Power & Renewables Deals - PwC · 2015. 6. 3. · Power & Renewables Deals2013 outlook and 2012 review 3 Current uncertainty unlikely to change Brazil’s long-term appeal Brazil

Power &RenewablesDeals2013 outlook and2012 review

Mergers and acquisitionsactivity within the global power, utilities andrenewable energy market

www.pwc.com/powerdeals

2013 deal outlook 32012 deal flow 62012 deal makers 8 Contacts 11

Welcome to our 2013 Power and Renewables Deals outlook. It is the latestin our annual series in which we look at mergers and acquisitionsactivity in the power and utilities sector. This year for the first time webring together our previously separate power and renewables dealsanalysis into one report, reflecting the increasing mainstream role thatrenewables play in the generation mix.

We start the report with a look at some ofthe main themes that will drive dealactivity in the year ahead. We see a sectorthat has some contrasting dynamics atplay. Many power utility companies inEurope remain more tilted towards thedivestment rather than the acquisition sideof the deal table. In the US, a number ofleading players are still in integrationmode following an earlier wave of megadeals.

In contrast, state-owned enterprises inChina and trading houses in Japan are very much in an expansionist mode.Corporate buyer activity has beenrelatively quiet but M&A investment intothe sector from institutions, such asinsurance funds and pension funds, is upsignificantly and now accounts for nearly a third of power and renewables dealvalue.

These contrasts in the sector could providethe conditions for a revival in deal flow in2013 from the relative low of the previousyear. In some key markets, including theUK and Germany, greater clarity aroundnetwork regulation and governmentenergy policy will enable investors to haveincreased visibility to guide deal decisions.On the following pages we highlight thekey developments that are likely tocharacterise 2013 M&A activity in thesector worldwide. We also look at the maindeal hotspots which provide particulardeal opportunities.

2 Power & Renewables Deals 2013 outlook and 2012 review

Norbert Schwieters Global Power & Utilities Leader

Andrew McCrosson Global Power & Utilities Transaction Services

Rob McCeney Global Power & Utilities Transaction Services

Welcome

Power & Renewables Deals 2013 outlook and 2012 review 3

Current uncertainty unlikely to change Brazil’s long-term appeal

Brazil remains a key growth and M&Ahotspot. It has attracted significantinbound deal interest, most notably fromState Grid Corporation of China and E.ONduring 2012. But uncertainties haveincreased recently. In autumn 2012 thegovernment enacted a plan to reduceenergy prices to industry and consumers as one of the conditions of extendingcompany 30 year concession agreements,which are due to mature in 2017. The movehas hit the market capitalisations of powerand utilities companies hard and isexpected to reduce revenues and profits inthe coming years. And the country is alsofacing a potential supply shortage with lowrainfall endangering hydropower supplies.But these developments, while increasingshort-term uncertainty, do not alter thelong-term growth fundamentals. Indeed,they may provide a spur to M&A byreducing target prices and alsoencouraging long-overdue domesticconsolidation. At present, for example,there are 64 different distributioncompanies operating in Brazil, making the market ripe for consolidation.

Chinese and Japanese ‘go abroad’ intent remains strong

Chinese state-owned power and utilitiescompanies will continue to be active intheir search for suitable internationalpower utility and grid investmentopportunities. There may be a pause bysome companies as they concentrate onbedding down earlier deals. But most arelikely to remain on high alert for the rightpurchases. Similarly, Japanese tradinghouses are busy looking for suitable assets in a range of segments of themarket, including power generation, wind farms and gas pipelines. There arealso signs that Korean power companiesare increasing their own ‘go abroad’ambitions.

Continued momentum behindinstitutional investment

We anticipate that institutional investorinterest in the sector, such as from pensionfunds, insurance funds, mutual funds,sovereign wealth funds and banks, willcontinue to strengthen. In Europe, networkdeals have been a particular focus for suchbuyers and continued to attract highpremiums. This is in part due to therelatively stable regulatory frameworks,but also the significant capital expenditurerequirements needed to replace much ofthe ageing infrastructure in Europe.Investors such as institutional buyers witha low cost of capital are able to finance this at levels below those allowed byregulators. We think the high premiumsevident on recent deals will tempt existingasset owners to look closely at theiroptions.

Upturn still lies ahead for big deals in the US

Big deal activity in the US is on the backburner with some of the leading playersfocused on integrations following a waveof mega deal activity in 2010 and 2011.The timing of any pick-up of large deals inthe regulated part of the market will partlybe dependent on getting these integrationssufficiently advanced for companies tohave the capacity to return to M&A. But a big factor will also be the evolvingregulatory context for deals. Stateregulators have been fairly interventionistin some recent deals and the move to a‘net benefit’ standard is new territory formany companies as they seek to balancerate pressures with the need for hugecapital investment.

Bite size deals likely to predominate for corporates

A common theme for many corporatebuyers will be a continued focus on smallto medium sized purchases rather thanmega acquisitions. This is the case in anumber of markets worldwide. The scale of the infrastructure and investmentchallenge limits the money that can be putinto M&A. But competition can be intensewhen the right opportunities come up for the right size deals that can give goodgrowth or portfolio fit opportunities. For example, the US$1bn December 2012auction of two gas utilities by EnergyTransfer Equity LP in the US attracted very high bidder interest.

2013 deal outlook: sector contrasts set thescene for deal revival

Competition can be intense when the right opportunities come up for the rightsize deals.

Major inbound interest in Turkey

2013 has begun with news of major MiddleEastern investment in the Turkish powersector from the Abu Dhabi National EnergyCompany (Taqa), potentially paving theway for Taqa to also invest in Turkey’snuclear programme. This follows hard onE.ON’s announcement of a €1.5bn jointventure with Turkish company Enerjisa,highlighting the country’s power sectorgrowth attractiveness.

Significant renewables deal flow

In Europe, we see the potential for asubstantial flow of deals for onshore wind generation assets. This follows the US$4-5bn of announcements of asset saleintentions put forward in the summer and autumn last year. Two of these deals –GDF Suez’s disposal in Italy and Iberdrola’sin France – found buyers in December. But this still leaves a significant number of deals in the pipeline. In the Asia Pacificregion, we anticipate a noteworthy level of renewable power deals in Australia in2013 in the lead up towards meeting 2020targets, and from sales by developers butalso as retailers sell developed assets.Interest is high from Chinese and Japaneseinvestors as well as Australian pensionfunds.


The heat is increasing for US merchant generation

The merchant generation sector in the US is facing considerable challenges which are likely to spur significant M&Aopportunities. These includeenvironmental compliance pressures, loadgrowth considerations and the currentprice of natural gas. We expect this toresult in continued M&A activity in 2013 as merchant companies look to scale andbalance portfolios, and hybrids look tofocus on core regulated businesses. Butlow gas prices and continued low loadgrowth mean sellers are facing theprospect of low sale prices. Many will hopethat liquidity pressures can be withstoodlong enough for the longer term gas priceoutlook to strengthen. Coal generationfaces particular pressure, especially fromenvironmental regulations.

All eyes will be on the new gas environment

The era of cheap gas in the US hastransformed valuations and M&Astrategies. But the big M&A prizes in 2013will go to those with the foresight tocorrectly time the eventual upturn in gasprices. A whole host of developmentsmean that the era of cheap US gas cannotbe taken for granted. Increased export tohigher priced markets, a shift from coal togas for baseload power generation, homemarket consumption pressures fromindustrials and consumers and new uses ofgas for transportation fuels and derivativeindustrial products will all add to upwardprice pressure. We expect to see a numberof moves, particularly from private equitybuyers, for currently cheap assets thatcould gain from a longer term upward gasprice trend.

Big moves afoot in the Australian and New Zealand power markets

If equity market conditions are right, Hong Kong’s China Light and Power (CLP)is likely to revive its planned IPO of itswholly owned subsidiary EnergyAustralia(previously known as TRUenergy). The float, worth potentially in excess ofUS$3bn, was suspended in late 2012 dueto uncertain market conditions. Attentionwill also be focused on the plannedprivatisations of New South Walesgeneration assets, worth again in excess of US$3bn. Meanwhile, in New Zealand,the government is looking to the secondquarter of 2013 for the first of three state-owned power company part-privatisations.

A privatisation wave is building

As well as the possible privatisations inAustralia and New Zealand, sales of state-owned power assets are also on theagenda in the key growth markets ofMexico, Nigeria and Turkey. Of the three,the moves in Turkey are the most certain.Plans are well advanced for the sale ofthree state power plants, with the first ofthese having attracted extensive interestwith 16 bids. Tenders have also beenopened for four of the five regionaldistribution companies still in state hands.There is also expectation of largeprivatisation programmes across parts of Central and Eastern Europe.

A recent rush of announcements of assetsale intentions look set to provide asignificant renewables deal flow in 2013.

A whole host of developments mean thatthe era of cheap US gas cannot be takenfor granted.

2013 deal outlook: sector contrasts set the scene for deal revival

Renewables get a boost in the US

2013 has brought a double boost to the US renewables market. As part of the fiscalcliff negotiations at the end of 2012, theproduction tax credit that provides vitalunderpinning for windpower projects wasextended by what is effectively two yearsto get projects operational. The on-off-onfuture of the PTC will do little to resolveuncertainty about longer-term support buteach expiry date brings with it an uptick in transactions as market participants lookfor opportunities to beat the deadline. In contrast, an important solar powerfederal policy incentive – the solarinvestment tax credit – is not due to expireuntil the end of 2016. The solar powersector received a boost with news thatWarren Buffet’s MidAmerican EnergyHoldings Company is to buy two solarprojects with a combined generatingcapacity of 579 megawatts from San Jose-based SunPower. The deal is reported to be worth between US$2-2.5bn and isdescribed by the companies as the world’slargest photovoltaic power development.

Supply chain players taking stakes in wind projects

We expect to see more instances ofcompanies from the wind power supplychain being active participants inwindpower M&A. As well as seeing returnon investment opportunities in windpowerprojects, equipment company participationbrings technology sales opportunities. For example, at the very end of 2012, aconsortium comprising GE EnergyFinancial Services, MEAG – the assetmanagement arm of Munich Re and ERGO– and EDF Energies Nouvelles bought 32 operating French windfarms fromIberdrola. Plans for the portfolio includerepowering some of the wind farms toimprove their efficiency and reliabilityusing GE technology. For other projects atearlier stages of development, equipmentcompany participation may be importantto ensure the project moves forward.

Nuclear and thermal generationsupply chain moves afoot

The changing landscape in both fossil fuelgeneration and nuclear power is leading to major realignments among powerequipment companies. Already, Hitachiand Mitsubishi Heavy Industries haveannounced the combination of theirthermal businesses to give them a betterfooting to compete globally. They may also explore partnerships in other areasincluding nuclear. Toshiba has announcedits intention to sell part of itsWestinghouse nuclear business. Similarly,it would be no surprise if M&A moves alsotook place to create synergies with turbinemanufacturers.


NorthAmerica

Deals outlook

Positive

Moderate

Generation assetsMidstream

Brazil

Transmission growth Renewables

Europe

Transmission and distributionMidstream Onshore wind

Transmission growth RenewablesPrivatisations

Turkey

India

Mega thermal power projectsSolar PV opportunities

Australia

New South Wales and Queensland network salesNSW Power generationPrivatisationsRenewables

Figure 1: Global deals outlook and opportunities

Source: PwC, Power & Renewables Deals

Middle East

Privatisations (Saudi/Qatar)IPP/IWPPGeneration

M&A activity in the power sector worldwide enters 2013 in arelative lull compared to the mega-merger periods of a few yearsago. Total power and renewables deal numbers in the year justended are down 15% year on year with total deal value down27% (figure 2). Deal value has not maintained the upwardtrajectory of 2010 and 2011 that saw it recovering from its 2009 credit crunch low (figure 4).

2012 deal flow: M&A lull masks importantshifts

The result is a shift in M&A focus from the mature markets of Europe and NorthAmerica to growth markets elsewhere inthe world. As we enter 2013, the share oftarget value in the Asia Pacific region as a proportion of worldwide power andrenewables M&A value has trebled year on year (see deal makers). This increase is inflated by some one-offs, notably theTokyo Electric Power Companynationalisation and follow-up deals, butthe underlying trend is also indicative of a longer term shift.

The new ‘gas era’ with the advent of cheapgas in the US and potential new shale andother gas exploration around the worldprovides the backdrop to another shiftwith an 18% increase in the number of gasdeals. Deals for renewable power targets,like their mainstream power counterparts,were down year on year but they ended2012 on an upturn. Renewable powerdeals worth a total of US$7.1bn wereannounced in the last quarter of the year,the highest for 18 months.

But the sector is a major growth marketand M&A is playing an important part inthat alongside project and infrastructureinvestment. Demand for electricity is set togrow faster than for any other final form ofenergy. The vast majority (80%) of suchgrowth is in non-OECD countries. Much ofthe growth in these countries is comingfrom capital project and greenfieldinvestment rather than M&A. But in somecases acquisitions are necessary to gainpresence and precede major investment,such as in E.ON’s US$466m purchase of aminority stake in Brazil’s MPX Energia.

Source: PwC, Global Power & Renewables Deals

Total deals

Gas

of which: Electricity

Figure 2: All electricity, gas and renewables deals by value (US$bn) – 2011 and 2012

2011 2012 Change in 2012Number Value Number Value % number % value

469 US$112.2bn 395 US$87.1bn (16)% (22)%

132 US$73.2bn 156 US$49.1bn 18% (33)%

1,195 US$211.4bn 1,014 US$154.1bn (15)% (27)%

Renewables 594 US$26.0bn 463 US$17.9bn (22)% (31)%


252 260 254 248

28.6

57.3

39.3

28.8

298

355

274268

62.959.7

18.0

70.7


Figure 3: Quarterly tracking of deals – 2011 and 2012

By value (US$bn) By number

50

100

150

200

250

Q4Q3Q2Q1

10

20

30

40

50

Q4Q3Q2Q1 Q4Q3Q2Q1 Q4Q3Q2Q1

2011 2012 2011 2012

60 300

35070

80 Renewables

Gas

Electricity

400

49 136 185


2003

2004

Domestic deals

Crossborder deals

Figure 4: Electricity and gas sector deal activity (US$bn)

2005

2006

2007

US$bn20 40 60 80 100

120

140

160

180

200

220

240

260

280

300

320

340

360

380

2008

2009

2011

47 51 98

74 121 195

143 230 373

136 163 299

56 140 196

58 66 124

17 26 43

2010 46 105 151

2012 38 98 136


The diversity of M&A investment in the power sector is wideningwith a much greater share of buyer participation coming frominstitutions such as insurance funds, pension funds andsovereign wealth funds. While corporate buyers continue to bebehind the majority of deals, institutions accounted forUS$44bn of the US$154bn deal value with their share morethan doubling year on year (see figure 5).

2012 deal makers: a more diverse buyercommunity

The biggest deals worldwide

The partial nationalisation of the TokyoElectric Power Company (Tepco) headedthe list of biggest deals in 2012. Tepcorequires major fundraising for its clean-up,reconstruction and compensation tasksfollowing the impact of the 2011earthquake and tsunami. The impact ofTepco on Asia Pacific deal flow did notstop there. Tepco has been a seller in otherdeals as it seeks to restructure its balancesheet to focus on core tasks, most notablydivesting its 32.5% stake on the sell-side of the US$3.1bn purchase of Loy Yang Apower station by AGL Energy in Australia.

In Europe, GDF Suez completed its moveto gain outright ownership of InternationalPower in a US$11.1bn transaction. GDFSuez’s strategic quest to acceleratedevelopment in fast growing markets whileoptimising and integrating in maturemarkets is a good summary of the strategicrationale for many of Europe’s power andutilities companies as they look to growthoutside Europe.

The high level of interest in the sectorcoming from institutions has added to thelongstanding interest from infrastructureinvestors. Together, such buyers have been very active in pursuit of network and pipeline assets, most notably in theOpen Grid Europe deal, where the buy sideincluded Abu Dhabi Investment Authority,British Columbia Investment ManagementCorporation and insurance companyMunich Re and in the Wales and WestUtilities deal, bought by Hong Kong-basedCheung Kong Infrastructure Holdings.Figure 6 highlights some of the main types of buyers active in the sector.

Figure 5: Institutional and infrastructure bidder activity(Deal value shown in parenthesis)

Corporate 80%

Infrastructure fund 4% (US$9.0bn)

Institution 14% (US$30.1bn)

Other 1% (US$2.6bn)

Source of funds 2012

Corporate 63% (US$96.5bn)

Infrastructure fund 5% (US$7.8bn)

Institution 29% (US$44.3bn)

Other 4% (US$5.4bn)

Source of funds 2011

(US$169.8bn)

Note: Corporate includes energy and power and utility companies; Institution includes pension funds, insurance funds, mutual funds, sovereign wealth funds and banks, etc.; Infrastructure fund includes specialised infrastructure funds and private equity funds; Other comprises sovereign state, market purchase, private investor, non-disclosed acquirers, management buy-out, etc. Source: PwC, Power & Renewables Deals


by 2020. This indicates plans to invest US$30-50bn on international expansion in accordance with the strategic directionoutlined in China’s 12th Five-Year Plan.During 2012, the company madesignificant purchases of transmissionnetworks in Portugal, Brazil and Australia.

The theme of outbound investment byChinese state-owned companies remainsstrong. As well as Europe and SouthAmerica, Australia is a key target area. In addition to State Grid, Shenhua Groupsubsidary Guohua, was among the buyersfor Australian renewable assets in 2012with the second largest Chino-Australiandeal – the US$307m purchase of theMusselroe windfarm which is underconstruction in northeast Tasmania. Theflow of wind project sales as developersseek to sell on assets or utility companiesrationalise their portfolios is a major partof deal flow in Australia but also in Europeand North America.

Divestment and marketchange

Divestment of non-core assets to enable afocus on capital projects and acquisitivegrowth continues to be an importanttheme, particularly for Europeancompanies. E.ON’s €3.2bn sale of OpenGrid Europe was a significant deal in thisrespect. It not only represents a milestonein the unbundling of Europe’s powerutilities but is also a major step towards avery changed grid ownership landscape.Another landmark deal in Europe sawE.ON and RWE end their Horizon nuclearpower joint venture in the UK with aUS$1.1bn sale to Hitachi.

In the US, big deal activity has been largelyquiet with a number of key corporatesfocused on the regulatory approvals andintegrations necessary to deliver valuefollowing a series of mega deals in 2011.Indeed, the largest US deal was adivestment by Kinder Morgan as part of its moves to gain clearance for its 2010 and 2011 US$21bn purchase of El Paso. In total, North American bidder and target activity fell 75%, from US$113bn to US$27bn in the case of targets.

The International Power purchase has ledto a flow of asset sales by GDF Suez. Theseincluded the two largest renewable powerdeals of 2012. In the biggest, Japanesetrading company Mitsui and Canada-basedinfrastructure investment firm Fiera AxiumInfrastructure bought a 60% US$1.2bnstake in GDF Suez’s 680MW Canadianrenewable generation portfolio. This wasfollowed a few weeks later in December2012 with GDF Suez’s US$898m disposalof a majority stake in IP Maestrale, itsItalian wind energy subsidiary, to ERGSpA, an Italian energy group active inrenewables.

International growth

In the Asia Pacific region, the biggest dealbesides the Tepco nationalisation alsoreflected the need to build capital forinternational growth. The US$7.9bndivestiture by State Grid Corporation ofChina of coal and power generation assetsto Shenhua Group responds to the Chinesegovernment’s decision to unbundlegeneration from grid business and comesas State Grid aims to increase its overseasbased assets to 10% of its overall business

No. Value of Date Target name Target nation Acquirer name Acquirer nation transaction announced(US$bn)


Figure 7: Top five – power deals 2012

12.5

11.1

7.9

6.2

4.4

09 May 12

29 Mar 12

15 Aug 12

06 Aug 12

30 May 12

Tokyo Electric Power Co Inc (Majority%)

International Power plc (30.3216%)

State Grid Energy Development Co Ltd

Tennessee Gas Pipeline Company LLC; El Paso Natural Gas Co

SNAM SpA (30%)

Japan

United Kingdom

China

United States

Italy

Government of Japan

GDF Suez SA

Shenhua Group Corp Ltd

Kinder Morgan Energy Partners LP

Cassa Depositi e Prestiti SpA

Japan

France

China

United States

Italy

1

2

3

4

5


Who Level of activity What are their aims? Examples


Figure 6: Who’s investing and why?

Chinese state-owned enterprises

Sovereign wealth funds

Infrastructure funds

Pension & insurance direct investors

Japanese trading houses

Domestic corporates

High

Medium

High

Medium/High (Increasing)

High

Medium

• Long-term growth• Leveraging supply chain• Funding development

• Long-term strategic investment

• Stable long-term investment• Controlling positions preferred• Yield and growth

• Stable long-term investment• Minority positions acceptable• Yield and growth

• Financial investment and operations• Geographic diversification

• Consolidation and synergies

State Grid, China Three Gorges

CIC, ADIA, Mubadala

IFM, GIP, Macquarie

Canadian Pension Plan Investment Board, USS, TIACREF, Borealis

Marubeni, Mitsui & Co., Mitsubishi Corp.,Sumitomo Corp., Itochu Corp.

AES Corp, AGL Energy

Gas deals remain prominent

With mega deals on the back burner,North American deal activity has beenmostly confined to smaller transactions,Canadian investment into the US, andsales of orphan assets. Gas continues to be a key focus for deals. In the US,investment in midstream gas gatheringand transportation pipelines has thepotential of giving power utility companies opportunities to get returnsoutside of their regulated asset base.

Figure 9: 2012 deal percentages by continent(2011 percentages shown in parenthesis)

Europe 37% (35%)

North America 22% (23%)

Asia Pacific 23% (24%)

Russian Federation 7% (9%)


South & Central America 9% (8%)

Deal number by bidder

Europe 36% (34%)





Middle East 1% (1%)

Middle East 1% (0%) Africa 1% (0%)

Africa 1% (1%)

Deal number by target

Europe 34% (28%)





Deal value by bidder


Europe 29% (20%)




Middle East 0% (2%)

Africa 0% (0%)

Middle East 0% (0%)

Deal value by target

Africa 0% (0%)

No. Value of Date Target name Target nation Acquirer name Acquirer nation transaction announced(US$m)


Figure 8: Top five – renewables deals 2012

1,217

898

888

760

600

17 Dec 12

05 Dec 12

09 Mar 12

21 Dec 12

29 Jun 12

Power station (Wind and solar power portfolio )

IP Maestrale Investments Ltd (80%)

Power station (four 480MW wind power stations)

Power station (19 Hydroelectric facilities)

Alcoa Inc (351MW Tapoca hydroelectric project)

Canada

United Kingdom

United States

United States

United States

Mitsui & Co Ltd (30%/30%); Fiera AxiumInfrastructure

ERG SpA

Algonquin Power & Utilities Corp

Brookfield Asset Management Inc

Brookfield Asset Management Inc

Japan

Italy

Canada

Canada

Canada

1

2

3

4

5

The most significant gas deals came withthe Kinder Morgan divestments and a trioof gas network and pipeline deals inEurope. These included the purchase ofgas transportation, distribution and meterservices company Wales and West Utilitiesby Hong Kong’s Cheung Kong Holdings,the disposal of Eni's gas transmissionoperator Snam and E.ON’s sale of OpenGrid Europe.


Contacts


Global ContactsNorbert SchwietersGlobal Power & Utilities Leader Telephone: +49 211 981 2153 Email: [email protected]

Andrew McCrossonGlobal Power & Utilities Transaction Services,Partner UKTelephone: +44 20 7213 5334 Email: [email protected]

Rob McCeney Global Power & Utilities Transaction Services,Partner USTelephone: +1 713 356 6600 Email: [email protected]

Paul NillesenGlobal Renewable Energy, Partner NetherlandsTelephone: +31 20 568 6993Email: [email protected]

John GibbsGlobal Renewable Energy, Partner UKTelephone: +44 20 7212 3800Email: [email protected]

Territory ContactsAfricaStanley SubramoneyTelephone: +27 11 797 4380Email: [email protected]

AustraliaJock O’CallaghanTelephone: +61 3 8603 6137Email: [email protected]

Peter Munns Telephone: +61 3 8603 4464 Email: [email protected]

Andy Welsh Telephone: +61 3 8603 2704 Email: [email protected]

ArgentinaJorge BacherTelephone: +54 11 5811 6952Email: [email protected]

AustriaMichael Sponring Telephone: +43 1 501 88 2935 Email: [email protected]

Brazil Guilherme Valle Telephone: +55 21 3232 6011 Email: [email protected]

CanadaLana PatonTelephone: +1 416 869 8700Email: [email protected]

Central and Eastern EuropeDirk BuchtaTelephone: +420 251 151 807Email: [email protected]

ChinaGavin ChuiTelephone: +86 10 6533 2188Email: [email protected]

DenmarkPer Timmermann Telephone: +45 3945 3945Email: [email protected]

Søren Skov LarsenTelephone: +45 3945 9151Email: [email protected]

FinlandMauri HätönenTelephone: +358 9 2280 1946 Email: [email protected]

France Philippe GiraultTelephone: +33 1 5657 8897Email: [email protected]

GermanyNorbert Schwieters Telephone: +49 211 981 2153 Email: [email protected]

Jan-Philipp SauthoffTelephone: +49 211 981 2135Email: [email protected]

GreeceSocrates Leptos-BourgiTelephone: +30 210 687 4693Email: [email protected]

IndiaKameswara RaoTelephone: +9140 6624 6688Email: [email protected]

IrelandAnn O’ConnellTelephone: +353 1 792 8512Email: [email protected]

IsraelEitan GlazerTelephone: +972 3 795 4 664Email: [email protected]

ItalyGiovanni PoggioTelephone: +390 6 57025 2588Email: [email protected]

JapanKen KawamuraTelephone: +81 90 4958 5153Email:[email protected]

Toshio YamauchiTelephone: +81 80 4122 9506Email: [email protected]

Middle EastPaul NavratilTelephone: +971 269 46 80Email: [email protected]

NetherlandsJeroen van HoofTelephone: +31 88 792 1328Email: [email protected]

NorwayStåle Johansen Telephone: +47 9526 0476Email: [email protected]

PolandPiotr Luba Telephone: +48 22 523 4679 Email: [email protected]

PortugalJoao RamosTelephone: +351 213 599 405Email: [email protected]

RussiaTatiana SirotinskayaTelephone: +7 495 967 6318 Email: [email protected]

SingaporeFernando ValdaTelephone: + 65 6236 4187Email: [email protected]

SpainManuel Martin EspadaTelephone: +34 915 685 017Email: [email protected]

Carlos Fernández LandaTelephone: +34 91 568 4839Email: [email protected]

SwedenMartin GaveliusTelephone: +46 8 5553 3529Email: [email protected]

SwitzerlandMarc Schmidli Telephone: +41 58 792 1564 Email: [email protected]

TurkeyFaruk Sabuncu Telephone: +90 212 326 6082 Email: [email protected]

United KingdomSteve JenningsTelephone: +44 20 7802 1449Email: [email protected]

Jason MorrisTelephone: +44 131 524 2265Email: [email protected]

Darren BloomfieldTelephone: +44 20 7213 3402Email: [email protected]

United StatesDavid Etheridge Telephone: +1 415 498 7168 Email: [email protected]

John McConomy Telephone: +1 267 330 2184 Email: [email protected]

Jeremy Fago Telephone: +1 415 498 7031 Email: [email protected]

This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should notact upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express orimplied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law,PricewaterhouseCoopers does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone elseacting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

© January 2013 PwC. All rights reserved. Not for further distribution without the permission of PwC. “PwC” refers to the network of member firmsof PricewaterhouseCoopers International Limited (PwCIL), or, as the context requires, individual member firms of the PwC network. Each memberfirm is a separate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients.PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professionaljudgment or bind them in any way. No member firm is responsible or liable for the acts or omissions of any other member firm nor can it controlthe exercise of another member firm’s professional judgment or bind another member firm or PwCIL in any way.

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Methodology

Global Power & Renewables Deals includes analysis of all global power utilities, renewable energyand clean technology deal activity. We include deals involving power generation, transmissionand distribution; natural gas transmission, distribution, storage and pipelines; energy retail; andnuclear power assets. Deals involving operations upstream of these activities, including upstreamgas exploration and production, are also excluded. Renewable energy deals are defined as thoserelating to the following sectors: biofuels, biomass, geothermal, hydro, marine, solar and wind.Renewable energy deals relate to the acquisition of (i) operating and construction stage projectsinvolved in the production of renewable energy and (ii) companies manufacturing equipment forthe renewables sector. We define clean technology deals as those relating to the acquisition ofcompanies developing energy efficient products for renewable energy infrastructure.

The analysis is based on published transactions from the Dealogic ‘M&A Global database’ for allelectricity, gas utility and renewables deals. Deals are included at their announcement date whenthey are partially completed (pending financial and legal closure) or completed. Deal values arethe consideration value announced or reported including any assumption of debt and liabilities.Comparative data for prior years and quarters differ to that appearing in previous editions of our analysis or other current year deals publications. This can arise in the case of updatedinformation or methodological refinements and consequent restatement of the input database.

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Power & Renewables Deals - PwC · 2015. 6. 3. · Power & Renewables Deals2013 outlook and 2012 review 3 Current uncertainty unlikely to change Brazil’s long-term appeal Brazil