Case study

Acquisition of 150MW Scandinavian onshore wind portfolio

Enera Partners was the financial adviser for European infrastructure fund in the partnership investment process for 150MW operational Scandinavian onshore wind portfolio

The challenge

Enera Partners assisted the client in the majority acquisition of the 150MW operational onshore wind portfolio, which is located in Sweden, Denmark and Norway.

The portfolio was previously owned by the original developer, and the deal also included the wind developer continuing as with selected asset management services and co-sponsorship in the portfolio.

The solution

Enera Partners acted as a financial adviser to the client, overseeing the business case and valuation, as well as the partnership documents.

The wind portfolio was owned through individual SPVs, with the sale of power occurring in the spot market. Enera Partners was involved in the power purchase agreement (‘PPA’) track, which devised different hedging strategies and outcomes that could deliver better risk adjusted returns for the client than the spot market.

Enera Partners also assisted the client in selecting key due diligence providers, coordinated their efforts, built a financial model for initial evaluation purposes, and provided inputs for the business case and valuation.

Furthermore, Enera Partners supported the client in preparing partnership term sheets for bid the documents as well as devising the internal bid strategy leading up to the bid submissions.

The Impact

Enera Partners was able to deliver value through its in-depth knowledge and understanding of the power markets and how good PPA contracts could be structured. The connection between the key business drivers and the financial model and partnership term sheets meant that the client quickly got up to speed on the deal, and that the client was consequently able to position themselves ideally for the transaction.

Again, the combination of financial, commercial and legal skills was of key importance to how Enera Partners could add value to the transaction.