen Capital PE BV
Laren, Netherlands
www.dehogedennen.com
INVESTMENT FOCUS:
Danske Bank A/S
Copenhagen, Denmark
www.danskebank.com
De Pardieu Brocas Maffei
Paris, France
www.de-pardieu.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
www.cycleenergy.com
Cycleenergy is a specialist in designing and operating decentralized
energy solutions. The company offers tailor-made and sustainable
base load capable solutions to households and industrial customers.
Cycleenergy’s field of expertise encompasses heating/cooling, steamsupplies, energy efficiency, pellets production and power generation.
Mr. Markus Gahleitner
Managing Director
[email protected]
+43 1 537 03-0
DCM AG
Munich, Germany
M&A Acquirer
CYCLEENERGY
Contact:
Financial - M&A
Project sponsor
INVESTMENT FOCUS:
Crowe Clark Whitehill LLP
London, UK
www.croweclarkwhitehill.co.uk
ADVISORY FOCUS:
M&A Acquirer
Crowdcube Ltd.
Exeter, UK
www.crowdcube.com
Seed Financing, VC - Early Growth
(Series A to C)
DC Advisory Ltd.
London, UK
www.dcadvisory.com
INVESTMENT FOCUS:
Cresco Law
Antwerp, Belgium
www.crescolaw.com
Legal - M&A
INVESTMENT FOCUS:
Debevoise & Plimpton LLP
New York, NY, USA
www.debevoise.com
ADVISORY FOCUS:
Legal - M&A
Debiopharm Investment SA
Lausanne, Switzerland
www.debiopharm.com
INVESTMENT FOCUS:
Dekabank
Frankfurt, Germany
www.dekabank.de
INVESTMENT FOCUS:
55
DIRECTORY
Delcredere / Ducroire
Brussels, Belgium
www.delcredereducroire.be
Deutsche Windtechnik AG
Bremen, Germany
www.deutsche-windtechnik.de
DONG Energy A/S
Fredericia, Denmark
www.dongenergy.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
Deloitte LLP
New York, NY, USA
www.deloitte.com
Development Bank of Japan Inc.
Tokyo, Japan
www.dbj.jp
Doria Avocats
Montpellier, France
www.doriavocats.com
ADVISORY FOCUS:
INVESTMENT FOCUS:
ADVISORY FOCUS:
Financial - M&A
M&A Acquirer
Delphi
Stockholm, Sweden
www.delphi.se
DEWI GmbH
Wilhelmshaven, Germany
www.dewi.de
DORIS Engineering SA
Paris, France
www.doris-engineering.com
ADVISORY FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Legal - M&A
Project sponsor
M&A Acquirer
Delta Electronics
Taipei, Taiwan
www.deltaww.com
Dexia Crediop S.p.A.
Rome, Italy
www.dexia-crediop.it
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Dow Schofield Watts Corporate
Finance Ltd.
Warrington, UK
www.dswcf.com
M&A Acquirer
ADVISORY FOCUS:
Demeter Partners SA
Paris, France
www.demeter-partners.com
Dickson Minto
London, UK
www.dicksonminto.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
DP Energy
Buttevant, Ireland
www.dpenergy.com
M&A Acquirer, PE - Buyout, Seed
Financing, VC - Early Growth (Series
A to C)
Legal - M&A
INVESTMENT FOCUS:
Financial - M&A
Denker & Wulf AG
Sehestedt, Germany
www.denkerwulf.de
M&A Acquirer
Die BürgerEnergie eG
Dortmund, Germany
www.diebuergerenergie.de
INVESTMENT FOCUS:
Drax Power Ltd.
Selby, UK
www.draxpower.com
Project sponsor
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
Project sponsor
Dentons LLP
London, UK
www.dentons.com
ADVISORY FOCUS:
Descoberta Dinâmica SA
Quinta do Lago, Portugal
INVESTMENT FOCUS:
DIF BV (Dutch Infrastructure Fund)
Schiphol, Netherlands
www.dif.eu
INVESTMENT FOCUS:
DS Smith Plc
London, UK
www.dssmith.com
Project sponsor, M&A Acquirer, PE Buyout
INVESTMENT FOCUS:
DLA Piper LLP
London, UK
www.dlapiper.com
DSM Venturing
www.dsm-venturing.com
ADVISORY FOCUS:
INVESTMENT FOCUS:
DnB NOR Bank ASA
Oslo, Norway
www.dnbnor.com
DWF LLP
Manchester, UK
www.dwf.co.uk
M&A Acquirer
Project sponsor
Deutsche Bank AG
Frankfurt, Germany
www.db.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
INVESTMENT FOCUS:
Legal - M&A
ADVISORY FOCUS:
ADVISORY FOCUS:
Financial - M&A
DnB Nord Polska SA
Warsaw, Poland
www.dnbnord.pl
INVESTMENT FOCUS:
56
DIRECTORY
Eco Sustainable Solutions Ltd.
Wimborne, UK
www.thisiseco.co.uk
EFG Hermes
6th October City, Egypt
www.efghermes.com
E.ON Climate & Renewables
Dusseldorf, Germany
www.eon.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
EcoGen Ltd.
Cornwall, UK
www.ecogen.co.uk
EGGER Group
St.Johann, Austria
www.egger.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Project sponsor
EAM Solar ASA
Oslo, Norway
www.eamsolar.no
EcoMachines Incubator Ltd.
London, UK
www.ecomachinesincubator.com
Eidsiva Energi AS
Kongsvinger, Norway
www.eidsivaenergi.no
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Seed Financing
Project sponsor
Earlybird Venture Capital GmbH
& Co. KG
Munich, Germany
www.earlybird.com
ecoprime GmbH
Hamburg, Germany
www.ecoprime.de
E-Kraft
Smålandsstenar, Sweden
www.e-kraft.se
ADVISORY FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Financial - M&A
M&A Acquirer
Ecotricity Group Ltd.
Stroud, UK
www.ecotricity.co.uk
Eksjo Energi AB
Eksjö, Sweden
www.eksjoenergi.se
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
EDF Energies Nouvelles SA
Paris, France
www.edf-energies-nouvelles.com
Eksport Kredit Fonden (EKF)
Copenhagen, Denmark
www.ekf.dk
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Edincik Enerji
Bursa, Turkey
INVESTMENT FOCUS:
Elaia Partners
Paris, France
www.elaia.com
Project sponsor
INVESTMENT FOCUS:
E
M&A Acquirer, Minority / Partnership,
Project sponsor, VC - Early Growth
(Series A to C), VC - Late Stage (Series
D+)
Easybike
Bâtiment, France
www.easybike.fr
INVESTMENT FOCUS:
M&A Acquirer
EBEM
Merksplas, Belgium
www.ebem.be
INVESTMENT FOCUS:
Project sponsor
EBIOSS Energy
Sofia, Bulgaria
www.ebioss.com
INVESTMENT FOCUS:
EDP Renovaveis SA
Oviedo, Spain
www.edprenovaveis.com
Eldsberga Vind AB
Eldsberga, Sweden
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Project sponsor
Efacec Group
Matosinhos, Portugal
www.efacec.pt
Electrabel SA
Brussels, Belgium
www.electrabel.com
E-CAPITAL Equity Management
Brussels, Belgium
www.e-capital.be
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Project sponsor
INVESTMENT FOCUS:
EFG Eurobank Ergasias SA
Athens, Greece
www.eurobank.gr
Electranova Capital
Paris, France
www.electranovacapital.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
eCAPITAL entrepreneurial
Partners AG
Munster, Germany
www.ecapital.de
INVESTMENT FOCUS:
Eco Delta Developpement
La Ciotat, France
www.ecodd.com
INVESTMENT FOCUS:
Project sponsor
57
DIRECTORY
Elektrizitaetswerk der Stadt
Zuerich (EWZ)
Zurich, Switzerland
www.ewz.ch
Emertec Gestion SA
Grenoble, France
www.emertec.fr
Energiakolmio Oy
Jyväskylä, Finland
www.energiakolmio.fi
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
EnBW Energie BadenWürttemberg AG
Karlsruhe, Germany
www.enbw.com
EnergiaPrima Spa
Campobasso, Italy
www.energiaprima.com
INVESTMENT FOCUS:
Project sponsor
M&A Acquirer
Elektrizitaetswerke des Kantons
Zurich
Zurich, Switzerland
www.ekz.ch
INVESTMENT FOCUS:
M&A Acquirer
Elektroprivreda Bosne i
Hercegovine
Sarajevo, Bosnia-Herzegovina
www.elektroprivreda.ba
Endesa SA
Madrid, Spain
www.endesaonline.com
INVESTMENT FOCUS:
Elgar Byrne Capital Limited
London, UK
www.elgarbyrnecapital.com
Energie AG
Linz, Austria
www.energieag.at
INVESTMENT FOCUS:
M&A Acquirer
Project sponsor
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
Eneco Holding NV
Rotterdam, Netherlands
www.eneco.nl
INVESTMENT FOCUS:
Energie Steiermark AG
Graz, Austria
www.e-steiermark.com
INVESTMENT FOCUS:
Project sponsor
Enel Green Power & Sharp Solar
Energy Srl
Rome, Italy
Energiebau Solarstromsysteme
GmbH
Cologne, Germany
www.energiebau.de
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
M&A Acquirer
Enel Green Power Spa
Rome, Italy
www.enelgreenpower.com
Energiekontor AG
Bremen, Germany
www.energiekontor.de
Ellomay Capital Ltd.
Tel Aviv, Israel
www.ellomay.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
Enerco Sp z.o.o.
Warsaw, Poland
www.enerco.pl
EnergieSuedpfalz
Landau, Germany
www.energie-suedwest.de
ElringKlinger AG
Dettingen an der Erms, Germany
www.elringklinger.de
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Project sponsor
INVESTMENT FOCUS:
Enercon GmbH
Aurich, Germany
www.enercon.de
Energieversorgung Offenbach AG
Offenbach am Main, Germany
www.evo-ag.de
ELSA (IDETA)
Tournai, Belgium
www.elsa-energy.be
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
Project sponsor
INVESTMENT FOCUS:
Energa SA
Gdansk, Poland
www.energa.pl
Energiselskapet Buskerud
Drammen, Norway
www.eb.no
Emerald Technology Ventures AG
Zurich, Switzerland
www.emerald-ventures.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Project sponsor
INVESTMENT FOCUS:
Energia Group
Dublin, Ireland
www.energia.ie
Energix Renewable Energy Ltd.
Tel Aviv, Israel
www.energix-group.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Project sponsor
INVESTMENT FOCUS:
Project sponsor
Elgar Middleton Infrastructure &
Energy Finance
London, UK
www.elgarmiddleton.com
ADVISORY FOCUS:
Financial - M&A
M&A Acquirer
M&A Acquirer
Project sponsor
58
DIRECTORY
Energy Future Invest AS
Oslo, Norway
www.energyfutureinvest.com
INVESTMENT FOCUS:
EnerNOC Inc.
Boston, MA, USA
www.enernoc.com
INVESTMENT FOCUS:
M&A Acquirer
Enertrag AG
Dauerthal, Germany
www.enertrag.com
EPIPHANY ENTERPRISES
www.epiphany.enterprises
A boutique business advisory and coaching firm for project developers
and international investors in Energy and Infrastructure. In the
investment phase, we assist with deal flow, new market entries, project
optimization, deal structure, purchasing efficiencies and financing
options. During operations, we assist with value creation and enhanced
asset performance, while guiding you towards high returns and successful
exits. Perceive, Comprehend, Deliver.
INVESTMENT FOCUS:
Project sponsor
Contact:
Enlight Renewable Energy Ltd.
Rosh Ha’Ayin, Israel
www.enlightenergy.co.il
Yanos Michopoulos
Director
[email protected]
Office: +44 1844 201032, Mobile: +44 7423288090
INVESTMENT FOCUS:
M&A Acquirer
Eno Energy GmbH
Rostock, Germany
www.eno-energy.com
environCom Ltd
Grantham, UK
www.environcom.co.uk
Eolus Vind AB
Hässleholm, Sweden
www.eolusvind.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
M&A Acquirer
Enovos International SA
www.enovos.eu
Environmental Resource Group
Brownhills, UK
www.environmentalresourcegroup.com
EOS Green Energy
Paphos, Cyprus
www.eoscyprus.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
M&A Acquirer
Project sponsor
Enterra SpA
Foggia, Italy
Environmental Technologies
Fund LP
London, UK
www.etf.eu.com
EPV Energia Oy
Vaasa, Finland
www.epv.fi
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
Project sponsor
Entrepreneur Venture
Paris, France
www.entrepreneurventure.com
INVESTMENT FOCUS:
Environnement SA
Poissy, France
www.environnement-sa.com
INVESTMENT FOCUS:
Entrepreneurs Fund LLP
London, UK
www.efbv.net
INVESTMENT FOCUS:
EQT Partners AB
Stockholm, Sweden
www.eqt.se
INVESTMENT FOCUS:
M&A Acquirer
ENVO Group A/S
Aabenraa, Denmark
www.envogroup.dk
INVESTMENT FOCUS:
Envent SpA
Rome, Italy
www.envent.eu
INVESTMENT FOCUS:
Project sponsor
Equinox Energy Capital
London, UK
www.equinoxenergycapital.com
INVESTMENT FOCUS:
sponsor
ADVISORY FOCUS:
Eol Prvi
Nevesinje, Bosnia-Herzegovina
Financial - M&A
INVESTMENT FOCUS:
Equitix Ltd.
London, UK
www.equitix.co.uk
Project sponsor
INVESTMENT FOCUS:
sponsor
59
DIRECTORY
Erdem Holding
Istanbul, Turkey
www.erdem.com.tr
Eubelius
Brussels, Belgium
www.eubelius.be
Eurus Energy Holdings Corp.
Tokyo, Japan
www.eurus-energy.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
INVESTMENT FOCUS:
Project sponsor
Legal - M&A
M&A Acquirer
Eren Groupe SA
Aucamville, France
www.eren-groupe.fr
Euler Hermes
Paris, France
www.eulerhermes.com
Eversheds LLP
London, UK
www.eversheds.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
ADVISORY FOCUS:
M&A Acquirer, Minority / Partnership
ERG Renew Spa
Genoa, Italy
www.ergrenew.it
Eurakras UAB
Raseiniai, Lithuania
www.eurakras.lt
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Evolem
Lyon, France
www.evolem.com
Project sponsor
INVESTMENT FOCUS:
Ericsson
Stockholm, Sweden
www.ericsson.com
Eurekap!
Lyon, France
www.eurekap.eu
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Evonik Industries AG
Essen, Germany
www.evonik.com
INVESTMENT FOCUS:
Erste Group Bank AG
Vienna, Austria
www.erstegroup.com
INVESTMENT FOCUS:
Eurobank Private Bank
Luxembourg S.A.
www.eurobankpb.lu
Exide Technologies Inc.
Milton, GA, USA
www.exide.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
EUROFIDEME 2
Paris, France
www.eurofideme2.com
Export Development Canada
Ottawa, ON, Canada
www.edc.ca
Project sponsor
INVESTMENT FOCUS:
INVESTMENT FOCUS:
sponsor
ESB Group
Dublin, Ireland
www.esb.ie
ESB Novusmodus
London, UK
www.novusmodus.com
INVESTMENT FOCUS:
European Bank for
Reconstruction and Development
London, UK
www.ebrd.com
Estin & Co
Paris, France
www.estin.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
Luxembourg, Luxembourg
www.eib.org
Financial - M&A
ET Solar Group Corp.
Nanjing, China
www.etsolar.com
INVESTMENT FOCUS:
Debt project finance, PE Development Capital, Project sponsor
INVESTMENT FOCUS:
Eternity Capital
London, UK
www.eternitycapital.co.uk
INVESTMENT FOCUS:
60
Eurowatt
Paris, France
www.eurowatt-group.com
INVESTMENT FOCUS:
EY
London, UK
www.ey.com
ADVISORY FOCUS:
Financial - M&A, Financial - project
finance
DIRECTORY
Filsa Capital BV
Wassenaar, Netherlands
www.filsa.com
First Solar Inc.
Tempe, AZ, USA
www.firstsolar.com
F&S solar concept GmbH
Euskirchen, Germany
www.fs-sun.de
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
FIM Services Ltd.
Oxon, UK
www.fimltd.co.uk
Fjernvarme Fyn
Odense, Denmark
www.fjernvarmefyn.dk
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
M&A Acquirer
F
Project sponsor
F2i Fondi Italiani per le
Infrastrutture
Milan, Italy
www.f2isgr.it
ADVISORY FOCUS:
Financial - project finance
INVESTMENT FOCUS:
FairWind A/S
Vejle, Denmark
www.fairwindinstallation.com
INVESTMENT FOCUS:
Finance Wales plc
Cardiff, UK
www.financewales.co.uk
INVESTMENT FOCUS:
Seed Financing, VC - Early Growth
(Series A to C)
M&A Acquirer
FMO NV (The Netherlands
Development Finance Company)
www.fmo.nl
INVESTMENT FOCUS:
Fonroche Energie SAS
Roquefort, France
www.fonroche.fr
Falck Renewables SpA
Milan, Italy
www.falckrenewables.eu
Finanziaria Internazionale
Holding Spa
Conegliano, Italy
www.finint.it
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Ferrostaal GmbH
Essen, Germany
www.ferrostaal.com
FinnCap Ltd.
London, UK
www.finncap.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
Project sponsor
Financial - M&A
FIDAL SA
Neuilly-sur-Seine, France
www.fidal.fr
Finnfund
Helsinki, Finland
www.finnfund.fi
ADVISORY FOCUS:
INVESTMENT FOCUS:
sponsor
Field Fisher Waterhouse
London, UK
www.ffw.com
Finnish Industry Investment Ltd.
Helsinki, Finland
www.industryinvestment.com
Fortum Oyj
Espoo, Finland
www.fortum.com
ADVISORY FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Legal - M&A
Fieldstone Private Capital Group
London, UK
www.fpcg.com
First Capital Corporation Ltd.
London, UK
www.firstcapital.co.uk
ForVEI
Italy
www.forvei.com
ADVISORY FOCUS:
ADVISORY FOCUS:
INVESTMENT FOCUS:
Financial - M&A
equity
FIH PARTNERS A/S
Copenhagen, Denmark
www.fihpartners.com
ADVISORY FOCUS:
Financial - M&A, Venture capital &
private equity
First Reserve Corp.
Greenwich, CT, USA
www.firstreserve.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Foresight Group
Sevenoaks, UK
www.foresightgroup.eu
INVESTMENT FOCUS:
PE - Buyout, Project sponsor, VC Early Growth (Series A to C)
Foresight Solar Fund Ltd.
Sevenoaks, UK
INVESTMENT FOCUS:
Foundation Asset Management AB
Stockholm, Sweden
www.fam.se
INVESTMENT FOCUS:
61
DIRECTORY
Fourth Level Ventures Ltd.
Dublin, Ireland
www.4thlevelventures.ie
Fysis Fund SICAV-SIF
www.fysisfund.eu
Gateley LLP
Birmingham, UK
www.gateleyuk.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
ADVISORY FOCUS:
Legal - M&A
FranceWatts
Barentin, France
www.francewatts.fr
G
INVESTMENT FOCUS:
M&A Acquirer
Fred. Olsen Renewables AS
Oslo, Norway
www.fredolsen-renewables.com
ADVISORY FOCUS:
G&W Fondkommission
Stockholm, Sweden
www.gwkapital.se
ADVISORY FOCUS:
Financial - M&A
INVESTMENT FOCUS:
Project sponsor
Frendy Energy Spa
Firenze, Italy
www.frendyenergy.it
Freshfields Bruckhaus Deringer LLP
London, UK
www.freshfields.com
INVESTMENT FOCUS:
M&A Acquirer
Fri-El Green Power Spa
Rome, Italy
www.fri-el.it
INVESTMENT FOCUS:
Project sponsor
Fronteris GmbH
Regensburg, Germany
www.fronteris.de
Frontier Power Ltd.
London, UK
www.frontierpower.biz
Fundo de Apoio a Inovacao
Lisbon, Portugal
www.fai.pt
Fusion IP plc
London, UK
www.fusionip.co.uk
INVESTMENT FOCUS:
62
GDF SUEZ SA
Paris, France
www.gdfsuez.com
INVESTMENT FOCUS:
GE Energy Financial Services (GE
Capital)
Stamford, CT, USA
www.geenergyfinancialservices.com
GAMA Holding Inc.
Ankara, Turkey
www.gama.com.tr
INVESTMENT FOCUS:
M&A Acquirer
INVESTMENT FOCUS:
M&A Acquirer
Gamma Solutions SL
Madrid, Spain
www.gammasolutions.eu
INVESTMENT FOCUS:
Gedik Girisim Sermayesi Yatırım
Ortaklıgı A.S.
Istanbul, Turkey
www.gedikgirisim.com
INVESTMENT FOCUS:
M&A Acquirer
M&A Acquirer
Gas Natural SDG SA
Barcelona, Spain
www.gasnatural.com
Generation Investment
Management LLP
London, UK
www.generationim.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
Project sponsor
M&A Acquirer, Project sponsor, VC Early Growth (Series A to C)
INVESTMENT FOCUS:
GCP Infrastructure Investments Ltd.
London, UK
www.gcpuk.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
M&A Acquirer
GAM Fund Management Limited
Dublin, Ireland
www.gam.com
INVESTMENT FOCUS:
M&A Acquirer
Gautier
Le Boupere, France
www.gautier.fr
INVESTMENT FOCUS:
Galp Energia SGPS SA
Lisbon, Portugal
www.galpenergia.com
ADVISORY FOCUS:
Legal - M&A
INVESTMENT FOCUS:
Gaelectric Developments Ltd.
Dublin, Ireland
www.gaelectric.ie
INVESTMENT FOCUS:
M&A Acquirer, Minority / Partnership
Gatienne Brault & Associes
Paris, France
www.brault.net
GASOKOL GmbH
Saxen, Austria
www.gasokol.at
INVESTMENT FOCUS:
Geo plc
Paris, France
www.geoplc.com
M&A Acquirer
INVESTMENT FOCUS:
M&A Acquirer
DIRECTORY
Geo Renewables S.A.
Warsaw, Poland
www.georenewables.pl
GlaxoSmithKline Plc
Middlesex, UK
www.gsk.com
Gothaer Versicherungen AG
Cologne, Germany
www.gothaer.de
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Project sponsor
Minority / Partnership, PE Development Capital
German Pellets GmbH
Wismar, Germany
www.german-pellets.de
Glennmont Partners
London, UK
www.glennmont.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
sponsor
GETproject GmbH & Co. KG
Keil, Germany
www.getproject.de
INVESTMENT FOCUS:
Project sponsor
GGEW AG
Bensheim, Germany
www.ggew.de
INVESTMENT FOCUS:
Gianni, Origoni, Grippo & Partners
Rome, Italy
www.gop.it
ADVISORY FOCUS:
Gide Loyrette Nouel
Paris, France
www.gide.com
ADVISORY FOCUS:
Gilbert Dupont
Paris, France
www.gilbertdupont.fr
ADVISORY FOCUS:
INVESTMENT FOCUS:
Project sponsor
Global Cleantech Capital
www.gccfund.com
Grand Sud Ouest Capital
Bordeaux, France
www.gsocapital.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Global EcoPower SA
www.global-ecopower.com
Grant Thornton LLP
Chicago, IL, USA
www.grantthornton.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
GLS Bank
Bochum, Germany
www.gls.de
INVESTMENT FOCUS:
Gravis Capital Partners LLP
London, UK
www.gcpuk.com
INVESTMENT FOCUS:
Financial - M&A
INVESTMENT FOCUS:
M&A Acquirer, PE - Buyout, VC - Early
Gingko Tree Investment Ltd.
London, UK
INVESTMENT FOCUS:
GKN plc
Redditch, UK
www.gkn.com
INVESTMENT FOCUS:
M&A Acquirer
equity
GP Joule GmbH
Reußenköge, Germany
www.gp-joule.de
ADVISORY FOCUS:
INVESTMENT FOCUS:
ADVISORY FOCUS:
Global Capital Finance GmbH &
Co. Europe KG
Frankfurt, Germany
www.globalcapitalfinance.com
GN Renewable Investments SARL
GIMV
Antwerp, Belgium
www.gimv.com
GP Bullhound Ltd.
London, UK
www.gpbullhound.com
sponsor
Green Bear Corp.
Warsaw, Poland
www.greenbearcorp.com
INVESTMENT FOCUS:
Project sponsor
Goldman Sachs & Co.
New York, NY, USA
www.gs.com
ADVISORY FOCUS:
Green City Energy AG
Munich, Germany
www.greencity-energy.de
private equity
INVESTMENT FOCUS:
Good Energy Group plc
Chippenham, UK
www.goodenergygroup.co.uk
Green Gateway Fund
Germany
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Green GECCO GmbH & Co KG
Essen, Germany
www.greengecco.de
INVESTMENT FOCUS:
Project sponsor
63
DIRECTORY
Green Giraffe Energy Bankers
Paris, France
www.green-giraffe.eu
GreenYellow
Saint-Etienne, France
www.groupe-casino.fr
Halifax Bank of Scotland plc
London, UK
www.bankofscotland.co.uk
ADVISORY FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Green Highland Renewables Limited
Dingwall, UK
www.greenhighland.co.uk
Groupe BPCE
Paris, France
www.bpce.fr
Hallwick Energy
Morville, UK
www.hallwickenergy.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Green Power Development
Holding
Groupe Danone
Paris, France
www.danone.com
Haniwells
Manchester, UK
www.haniwells.co.uk
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Project sponsor
Green Power Investment Corp.
Tokyo, Japan
www.greenpower.co.jp
Gründerfonds Münsterland
Münster, Germany
www.gruenderfonds-msl.de
Hannes Snellman
Helsinki, Finland
www.hannessnellman.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
ADVISORY FOCUS:
Project sponsor
Legal - M&A
Green Services Group
Paris, France
INVESTMENT FOCUS:
H
M&A Acquirer
Greencoat Capital LLP
London, UK
www.greencoat-capital.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
H2 Equity Partners
www.h2.nl
INVESTMENT FOCUS:
Greencoat UK Wind plc
London, UK
www.greencoat-ukwind.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Hareon Solar Technology Co. Ltd
Jiangyin, China
www.hareonsolar.com
Project sponsor
INVESTMENT FOCUS:
Project sponsor
Project sponsor
H2O Power Ltd.
Oshawa, ON, Canada
www.h2opower.ca
INVESTMENT FOCUS:
INVESTMENT FOCUS:
HASCELIK Group
Kayseri, Turkey
www.hascelik.com.tr
M&A Acquirer
M&A Acquirer
Habo Rostfria AB
Habo, Sweden
www.haborostfria.se
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Hazel Capital LLP
London, UK
www.hazelcapital.com
M&A Acquirer
Project sponsor
Greenline GmbH & Co KG
Flensburg, Germany
www.greenline-energy.de
Hardox Wear Parts Center Geha
Beheer BV
Zaandam, Netherlands
www.geha-zaandam.nl
INVESTMENT FOCUS:
M&A Acquirer
Greengo Energy
Horsholm, Denmark
www.greengoenergy.dk
M&A Acquirer
H2air Group
Amiens, France
www.h2air.fr
Greenflex
Paris, France
www.greenflex.com
Hanwha SolarOne
Qidong, China
www.hanwha-solarone.com
Project sponsor
Haldor Topsoe A/S
Kongens Lyngby, Denmark
www.topsoe.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Heliocentris Energy Solutions AG
Berlin, Germany
www.heliocentris.com
Minority / Partnership
Project sponsor
INVESTMENT FOCUS:
M&A Acquirer, VC - Early Growth
(Series A to C)
64
DIRECTORY
Henderson Global Investors Ltd.
London, UK
www.henderson.com
Hogan Lovells
London, UK
www.hoganlovells.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
PIPE
Hengeler Mueller
Berlin, Germany
www.hengeler.com
Honigman Miller Schwartz and
Cohn LLP
Detroit, MI, USA
www.honigman.com
ADVISORY FOCUS:
equity
Herbert Smith Freehills LLP
London, UK
www.herbertsmith.com
ADVISORY FOCUS:
equity
I
ib vogt GmbH (Vogt Solar)
Berlin, Germany
www.vogt-solar.com
INVESTMENT FOCUS:
Iberdrola Renovables SA
Valencia, Spain
www.iberdrolarenovables.es
INVESTMENT FOCUS:
Project sponsor
ADVISORY FOCUS:
Houlihan Lokey
Los Angeles, CA, USA
www.hl.com
ADVISORY FOCUS:
Iccrea Banking Group
Rome, Italy
www.gruppobancarioiccrea.it
Financial - M&A
INVESTMENT FOCUS:
Hermann Hofmann Erneuerbare
Energien GmbH & Co. KG
Solms-Niederbiel, Germany
www.hh-gruppe.de
Houthoff Buruma NV
www.houthoff.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
Project sponsor
equity
Hero Eco Ltd. (A2B)
London, UK
www.heroeco.com
INVESTMENT FOCUS:
M&A Acquirer
ICON Corporate Finance
London, UK
www.iconcorpfin.co.uk
ADVISORY FOCUS:
equity
Howaldt Energies Verwaltungs
GmbH
Feldafing, Germany
www.howaldt-energies.de
iCON Infrastructure LLP
London, UK
www.iconinfrastructure.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Heuking Kuehn Luer Wojtek
Düsseldorf, Germany
M&A Acquirer
ADVISORY FOCUS:
HSBC Holdings plc
London, UK
www.hsbc.com
IDDEA Ltd.
Devizes, UK
www.iddea.co.uk
Hevel
Moscow, Russia
www.hevelsolar.com
ADVISORY FOCUS:
INVESTMENT FOCUS:
Financial - M&A
Project sponsor
INVESTMENT FOCUS:
HSH Nordbank AG
Hamburg, Germany
www.hsh-nordbank.de
IDInvest Partners
Paris, France
www.agfpe.com
Highland Venture Capital Ltd.
Inverness, UK
www.highvc.co.uk
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
HT Aiwanger
Bayern, Germany
INVESTMENT FOCUS:
Idroenergia Srl
Costigliole d’Asti, Italy
www.idroenergia.com
Project sponsor
INVESTMENT FOCUS:
M&A Acquirer
High-Tech Gründerfonds
Management GmbH
Bonn, Germany
www.high-tech-gruenderfonds.de
M&A Acquirer
INVESTMENT FOCUS:
Hub Group
Bilbao, Spain
www.hubgroup.es
ADVISORY FOCUS:
IFE Aufbereitungstechnik GmbH
Waidhofen, Austria
www.ife-bulk.com
Financial - M&A
INVESTMENT FOCUS:
Hogan & Associates
Dublin, Ireland
www.hogan-associates.com
ADVISORY FOCUS:
equity
M&A Acquirer
HVC Group
Alkmaar, Netherlands
www.hvcgroep.com
INVESTMENT FOCUS:
Project sponsor
65
DIRECTORY
IFE Eriksen AG
Oldenburg, Germany
www.ife-eriksen.de
INVESTMENT FOCUS:
Project sponsor
IMPAX ASSET
MANAGEMENT LTD.
London, UK
www.impaxam.com
Industrielle Werke Basel
Basel, Switzerland
www.iwb.ch
INVESTMENT FOCUS:
M&A Acquirer
INVESTMENT FOCUS:
IK Investment Partners
Hamburg, Germany
www.industrikapital.com
INVESTMENT FOCUS:
IKAV Global Energy S.a.r.l.
INVESTMENT FOCUS:
IKEA GreenTech AB
Lund, Sweden
www.ikea.greentechab.com
INVESTMENT FOCUS:
IKEA Group
Helsingborg, Sweden
www.ikea-group.ikea.com
INVESTMENT FOCUS:
ABOUT:
Impax Asset Management is an
award winning, leading investment
manager dedicated to investing
in the opportunities created by
the scarcity of natural resources
and the growing demand for
cleaner, more efficient products
and services, through both listed
and private equity strategies. We
manage c.US$4.6 billion (£3 billion)
for investors globally, and are
committed to providing strong, longterm, risk-adjusted returns.
Industriens Pensionsforsikring A/S
Copenhagen, Denmark
www.industrienspension.dk
INVESTMENT FOCUS:
Infinis Energy plc
Northampton, UK
www.infinis.com
INVESTMENT FOCUS:
Project sponsor
Infinite Renewables Ltd.
Bridgend, UK
www.infinite-energy.org.uk
INVESTMENT FOCUS:
CONTACT:
Harry Lambert
Associate Director
[email protected]
+44 207 432 2655
InfraRed Capital Partners Ltd.
London, UK
www.ircp.com
Project sponsor
INVESTMENT FOCUS:
sponsor
Ilmatar Windpower Oyj
Helsinki, Finland
www.ilmatarwind.fi
ImWind Group GmbH
Pottenbrunn, Austria
www.imwind.at
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Project sponsor
Imagination Technologies Group plc
Kings Langley, UK
www.imgtec.com
Inaccess Networks SA
London, UK
www.inaccess.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
ABOUT:
Inazin Power Ltd.
Cirencester, UK
www.inazin.com
INVESTMENT FOCUS:
Project sponsor
Index Ventures
Geneva, Switzerland
www.indexventures.com
INVESTMENT FOCUS:
Growth (Series A to C), VC - Late Stage
(Series D+)
Industrial Development Bank of
Turkey
Istanbul, Turkey
www.tskb.com
INVESTMENT FOCUS:
66
ING BANK N.V.
www.ing.com
Debt project finance, VC - Late Stage
(Series D+)
ING Commercial Banking (CB)
meets all banking needs of large
corporations, multinationals and
financial institutions. In addition to
the basic banking services of lending,
payments & cash management and
treasury, we provide tailored banking
solutions in areas including corporate
finance, leasing, structured finance,
commercial finance (factoring),
equity markets and debt capital
markets. We can finance your growth,
manage your day-to-day banking
needs and provide you with a full
range of banking solutions to help
you achieve your business goals.
CONTACT:
S. Evans
Director, Structured Finance,
Utilities Power & Renewables
[email protected]
+31205651024
DIRECTORY
Ingenious Clean Energy Income Plc
London, UK
www.ingeniouscleanenergyincomeplc.co.uk
Intera Partners Oy
Helsinki, Finland
www.interapartners.fi
Investment Engineering
Zeist, Netherlands
www.investment-engineering.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
sponsor
Project sponsor
International Beverage Holdings Ltd.
Hong Kong, China
www.interbevgroup.com
Iona Capital Ltd.
London, UK
www.ionacapital.co.uk
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Project sponsor
International Finance Corp.
Washington, DC, USA
www.ifc.org
IP Group plc
London, UK
www.ipgroupplc.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
International Public Partnerships Ltd.
Guernsey, UK
www.internationalpublicpartnerships.com
ISAI
Paris, France
www.isai.fr
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
PE - Development Capital, Seed
Financing
Innogy Venture Capital GmbH
Essen, Germany
www.innogy-ventures.com
INVESTMENT FOCUS:
Innotech Solar AS
Narvik, Norway
www.innotechsolar.com
INVESTMENT FOCUS:
M&A Acquirer
Innovatec Spa
Milan, Italy
www.innovatec.it
INVESTMENT FOCUS:
M&A Acquirer
Innovationsstarter Hamburg GmbH
Hamburg, Germany
www.innovationsstarter.com
INVESTMENT FOCUS:
Interserve plc
Twyford, UK
www.interserve.com
INVESTMENT FOCUS:
Project sponsor
Innovator Capital
London, UK
www.innovator-capital.com
ADVISORY FOCUS:
equity
InnoVent SAS
Villeneuve d’Ascq, France
www.innovent.fr
INVESTMENT FOCUS:
Invenergy LLC
Chicago, IL, USA
www.invenergyllc.com
INVESTMENT FOCUS:
Project sponsor
InovCapital
Porto, Portugal
www.inovcapital.pt
Project sponsor
Isolux Corsan SA
Madrid, Spain
www.isoluxcorsan.com
INVESTMENT FOCUS:
Invest Securities
Paris, France
www.invest-securities.com
ADVISORY FOCUS:
Financial - M&A
INVESTMENT FOCUS:
Project sponsor
Islay Energy Community Benefit
Society
Islay, UK
www.islayenergycbs.com
Project sponsor
Israel Infrastructure Fund
Tel Aviv, Israel
www.iif.co.il
INVESTMENT FOCUS:
Investec plc
London, UK
www.investec.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Debt project finance, VC - Late Stage
(Series D+)
Project sponsor
ADVISORY FOCUS:
M&A Acquirer
Isys Interactive Systems
Derby, UK
www.isys-computers.com
INVESTMENT FOCUS:
M&A Acquirer
Financial - M&A
Integrae Sim
Milan, Italy
www.integraesim.it
ADVISORY FOCUS:
Investinor AS
Trondheim, Norway
www.investinor.no
Financial - M&A
INVESTMENT FOCUS:
iXO Private Equity
Toulouse, France
www.ixope.fr
INVESTMENT FOCUS:
Intelligent Energy Holdings plc
Loughborough, UK
www.intelligent-energy.com
INVESTMENT FOCUS:
Investitionsbank Berlin
Berlin, Germany
www.ibb.de
INVESTMENT FOCUS:
67
DIRECTORY
J
Japan Bank for International
Cooperation
Tokyo, Japan
www.jbic.go.jp
INVESTMENT FOCUS:
Jardine Lloyd Thompson Group plc
London, UK
www.jltgroup.com
ADVISORY FOCUS:
Financial - M&A
JDC Corporate Finance
Norwich, UK
www.jdccorporatefinance.co.uk
ADVISORY FOCUS:
equity
Jefferies & Co
New York, NY, USA
www.jefferies.com
ADVISORY FOCUS:
Financial - M&A
JFE Engineering Corporation
Tokyo, Japan
www.jfe-eng.co.jp
JOHN LAING GROUP PLC
London, UK
www.laing.com
INVESTMENT FOCUS:
sponsor
ABOUT:
John Laing is an originator,
active investor and manager of
international infrastructure projects.
Our business is focused on major
transport, social and environmental
infrastructure projects awarded
under governmental public-private
partnership (PPP) programmes,
and renewable energy projects,
across international markets
including Asia Pacific, UK, Europe
and North America. We are one of
the world’s most trusted brands in
infrastructure thanks to our expertise
and credentials, with more than 100
projects in the last 30 years.
JFS & Associates Ltd.
Stokesley, UK
www.jfsassociates.co.uk
Joffe & Associés
Paris, France
www.joffeassocies.com
ADVISORY FOCUS:
KAIROS Corporate Finance
Advisory GmbH
Vienna, Austria
www.kairos-cf.com
ADVISORY FOCUS:
Financial - M&A
Kale Enerji
Kahramanmaras, Turkey
www.kaleenerji.com.tr
INVESTMENT FOCUS:
Project sponsor
Karesi Enerji AS
Istanbul, Turkey
www.besttrafo.com.tr
INVESTMENT FOCUS:
Ross McArthur
Managing Director - Renewable
Energy
[email protected]
+44 20 7901 3200
Project sponsor
Kepler Cheuvreux
Paris, France
www.keplercheuvreux.com
INVESTMENT FOCUS:
PIPE, Project sponsor
Jones Day
Washington, DC, USA
www.jonesday.com
ADVISORY FOCUS:
KfW Bankengruppe
Frankfurt, Germany
www.kfw.de
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
K&L Gates LLP
Palo Alto, CA, USA
www.klgates.com
CONTACT:
INVESTMENT FOCUS:
M&A Acquirer
K
JP Energie Environnement
Saint-Contest, France
www.jpee.fr
INVESTMENT FOCUS:
Project sponsor
ADVISORY FOCUS:
KGAL GmbH & Co KG
Gruenwald, Germany
www.kgal-gruppe.de
INVESTMENT FOCUS:
equity
JSA Tax Consultancy
www.jsa-tax.com
sponsor
Joh Wacht GmbH & Co
Könen, Germany
www.wacht-bau.de
ADVISORY FOCUS:
KIC InnoEnergy SE
Eindhoven, Netherlands
www.kic-innoenergy.com
INVESTMENT FOCUS:
Jurenergie eG
Neumarkt, Germany
www.jurenergie.de
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Kinexia SpA
Milano, Italy
www.kinexia.it
Project sponsor
John Laing Environmental Assets
Group
London, UK
www.jlen.com
INVESTMENT FOCUS:
Financial - M&A
Project sponsor
Juwi AG
Wörrstadt, Germany
www.juwi.com
INVESTMENT FOCUS:
Project sponsor
68
INVESTMENT FOCUS:
M&A Acquirer
DIRECTORY
King & Wood Mallesons SJ
Berwin LLP
Hong Kong, China
www.kwm.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
Project sponsor
Kraftpojkarna AB
Västerås, Sweden
www.kraftpojkarna.se
KIRKBI A/S
Billund, Denmark
www.kirkbi.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
ADVISORY FOCUS:
INVESTMENT FOCUS:
L&T City Real Estate Ltd.
London, UK
Project sponsor
Münchenstein, Switzerland
www.kkbenergy.com
INVESTMENT FOCUS:
sponsor
INVESTMENT FOCUS:
Kraske Melcher
Munich, Germany
www.kraskemelcher.de
sponsor
ADVISORY FOCUS:
La Caixa d’Estalvis i Pensions de
Barcelona
Barcelona, Spain
www.lacaixa.com
Legal - M&A
Legal - M&A
KKB RENEWABLE
ENERGY
L&B Partners Spa
Milan, Italy
www.lbpartners.it
Krannich Solar
Weil der Stadt, Germany
www.krannich-solar.com
Project sponsor
Kirkland & Ellis LLP
Chicago, IL, USA
www.kirkland.com
L
Krogerus
Helsinki, Finland
www.krogerus.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
Kromann Reumert
Copenhagen, Denmark
www.kromannreumert.com
La Compagnie du Vent SA
Montpellier, France
www.compagnieduvent.com
INVESTMENT FOCUS:
Project sponsor
ADVISORY FOCUS:
ABOUT:
Kleinkraftwerk Birseck AG (KKB
AG), is an independent green
power producer focusing on the
acquisition and operation of smallscale wind, solar and hydro power
generation assets in Switzerland
and Europe. By 2020, KKB is aiming
at a diversified, well-balanced
portfolio of production units with
a total installed capacity of 300
MW to become a leading operator
of small power generation assets
in Europe. The company is listed
on the BX Berne Exchange (ISIN
CH0023777235).
CONTACT:
Mr. Antoine Millioud
CEO
[email protected]
+41 61 415 41 41
KKR LP
New York, NY, USA
www.kkr.com
Kruck + Partner
Heilbronn, Germany
www.kruck-partner.de
Lacuna AG
Regensburg, Germany
www.lacuna.de
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
Project sponsor
KumBro Vind AB
Örebro, Sweden
www.kumbro.se
Lægernes Pensionskasse
Frederiksberg, Denmark
www.lpk.dk
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
Kurita Water Industries Ltd.
Tokyo, Japan
www.kurita.co.jp
Lærernes Pension
Hellerup, Denmark
www.lppension.dk
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
KW Karma Werte GmbH
Graz, Austria
www.karmawerte.at
LähiTapiola
Finland
www.lahitapiola.fi
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Laidlaw Group LLC
Bedford Hills, NY, USA
www.laidlawgrp.com
INVESTMENT FOCUS:
M&A Acquirer
M&A Acquirer
KPMG LLP
London, UK
www.kpmg.co.uk
ADVISORY FOCUS:
69
DIRECTORY
Lakehouse
London, UK
www.lakehouse.co.uk
Lefevre Pelletier & associes (LPA)
Paris, France
www.lpalaw.com
Leonardo Venture GmbH & Co. KGaA
Mannheim, Germany
www.leonardoventure.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
ADVISORY FOCUS:
M&A Acquirer
equity
Lamilux
Rehau, Germany
www.lamilux.com
Legalitax
Rome, Italy
www.legalitax.it
INVESTMENT FOCUS:
ADVISORY FOCUS:
Project sponsor
equity
Lamy & Associés
Paris, France
www.lamy-associes.com
Leonidas Associates GmbH
Kalchreuth, Germany
www.leonid-as.com
INVESTMENT FOCUS:
sponsor
ADVISORY FOCUS:
Legance Studio Legale Associato
Rome, Italy
www.legance.it
Legal - M&A
ADVISORY FOCUS:
Lesaffre
Marcq-en-Baroeul, France
www.lesaffre.com
INVESTMENT FOCUS:
Landis+Gyr AG
Zug, Switzerland
www.landisgyr.com
M&A Acquirer
INVESTMENT FOCUS:
Lenga, Wähling & Partner
Meissen, Germany
www.l-w-p.de
M&A Acquirer
ADVISORY FOCUS:
Lifeline Ventures
Helsinki, Finland
www.lifelineventures.com
INVESTMENT FOCUS:
Lang & Schwarz
Wertpapierhandelsbank AG
Duesseldorf, Germany
www.ls-d.de
Lennox Partners LLP
London, UK
www.lennoxpartners.com
ADVISORY FOCUS:
ADVISORY FOCUS:
equity
private equity
Latham & Watkins LLP
London, UK
www.lw.com
ADVISORY FOCUS:
equity
Lawrence Graham LLP
London, UK
www.lg-legal.com
ADVISORY FOCUS:
Legal - M&A
Laytons Solicitors LLP
Manchester, UK
www.laytons.com
ADVISORY FOCUS:
Legal - M&A
Le groupe Aurea
Paris, France
www.aurea-france.com
Le Groupe MGEN
France
www.mgen.fr
INVESTMENT FOCUS:
70
INVESTMENT FOCUS:
LIECHTENSTEIN BANKERS
ASSOCIATION
www.bankenverband.li
The Liechtenstein Bankers Association (LBA) was founded in 1969 and is
the voice of the banks operating in Liechtenstein, at home and abroad.
It is one of the most important support organisations in the country and
implements important functions ensuring the successful development
of the financial centre. Through membership of the European Banking
Federation (EBF) and the European Payments Council (EPC), the
Liechtenstein Bankers Association is an integral part of key bodies at
the European level, and plays an active role in the European legislative
process.
INVESTMENT FOCUS:
M&A Acquirer
Lightsource Renewable Energy Ltd.
London, UK
www.lightsource-re.co.uk
Contact:
Simon Tribelhorn
CEO
[email protected]
+423 230 13 23
DIRECTORY
Limonta Spa
Costa Masnaga, Italy
www.limonta.com
INVESTMENT FOCUS:
Project sponsor
Lincoln International AG
Frankfurt, Germany
www.lincolninternational.com
ADVISORY FOCUS:
Financial - M&A
Lindemann Schwennicke & Partner
Berlin, Germany
www.lspartner.de
ADVISORY FOCUS:
Linklaters LLP
London, UK
www.linklaters.com
LUXCARA
www.luxcara.com
LUXCARA is an independent asset manager for renewable energy
investments based in Hamburg, Germany. The company is specialized
in the acquisition, structuring, financing and the asset management of
renewable energy portfolios for institutional investors. LUXCARA is active
in the European core markets and Latin America and is one of the largest
asset managers for solar investments in Europe.
Contact:
Kathrin Oechtering
Managing Partner
[email protected]
+49 40 60 56 41 0
ADVISORY FOCUS:
LiqTech International Inc.
Ballerup, Denmark
www.liqtech.dk
Loyens & Loeff NV
www.loyensloeff.com
Luxcara Asset Management GmbH
Hamburg, Germany
www.luxcara.com
ADVISORY FOCUS:
INVESTMENT FOCUS:
Legal - M&A
sponsor
INVESTMENT FOCUS:
M&A Acquirer
Lithgow Family
Ormsary, UK
LS Avocats
Paris, France
www.lsavocats.com
ADVISORY FOCUS:
Luxra AG
Kreuzlingen, Switzerland
www.luxra.ch
equity
INVESTMENT FOCUS:
Project sponsor
Lloyds Banking Group plc
London, UK
www.lloydsbankinggroup.com
Lucibel SA
Rueil-Malmaison, France
www.lucibel.com
LVS-Capital GmbH
Bad Rappenau, Germany
INVESTMENT FOCUS:
INVESTMENT FOCUS:
PE - Buyout
M&A Acquirer
INVESTMENT FOCUS:
Loiste Energia Oy
Kajaani, Finland
www.loiste.fi
INVESTMENT FOCUS:
M&A Acquirer
INVESTMENT FOCUS:
Ludgate Environmental Fund Ltd.
London, UK
www.ludgateenvironmental.com
INVESTMENT FOCUS:
M&A Acquirer
London Energy Efficiency Fund
London, UK
www.leef.co.uk
LUKErg Renew GmbH
Vienna, Austria
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
Low Carbon Group Ltd.
London, UK
www.lowcarbon.com
Lumenpulse Inc.
www.lumenpulse.com
INVESTMENT FOCUS:
M&A Acquirer
INVESTMENT FOCUS:
PE - Development Capital, Project
sponsor
71
DIRECTORY
Mannheimer Swartling
Stockholm, Sweden
www.mannheimerswartling.se
MCF Corporate Finance
London, UK
www.mcfcorpfin.com
M&G Investments
London, UK
www.mandg.co.uk
ADVISORY FOCUS:
ADVISORY FOCUS:
Legal - M&A
private equity
INVESTMENT FOCUS:
Manz Automation AG
Reutlingen, Germany
www.manz-automation.com
M
Debt project finance, Project sponsor
M+W Group GmbH
Stuttgart, Germany
www.mwgroup.net
INVESTMENT FOCUS:
Mediocredito Trentino Alto Adige
Trento, Italy
www.mediocredito.it
M&A Acquirer
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Maples and Calder
Cayman Islands
www.maplesandcalder.com
Project sponsor
Maatschappij Linkerscheldeoever
Kallo, Belgium
www.mlso.be
ADVISORY FOCUS:
Merck KGaA
Darmstadt, Germany
www.merck.de
equity
INVESTMENT FOCUS:
Project sponsor
Marsh Wind Technologies ApS
Herning, Denmark
Macfarlanes LLP
London, UK
www.macfarlanes.com
INVESTMENT FOCUS:
Michelin
Clermont-Ferrand, France
www.michelin.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
Martifer Renewables SGPS SA
Oliveira de frades, Portugal
www.martifer.pt
M&A Acquirer
INVESTMENT FOCUS:
Macphie of Glenbervie Ltd
Stonehaven, UK
www.macphie.com
INVESTMENT FOCUS:
Michelmores LLP
Exeter, UK
www.michelmores.com
Project sponsor
ADVISORY FOCUS:
INVESTMENT FOCUS:
Marubeni Corp.
Tokyo, Japan
www.marubeni.com
Legal - M&A
Legal - M&A
Macquarie Group Ltd.
Sydney, Australia
www.macquarie.com.au
INVESTMENT FOCUS:
Midi Capital
Toulouse, France
www.midicapital.fr
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Masdar
Abu Dhabi, UAE
www.masdar.ae
ADVISORY FOCUS:
INVESTMENT FOCUS:
Midven Ltd.
Birmingham, UK
www.midven.com
INVESTMENT FOCUS:
Project sponsor
Magnetar Capital LLC
Evanston, IL, USA
www.magnetar.com
Max Bogl Wiesner
Neumarkt, Germany
INVESTMENT FOCUS:
Millhouse LLC
Moscow, Russia
Project sponsor
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Mangrove Capital Partners
www.mangrove.vc
Mazars LLP
Paris, France
www.mazars.com
ADVISORY FOCUS:
Mills & Reeve
London, UK
www.mills-reeve.com
ADVISORY FOCUS:
INVESTMENT FOCUS:
equity
MANN+HUMMEL Group
Ludwigsburg, Germany
www.mann-hummel.com
MBG Mittelständische
Beteiligungsgesellschaft BadenWürttemberg GmbH
Stuttgart, Germany
www.mbg.de
Mitsubishi Corp.
Tokyo, Japan
www.mitsubishicorp.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
Project sponsor
72
DIRECTORY
Mitsubishi UFJ Financial Group
Tokyo, Japan
www.mufg.jp
MVV Energie AG
Mannheim, Germany
www.mvv-energie.de
National Bank Financial Inc.
www.nbf.ca
INVESTMENT FOCUS:
INVESTMENT FOCUS:
ADVISORY FOCUS:
M&A Acquirer, Minority / Partnership,
Project sponsor
Financial - M&A
Mizuho Financial Group
Tokyo, Japan
www.mizuho-fg.co.jp
INVESTMENT FOCUS:
N
National Commercial Bank
Jeddah, Saudi Arabia
www.alahli.com
INVESTMENT FOCUS:
MK-Fintel Wind AD
Belgrade, Serbia
N+1 Singer Advisory LLP
London, UK
www.n1singer.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
National Grid plc
London, UK
www.nationalgrid.com
Project sponsor
Financial - M&A
INVESTMENT FOCUS:
Mondragon Assembly
Aretxabaleta, Spain
www.mondragon-assembly.com
Nabarro LLP
London, UK
www.nabarro.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
National Pensions Reserve Fund
Dublin, Ireland
www.nprf.ie
M&A Acquirer
Legal - M&A
INVESTMENT FOCUS:
Morgan Stanley
New York, NY, USA
www.morganstanley.com
Nano Future Invest A/S
Oslo, Norway
ADVISORY FOCUS:
Project sponsor
INVESTMENT FOCUS:
Financial - M&A
Mourant Ozannes LP
Grand Cayman, Cayman Islands
www.mourantozannes.com
ADVISORY FOCUS:
INVESTMENT FOCUS:
Naskeo Environnement
Malakoff, France
www.naskeo.com
ADVISORY FOCUS:
Financial - M&A
INVESTMENT FOCUS:
M&A Acquirer
Legal - M&A
MPS Capital Services Banca per le
Imprese Spa
Firenze, Italy
www.mpsbancaimpresa.it
Natixis SA
Paris, France
www.natixis.com
National Australia Bank Ltd.
Docklands, Australia
www.nabgroup.com
INVESTMENT FOCUS:
Natureo Finance SAS
Paris, France
www.natureofinance.com
ADVISORY FOCUS:
equity
INVESTMENT FOCUS:
Müller-Wrede & Partner
Rechtsanwälte
Berlin, Germany
www.mwp-berlin.de
ADVISORY FOCUS:
Munich Re
Munich, Germany
www.munichre.com
INVESTMENT FOCUS:
PE - Buyout
Munich Venture Partners
Munich, Germany
www.munichvp.com
INVESTMENT FOCUS:
NATURAL POWER
Natural Power is an independent renewable energy consultancy
and products provider with over two decades of unique industry
expertise. We provide planning & development, ecology & hydrology,
environmental technical consultancy, construction & geotechnical, asset
management and due diligence services locally across onshore wind,
offshore wind, wave, tidal and biomass sectors globally.
Contact:
Giles Dearden
Director
[email protected]
+44 (0) 1644 430 008
73
DIRECTORY
Naturstrom AG
Dusseldorf, Germany
www.naturstrom.de
Neste Oil
Espoo, Finland
www.nesteoil.com
Noerr LLP
Munich, Germany
www.noerr.de
INVESTMENT FOCUS:
INVESTMENT FOCUS:
ADVISORY FOCUS:
Project sponsor
Project sponsor
Legal - M&A
NautaDutilh NV
www.nautadutilh.com
Network Finances SAS
Paris, France
www.network-finances.com
Nomura Holdings
Tokyo, Japan
www.nomuraholdings.com
ADVISORY FOCUS:
INVESTMENT FOCUS:
ADVISORY FOCUS:
Legal - M&A
Financial - M&A
Navitas Capital
Alphen aan den Rijn, Netherlands
www.navitascapital.nl
neue energien projekt AG
Mühbrook, Germany
www.neue-energien.com
NOP Agrowind
Espel, Netherlands
www.nopagrowind.nl
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Project sponsor
Naxos Capital Partners
www.naxoscapital.com
New Earth Solutions Ltd.
Verwood, UK
www.newearthsolutions.co.uk
Nord LB
Hanover, Germany
www.nordlb.de
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
NBG Securities SA
Athens, Greece
www.nbgsecurities.com
Nexity
Paris, France
www.nexity.fr
Nordea Bank AB
Stockholm, Sweden
www.nordea.com
ADVISORY FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Financial - M&A
M&A Acquirer
NCTM Studio Legale Associato
Milan, Italy
www.nctm.it
Next Wave Partners LLP
London, UK
www.nextwavepartners.co.uk
ADVISORY FOCUS:
INVESTMENT FOCUS:
Nelja Energia
Tallinn, Estonia
www.4energia.ee
NextEnergy Solar Fund (NESF)
Guernsey, UK
www.nextenergysolarfund.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
sponsor
ADVISORY FOCUS:
Financial - M&A
Nordex SE
Hamburg, Germany
www.nordex-online.com
INVESTMENT FOCUS:
Nemadi Advisors Limited
London, UK
INVESTMENT FOCUS:
Neoen - Direct Energie
Paris, France
www.neoen.fr
INVESTMENT FOCUS:
Project sponsor
Project sponsor
Helsinki, Finland
www.nib.int
INVESTMENT FOCUS:
NH Investment & Securities
Seoul, South Korea
www.nhis.co.kr
INVESTMENT FOCUS:
Nordwest Industrie Group GmbH
Frankfurt, Germany
www.nwi-group.de
INVESTMENT FOCUS:
NIBC Bank NV
www.nibc.com
INVESTMENT FOCUS:
Norsea Group AS
Tananger, Norway
www.norseagroup.com
N-ERGIE AG
Nuernberg, Germany
www.n-ergie.de
Project sponsor
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Nixdorf Foundation
Germany
INVESTMENT FOCUS:
Norsk Hydro ASA
Oslo, Norway
www.hydro.com
INVESTMENT FOCUS:
Project sponsor
M&A Acquirer
Project sponsor
74
DIRECTORY
North Harris Trust
Isle of Harris, UK
www.north-harris.org
Novartis AG
Basel, Switzerland
www.novartis.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Project sponsor
North West Equity Fund
Lymm, UK
www.nwef.co.uk
INVESTMENT FOCUS:
Novatio Capital (d.b.a. The
Renewable Financing Company)
London, UK
therenewablefinancingcompany.com
ADVISORY FOCUS:
NorthEdge Capital LLP
Manchester, UK
www.northedgecapital.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
ADVISORY FOCUS:
Financial - M&A
Northland Power Inc.
Toronto, ON, Canada
www.northlandpower.ca
INVESTMENT FOCUS:
Norton Rose Fulbright LLP
London, UK
www.nortonrose.com
ADVISORY FOCUS:
Norvestor Equity AS
Vika, Norway
www.norvestor.no
Obton A/S
Aarhus, Denmark
www.obton.com
INVESTMENT FOCUS:
OC&C Strategy Consultants
London, UK
www.occstrategy.com
ADVISORY FOCUS:
Novozymes AS
Bagsvaerd, Denmark
www.novozymes.com
Northland Capital Partners Inc.
Toronto, ON, Canada
www.northlandcp.com
O
(Series A to C)
Financial - M&A
Occurrence
Paris, France
www.occurrence.fr
INVESTMENT FOCUS:
M&A Acquirer
NTR plc
Dublin, Ireland
www.ntrplc.com
INVESTMENT FOCUS:
Octopus Investments Ltd.
London, UK
www.octopusinvestments.com
M&A Acquirer
INVESTMENT FOCUS:
Numis Securities Ltd.
London, UK
www.numiscorp.com
ADVISORY FOCUS:
Odas Enerji
Istanbul, Turkey
www.odasenerji.com.tr
Financial - M&A
INVESTMENT FOCUS:
Project sponsor
Nuovi Investimenti Sim SpA
Sandigliano, Italy
www.nuoviinvestimenti.it
ADVISORY FOCUS:
Odebrecht Energia SA
Rio de Janeiro, Brazil
www.odebrecht.com.br
Financial - M&A
INVESTMENT FOCUS:
M&A Acquirer
INVESTMENT FOCUS:
Nybro Energi
Nybro, Sweden
www.nybroenergi.se
INVESTMENT FOCUS:
Project sponsor
Offshore Renewable Energy (ORE)
Catapult
Glasgow, UK
ore.catapult.org.uk
Notus energy Plan GmbH & Co. KG
Potsdam, Germany
www.notus.de
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Ombu Group
London, UK
www.ombugroup.com
Project sponsor
M&A Acquirer
Nova Innovation
Edinburgh, UK
www.novainnovation.co.uk
INVESTMENT FOCUS:
INVESTMENT FOCUS:
O’Melveny & Myers LLP
New York, NY, USA
www.omm.com
Project sponsor
Novamont Spa
Novara, Italy
www.novamont.com
ADVISORY FOCUS:
Legal - M&A
INVESTMENT FOCUS:
M&A Acquirer
75
DIRECTORY
Omnes Capital
Paris, France
www.ca-privateequity.com
Oulun Energia
Oulu, Finland
www.oulunenergia.fi
INVESTMENT FOCUS:
INVESTMENT FOCUS:
sponsor
M&A Acquirer
OPDE Group
Fustinana, Spain
www.opde.net
INVESTMENT FOCUS:
ADVISORY FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Pagemill Partners LLC
Palo Alto, CA, USA
www.pmib.com
M&A Acquirer
Outotec Oyj
Espoo, Finland
www.outotec.com
INVESTMENT FOCUS:
M&A Acquirer
OX2 Group
Stockholm, Sweden
www.ox2.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Oxford Capital Partners Ltd.
Oxford, UK
www.oxcp.com
INVESTMENT FOCUS:
sponsor, VC - Late Stage (Series D+)
Oriel Securities Ltd.
London, UK
www.orielsecurities.com
Oy Hammaren & Co AB
Helsinki, Finland
ADVISORY FOCUS:
Financial - M&A
Orrick, Herrington & Sutcliffe LLP
San Francisco, CA, USA
www.orrick.com
ADVISORY FOCUS:
equity
Pan Asia Solar
London, UK
www.panasiasolar.com
INVESTMENT FOCUS:
M&A Acquirer
M&A Acquirer
Orco-GSG
Berlin, Germany
www.orco-gsg.de
INVESTMENT FOCUS:
Optiréno SAS
Nivolas-Vermelle, France
www.optireno.com
PACA Investissement
Marseille, France
www.pacainvestissement.com
Oulun Seudun Sähkö
Kempele, Finland
www.oulunseudunsahko.fi
Project sponsor
Operis Group plc
London, UK
www.operis.com
P
INVESTMENT FOCUS:
Paprec Group
La Courneuve, France
www.paprec.com
INVESTMENT FOCUS:
M&A Acquirer
Par Equity LLP
Edinburgh, UK
www.parequity.com
INVESTMENT FOCUS:
Parabel AG
Berlin, Germany
www.parabel-solar.com
INVESTMENT FOCUS:
M&A Acquirer
ADVISORY FOCUS:
Osborne Clarke
Bristol, UK
www.osborneclarke.com
Pareto JGO Shipbrokers AS
Kristiansand, Norway
www.jgoship.no
INVESTMENT FOCUS:
M&A Acquirer
ADVISORY FOCUS:
equity
Pareto Securities AS
Oslo, Norway
www.paretosec.com
Ostwind Group
Regensburg, Germany
www.ostwind.de
ADVISORY FOCUS:
private equity
INVESTMENT FOCUS:
Project sponsor
Oticon Foundation
Smørum, Denmark
www.oticonfonden.dk
INVESTMENT FOCUS:
Project sponsor
76
ParticipatieMaatschappij
Vlaanderen NV (PMV)
Brussels, Belgium
www.pmvlaanderen.be
INVESTMENT FOCUS:
DIRECTORY
Partners Group Holding
Zug, Switzerland
www.partnersgroup.com
Pinsent Masons LLP
London, UK
www.pinsentmasons.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
Point and Sandwick Development
Trust (PSDT)
Stornoway, UK
www.pointandsandwick.com
INVESTMENT FOCUS:
Parva Capital Ltd.
London, UK
www.parvacapital.com
Piper Jaffray & Co.
Minneapolis, MN, USA
www.piperjaffray.com
ADVISORY FOCUS:
ADVISORY FOCUS:
Financial - M&A
equity
INVESTMENT FOCUS:
ADVISORY FOCUS:
PKA A/S
Hellerup, Denmark
www.pka.dk
Polish Energy Partners SA
Warsaw, Poland
www.pepsa.com.pl
Legal - M&A
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
ADVISORY FOCUS:
PKO Bank Polski SA
Warsaw, Poland
www.pkobp.pl
Politis & Partners LLP
Athens, Greece
www.egplaw.gr
Financial - M&A
INVESTMENT FOCUS:
ADVISORY FOCUS:
INVESTMENT FOCUS:
Platina Partners LLP
London, UK
www.platinafinance.com
Pori Energia Oy
Pori, Finland
www.porienergia.fi
Project sponsor
INVESTMENT FOCUS:
INVESTMENT FOCUS:
sponsor
M&A Acquirer
Project sponsor
Paul Hastings LLP
Los Angeles, CA, USA
www.paulhastings.com
Peel Hunt Ltd.
London, UK
www.peelhunt.com
Pennant Walters Ltd.
Hirwaun, UK
www.pennantwalters.co.uk
PensionDanmark A/S
Copenhagen, Denmark
www.pension.dk
INVESTMENT FOCUS:
sponsor
Perseide Energie
Italy
INVESTMENT FOCUS:
Plenium Partners
Madrid, Spain
www.pleniumpartners.com
INVESTMENT FOCUS:
sponsor
PLT Energia Spa
Cesena, Italy
www.pltenergia.it
Pfalzwerke AG
www.pfalzwerke.de
INVESTMENT FOCUS:
INVESTMENT FOCUS:
PNE Wind AG
Cuxhaven, Germany
www.pnewind.com
Minority / Partnership, Project
sponsor
M&A Acquirer
Polarbröd
Älvsbyn, Sweden
www.polarbrod.se
M&A Acquirer
Porsche Automobil Holding SE
Stuttgart, Germany
www.porsche-se.com
INVESTMENT FOCUS:
Porta Finance
Tallinn, Estonia
www.portafinance.com
ADVISORY FOCUS:
Financial - M&A
Portzamparc Societe de Bourse
Nantes, France
www.portzamparc.fr
ADVISORY FOCUS:
Financial - M&A
INVESTMENT FOCUS:
PGE Polska Grupa Energetyczna SA
Warsaw, Poland
www.pgesa.pl
INVESTMENT FOCUS:
Project sponsor
Photosol
Paris, France
www.photosol.fr
Project sponsor
PNE WIND Yieldco Deutschland
GmbH
Cuxhaven, Germany
www.pnewind.com
INVESTMENT FOCUS:
M&A Acquirer
Prazska Energetika
Prague, Czech Republic
www.pre.cz
INVESTMENT FOCUS:
M&A Acquirer
Predieri Ricci
Milan, Italy
www.predieriricci.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
Project sponsor
Legal - M&A
77
DIRECTORY
Prime Capital AG
Frankfurt, Germany
www.primecapital-ag.com
INVESTMENT FOCUS:
Prime Super Pty Ltd.
Sydney, Australia
www.primesuper.com.au
Q
Quercus Assets Selection Sàrl
www.quercusassetselection.com
Primrose Solar
Reading, UK
www.primrose.co.uk
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
M&A Acquirer
Raiffeisen Energy and
Environment GmbH
Vienna, Austria
www.ree.at
R
Rajakiiri Oy
Vaasa, Finland
www.rajakiiri.fi
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
Rabo Private Equity
www.raboprivateequity.nl
RAME Energy
Plymouth, UK
www.rame-energy.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
INVESTMENT FOCUS:
Rabobank
Utrecht, Netherlands
www.rabobank.com
Rautaruukki Corp.
Helsinki, Finland
www.ruukki.com
Project sponsor
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Principle Power Inc.
Seattke, WA, USA
www.principlepowerinc.com
Proskauer Rose LLP
New York, NY, USA
www.proskauer.com
ADVISORY FOCUS:
Legal - M&A
Ragn-Sells SIA
Tallin, Estonia
www.ragnsells.ee
INVESTMENT FOCUS:
Prudential Capital Group
Dallas, TX, USA
www.prudential.com
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
Project sponsor
Push Energy Ltd.
Colchester, UK
www.pushenergy.co.uk
INVESTMENT FOCUS:
Project sponsor
PwC
London, UK
www.pwc.com
ADVISORY FOCUS:
Financial - M&A
Raiffeisen Bank International AG
Vienna, Austria
www.rbinternational.com
M&A Acquirer
REACT Energy
Cork, Ireland
www.reactenergyplc.com
INVESTMENT FOCUS:
M&A Acquirer
RABBALSHEDE KRAFT AB
www.rabbalshedekraft.se
Rabbalshede Kraft is an experienced Swedish wind power developer,
owner & operator, producing approximately 500 GWh of clean power
per year. The Company has a high quality portfolio of projects and also
offers investors Turn Key solutions together with Life Cycle Services. Our
experienced team offers a variety of solutions in order to manage and
operate long term infrastructure assets, allowing investors to have direct
ownership and exposure to wind infrastructure assets along with the
support from a proven technical and commercial operator.
Contact:
Mr. Thomas Linnard
Chief Executive Officer
[email protected]
+46 (0) 525 197 00
78
INVESTMENT FOCUS:
M&A Acquirer
INVESTMENT FOCUS:
Public Power Corporation SA
Athens, Greece
www.dei.gr
RBI Solar Inc.
Cincinnati, OH, USA
www.rbisolar.com
DIRECTORY
Rebel Group
www.rebelgroup.com
Rengy Development
Kiev, Ukraine
www.rengydevelopment.com.ua
Rhone Energy Advisors Ltd.
London, UK
www.rhoneadvisors.co.uk
ADVISORY FOCUS:
INVESTMENT FOCUS:
ADVISORY FOCUS:
Project sponsor
Financial - M&A
Reconcept GmbH
Hamburg, Germany
www.reconcept.de
Renmatix Inc.
King of Prussia, PA, USA
www.renmatix.com
Rhone-Alpes Création
Champagne du Mont d`Or, France
www.rac.fr
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
M&A Acquirer
Redeem Holdings Ltd.
Bathgate, UK
www.redeem.co.uk
Renova Group
Moscow, Russia
www.renova.ru
Riikinvoima Oy
Varkaus, Finland
www.rewag.de
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
M&A Acquirer
Project sponsor
Reed Smith LLP
London, UK
www.reedsmith.com
Repsol YPF SA
Madrid, Spain
www.repsol.com
Rive Private Investment
Geneva, Switzerland
www.rive-investment.com
ADVISORY FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Legal - M&A
(Series A to C)
Project sponsor
ReFood UK Ltd.
Doncaster, UK
www.refood.co.uk
INVESTMENT FOCUS:
RES Group
Kings Langley, UK
www.res-group.com
Project sponsor
INVESTMENT FOCUS:
Renagro Group
Vilnius, Lithuania
www.renagro.lt
INVESTMENT FOCUS:
Project sponsor
(Series A to C)
Reservoir Capital Corp.
Vancouver, BC, Canada
www.reservoircapitalcorp.com
Robert Bosch GmbH
Stuttgart, Germany
www.bosch.com
INVESTMENT FOCUS:
Roschier
Helsinki, Finland
www.roschier.com
ADVISORY FOCUS:
Legal - M&A
INVESTMENT FOCUS:
ReneSola Co. Ltd
Shanghai, China
www.renesola.com
INVESTMENT FOCUS:
M&A Acquirer
Resonance Asset Management LLP
London, UK
www.resonancellp.com
INVESTMENT FOCUS:
Renewable Energy Generation Ltd.
St Helier, UK
www.renewableenergygeneration.co.uk
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
M&A Acquirer
Renewable Energy Infrastructure
Fund (REIF)
Munich, Germany
www.goodyields.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
equity
Rete Rinnovabile Srl
Rome, Italy
www.rtrenergy.it
INVESTMENT FOCUS:
Renewable Energy Group Inc.
Ames, IA, USA
www.regfuel.com
Roth Capital Partners LLC
Newport Beach, CA, USA
www.roth.com
Rothschild Group
London, UK
www.rothschild.com
ADVISORY FOCUS:
Financial - M&A
REWAG (Regensburger Energieund Wasserversorgung AG & Co KG)
www.rewag.de
Regensburg, Germany
Royal Bank of Canada
Toronto, ON, Canada
www.rbccm.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
ADVISORY FOCUS:
Project sponsor
Financial - M&A
RheinEnergie AG
Cologne, Germany
www.rheinenergie.com
INVESTMENT FOCUS:
M&A Acquirer
79
DIRECTORY
Royal Bank of Scotland Group plc
Edinburgh, UK
www.rbs.co.uk
Sancak Enerji
Istanbul, Turkey
www.sancakenerji.com.tr
SEB Alliance
Ecully, France
www.groupeseb.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Sandton Capital Partners
New York, NY, USA
www.sandtoncapital.com
INVESTMENT FOCUS:
SEB Skandinaviska Enskilda
Banken AB
Stockholm, Sweden
www.enskilda.se
M&A Acquirer
INVESTMENT FOCUS:
ADVISORY FOCUS:
Financial - M&A
Royal Dutch Shell plc
www.shell.com
INVESTMENT FOCUS:
RP Global Holdings SL
Madrid, Spain
www.rp-global.com
Savoie Angels
Le Bourget-du-Lac, France
www.savoie-angels.com
INVESTMENT FOCUS:
seebaWIND Service GmbH
Osnabrück, Germany
www.seebawind.de
INVESTMENT FOCUS:
M&A Acquirer
INVESTMENT FOCUS:
Project sponsor
RUSNANO
Moscow, Russia
www.rusnano.com
Schelling & Partners
Stuttgart, Germany
www.schelling.de
ADVISORY FOCUS:
SEL SpA
Bolzano, Italy
www.sel-electric.com
Legal - M&A
INVESTMENT FOCUS:
M&A Acquirer
INVESTMENT FOCUS:
M&A Acquirer
RWE Innogy GmbH
Essen, Germany
www.rweinnogy.com
Schneider Electric SA
Rueil Malmaison, France
www.schneider-electric.com
INVESTMENT FOCUS:
SENTUS FAS GmbH & Co. KG
Berlin, Germany
www.sentus.de
ADVISORY FOCUS:
Financial - M&A
INVESTMENT FOCUS:
S
Schrade & Partner
Berlin, Germany
www.schrade-partner.de
ADVISORY FOCUS:
Senvion SE
Hamburg, Germany
www.senvion.com
Legal - M&A
INVESTMENT FOCUS:
Project sponsor
S.A.G. Solarstrom AG
Freiburg, Germany
www.solarstromag.com
SCOR Global Investments
Paris, France
www.scor.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Seraphim Capital
London, UK
www.seraphimcapital.co.uk
Project sponsor
INVESTMENT FOCUS:
Sagawe & Klages Rechtsanwälte
Hamburg, Germany
www.tyskret.com
Scot Heating Company
Edinburgh, UK
www.scottishheatingcompany.co.uk
ADVISORY FOCUS:
INVESTMENT FOCUS:
Setterwalls Advokatbyrå AB
Stockholm, Sweden
www.setterwalls.se
Legal - M&A
M&A Acquirer
ADVISORY FOCUS:
Salvepar SA
Paris, France
www.salvepar.fr
Scottish Equity Partners LLP
Glasgow, UK
www.sep.co.uk
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Shanghai Electric Group Co. Ltd
Shanghai, China
www.shanghai-electric.com
INVESTMENT FOCUS:
Sampension
Copenhagen, Denmark
www.sampension.dk
Scottish Power Renewables
Glasgow, UK
www.scottishpowerrenewables.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Shanks Group plc
Milton Keynes, UK
www.shanksplc.com
Project sponsor
Project sponsor
INVESTMENT FOCUS:
Legal - M&A
M&A Acquirer
Project sponsor
80
DIRECTORY
Shearman & Sterling LLP
London, UK
www.shearman.com
ADVISORY FOCUS:
SIEMENS FINANCIAL
SERVICES
Munich, Germany
www.siemens.com/energy-finance
Simmons & Simmons LLP
London, UK
www.simmons-simmons.com
ADVISORY FOCUS:
INVESTMENT FOCUS:
Shell Technology Ventures
www.shell.com
INVESTMENT FOCUS:
Shinhan Financial Group
Seoul, South Korea
www.shinhangroup.com
INVESTMENT FOCUS:
Shore Capital & Corporate Ltd.
London, UK
www.shorecap.co.uk
ADVISORY FOCUS:
Financial - M&A
Shortcut Ventures
Hamburg, Germany
www.shortcut.vc
INVESTMENT FOCUS:
Shunfeng International Clean
Energy Ltd.
Jiangsu, China
www.sf-pv.com
INVESTMENT FOCUS:
Debt project finance, Project
sponsor, VC - Late Stage (Series D+),
ABOUT:
As an international financial
services provider we supply
financial solutions for business-tobusiness customers. Drawing on an
international network of financial
companies, we provide businesses as
well as Siemens with a wide variety
of financial solutions – centered
on the areas of energy, industry,
healthcare and infrastructure. We
enable investments, providing
commercial finance, project &
structured finance as well as
leveraged finance and insurance.
Our solutions are based on deep asset
expertise in the energy market.
Siparex Ventures
Lyon Cedex, France
www.siparex.com
INVESTMENT FOCUS:
Sirius Venture Partners GmbH
Wiesbaden, Germany
www.sirius-venture.com
INVESTMENT FOCUS:
SITA Group
Paris, France
www.sita.fr
INVESTMENT FOCUS:
Sitra
Helsinki, Finland
www.sitra.fi
CONTACT:
INVESTMENT FOCUS:
Jillian Lukach
Strategic Development /
Communications
[email protected]
+1-732-476-3492
Skandia
London, UK
www.skandia.com
INVESTMENT FOCUS:
Project sponsor
Sigma Capital Group plc
Edinburgh, UK
www.sigmacapital.co.uk
SI Capital Partners
Barcelona, Spain
www.sicapital.net
INVESTMENT FOCUS:
Skelleftea Kraft AB
Skelleftea, Sweden
www.skekraft.se
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Sigma Gestion
Paris, France
www.sigmagestion.com
M&A Acquirer
Sibelco
Antwerp, Belgium
www.sibelco.com
Project sponsor
INVESTMENT FOCUS:
Skion GmbH
Bad Homburg, Germany
www.skion.de
INVESTMENT FOCUS:
Sillia Energie
Lannion, France
www.sillia.com
SL Naturenergie GmbH
Gladbeck, Germany
www.sl-naturenergie.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
Project sponsor
Silver Spring Networks Inc.
Redwood City, CA, USA
www.silverspringnetworks.com
Slaughter and May
London, UK
www.slaughterandmay.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
M&A Acquirer
INVESTMENT FOCUS:
Project sponsor
81
DIRECTORY
SMA Solar Technology AG
Niestetal, Germany
www.sma.de
Solaïs
Aix en Provence, France
www.solais.fr
Solvay SA
Brussels, Belgium
www.solvay.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Smart Energy Group
Istanbul, Turkey
www.smart.com.tr
Solar Balance (Balanço Solar Lda)
Quinta do Lago, Portugal
www.solar-balance.com
Sonnedix Management Services Ltd.
www.sonnedix.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Project sponsor
Project sponsor
Smart Metering Systems plc
Glasgow, UK
www.uk-smg.com
Solar Power Inc. (SPI Solar)
San Francisco, CA, USA
www.solarpowerinc.net
SORIDEC
Montpellier, France
www.soridec.fr
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
M&A Acquirer
SmartAngels
France
www.smartangels.fr
Solar Ventures Srl
Milan, Italy
www.solarventures.it
SOSventures Investments
Cork, Ireland
www.sosventures.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Angel Funding, Seed Financing
Project sponsor
Smith & Williamson Finance Ltd.
London, UK
www.smith.williamson.co.uk
SolarArt GmbH & Co KG
Lauda-Königshofen, Germany
www.solarart.de
SpareBank 1
Oslo, Norway
www.sparebank1.no
ADVISORY FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Societe Generale SA
Paris, France
www.societegenerale.fr
Solarcentury Holdings Ltd.
London, UK
www.solarcentury.co.uk
Sparkasse Holstein
Eutin, Germany
www.sparkasse-holstein.de
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Debt project finance, PIPE
Project sponsor
Solar-Fabrik AG
Freiburg, Germany
www.solar-fabrik.com
Splitska Banka
Zagreb, Croatia
www.splitskabanka.hr
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
Solarwatt AG
Dresden, Germany
www.solarwatt.de
INVESTMENT FOCUS:
sPower (Sustainable Power
Group)
Salt Lake City, UT, USA
www.spower.com
M&A Acquirer
INVESTMENT FOCUS:
ADVISORY FOCUS:
Financial - M&A
Sofimac Partners
Clermont-Ferrand, France
www.sofimac.fr
INVESTMENT FOCUS:
Sofinnova Partners
Paris, France
www.sofinnova.fr
INVESTMENT FOCUS:
Sogn og Fjordane Energi AS
Sandane, Norway
www.sfe.no
SolarWorld AG
Bonn, Germany
www.solarworld.de
INVESTMENT FOCUS:
M&A Acquirer
INVESTMENT FOCUS:
Project sponsor
Solaire Direct SAS
Paris, France
www.solairedirect.fr
INVESTMENT FOCUS:
Project sponsor
82
Solor Bioenergi Holding AS
Oslo, Norway
www.solorbioenergi.com
INVESTMENT FOCUS:
M&A Acquirer
DIRECTORY
SQUIRE PATTON BOGGS
Cleveland, OH, USA
www.squirepattonboggs.com
ADVISORY FOCUS:
Stadtwerke Stuttgart GmbH
Stuttgart, Germany
www.stadtwerke-stuttgart.de
Stobart Group
Penrith, UK
www.stobartgroup.co.uk
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Starquest Capital SAS
Paris, France
www.starquest-capital.com
Strutt and Parker Farms Ltd.
Chelmsford, UK
www.spfarms.co.uk
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Statkraft SF
Oslo, Norway
www.statkraft.com
Studio Legale Fabris & Associati
Asolo, Italy
www.fabris-associati.it
INVESTMENT FOCUS:
ADVISORY FOCUS:
Legal - M&A
Statoil ASA
Oslo, Norway
www.statoil.com
STX Europe
Oslo, Norway
www.stxeurope.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Project sponsor
STC Partners (Sarrau Thomas
Couderc)
Paris, France
www.stcpartners.fr
Suedeifel Strom
Bitburg, Germany
www.suedeifel-strom.de
ADVISORY FOCUS:
Project sponsor
Legal - M&A
ABOUT:
Squire Patton Boggs is an
international law firm with a long
established track record in clean
energy across the globe.
Our energy team comprises lawyers
across Europe, CIS, Middle East,
North & South America, Asia
and Australia. We have in-depth
expertise across all relevant legal
disciplines from project finance,
M&A, venture capital, private
equity and consortia arrangements
to Government relations and
regulation, technology protection
and commercialisation, tax
structuring, energy trading,
permitting, environmental,
property, offtake, plant supply
and procurement, construction
and energy disputes resolution.
Our clean energy clients include
developers, technology companies,
private equity and venture capital
investors, banks, infrastructure
funds, utilities, contractors and other
major corporates.
CONTACT:
Trevor Ingle
Head of European Energy
[email protected]
+44 20 7655 1514
equity
STEAG GmbH
Essen, Germany
www.corporate.evonik.com
Suewag Energie AG
Frankfurt, Germany
www.suewag.com
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
Project sponsor
Stevenson Hood Thornton
Beaubier LLP
Saskatoon, Canada
www.shtb-law.com
SSE plc
Perth, UK
www.sse.com
ADVISORY FOCUS:
INVESTMENT FOCUS:
Stibbe BV
www.stibbe.nl
M&A Acquirer, Project sponsor, VC Early Growth (Series A to C)
INVESTMENT FOCUS:
Legal - M&A
Suez Environnement SA
Paris, France
www.suez-environnement.com
INVESTMENT FOCUS:
M&A Acquirer, PE - Development
Capital
Sumitomo Corp.
Tokyo, Japan
www.sumitomoCorp.co.jp
INVESTMENT FOCUS:
M&A Acquirer
ADVISORY FOCUS:
Stadtwerke Lübeck GmbH
Lübeck, Germany
www.sw-luebeck.de
INVESTMENT FOCUS:
M&A Acquirer
Legal - M&A
Stichting Pensioenfonds ABP
www.abp.nl
Sumitomo Mitsui Banking Corp.
Tokyo, Japan
www.smbc.co.jp
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Stadtwerke Munchen GmbH
Munich, Germany
www.swm.de
INVESTMENT FOCUS:
Stifel Nicolaus
St Louis, MO, USA
www.stifel.com
SunEdison Inc.
Maryland Heights, MO, USA
www.sunedison.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
Financial - M&A
83
DIRECTORY
Sunflower Sustainable
Investments Ltd.
Ramat Gan, Israel
www.sunflower-sit.com
Syngenta AG
Basel, Switzerland
www.syngenta.com
TB Partners LLP
London, UK
www.tbpartnersllp.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
Sunowe Photovoltaic
Shaoxing, China
www.sunowe.com
ADVISORY FOCUS:
private equity
T
Taaleritehdas Oyj
Helsinki, Finland
www.taaleritehdas.fi
Technologiegründerfonds
Sachsen Startup GmbH & Co. KG
Leipzig, Germany
www.tgfs.de
Suomen Hyotytuuli Oy
Pori, Finland
www.hyotytuuli.fi
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Target Partners GmbH
Munich, Germany
www.targetpartners.de
TEIAS
Ankara, Turkey
www.teias.gov.tr
SUSI Partners AG
Zurich, Switzerland
www.susi-partners.ch
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
TARK GRUNTE SUTKIENE
Tallinn, Estonia
www.tarkgruntesutkiene.com
TEKES
Helsinki, Finland
www.tekes.fi
ADVISORY FOCUS:
INVESTMENT FOCUS:
Legal - M&A
Tauron Polska Energia SA
Katowice, Poland
www.tauron-pe.pl
Tekniska verken i Linköping
Linköping, Sweden
www.tekniskaverken.se
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Project sponsor
INVESTMENT FOCUS:
Project sponsor
Project sponsor
sponsor
Sustainable Development
Capital LLP
London, UK
www.sdcapital.co.uk
INVESTMENT FOCUS:
(Series A to C)
Svenska Handelsbanken AB
Stockholm, Sweden
www.handelsbanken.se
INVESTMENT FOCUS:
Swiss Life Asset Managers
Zurich, Switzerland
www.swisslife-am.com
INVESTMENT FOCUS:
Swiss RE
Zurich, Switzerland
www.swissre.com
INVESTMENT FOCUS:
Swisspower Renewables SA
Zurich, Switzerland
www.swisspower.ch
INVESTMENT FOCUS:
TAIGA MISTRAL GESTION
SGEIC, SA
www.taigamistral.com
Taiga Mistral is an independent manager of Renewable energy assets. We
offer full asset management outsourcing solutions, including technical
operation services (O&M). Our mission is the optimization of projects
by efficient integrated management, operation and administration
solutions. Taiga Mistral has a solid track record, with more than €250M
equity invested in the renewable energy during the past 10 years, and
over 4,000MW built, assessed or operated. Proven institutional trackrecord including financial institutions and utility companies.
Contact:
Cristina Tuñon
Managing Director
[email protected]
+34 91 357 63 10
84
DIRECTORY
Tekno Ray Solar
Istanbul, Turkey
www.teknoraysolar.com.tr
The ERA Foundation Ltd.
Leatherhead, UK
www.erafoundation.org
Tinmar-Ind S.A.
Bucharest, Romania
www.tinmar.ro
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Project sponsor
Teknoinvest AS
Oslo, Norway
www.teknoinvest.no
The Low Carbon Innovation Fund
Norwich, UK
www.lowcarbonfund.co.uk
Tiwag-Tiroler Wasserkraft AG
Innsbruck, Austria
www.tiwag.at
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
Temporis Capital LLP
London, UK
www.temporiscapital.com
The North West Fund
Warrington, UK
www.thenorthwestfund.co.uk
TLT LLP
London, UK
www.tltsolicitors.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
ADVISORY FOCUS:
Project sponsor
Legal - M&A
The Renewables Infrastructure
Group Ltd. (TRIG)
Guernsey, UK
www.trig-ltd.com
TMT Investments plc
Jersey, UK
www.tmtinvestments.com
INVESTMENT FOCUS:
Seed Financing
ADVISORY FOCUS:
Tenergie SAS
Meyreuil, France
www.tenergie.fr
Project sponsor
sponsor
TenneT Holding BV
Arnhem, Netherlands
www.tennet.eu
The RKW Group
Frankenthal, Germany
www.rkw-group.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
M&A Acquirer
Terna Energy SA
Athens, Greece
www.terna-energy.gr
Theolia SA
www.theolia.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
TerniEnergia Spa
Terni, Italy
www.ternienergia.com
Thommessen AS
Oslo, Norway
www.thommessen.no
INVESTMENT FOCUS:
ADVISORY FOCUS:
Legal - M&A
TerraForm Power Inc.
Bethesda, MA, USA
www.terraform.com
Three Pharm
Târgu Mures, Romania
www.threepharm.ro
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
M&A Acquirer
TGE Group
Nantwich, UK
www.tge-group.co.uk
Tidal Lagoon Power Ltd.
Swansea, UK
www.tidallagoonswanseabay.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
Project sponsor
The Carbon Trust
London, UK
www.thecarbontrust.co.uk
TIM Ventures
Milan, Italy
www.timventures.tim.it
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Tocardo International BV
Den Oever, Netherlands
www.tocardo.com
INVESTMENT FOCUS:
M&A Acquirer
Total SA
Paris, France
www.total.com
INVESTMENT FOCUS:
Tozzi Holding Srl
Ravenna, Italy
www.tozziholding.com
INVESTMENT FOCUS:
Tozzi Renewable Energy Spa
Mezzano, Italy
www.tre-energia.com
INVESTMENT FOCUS:
Project sponsor
Tozzi Sud Spa
Foggia, Italy
www.tozzisud.com
INVESTMENT FOCUS:
Project sponsor
Tractebel Energia SA
Florianópolis, Brazil
www.tractebelenergia.com.br
INVESTMENT FOCUS:
M&A Acquirer
85
DIRECTORY
INVESTMENT FOCUS:
Truffle Capital
Paris, France
www.truffle.com
M&A Acquirer
INVESTMENT FOCUS:
Transeastern Power Trust
Toronto, Canada
Transmission Capital Partners
London, UK
www.transmissioncapital.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
ADVISORY FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Turku Energia Sähköverkot Oy
Turku, Finland
www.turkuenergia.fi
Project sponsor
INVESTMENT FOCUS:
M&A Acquirer
Trina Solar Ltd.
Changzhou, China
www.trinasolar.com
INVESTMENT FOCUS:
Project sponsor
Triodos Bank NV
Zeist, Netherlands
www.triodos.co.uk
INVESTMENT FOCUS:
Triodos Renewables plc
Bristol, UK
www.triodos.com
INVESTMENT FOCUS:
Triple Point Investment
Management LLP
London, UK
www.triplepoint.co.uk
INVESTMENT FOCUS:
Project sponsor
Triton Advisers Ltd.
St. Helier, Channel Islands
www.triton-partners.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
equity
ABOUT:
Turkiye Garanti Bankasi AS
Istanbul, Turkey
www.garantibank.com
Trierer Energiegenossenschaft eG
Trier, Germany
www.treneg-trier.de
London, UK
www.turquoiseassociates.com
INVESTMENT FOCUS:
Turenne Capital
Paris, France
www.turennecapital.com
Travers Smith
London, UK
www.traverssmith.com
TURQUOISE
INTERNATIONAL LTD.
Turquoise International is a
merchant bank specialising in
Energy and the Environment.
Established in 2002, Turquoise offers
in-depth industry knowledge and
extensive capital raising, transaction
advisory, and investment
management expertise and track
record.
Our advisory clients operate across
a range of business segments
including technology, project
development, manufacturing and
services. Turquoise assists clients
in raising equity and debt from a
diverse range of investors located
in Europe and internationally. We
also advise on transactions such as
mergers, acquisitions, disposals and
joint ventures as well as valuation
and transaction execution.
In fund management, Turquoise
provides a range of services to
investors, ranging from advice in
relation to individual investments
to discretionary investment
management for a portfolio of
investments. Turquoise invests
directly through Turquoise Capital
(seed stage proprietary investments)
and manages the European Regional
Development Fund-backed Low
Carbon Innovation Fund (venture
investments in the East of England).
CONTACT:
Ian Thomas
Managing Director
[email protected]
+44 (0)20 7248 7503
True Energy Wind SpA
www.trueenergywind.eu
Turun Seudun Energiantuotanto Oy
Naantali, Finland
www.tset.fi
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
Project sponsor
86
DIRECTORY
RID
CO
NS
O
UM
N
ER
SI
S
TE
PO
W
ER
TH
EG
E-M
OBI
LITY
FUELS
FOSSIL
NUCLEAR POWER
ES
TI
LI
I
UT
PE
O
UR
E
S
BLE
A
W
NE
RE
THE ENERGY
TRANSITION
E
TORAG
S
Y
G
R
ENE
WASTE TO ENERGY
MUNICI
PALITIE
S
IS CHANGING...
9 - 11 JUNE 2015 AMSTERDAM RAI, AMSTERDAM, THE NETHERLANDS
THE ENERGY TRANSITION IS CHANGING EUROPE
Europe is undergoing unprecedented change in the way that it produces and delivers power generation. This energy transition – driven by
the need for countries to decarbonise their economies – will fundamentally alter the future of the coal, gas and nuclear sectors, and expand
the role of renewables, smart grids and electric vehicles, as well as give consumers an active role in the delivery of their electricity.
All this and more will be discussed at POWER-GEN Europe and Renewable Energy World Europe 2015. Join us in Amsterdam for Europe’s
largest gathering of power professionals. To learn more about these exciting events and information on your sales representative please
visit www.powergeneurope.com or www.renewableenergyworld-europe.com or contact:
Sales and Sponsorship
Gilbert Weir Jnr.
POWER-GEN Europe
T: +44 1992 656 617
E: [email protected]
Owned and Produced by:
Amanda Kevan
Renewable Energy World Europe
T: +44 (0) 1992 656 645
M: +44 (0) 7866 382 462
E: [email protected]
Presented by:
®
87
www.powergeneurope.com
www.renewableenergyworld-europe.com
DIRECTORY
Tuulisaimaa Oy
Lappeenranta, Finland
www.tuulisaimaa.fi
UK Green Investment Bank
London, UK
www.greeninvestmentbank.com
Unternehmensgruppe Frauenrath
Heinsberg, Germany
www.frauenrath.de
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
PE - Buyout, Project sponsor, VC Early Growth (Series A to C)
M&A Acquirer
TuuliWatti Oy
Helsinki, Finland
www.tuuliwatti.fi
INVESTMENT FOCUS:
Project sponsor
UK Waste Resources and Energy
Investments Fund
London, UK
Up Invest
Tallinn, Estonia
www.upinvest.net
INVESTMENT FOCUS:
T-Venture Holding GmbH
Bonn, Germany
www.t-venture.de
INVESTMENT FOCUS:
INVESTMENT FOCUS:
UKA Umweltgerechte
Kraftanlagen GmbH & Co KG
Meissen, Germany
www.uka-meissen.de
Vaaka Partners Oy
Hilsinki, Finland
www.vaakapartners.fi
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
UniCredit Bank Austria AG
Vienna, Austria
www.bankaustria.at
Van Oord NV
www.vanoord.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Unicredit Spa
Milan, Italy
www.unicredit.eu
Vantaan Energia Oy
Vantaa, Finland
www.vantaanenergia.fi
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Debt project finance, PIPE
M&A Acquirer
UBI Banca Scpa
Bergamo, Italy
www.ubibanca.it
Union Investment Group
Frankfurt, Germany
www.union-investment.com
Vardar AS
Drammen, Norway
www.vardar.no
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
sponsor
Project sponsor
TVIS
Fredericia, Denmark
www.tvis.net
Project sponsor
V
INVESTMENT FOCUS:
Project sponsor
Tyco International Ltd.
Schaffhausen, Switzerland
www.tyco.com
INVESTMENT FOCUS:
U
u-blox AG
Thalwil, Switzerland
www.u-blox.com
INVESTMENT FOCUS:
Unipart Group
Oxford, UK
www.unipart.co.uk
M&A Acquirer
INVESTMENT FOCUS:
Project sponsor
UBS AG
Zurich, Switzerland
www.ibb.ubs.com
INVESTMENT FOCUS:
M&A Acquirer, PE - Buyout, VC - Late
Stage (Series D+)
United Company RUSAL
Moscow, Russia
www.rusal.ru
Ughi e Nunziante Studio Legale
Rome, Italy
www.unlaw.it
ADVISORY FOCUS:
Legal - M&A
INVESTMENT FOCUS:
Project sponsor
Vattenfall AB
Stockholm, Sweden
www.vattenfall.com
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
M&A Acquirer
ADVISORY FOCUS:
Financial - M&A
Vastraby Gard Energi AB
Malmo, Sweden
United Utilities
Warrington, UK
www.unitedutilities.com
Vayon Group
Woodford Halse, UK
www.vayongroup.com
INVESTMENT FOCUS:
M&A Acquirer
INVESTMENT FOCUS:
Project sponsor
VEKA Recycling Ltd.
Kent, UK
www.veka-recycling.co.uk
INVESTMENT FOCUS:
M&A Acquirer
88
DIRECTORY
Vela Energy SL
Madrid, Spain
INVESTMENT FOCUS:
Viridor Ltd.
Taunton, UK
www.viridor.co.uk
M&A Acquirer
INVESTMENT FOCUS:
Project sponsor
Venn Partners
London, UK
www.venn-partners.com
W
Walter Meier AG
Schwerzenbach, Germany
www.waltermeier.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Vital Capital Fund
Zurich, Switzerland
www.vital-capital.com
INVESTMENT FOCUS:
Warwick Capital Partners LLP
London, UK
www.warwickcap.com
Ventinveste SA
Lisbon, Portugal
INVESTMENT FOCUS:
Project sponsor
Viveris Management SAS
Marseille, France
www.viverismanagement.com
M&A Acquirer
INVESTMENT FOCUS:
sponsor
INVESTMENT FOCUS:
Ventotec GmbH
Leer, Germany
www.ventotec.de
INVESTMENT FOCUS:
Project sponsor
Volcan Compania Minera SAA
Lima, Peru
www.volcan.com.pe
INVESTMENT FOCUS:
Veolia Environnement SA
Paris, France
www.veolia.com
INVESTMENT FOCUS:
Project sponsor
INVESTMENT FOCUS:
Vermec
Brussels, Belgium
www.vermec.be
INVESTMENT FOCUS:
Vestas Wind Systems A/S
Aarhus, Denmark
www.vestas.com
INVESTMENT FOCUS:
Project sponsor
Viessmann Werke GmbH & Co. KG
Allendorf, Germany
www.viessmann.de
ADVISORY FOCUS:
M&A Acquirer
Volksbank AG
Vienna, Austria
www.volksbank.com
INVESTMENT FOCUS:
Verdane Capital
Oslo, Norway
www.verdanecapital.com
Watson, Farley & Williams LLP
London, UK
www.wfw.com
WEB Windenergie AG
Pfaffenschlag, Austria
www.windenergie.at
INVESTMENT FOCUS:
Project sponsor
Voltalia SA
Paris, France
www.voltalia.com
WEDA Dammann & Westerkamp
GmbH
Lutten, Germany
www.weda.de
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
M&A Acquirer
VSB Energies Nouvelles Sarl
Nimes, France
www.vsb-en.eu
Wellcome Trust
London, UK
www.wellcome.ac.uk
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
VW Kraftwerk GmbH
Wolfsburg, Germany
www.vw-kraftwerk.de
INVESTMENT FOCUS:
Wellington Partners Venture
Capital
London, UK
www.wellington-partners.com
Project sponsor
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
VindIn AB
Stockholm, Sweden
www.vindin.se
West Coast Capital
Dundonald, UK
www.westcoastcapital.co.uk
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
West Coast Energee (Scotland) Ltd.
Frobost, UK
www.energee.co.uk
INVESTMENT FOCUS:
M&A Acquirer
89
DIRECTORY
Westermeerwind BV
Emmeloord, Netherlands
www.westermeerwind.nl
Williams Industrial Services Ltd.
Newtownabbey, UK
www.wis-ni.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
WOLF THEISS Rechtsanwalte
GmbH & Co KG
Vienna, Austria
www.wolftheiss.com
Project sponsor
Project sponsor
ADVISORY FOCUS:
Westport Innovations Inc.
Vancouver, BC, Canada
www.westport.com
Willkie Farr & Gallagher LLP
New York, NY, USA
www.willkie.com
INVESTMENT FOCUS:
ADVISORY FOCUS:
Woodbridge International LLC
New Haven, CT, USA
www.woodbridgegrp.com
M&A Acquirer
Legal - M&A
ADVISORY FOCUS:
Wheatsheaf Investments
Chester, UK
www.grosvenorestate.com
Wind Works Power Corp.
Ottawa, Canada
www.windworkspower.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
WHEB Partners
London, UK
www.whebventures.com
Windar Photonics A/S
Taastrup, Denmark
www.windarphotonics.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer, PE - Buyout, PE Development Capital, VC - Early
M&A Acquirer
Financial - M&A, Financial - venture
World Bank
Washington, DC, USA
www.worldbank.org
INVESTMENT FOCUS:
ADVISORY FOCUS:
equity
WPD AG
Bremen, Germany
www.wpd.de
INVESTMENT FOCUS:
Windflow Technology Ltd.
Christchurch, New Zealand
www.windflow.co.nz
INVESTMENT FOCUS:
Project sponsor
Wheelabrator Technologies Inc.
Hampton, NH, USA
www.wheelabratortechnologies.com
Wragge Lawrence Graham & Co LLP
Birmingham, UK
www.wragge-law.com
ADVISORY FOCUS:
INVESTMENT FOCUS:
WindLandKraft GmbH
Untersiebenbrunn, Austria
www.windlandkraft.com
Project sponsor
INVESTMENT FOCUS:
Wren House Infrastructure
Kuwait
Project sponsor
INVESTMENT FOCUS:
White & Case LLP
New York, NY, USA
www.whitecase.com
M&A Acquirer
ADVISORY FOCUS:
Winterflood Securities Ltd.
London, UK
www.winterflood.com
ADVISORY FOCUS:
WSB Neue Energien Holding GmbH
Dresden, Germany
www.wsb.de
Financial - M&A
INVESTMENT FOCUS:
Whitehelm Capital
Sydney, Australia
www.whitehelmcapital.com
Project sponsor
INVESTMENT FOCUS:
Wirsol Solar AG
Waghäusel, Germany
www.wirsol.de
M&A Acquirer
INVESTMENT FOCUS:
X
M&A Acquirer
Wien Energie
Vienna, Austria
www.wienenergie.at
INVESTMENT FOCUS:
WiSEED
Toulouse, France
www.wiseed.com
Project sponsor
INVESTMENT FOCUS:
Seed Financing
WIKA Alexander Wiegand SE &
Co. KG
Klingenberg, Germany
www.wika.de
WKN AG
Husum, Germany
www.wkn-ag.de
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
90
Xerys
Paris, France
www.xerys.com
INVESTMENT FOCUS:
DIRECTORY
6th edition of Europe’s major occasion for discussion and
networking amongst industry leaders and policy makers!a
www.aebiom.org/conference
91
DIRECTORY
Y
Z
zouk Solar Opportunities Ltd.
London, UK
www.zouk.com
Yara International ASA
Oslo, Norway
www.yara.com
Zagrebacka Banka
Zagreb, Croatia
www.zaba.hr
INVESTMENT FOCUS:
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
Yard Energy Group B.V.
Hoevelaken, Netherlands
www.yardenergy.com
Zeus Capital Ltd.
Manchester, UK
www.zeuscapital.co.uk
ZukunftsEnergie Fichtelgebirge
GmbH
Wunsiedel, Germany
www.zef-buergerbeteiligung.de
INVESTMENT FOCUS:
ADVISORY FOCUS:
Financial - M&A
Yaskawa Electric Corp.
Kitakyushu, Japan
www.yaskawa.co.jp
Zorlu Enerji Elektrik Uretim AS
Bursa, Turkey
www.zoren.com.tr
INVESTMENT FOCUS:
INVESTMENT FOCUS:
M&A Acquirer
Project sponsor
Yeni Enerji
Istanbul, Turkey
www.enyenienerji.com.tr
Zouk Capital LLP
London, UK
www.zouk.com
INVESTMENT FOCUS:
INVESTMENT FOCUS:
Project sponsor
(Series A to C)
YFM Group
Leeds, UK
www.yfmgroup.co.uk
INVESTMENT FOCUS:
92
Project sponsor
INVESTMENT FOCUS:
Project sponsor
Europe’s leading
cleantech cluster
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Clean Energy Europe Finance Guide 2015
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Clean Energy Europe Finance Guide 2015

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