| Friday 8th July 2011, London |  |
> A one day indepth masterclass from Epsilon Research, as part of the Global Wind Power Finance & Investment Congress.
Attendees will gain an in-depth insight from Epsilon’s latest Wind Energy M&A Report (2010), and will be able to benchmark valuation multiples from 4 years of 100+ wind M&A transactional data. All attendees will also receive a copy of the 2010 Report, with online access to the underlying M&A deals detailed analysis.
Leader: Grégoire Buisson, Chief Executive Officer, Epsilon Research
Guest speaker: David Roberts, Managing Director, Bryan Garnier
Objectives
This masterclass will provide attendees with:
• Reliable comparable benchmarks for valuing wind farms and portfolios, based on done deals
• Transaction multiples for wind farms and portfolios for different development stages
• An analysis of the impact of price by the different valuation drivers (feed-in tariffs, capacity factor)
• Real deal and earn-out structures for early stage wind farm portfolios, providing further insight for benchmarking portfolios and structuring potential deals
Target Audience
• Investors and finance providers for wind farms: renewable energy funds, utilities, private equity firms, banks and other capital and debt providers
• Owners and developers of wind farms
• Advisors and research analysts: Independent and banks M&A advisors, equity research analysts of renewable energy and utilities
Agenda
I. Wind Farm Valuation Multiples
• Introduction to methodology for analysing wind M&A deals, calculating valuation multiples based on capacity (MW), production (MWh), sales (€) and on development stages (pipeline, in development, in construction or in operation)
• Presentation and explanation of sample deals and their analysis
• Summary statistics on our sample of 100+ M&A deals analysed (2007- 2010, Europe + North America)
II. Market Valuation of Wind Farms: Methodology & Value Drivers
• Summary and discussion of findings of our 2008 and 2010 reports on transaction multiples and value drivers for wind farms (covering 100+ deals over the last 4 years)
• Summary and discussion of transaction multiples for key value drivers: development stage, capacity factor and electricity prices
• Presentation of value creation analysis by stage of development
• Onshore vs. Offshore
III. Deal Structure & Market Valuation of Early Stage Projects
• Latest research – not included in the 2010 Wind Energy M&A Report
• Detailed analysis of 30 developers deals between 2007 and 2010
• Examples and analysis of deal structures, PPA agreements and earn outs on recent deals
• Value of wind development rights (DRs) and ready to construct rights (RTCRs)
IV. The Insider View: Analysis & Deal Structure of a Recent M&A Deal
By David Roberts, Bryan Garnier
_________________
Epsilon Research is an independent research and financial analysis bureau, and the reference source of transaction multiples for the valuation of private companies though its EMAT database.
