introduction to green giraffe energy bankers · green giraffe energy bankers follows a simple...

Introduction to Green Giraffe Energy Bankers January 2013

We have an unparalleled track record in successfully closing deals for our clients

A specialist advisory boutique focused on renewable energy

Deep roots in renewable energy finance

• Launched by experienced finance specialists with a strong and proven track record

in the renewable energy sector (over 30 transactions in the renewable energy

sector closed in the 5 years prior to the creation of the company)

• Currently with 21 professionals with offices in Utrecht (the Netherlands), Paris

(France), London (UK) and Hamburg (Germany)

• Built on a multi-disciplinary skill set including project & structured finance, M&A,

legal & tax expertise

• We have successfully closed four utility-scale non recourse financings for offshore

wind projects since the company’s creation in 2010

An ambition to provide high quality, specialised advisory services

• Focus on projects where we can actually add value

• We include sector-specific tasks in our scope in addition to traditional debt or

equity advisory (such as project contracting services for offshore wind)

• Priority given to a limited number of clients, based on long term relationships and

a shared approach to transactions & risks

• Priority on getting the deal done!

Green Giraffe Energy Bankers follows a simple strategy:

• Stick to our core competences and markets

• Focus on assignments where we know we can deliver results

• Work with people and in markets we believe in

At the heart of the energy transition

Confidential for GGEB 2

An extensive track record over the past 3 years

Confidential for GGEB

Completed advisory missions for over 4,000 MW of proposed capacity

Evaluation of a potential stake in an offshore wind

farm

210 MW

Highland Group

Holdings

Germany 2011

Europe 2011

Tendering strategy of turbine manufacturer on

offshore wind project

Undisclosed

Evaluation of a stake in the Belwind offshore wind

farm

165 MW

Belgium 2012

Evaluation of a stake in a solar PV project

8 MW

France 2011

US 2012

Financial advisory services - offshore wind

Undisclosed

US 2012

Financial advisory services – state waters offshore wind project

25 MW

Spain 2011

Non-recourse refinancing of a solar PV portfolio

24 MW

Financial advisory services – French offshore

wind tender

1,428 MW

France 2012

Acquisition of a stake in the ForVEI solar PV

portfolio

41 MW

Italy 2012

3

Bankability evaluation of a 10% stake in the Gwynt y Môr offshore wind farm

576 MW

UK 2010

Acquisition of a stake in an offshore wind farm

Undisclosed

North America 2011

Bid for a 49% stake in the Gunfleet Sands offshore

wind farm

172 MW

UK 2011

A portfolio of major renewable energy projects under development


Our clients trust us on a wide variety of long term missions across Europe and North America

Germany

Non-recourse financing of the Gode Wind 2 offshore

wind farm

252 MW

The Netherlands

Equity and debt funding of the Gemini offshore wind

farms

600 MW

US

Non-recourse financing of the Cape Wind offshore

wind farm

468 MW

Europe

Non-recourse financing of an onshore wind farm

Undisclosed

Non-recourse financing and sale of a portfolio of

solar PV assets

16 MW

France

Non-recourse financing of the Block Island offshore

wind farm

30 MW

US

UK

Non-recourse financing of 25% stake in Walney

offshore wind farm

92 MW

Europe

Acquisition of an offshore wind farm

Undisclosed

US

Market intelligence on the offshore wind sector

N/A

Europe

Strategic advisory Offshore investment

fund

Undisclosed

Germany

Valuation of an offshore wind farm under

development

400 MW

4

Modelling support on a PV solar project

Undisclosed

France

A strong presence in the offshore wind sector

5

North Sea projects (end 2012) and GGEB involvement

Robin Riggs - 180 MW

Ormonde - 150 MW

Barrow - 90 MW Walney I&II - 367 MW

Burbo Bank - 90 MW North Hoyle - 60 MW

Rhyl Flats - 90 MW

Teesside - 62 MW

Lincs - 270 MW

Lynn & Inner Dowsing - 194 MW Sheringham Shoal - 317 MW

Gwynt y Môr - 576 MW

Scroby Sands - 60 MW

Greater Gabbard - 504 MW

Gunfleet Sands I&II - 172 MW

Kentish Flats - 90 MW

London Array - 630 MW

Thanet - 300 MW

Belwind I&II – 330 MW

Thornton Bank I,II&III – 326 MW

Northwind– 216 MW

Egmond aan Zee – 108 MW

Prinses Amalia – 120 MW

Gemini – 600 MW Alpha Ventus – 60 MW

Borkum West - 200 MW Borkum Riffgrund - 630 MW Gode Wind II– 252 MW

MEG I – 400 MW

Nordergründe– 110 MW

Roenland - 17 MW

Horns Rev II - 209 MW Horns Rev I - 160 MW

Butendiek - 288 MW

Meerwind– 288 MW

NordseeOst -295 MW Amrumbank - 300 MW

Samso - 23 MW

Rodsand II – 210 MW

Nysted - 165 MW

Anholt – 400 MW

Baltic I – 48 MW

BARD I – 400 MW

Global Tech I – 400 MW

GGEB involvement GGEB officers’ involvement

Operating wind farm

PF current deal

Developing wind farm

PF past deal

Text:

Marker:

not PF deal

Project highlights

• 325 MW offshore wind farm

• Approx 30 km off the Belgian coast in water depth of 12-18 m

• Will produce over 1 TWh of electricity per annum

Sponsors Deme, SRIW Environnement, Socofe, Nuhma, RWE, EDF EN, Marguerite Fund

Investment EUR 1.3 billion

Financial Close • Closed 25 November 2010

• EUR 1,007 million debt facilities including EUR 913 million in long term facilities

• Largest ever non recourse financing for an offshore wind farm

• First time ever Euler Hermes provides non recourse debt to the offshore wind sector

• First financing for 6 MW turbines offshore

Role of GGEB Financial advisor to the project company to arrange non-recourse construction debt funding

C-Power (2010)

Recent landmark transactions (1/4)

Euromoney’s European Offshore Wind Project Finance Deal of the Year PFI’s EMEA Renewables Deal of the Year

Infrastructure Journal’s Renewables Deal of the Year

Advisor to C-Power to raise project finance debt

325 MW

Belgium 2010


http://ode.be/uploads/images/windenergie/c-power.jpg


Project highlights


• Approx 50 km off the German coast in the North Sea

• Will produce over 1 TWh of electricity per annum

Sponsors Blackstone & Windland


Financial Close • Closed 5 August 2011

• EUR 977 million debt facilities including EUR 863 million in long term facilities

• First project financed through the new KfW program for offshore wind sector in Germany

• First non recourse construction financing for Siemens’ 3.6 MW turbines offshore

• First project developed and financed by a private equity investor in offshore wind

Role of GGEB Financial advisor to the project company to arrange non-recourse construction debt funding

"Green Giraffe consistently distinguished themselves and played a critical role through-out every step of the financing process" (Blackstone)

Meerwind (2011)


This transaction creates a standard for German offshore wind – a solid structure with high leverage allowing for private-equity-style returns

Advisor to WindMW to raise project finance debt

288 MW

Germany 2011

Blackstone is Financial Sponsor of the Year 2011

The GroupBlackstone ®

7


Project highlights


• Approx 40 km off the Belgian coast in the North Sea

• Will produce over 800 GWh of electricity per annum

Sponsors Aspiravi & Colruyt


Financial Close • Closed 27 June 2012

• EUR 595 million in long term facilities

• First debt financed project with the Vestas V112 turbine

• First offshore wind project for ONDD (Belgium), GIEK (Norway) & PensionDanmark (debt)

• Long maturity and attractive pricing despite market turmoil

Role of GGEB Financial advisor to the project company to negotiate contractual arrangements and to arrange non-recourse construction debt funding

Northwind (2012)


This transaction confirms that good projects can get long term project finance at attractive conditions despite the difficult banking market conditions

Advisor to Northwind to raise project finance debt

216 MW

Belgium 2012

8

Other awards pending!

Confidential

Project highlights


• Approx 14 km off the North West coast of England

• Will produce over 1.3 TWh of electricity per annum

Sponsors Ampère and PGGM

Investment GBP 1.2 billion for the full project; GBP 0.3 billion for the 24.8% minority share

Financial Close • Closed 18 December 2012

• GBP 224 million in senior facilities

• First project financed at the minority shareholder level without any ECA guarantee

• First offshore wind project with the new UK Green Investment Bank

• First offshore wind project for PGGM Dutch pension fund

Role of GGEB Financial advisor to the Holdco SPV to arrange non-recourse debt funding

Walney


This transaction opens new opportunities for utilities to recycle investments in existing assets from pension funds or infrastructure funds

Non-recourse financing of 25% stake in Walney

offshore wind farm

367 MW

UK 2012

9

Awards pending!


Demonstrably improved financial structures

Our involvement will bring measurable value to you

Transactions where GGEB acted as financial advisor have higher leverage and better returns than comparable deals in the market

With GGEB

• More senior debt raised

• Cheaper senior debt

Less equity required

Higher returns

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

Belgium2010

Germany2010

Germany2011

Germany2011

k€/MW

Debt

Quasi equity

Hard equity

Less equity needed with

GGEB

Recent offshore wind non recourse debt transactions

10

Our market and project knowledge will improve your equity proposition

• Valuation exercises

If you are buying or selling a project, we can provide a fair assessment of its value, whether it is project financed or not

We are familiar with market-standard values at different phases of development and corresponding investor IRR requirements

Based on your strategy we can advise on entry points and exit options

• Equity raising

We know a large fraction of the market of active potential buyers, including their timing, returns, technology preferences

We can keep the project finance option open even if it is not the stated financing route of the likely buyers

• Coordination of debt and equity processes

In our experience, it is simpler to run both processes jointly as it ensures that the requirements of all parties are compatible

A lot of the work can be mutualised (due diligence, information packages, modeling)

• We have a successful track record already:

Full scope equity advisory


The Netherlands

Equity and debt funding of the Gemini offshore wind

farms

600 MW

Bankability evaluation of a 10% stake in the Gwynt y Môr offshore wind farm

576 MW

UK2010

Evaluation of a potentialstake in an offshore wind

farm

210 MW

HighlandGroup

Holdings

Germany2011

Evaluation of a stake in a solar PV project

8 MW

France2011

Acquisition of a stake inthe ForVEI solar PV

portfolio

41 MW

Italy2012

Evaluation of a stake in the Belwind offshore wind

farm

165 MW

Belgium2012

Germany

Valuation of an offshore wind farm under

development

400 MW

11

Our value added

What we can do for you

What Green Giraffe Energy Bankers brings to the table

• Specialised competence & expertise with regard to debt & equity

raising and structuring, project development and contracting for

complex transactions

• Credibility in the equity markets through a strong and proven track

record in buy/sell side advisory and brokerage in the wind and solar

industry

• Access to an extensive and first class network with investors,

EPC/technology suppliers, banks, advisors and intermediaries in the

renewables market which we leverage to the benefit of your project

• The lessons we have already learned (sometimes the hard way) will

enable you to optimize the project development process and avoid

costly mistakes and delays

• We are deeply committed to the success of our clients and we offer

you highly competitive fees structures including success oriented

schemes

The services we can offer you include

• Strategic financial advisory

• Renewable energy strategic development • Technology and project bankability assessment • Business plan analysis, financial modelling and valuation • Financing strategy

• Debt and equity raising and structuring

• Detailed financial analysis and valuation • Preparation of all necessary support materials (information memo,

financial models, management presentations, etc.) • Prepare tailor made commercial proposition to banks or investors • Active marketing of your project(s) to a selection of potential debt and

equity partners (investors) from our extensive network • Commercial negotiations with investors or banks • Transaction documentation

• Assistance in project contract negotiations

• Review of contracting strategy with the objective of ensuring bankability • Review of commercial terms, e.g. EPC warranties, availability levels, etc.


We have a proven track record in closing transactions and maximising value for our clients and their projects

12

What sets us apart

• Our team is small and will remain that way. We all have shared experience and strong relationships with clients and counterparties

• We are always happy to talk to you. It’s not information we’re selling (or not just information)

• We actually believe in renewable energy. It’s not just regulatory arbitrage

• We enjoy our work and like our clients

Our philosophy


Paris Utrecht

8 rue d’Uzès, 75002 Paris

tel: + 331 4221 3663

email: [email protected]

Maliebaan 92, 3581 CX Utrecht

tel: + 31 30 820 0334


London

133 Houndsditch, London EC3A 7BX

tel: + 4475 5400 0828


Mattentwiete 5, 20457 Hamburg

tel: + 4917 6551 28283


Hamburg

Green Giraffe Energy Bankers www.green-giraffe.eu


mailto:[email protected]












introduction to green giraffe energy bankers · green giraffe energy bankers follows a simple...

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