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安氏案例分析(投行系列,风电系列):高盛21亿出售地平线风能公司,年投资回报率31.14%,风电企业是如何估价的? |
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丹麦的风力发电已经占到了全部电力的30%,中国1%还不到,你说还要几年? -- 安普若 - (0 Byte) 2008-6-17 周二, 10:59 (538 reads) |
人鱼小姐 [博客] [个人文集]


头衔: 海归上校 声望: 学员
加入时间: 2006/01/19 文章: 461
海归分: 61542
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作者:人鱼小姐 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Scottish and Southern Energy to Acquire Airtricity for EUR 1 Billion
January 4, 2008
Source: Clean Edge News
Scottish and Southern Energy plc recently entered into an agreement to acquire Airtricity Holdings Limited from its current shareholders. Airtricity is a well established Dublin-based renewable energy company developing and operating wind farms in the UK, Ireland, continental EURpe and China and supplying electricity to mainly commercial customers in Ireland. The agreement is subject to clearance by the Irish Competition Authority and by the Irish and Northern Ireland energy regulators and the acquisition is expected to be completed in the first quarter of 2008. Airtricity disposed of its North American business unit in October 2007 and the proceeds from this disposal remain within the business.
The implied equity value of the business being acquired is EUR 1,080 million. In addition, SSE will assume liability for Airtricity's net debt, of EUR 375m (based on the effective acquisition date of 31 August 2007), giving an enterprise value of EUR 1,455 million for the business being acquired.
In addition to the equity value of EUR 1,080 million, EUR 746.5 million will be paid in consideration for the net proceeds received by Airtricity for the disposal of its North American business, resulting in a total cash consideration of EUR 1,826.5 million. The consideration will be funded from facilities provided by Barclays Bank plc and The Royal Bank of Scotland plc, part of which will be repaid shortly after completion, using cash in Airtricity.
The principal assets of Airtricity which SSE will acquire comprise (net of joint venture interests):
a 308MW (megawatt) portfolio of operating onshore wind farms in Scotland, Northern Ireland and the Republic of Ireland;
a 187MW portfolio of onshore wind farms in Scotland, Northern Ireland and the Republic of Ireland which have full consent and are under construction, and on which EUR77m had so far been invested by 31 August 2007;
a further 104MW of onshore wind energy capacity in Scotland, Northern Ireland and the Republic of Ireland which has full consent but is not yet under construction;
a 50% stake in a 504MW offshore wind farm development, with full consent, at Greater Gabbard off East Anglia. Subject to a final investment decision, construction work on the first phase is expected to start later this year and turbines have been reserved;
a 288MW offshore wind farm in Germany which has full consent;
the 483MW onshore wind farm proposed for Clyde, between Biggar and Moffat in southern Scotland, which is at an advanced stage in the consent process;
a 1,434MW portfolio of other onshore wind energy projects in the UK and Ireland that are in various stages of development but not yet with full consent;
an option to participate in a 350MW offshore wind farm in Ireland;
a 1,222MW portfolio of early stage EURpean wind energy development projects in Portugal (587MW) and the Netherlands (635MW; offshore);
a 6,675MW portfolio of wind energy development projects in China; and
an electricity supply business providing power to around 35,000 mainly commercial customers in Ireland, with related trading and risk management functions operating in the all-island electricity market.
作者:人鱼小姐 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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