M&A REFERENCES

Work carried out
Region
Client
EKON carried out the due diligence and valuation of an operating wind farm in Spain. The main tasks included the review of the data room information (financial) and provide a bankable financial model so the client could acquire the wind farm (equity and debt). As a key part of the work undertaken for this client EKON carried out the valuation and assisted in the negotiations by projecting the most likely regulated and market remuneration scheme (RINV and pool price analysis). EKON also provided the client with the expected subsidy to be collected by the Wind Farm. SPAIN Invesment Fund / Market DD
EKON provided this Bank with key advisory support on the Spanish power market and particularly on one of the Spanish incumbent utilities (owned by a German company). The assets valued were wind, CSP, coal, CCGT, and hydro distribution retail. EKON prepared a market model taking into account key fossil benchmark prices and carbon prices. EKON also provided an analysis of supply and demand, market assumptions for these utilities and commercial due diligence. SPAIN Bank / Market DD
Our team provided this fund with key advisory support regarding the Spanish power market. Market assessment was provided for wind farms, CSP, coal, CCGT, hydro and distribution and retail. We provided this investment fund with key insight to get up to speed on the risks and opportunities of investing in the Spanish energy market. An important part of this work was the analysis of the asset portfolio EBITDA and the main risks and opportunities of the investment. EKON also provided a summary analysis of the market fundamentals, high level analysis of overall system costs and revenues up to 2020 looking to determine the risk of future tariff deficit build ups and a detailed analysis of the most recent regulatory changes. As well as our expert opinion on possible future regulatory measures. SPAIN UK Investment fund / Market DD
The EKON team presented this investment fund with modeling and market support when analyzing the acquisition of a portfolio of thermal assets (Coal and CCGT) owned by a Spanish incumbent company. EKON provided key insight into the opportunity in order to make an informed investment decision. EKON carried out a high level analysis of the thermal assets reviewing the risk, providing price projections under high and low scenarios and a high level EBITDA analysis of the thermal assets under the different price scenarios. SPAIN American fund / Market DD
EKON provided this investment fund with regulatory and market advisory support in analyzing the acquisition of Spanish and Portuguese wind farms and mini-hydro assets in Spain. Key to this project was the Economic sustainability analysis of the Spanish market (tariff deficit), and RINV and general risk analysis of future potential regulatory changes. SPAIN / PORTUGAL UK Investment fund / Market DD
EKON assisted this American investment fund by providing market intelligence and support when analyzing the possible acquisition of two renewable assets in Spain. This assets being coal and hydro assets. EKON provided an overview of the Spanish energy market, explanation of risks to coal/hydro generation, a business plan for both coal/hydro generation with assumptions and results and an explanation of the risks these technologies face. SPAIN American investment fund
EKON helped this investment fund analyze the possible acquisition of an independent electricity supply company in Spain. The EKON team carried out a high level validation of the business plan assumptions, analysis of the main risks an independent supplier would face in Spain and provided our expert opinion of the short, medium and long term prospects for this company. SPAIN / 2014 American investment fund
EKON organized a workshop session on renewable energy in Spain, looking to cover opportunities in the renewable energy segment especially focusing on solar PV and wind. EKON provided our analysis for regulatory framework, valuation, metrics for each different technology, general sector and technology specific risks and the outlook for the market. This American Investment fund was looking to acquire assets in Spain. SPAIN American investment fund
EKON was retained by a large international investment fund to carry out the risk analysis and valuation of a minority share in the electricity distribution business of one of the largest Spanish incumbent utilities. The work included the analysis of the regulatory risks of further Government interventions detailed analysis of the implications of the recently modified regulatory framework (currently centered around  Royal Decree 1048) which sets a return on asset base remuneration system (RAB). Under the new regulatory framework, the distribution business is remunerated based on a return on investment set by the 10-year rate of the Spanish Government bonds plus 200bp, it also now includes specific incentives / penalties based on quality of service, loss reduction initiatives as well as an incentive to reduce fraud. SPAIN International Bank
EKON has recently completed a risk analysis and valuation of the electricity distribution business of one of the Spanish incumbent utilities. The work included detailed analysis of the implications of the recently modified regulatory framework (currently centered around  Royal Decree 1048) which sets a return on asset base remuneration system (RAB). Under the new regulatory framework, the distribution business is remunerated based on a return on investment set by the 10-year rate of the Spanish Government bonds plus 200bp, it also now includes specific incentives / penalties based on quality of service, loss reduction initiatives as well as an incentive to reduce fraud. SPAIN International Bank
Our team helped an international utility understand the value and risks associated with the purchase of a minority stake in a CCGT asset in Spain by modelling the Spanish market and the actual revenues to be obtained by the CCGTs including not only wholesale revenue but also capacity payment and ancillary services. SPAIN International Utility
Our experts prepared a set of financial models for the client looking into Wind, PV and CSP within 8 target markets (EU). In order to do so we did compile and estimate a database of wind speed and solar radiation for each of the countries of interest. Euro Zone US Utility
Our experts carried out full transaction support services for a large International Utility in the run up to the decision to invest almost in a CSP project in Spain with a Spanish Industrial partner. Our experts were involved in almost all aspects of the deal, from reviewing the vendors financial model, reviewing the legal framework, providing an expert opinion on the most likely impacts of future regulatory cut backs impacting on CSP projects and providing key inputs into the financial valuation. SPAIN International Utility
Our experts helped an Australian fund to sell their renewable assets (wind) in several countries in Europe (mainly in Spain). For this project we helped our client draft the InfoMemo of the sale and participated in the data room discussing the risks associated with the deal. EU Australian Invesment Fund
Our experts where in charge of the valuation of a Portfolio of Spanish assets bought by a European utility. The portfolio was valued with our financial model and we provided the market parameters and risk assessment for the deal. SPAIN European Utility
Our team members were involved in the valuation assessment of the value of the CCGT since initially was bought by providing our views on the regulatory framework that has changed in Spain. SPAIN European Utility
Our team members were involved in the valuation assessment of the value of the CCGT since initially was bought by providing our views on the regulatory framework that has changed in Spain. SPAIN European Utility
Our team helped the client understanding the value of a minority stake in a CCGT by modelling the deal and through a deep assessment of the risks entailed. We did look into the upsides that the Ancillary markets were able to provide to the investor quantifying the value of that upside. SPAIN US Utility
Our experts worked with the client in order to validate the valuation proposed by the seller providing counterarguments in the negotiation and introducing risk analysis in order to estimate a fair value for the portfolio. Portugal Invesment Fund
Our team was mandated by a potential buyer to provide an opinion on the valuation of a Spanish Electricity Supply business and carry out an assessment of the risks associated with the purchase of the business from an operational and regulatory perspective. SPAIN Confidential Client
EKON experts advised an international infrastructure fund in the run-up to investing in a minority share of a regasification plant in Spain. The analysis included reviewing the financial and legal documents in the data room, the provision of a second opinion on the base case financial model and carrying out a number of potential Spanish Gas Market development scenarios. SPAIN Gas infrastructure fund
Our experts have designed the financial model of one of the Off-shore wind farms in the UK. We did work for the sponsor providing the base case financial model for the Project Finance negotiations. UK Off-Shore wind developer
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