HOME

STRATEGY

TEAM

CASE STUDIES

PORTFOLIO

CAREERS

NEWS

CONTACT

INVESTORS

HOME

STRATEGY

TEAM

CASE STUDIES

PORTFOLIO

CAREERS

NEWS

CONTACT

INVESTORS

thumbnail

GENERAL

GENERAL

GENERAL

Bord Gais Energy

Carve-out of multi-utility to develop ~€700M Irish renewable platform build – investment followed by CEO Role

Please note this investment was executed during prior employment of a Reinova Co-Founder

Amount Invested

Amount Invested

$543

$543

Date of Investment

Date of Investment

2014

2014

Transaction Overview

Transaction Overview

Consortium acquisition of Bord Gais Energy, an Irish multi-utility from the Irish State’s strategy included carve-outs, platform build-out operational improvement, and multiple exits

Transaction Overview

Consortium acquisition of Bord Gais Energy, an Irish multi-utility from the Irish State’s strategy included carve-outs, platform build-out operational improvement, and multiple exits

Investment Thesis

Investment Thesis

Ireland was identified as a fast-growing, high-value renewable power market and an ideal entry point for launching our European power strategy
Complex state-privatization that did not lend itself to highly competitive auction process – opportunity to acquire country’s largest wind IPP at attractive acquisition basis by bringing consortium partners who would value the other parts more highly, then separating assets as part of acquisitions

Invest for Value

Invest for Value

Carve-out of Gas Distribution Business:

Regulated gas distribution utility in Northern Ireland serving ~300k customers
Sale to Icon Infrastructure LLP

Carve-out of Retail Business:

Retail energy business serving ~750k customers with a combined-cycle gas power plant
Sale to Centrica plc

Focus on Securing Wind IPP at Value:

17 facilities with 321 MW representing 15% of Irish operating wind capacity
Portfolio of early-stage development sites
3-way carve-out and stand-up of standalone operations, including IT, power markets trading platform, financials, and management team

Value Creation

Value Creation

Optimized Existing Assets

Built a focused operations culture, optimized performance, KPIs, and optimized in/out-sourced maintenance
First launch customer of digital turbine maintenance platform
First PPA with Facebook for green data center

Created Development Business

Built a project development team and implemented capital-efficient stage-gate development process
Grew business from ~300 MW to over 700 MW of total operating assets
Expanded development pipeline to ~ 1,000 MW

Expanded Platform Capability

Built power marketing capability outside of feed-in-tariffs
Completed M&A in Scotland and Portugal

Building for Exit

Building for Exit

Optimized capital structure

Completed asset-level project financings for new and existing assets

Added growth in new markets

Added Scottish development business

Exit / Capital Recycling at Asset Level

Sale of ~137 MW to Green coat Yield

Sale of business as a Platform company

Exit to Ørsted of platform company with~389 MW in operation and under construction, with a project pipeline of more than 1 GW

Status:

Generated over 15% compound annual returns

Return:

Generated over 15% compound annual returns

Returns

Returns

Other Case Studies

thumbnail

thumbnail

thumbnail

thumbnail

Building Renewable US Hydro Business

Over 2007-14 acquired multiple hydroelectric portfolios, primarily in the United States

Enwave Canada

Enwave was a district energy business in and owned by City of Toronto - $330mm investment

thumbnail

thumbnail

thumbnail

thumbnail

Wind Energy Transmission Texas

415-mile regulated, high-voltage transmission system in West Texas connected to 2,873 MW of wind and solar farms