Transactions

Investing in Uncertain Times

A Framework

“Given the rapid periodicity of change in the larger ecosystem, navigating the investments in the energy sector today is not about eliminating uncertainty – it is about reducing uncertainty through better information, and then developing solutions that are resilient to a variety of future outcomes.”

Joining the Fortis Family

Leadership Lyceum Podcast: A Conversation with Paul Bonavia

Paul Bonavia is Retired Chairman and CEO of UNS Energy (Tucson Electric Power). The company was sold to Fortis in August 2014.

Toshiba Exit Transforms Nuclear Market

Maybe a U.S. Nuclear Revival

Toshiba recently announced that financial write-offs related to its troubled nuclear division, Westinghouse Electric, would total about $6.2 billion dollars. Since the write-off announcements, Toshiba's stock price has been cut in half. Toshiba's financial collapse changes the face of the nuclear industry.

PUF Top 20 Financial Performers

PSEG, NextEra, Wisconsin Energy, OGE Energy, Pinnacle West, IDACORP, etc.

The PUF Top 20 Financial Performers were selected through a four-year average ranking of profit margin, dividend yield, free cash flow, return on equity, return on assets, and sustainable growth.

Is Cleantech Coming of Age?

Analysis of investment data from the Cleantech Group i3 platform.

Private investment flows into cleantech reveal consistent signs of maturation. Cleantech is becoming more mature, diverse, and in some sectors – perhaps such as utilities – increasingly “conventional.”

Transactions (June 2015)

Duke Energy completed the sale of its non-regulated Midwest Commercial Generation Business to Dynegy for $2.8 billion; Sempra U.S. Gas & Power acquired the Black Oak Getty wind project in Minnesota from Geronimo Energy; Dominion acquired a 20-MW solar facility in California from E.ON North America; Plus debt offerings from Alabama Power, CONSOL Energy and Appalachian Power.

Transactions (May 2015)

FuelCell Energy closed its definitive agreement to sell a 1.4-MW fuel cell power plant project to NRG Energy; FPL proposes to purchase CBAS Power for a price of $520.5 million; Renewable Energy Trust secured CAD $115MM in financing to acquire the 12.6 MW DiscoveryLight and 14.2 MW FotoLight projects from Canadian Solar; b secured $86.2MM in financing to acquire the 31.26 MW DC McHenry Solar PV Plant in Modesto, Calif. and the 13.1 MW DC Heber Solar PV project in Imperial County, Calif.; Peabody Energy completed its offering of $1.0 billion aggregate principal amount of 10% senior secured second lien notes due 2022; AES intends to offer $575 million aggregate principal amount of senior notes due 2025; And others ...

Transactions (April 2015)

Chesapeake Utilities agreed to acquire Gatherco for $59.2 million, merging it into wholly-owned subsidiary Aspire Energy of Ohio; Canadian Solar agreed with Sharp Corp. to acquire Recurrent Energy for $265 million; Iberdrola USA agreed to acquire UIL Holdings and create a newly listed U.S. publicly-traded company with a rate base of approximately $8.3 billion; Plus debt offerings from Williams Partners and Cheniere Energy.

Transactions (March 2015)

TerraForm acquired 21 U.S. distributed generation solar power plants from SunEdison; Emera closed the sale of its 49 percent interest in Northeast Wind Partners II to First Wind Holdings; Alterra Power completed its sale of its Fallon, Nevada geothermal facility to an affiliate of Cyrq Energy; Accenture agreed to acquire Structure, a provider of consulting, system integration and customized solutions and services to energy and utility clients; and others.