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1、Renewables&Distributed Energy SECTOR UPDATE I Q2 20231Select Renewables&Distributed Energy M&A TransactionsMarch 28,2023Birch Creek Energy acquires Foundation Solar PartnersBirch Creek Energy,a St.Louis-based renewable energy company,announced the acquisition of Foundation Solar Partners,a Washingto

2、n.DC-based solar developer focused on greenfield origination of solar projects primarily in MISO and PJM markets.Foundation Solar has developed and sold over 800 megawatts of solar projects and has amassed an additional pipeline of nearly 5 gigawatts of solar and storage projects in its first 3 year

3、s of operation.February 24,2023BurTech Acquisition Corp.and CleanBay Renewables announce letter of intent for a business combinationBurTech Acquisition Corp.,a publicly traded special purpose acquisition company,and CleanBay Renewables,a late-stage enviro-tech company focused on the production of su

4、stainable renewable natural gas,green hydrogen and natural controlled-release fertilizer,announced the signing of a letter of intent for a potential business combination.January 18,2023Volta to be acquired by Shell to accelerate decarbonization of the transportation sectorVolta announced the executi

5、on of a definitive merger agreement under which Shell will acquire Volta in an all-cash transaction valued at approximately$169 million.The transaction brings Voltas powerful dual charging and media network to Shells established brandand seeks to unlock robust,long-term growth opportunities in elect

6、ric vehicle charging.March 8,2023Marathon Oil Corp.acquires a 49.9%interest in LF BioenergyMarathon announced the acquisition of a 49.9%interest in LF Bioenergy,an emerging producer of renewable natural gas in the United States,from Cresta Fund Management for$50 million.The agreement includes the po

7、tential for up to an additional$50 million based on the achievement of predetermined earn-out targets.January 10,2023Freudenberg acquires remaining ownership interest in battery manufacturer XALT EnergyFreudenberg is acquiring 49.9%of the outstanding membership units of the joint venture from partne

8、r MBP Investors,a Townsend Ventures affiliate,and will thus become the sole owner of XALT Energy.The company develops and produces lithium-ion battery cells and fully integrated battery packs for the commercial vehicle and maritime industries.XALT Energy employs around 550 people in Midland and Aubu

9、rn Hills,Michigan.2Select Renewables&Distributed Energy Capital RaisesMarch 6,2023Palmetto closes$150 million investment from TPG Rise ClimatePalmetto,a leading technology-enabled clean energy platform,announced it has raised$150 million to continue spurring the adoption of clean energy and access t

10、o residential solar across the United States.The investment was provided by TPG Rise Climate,the dedicated climate investing strategy of TPGs global impact investing platform TPG Rise.January 27,2023EnCap expands utility-scale renewables portfolio,makes a significant investment in U.S.-based Linea E

11、nergyLinea Energy,an independent renewable energy developer and power producer,has secured a significant capital commitment from EnCapInvestments,a provider of growth capital to the independent sector of the U.S.energy industry.Linea is a newly formed independent power producer modernizing how clean

12、 energy is developed and financed to rapidly increase the speed of deployment.February 9,2023Cirba Solutions receives$50 million investment from Marubeni Corp.Battery management and materials processor Cirba Solutions,Charlotte,North Carolina,has received a$50 million minority investment from the To

13、kyo-based Marubeni Corp.Cirba says this investment further supports its ongoing efforts to rapidly expand its operational footprint addressing the needs of the market to create a sustainable closed-loop battery materials supply chain.January 5,2023Silicon Ranch conducts$600 million equity raiseSilic

14、on Ranch Corporation,a community-focused provider of renewable energy,carbon,and battery storage solutions,announced that it conducted a$600 million equity raise from Manulife,TD Asset Management,and Mountain Group Partners.February 14,2023NanoGraf raises$65 million to scale North American productio

15、n of silicon anode productsNanoGraf,an advanced battery materials company and enabler of the worlds most energy-dense lithium-ion 18650 cell,announced that it has raised$65 million in an oversubscribed Series B funding round.The funding round was co-led by Volta Energy Technologies and CC Industries

16、 with participation from GIC,Emerald Technology Ventures,Material Impact,Arosa Capital,NabtescoTechnology Ventures,and TechNexus.30.0%50.0%100.0%150.0%200.0%250.0%300.0%Mar-18Mar-19Mar-20Mar-21Mar-22Mar-23S&P 500S&P/TSX Renewable Energy and Clean TechnologyEIP Climate Tech IndexPublic Valuation Indi

17、ces11.S&P CapIQYTD PerformanceEIP Climate Tech:4.4%S&P Renewable Energy and Clean Tech:(0.7%)S&P 500:7.0%Surging global gas prices,higher U.S.interest rates,and continued supply chain woes drove a correction in renewable energy and decarbonization public equitiesMassive capital inflows to and growin

18、g societal recognition of renewable energy generation and decarbonization resulted in rapid public equity appreciation 416.6%(34.4%)1.6%(34.2%)(33.8%)(1.7%)0.9%21.0%4.5%(26.8%)17.2%(16.6%)(63.2%)4.1%(28.0%)27.4%3-Year Performance1-Year Performance17.4x18.1x16.8x93.6x(25.2x)15.2x21.0 x10.1x56.4x18.4x

19、16.1x71.8x(5.4x)14.2x16.5x10.0 xSolarTechnologyWindTechnologyIndustrialTechnologySolarDevelopmentEnergyStorageEPC andServicesNAYieldCosIPPSQ1 2022Q1 2023Public Valuation Multiples by Sector1Stock Performance(1-&3-Year)EBITDA Multiple Comparison LTM Q1 2022 vs.Q1 2023EBITDA Multiple Comparison NTM Q1

20、 2022 vs.NTM Q1 2023E1.S&P CapIQSolar TechnologyWind TechnologyIndustrial TechnologyEnergy StorageEPC and ServicesNA YieldCosIPPSSolar Development34.8x20.3x15.0 x38.3x10.3x12.0 x12.1x8.1x18.4x19.3x15.7x17.9x10.1x9.5x11.1x7.3xSolarTechnologyWindTechnologyIndustrialTechnologySolarDevelopmentEnergyStor

21、ageEPC andServicesNAYieldCosIPPSQ1 2022Q1 2023E5What Were ReadingThin-film Solar Sparks A Manufacturing Boom In The MidwestCanary Media-Read here“A once-novel solar power technology with Ohio roots is having a moment in the sun,along with two Toledo-area manufacturers.Scientists had experimented wit

22、h cadmium telluride solar panels in the lab since the 1950s,but the technology was commercialized just two decades ago after important groundwork by a pair of Ohio entrepreneurs who founded what would eventually become First Solar.After years of fighting for a niche next to cheaper and more efficien

23、t crystalline silicon solar cells,cadmium telluride has recently closed the gap on cost and energy output.”Green Energy Is Stuck At A Financial Red LightWall Street Journal-Read here“After years of uncertainty,last years Inflation Reduction Act finally gave Americas renewable-energy industry a long,

24、green signal.Now the economy is blocking the road.The wind and solar industries have always suffered from the short-term nature of subsidies,with federal tax credits often extended in nail-biting one-year increments.Last years climate bill changed that,giving the industry subsidies that last at leas

25、t a decade.But just as policy winds blow in their favor,two critical growth drivers interest rates and equipment costs are moving in the wrong direction.”How The White House Plans To Achieve Its Offshore Wind GoalRenewable Energy World-Read here“The Biden administration is hoping that a 30%reduction

26、 in the cost of fixed-bottom offshore wind will help the U.S.deploy 30 GW of offshore wind by 2030.The White House released its Offshore Wind Energy Strategy on March 29,which aims to serve as a“comprehensive summary”of the administrations actions to date,and plans for the future.Near-term prioritie

27、s include reducing the cost of fixed-bottom offshore wind from$73/MWh to$51/MWh by the end of the decade.”Renewable Companies Strive For 24-Hour PowerWall Street Journal-Read here“Wind and solar developers are concocting elaborate plans to provide round-the-clock renewable power,the industrys holy g

28、rail as countries around the world shift to green energy.Renewable energy is notoriously unreliable,generating electricity only when the wind is blowing and the sun is shining.Project developers,utilities and grid operators are trying a mix of options to overcome that challenge,including building hu

29、ge amounts of renewable capacity,storing excess power on batteries,and using algorithms to make project economics work.”Why Hydrogen Made Using Nuclear May Have A Big Role To Play In The Years AheadCNBC-Read here“From Teslas Elon Musk to European Commission President Ursula von der Leyen,the past fe

30、w years have seen many high-profile names talk about the role hydrogen may or may not play in the planets shift to a more sustainable future.Musk has expressed skepticism about hydrogens usefulness,but many think it could help to slash emissions in a number of sectors,including transportation and he

31、avy industry.While theres a major buzz about hydrogen and its importance as a tool in securing a low-carbon future a topic thats generated a lot of debate in recent months the vast majority of its production is still based on fossil fuels.”6Select Recent M&A TransactionsDate ClosedAcquirerTargetBusi

32、ness Description03/28/2023Birch Creek EnergyFoundation SolarSolar developer focused on greenfield origination of solar projects03/27/2023Winnebago IndustriesLithionics BatteryLithium-ion battery solutions provider03/08/2023Marathon PetroleumLF BioenergyRenewable natural gas producer03/06/2023Vistra

33、EnergyEnergy HarborProvider of carbon-free baseload electricity03/01/2023EIGIndustrial SunRenewable energy and storage developer02/24/2023BurTech AcquisitionCleanBay RenewablesRenewable natural gas producer02/21/2023FieraAmp U.S.Renewable energy generation and battery storage provider02/14/2023Nabor

34、s EnergyVast SolarConcentrated zero-carbon solar power producer02/07/2023Hydrogen Solutions B.V.HyGearSustainable gas producer and solutions provider02/07/2023Goldman Sachs Asset ManagementVerdalia BioenergyDeveloper and operator of biomethane plants01/31/2023IFM InvestorsGreenGasUSARenewable natura

35、l gas developer,owner,and operator01/20/2023AMP SmartTitaniumSolar installation services provider01/18/2023ShellVoltaIndustry-leading electric vehicle charging stations provider01/10/2023FreudenbergXalt EnergyDeveloper and producer of lithium-ion battery cells7Public Market Observations11.S&P CapIQ2

36、.Market Capitalization and Enterprise Value shown in$000sSolar TechnologyCanadian Solar Inc.2,558,542$39.81$4,460,886$0.8x0.6x8.2x6.8xEnphase Energy,Inc.28,800,271 210.28 28,404,639 17.8x12.2x104.4x56.4xFirst Solar,Inc.23,187,477 217.50 20,843,628 3.0 x8.0 x13.7x445.6xSchneider Electric S.E.93,355,8

37、68 166.97 107,470,384 3.2x2.9x17.4x15.8xSMA Solar Technology AG3,730,514 107.51 3,531,748 1.2x3.1x-95.6x85.4xSolarEdge Technologies,Inc.17,065,762 303.95 16,131,580 7.8x5.2x67.9x48.5xSunPower Corporation2,420,634 13.84 2,471,092 3.4x1.4x93.6x71.8xMedian17,065,762$166.97$16,131,580$3.2x3.1x17.4x56.4x

38、Wind TechnologyOrmat Technologies,Inc.5,061,139$84.77$7,181,774$9.4x9.8x18.1x18.4xTPI Composites,Inc.550,844 13.05 943,345 0.5x0.6x-39.6x34.0 xVestas Wind Systems A/S29,200,681 29.02 29,271,187 1.6x1.9x30.3x-41.1xMedian5,061,139$29.02$7,181,774$1.6x1.9x18.1x18.4xIndustrial TechnologyABB Ltd64,016,95

39、1$34.37$68,602,744$2.2x2.3x14.1x15.3xCaterpillar Inc.118,160,502 228.84 149,712,502 2.8x2.5x14.2x12.6xDanaher Corporation183,764,065 252.04 200,184,066 7.9x6.4x22.6x18.3xEaton Corporation plc68,281,163 171.34 77,005,163 3.5x3.7x19.5x19.3xEmerson Electric Co.49,791,796 87.14 63,895,796 3.6x3.2x16.0 x

40、13.7xGeneral Electric Company104,231,048 95.60 118,425,048 1.5x1.5x16.6x14.0 xHoneywell International Inc.127,694,965 191.12 138,750,965 4.2x3.9x17.0 x16.8xJohnson Controls International plc41,381,594 60.22 52,124,594 2.2x2.0 x15.6x16.4xSchneider Electric S.E.93,355,868 166.97 107,470,384 3.2x2.9x17

41、.4x15.8xSiemens Limited14,428,323 40.52 13,642,591 5.4x6.7x52.9x55.0 xMedian80,818,516$131.29$92,237,774$3.4x3.1x16.8x16.1xMultiples SummaryMarketStock PriceEnterpriseEnterprise Value/RevenueEnterprise Value/EBITDACompanyCapitalizationCurrentValueQ1 2022Q1 2023Q1 2022Q1 20238Public Market Observatio

42、ns(cont.)1Solar DevelopmentSunnova Energy International Inc.1,795,427$15.62$7,471,578$22.9x13.4x172.4x147.6xSunPower Corporation2,420,634 13.84 2,471,092 3.4x1.4x93.6x71.8xSunrun Inc.4,320,492 20.15 13,924,651 8.0 x6.0 x-52.1x-80.7xMedian2,420,634$15.62$7,471,578$8.0 x6.0 x93.6x71.8xEnergy StorageBa

43、llard Power Systems Inc.1,663,154$5.57$762,871$21.7x9.1x-25.2x-5.4xBloom Energy Corporation4,125,247 19.93 4,843,751 5.4x4.0 x-39.1x-47.2xEnerSys3,549,093 86.88 4,473,813 1.2x1.2x12.1x12.9xPlug Power Inc.6,954,583 11.72 5,694,902 23.6x8.1x-28.1x-9.4xTesla,Inc.657,505,920 207.46 641,181,746 17.8x7.9x

44、86.4x36.8xMedian4,125,247$19.93$4,843,751$17.8x7.9x-25.2x-5.4xEPC and ServicesAcciona,S.A.10,974,748$200.67$18,243,328$1.6x1.4x12.0 x10.4xAECOM11,716,286 84.32 13,652,648 1.0 x1.0 x15.2x15.3xFluor Corporation4,399,472 30.91 3,286,472 0.3x0.2x10.2x14.2xJacobs Solutions Inc.14,890,177 117.51 18,602,47

45、3 1.5x1.2x16.2x13.6xQuanta Services,Inc.23,996,247 166.64 27,558,588 1.6x1.6x19.5x18.6xSkanska AB(publ)6,294,743 15.31 6,761,069 0.6x0.4x10.2x7.5xWilldan Group,Inc.209,108 15.62 323,687 1.4x0.8x59.3x31.0 xMedian10,974,748$84.32$13,652,648$1.4x1.0 x15.2x14.2xMultiples SummaryMarketStock PriceEnterpri

46、seEnterprise Value/RevenueEnterprise Value/EBITDACompanyCapitalizationCurrentValueQ1 2022Q1 2023Q1 2022Q1 20231.S&P CapIQ2.Market Capitalization and Enterprise Value shown in$000s9Public Market Observations(cont.)1Multiples SummaryMarketStock PriceEnterpriseEnterprise Value/RevenueEnterprise Value/E

47、BITDACompanyCapitalizationCurrentValueQ1 2022Q1 2023Q1 2022Q1 2023NA YieldCosAtlantica Sustainable Infrastructure plc3,433,491$29.56$8,667,164$8.1x7.9x14.0 x13.1xBrookfield Renewable Partners L.P.14,918,539 31.49 55,302,775 13.0 x11.7x21.0 x18.7xClearway Energy,Inc.3,510,426 30.03 12,126,395 10.9x10

48、.2x15.3x13.7xEnviva Inc.2,144,051 28.88 3,810,457 6.4x3.5x468.3x56.2xInnergex Renewable Energy Inc.2,215,118 10.85 6,770,419 12.6x10.5x18.5x16.5xNextEra Energy Partners,LP5,400,812 60.75 21,940,812 20.7x18.1x32.0 x29.9xTransAlta Renewables Inc.2,453,628 9.19 3,007,949 11.7x7.3x23.4x15.1xMedian3,433,

49、491$29.56$8,667,164$11.7x10.2x21.0 x16.5xIPPSEnel SpA62,113,352$6.11$161,854,730$1.4x1.1x10.1x10.0 xEngie SA38,331,245 15.83 65,298,867 0.8x0.7x4.2x7.3xIberdrola,S.A.78,575,660 12.48 145,244,501 2.8x2.5x10.3x11.1xNRG Energy,Inc.7,964,534 34.29 15,836,534 0.6x0.5x2.4x5.1xThe AES Corporation16,110,264

50、 24.08 42,130,264 3.4x3.3x11.2x12.4xMedian38,331,245$15.83$65,298,867$1.4x1.1x10.1x10.0 xTotal Median11,716,286$34.37$16,131,580$3.4x3.1x16.0 x15.3x1.S&P CapIQ2.Market Capitalization and Enterprise Value shown in$000s10Select Energy Transition SPAC Public Market Performance1ChargePoint Holdings,Inc.

51、EV9/16/201910.47$7.3%49.9%3,643,560$3,434,609$NMNMEnergy Vault Holdings,Inc.Energy Storage3/29/20212.14$(77.8%)9.7%296,454$68,647$NMNMEVgo,Inc.EV11/20/20207.79$(20.6%)54.7%557,987$1,192,899$NMNMFREYR BatteryEnergy Storage1/10/20208.89$(9.5%)52.5%1,241,979$723,784$NMNMindie Semiconductor,Inc.Industri

52、al Technology10/4/201910.55$7.7%94.9%1,480,437$1,199,261$NMNMLi-Cycle Holdings Corp.Energy Storage11/16/20205.63$(42.0%)64.1%993,933$795,971$NANMLordstown Motors Corp.EV4/16/20190.66$0.0%17.5%158,475$(45,513)$NMNMOuster,Inc.Industrial Technology10/9/20200.84$(91.4%)16.7%323,191$222,694$NMNMProterra

53、Inc.EV11/23/20201.52$0.0%19.5%344,128$159,837$NMNMQuantumScape CorporationEnergy Storage11/25/20208.18$(65.2%)36.8%3,598,952$2,560,745$NMNMREE Automotive Ltd.EV1/13/20210.33$(96.9%)14.8%79,701$(39,202)$NMNMStem,Inc.Energy Storage10/8/205.67$(41.5%)31.5%876,439$1,138,723$NMNMThe Lion Electric Company

54、EV10/8/20201.86$(74.0%)23.3%411,676$671,087$NMNMTMC the metals company Inc.Energy Storage6/26/20200.83$(91.5%)28.7%230,334$177,962$NMNAMedian10/8/20203.89$(41.8%)30.1%484,831$697,435$NMNMMultiples SummaryFirstStock PricePerformance%ofMarketEnterpriseEnterprise Value/EBITDACompanySub-SectorTrading Da

55、teAs of 3/31/23As of De-SPAC52-Week HighCapitalizationValueCY2022CY20231.S&P CapIQ2.Market Capitalization and Enterprise Value shown in$000s3.Negative multiples and multiples greater than 100 x classified as“NM”11Select Energy Transition SPACs Seeking Targets1Initial PublicStock PricePerformanceMark

56、etCompanyOffering DateAs of 3/31/23As of First Trading DateCapitalizationDescription1.S&P CapIQ2.Market Capitalization shown in$000sEnergy Transition Partners B.V.7/16/202110.86$2.5%237,451$Energy Transition Partners intends to accelerate nations and their leading high-tech corporations through econ

57、omic transition toward a high-tech,low-carbon future.Nabors Energy Transition Corp.11/16/202110.50$0.0%362,250$The company intends to acquire companies in the alternative energy,energy storage,emissions reduction,and carbon capture sectors.Rice Acquisition Corp.II6/15/202110.24$3.9%441,410$Rice Acqu

58、isition Corp II intends to evaluate opportunities focused on the energy transition sector.Zimmer Energy Transition Acquisition Corp.6/15/202110.13$0.0%436,856$The company plans to target companies that serve rapidly growing segments in the clean energy ecosystem,including renewable power generation,

59、energy storage,and zero-/low-carbon industrial applications.AltEnergy Acquisition Corp.10/28/202110.38$3.8%298,281$The company intends to acquire and operate businesses in the renewable energy or related clean technology sectors.Bluescape Opportunities Acquisition Corp.10/27/20209.98$(1.1%)225,418$B

60、luescape Opportunities intends to focus on businesses in the energy and industrials sectors.Battery Future Acquisition Corp.12/14/202110.44$5.2%450,225$Battery Future Acquisition Corp.intends to search on industries spearheading the shift from fossil fuels to electrification,including companies in t

61、he battery value chain.Beard Energy Transition Acquisition Corp.11/23/202110.37$5.5%298,020$Beard Energy Transition intends to focus on businesses operating on electric power grid opportunities associated with energy transition infrastructure buildout.FTAC Emerald Acquisition Corp.12/15/202110.22$0.

62、0%352,187$FTAC Emerald intends to focus on businesses in clean/renewable energy,water sustainability,and mobility sectors.12Energy,Power&Infrastructure Group OverviewEnvironmental ServicesWaste Management&RecyclingHazardous Waste/Industrial CleaningSpecialty ServicesTesting&Analytical ServicesRemedi

63、ation,Consulting&EngineeringResource Recovery&E-WasteWaterEngineering&ConstructionConstruction/Project ManagementCivil EngineeringInfrastructure Support ServicesDesign&InstallationElectrical Engineering&Services General&Specialty ContractingBuilding ServicesForensic EngineeringTesting,Inspection,Cer

64、tification&ComplianceBuildings&InfrastructureConsumerEnergyEnvironmentalFood&AgricultureLife SciencesPower&UtilitiesTransportation&AerospaceDrew SpitzerManaging DOffice:804-915-0174Luke SempleManaging DOffice:804-915-0158Neha ShahDOffice:804-887-6036Harris Williams Renewables&Distributed Energy Cont

65、actsEnergy ManagementESCOsUtility Program ManagementBuilding OptimizationEnergy Management SystemsElectric SubmetersDemand ResponseUtility BillingWorkforce ManagementDistribution AutomationRenewables&Distributed EnergySolar TechnologyWind TechnologyEnergy StorageElectric Vehicle Infrastructure Opera

66、tions&MaintenanceSoftwareAsset ManagementDevelopmentEnergy TechnologyInternet of ThingsDigital OilfieldEquipment and TechnologyInfrastructure ServicesUtilityTelecomIndustrialWaterEnergyOther infrastructure13Energy,Power&InfrastructureTransportation&LogisticsBusiness ServicesIndustrialsAerospace,Defe

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