Acquisitions and Disposals

Acquisitions

Acting as financial advisor to the EnerCap Power Funds, the EnerCap team was responsible for structuring and closing project acquisitions with sellers and co-investors (sometimes both) utilising self-developed JV principles wrapped around an Investment Business Plan, including the following:

  • 18MW Windfarm, Czechia: EnerCap acquired the operational project from two sellers, an Austrian Utility and the original developer. This was the only operational project where EnerCap invested, seeing opportunities for operational performance improvements and a refinancing.
  • 80MW Windfarm, Romania: EnerCap worked with the developer to structure a three way investment structure with the developer (reinvested) and also another equity co-investor. EnerCap led on the structuring of the SHA agreement between the parties.
  • 42MW Windfarm, Croatia: EnerCap's first investment working closely alongside the developer to finalise development after changes to energy and property laws. Prior to start of construction EnerCap arranged a co-investment from another regional equity fund for a minority stake.
  • 22MW Windfarm, Poland: EnerCap agreed a forward purchase of its first Polish wind farm, working with the sellers to successfully finalise the grant award for the project.
  • 7.4MW PV Projects, Czechia: EnerCap worked with the previous owner to complete development and acquire three projects.  Following acquisition, EnerCap optimised the technical design and grid connection.
  • GEO Windfarm Portfolio, Poland: EnerCap initiated a PE style structured investment in the privately owned GEO Renewables Limited. The GEO platform subsequently commissioned 360 MW of projects and is regarded as the leading Polish renewables developer. EnerCap supported GEO’s project acquisition, financing and disposal processes. This included complicated asset swap deals with European utilities and forward sales of operational projects to large corporate entities who required long-term GCs.

Disposals

  • Commencing in 2017, EnerCap started to exit its operational assets. To date, EnerCap has disposed of all of the above investments except for the 80MW investment in Romania and 7.4MW in Czech PV.