Wind Energy M&A Report 2010: Value Drivers and Acquisition Multiples for European & North American Wind Transactions

This report focuses on analyzing transaction multiples, based on public & proprietary databases. Unlike classic market research or general reports on M&A activity in the wind market, it aims to: · Provide Wind Players with reliable benchmarks for valuing wind farms and portfolios, in tandem with other valuation methodologies (DCF, etc.). · Segment transaction multiples for wind farms or portfolios according to development stage and analyze valuation drivers feed-in tariffs, capacity factor, etc...) to quantify their impact on price. · Analyze real deal and earn-out structures for early stage wind farm portfolios, providing further insight for benchmarking portfolios and structuring potential deals. Key findings · Coherent multiples were found providing a robust benchmark for wind farm portfolio valuation, at each stage of development and for each key value driver (feed-in tariffs, capacity factor)