prothea presentation 2013
TRANSCRIPT
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Prothea is an independent boutique of advisory in the renewable energy sector specialised across a
range of markets, technologies, regulatory regimes and project structures.
Prothea is based in Milan with offices in London and operates with a global approach. Our
organization is made of a unique multidisciplinary team of professionals, with extensive scientific,
engineering and investment banking experience; we benefit from a large network of partners, both
Italians and Internationals.
Prothea advisory activities range from, technical to financial and commercial, as we focus on:
Our expertise allow us to support project sponsors and investors to encompass all technical and
commercial aspects of developing and investing in green power projects.
Mission
Project Development
Scouting M&A Financial Advisory
SPV Management
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Solid experience in developing renewable energy plants;
Ability to identify suitable sites for the development of the plants;
Ability to manage construction and operation of large scale projects;
Strong financial skills, with significant expertise in structuring sizeable investments in renewable energy
projects;
Relationship with commercial banks and equity providers;
Commercial relationship with Italian Energy Companies;
Partnership with technology manufacturers and technical companies / advisors;
Ability and experience on the management of operating plants
Our Strengths
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“Renewable Energies are moving from a niche market status to a central focus of governments and investors, alike”
*Asset finance volume adjusts for re-invested equity. Total values include estimates for undisclosed deals
Source: UNEP, Bloomberg New Energy Finance
Environmental concerns (global warming).
Increasing oil and gas dependence / Rising
energy prices.
Decreasing renewable energy generation
costs.
“Green” regulatory regimes
(tax incentives, subsidized feed-in tariffs, etc.).
Reliable and proved technologies.
Stable and predictable cash flows.
Low risk / high returns profile.
Increasing deal flow of investment
opportunities.
The Renewable Energy Sector
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Global New Investments in Renewable Energy by Asset Class
2004-2012 ($BN)
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Our Activities
SOLAR PV
WIND
BIOGAS BIOMASS
MINI HYDRO
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Prothea specializes in providing investment opportunities in renewable energy assets (solar PV,
biomass and biogas, wind and mini hydro), sourcing green-field and brown-field projects, arranging
long term debt (project finance or leasing) and equity, negotiating sales/acquisitions and managing
assets during their operational life.
Since its establishment in 2008, Prothea has originated and structured projects for an aggregate asset
value in excess of €350 million. Prothea is also responsible for the management of these assets at the
operational level.
Prothea has a multidisciplinary team, comprised of members with investment banking expertise
ranging from experts in valuations, in structuring and executing M&A transactions and in arranging
project finance.
Our Activities
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Prothea offers engineering and project management services supporting its clients in the green-field development of
renewable power plants.
Since 2008, Prothea has developed more than 80MW of renewable energy projects across the entire Italian peninsula,
covering all phases of development, including permitting, negotiation of project contracts (EPC, O&M and PPA) and
project management of construction and operation.
Leveraging on our long standing relationships with partners, EPC and investors and thanks to our constant monitoring of the
market, Prothea has primary access to investment opportunities of different profiles.
Since 2011, Prothea assists its clients on project valuation and support them in negotiating and executing asset
purchase/sale agreements and the relevant project contracts (EPC/O&M/PPA/Supply contracts).
Prothea provides its clients with access to long term financial solutions, having access to Italian and international financial
institutions, and advises its clients on structuring project finance and leasing loans. We also engage in the selection and
coordination of legal, technical, accountant and insurance advisors for the due diligence procedure.
Project Management: supervision of the EPC and O&M contractors.
Coordination: of loans’ repayments, timely delivery of documentation to the banks under loan agreements, coordination of
(payment) obligations under the policy and management of claims, coordination of the company accountant, technical
and legal advisor .
Reporting: regular reporting to SPV investors on the status of the projects.
PROJECT DEVELOPMENT
SCOUNTING
MERGER & ACQUSITION
FINANCIAL ADVISORY
SPV MANAGEMENT
Our Activities
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David G. Armanini
David is the founder and managing director of Prothea, an independent boutique of advisory in the renewable energy sector specialized across a range of markets, technologies, regulatory regimes and project structures.
Since its establishment in 2007, David has managed and coordinated the origination and execution of renewable energy projects for an aggregate assets value in excess of 250 mln Eur. David has extensive experience in Merger & Acquistion and project developement.
He previously worked in the natural resources sector for public institutions in U.K., Canada and Italy.
David was awarded a Ph.d in Environmental Sciences at University of Milan (Italy)
Marco Sartor
Marco is the director of the Renewable Energy business unit of Prothea and he is in charge of coordinating the M&A activity and managing customers relationships.
Prior to joining Prothea, Marco was responsible for the sales, mergers and acquisitions activities of BP Solar. At Bp Solar, he managed the sales of large scale and grid connected photovoltaic plants to institutional and private investors for an aggregate assets value in excess of 50 mln Euro by leading the EPC and O&M contract negotiations and coordinating the due diligence activities during the sales execution.
As key Account Manager at Enerqos he was in charge of coordinating and managing all the commercial activities of the EPC contracts. During its experience at Enerqos Marco leaded the negotiations for the sale of large scale photovoltaic plants for a value of approximately 20 mln Euro.
He previously worked in Siemens (mobile 3G business Unit) and in Italtel S.p.A. as Bid & Contract Manager where he has been responsible of the preparation of the offers for international tenders.
Marco graduated in Telecommunications Engineering at the University of Padua (Italy) and specialized in sales management at SDA Bocconi of Milan (Italy)
Tommaso Angela
Tommaso is an analyst at Prothea and he is in charge of supporting the renewable energy team in the economic and financial valuations of the investment opportunities,
He previously worked as Junior consultant at European Consulting Brussels where he was in charge of supporting the European Affairs team in monitoring and analyzing the evolution of the key EU policy developments on energy and climate issues on behalf of Italian and International energy utilities.
Tommaso graduated in Economics and Social Sciences at University Bocconi of Milan (Italy) and specialized in financial modelling and project financing by following a specialization master at Sole24Ore Business School (Italy)
The team
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References
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Structure Project Location Capacity N° of plants
Co development with IPP Ground mounted
PV Calabria 9 MWp 1
JV with fund Rooftop PV Puglia, Sicily and
Lazio 5 MWp 9
Co development with IPP Ground mounted
PV Puglia 5 MWp 5
Direct investment, exit to
fund
Ground mounted
PV Lazio 3 MWp 1
Co development and
Advisory Biogas Campania 8 MWp 4
Co development and
Advisory Mini biogas Puglia 2 MWp 20
Co development and
Advisory Biomass Puglia 1 MWp 5
Co development and
Advisory Mini Wind Marche, Puglia 1,6 MWp 11
Co development and
Advisory Mini Hydro North Italy 5 MWp 10
Prothea, since its establishment, successfully supported its clients in the development, sale and acquisition of the following
renewable energy projects
Track Record – Project Development
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Track Record – M&A and Financial Advisory (1/2)
Acquired 13 PV plants for a total
capacity of 7 MW
Enterprise Value – 18 million Euro
From
Prothea acted as technical and financial
advisor of the buyer
VEI Green controlled by
Acquired 6 PV plants for a total
capacity of 6 MW
Enterprise Value – 24,5 million Euro
From
Prothea acted as technical and financial
advisor of the buyer
Acquired 3 PV plants for a total
capacity of 3 MW
Enterprise Value – 12,9 million Euro
From
Prothea acted as technical and financial
advisor of the buyer
Acquired 13 PV plants for a total
capacity of 7 MW
Enterprise Value – 28,5 million Euro
From
Prothea acted as technical and financial
advisor of the buyer
Acquired 1 PV plant for a total
capacity of 4 MW
Enterprise Value – 14,4 million Euro
From
Prothea acted as technical and financial
advisor of the buyer
Acquired 1 Wind Turbine
for a total capacity of 900 kW
Enterprise Value – 1,45 million Euro
From
Prothea structured the deal and acted as
financial advisor of the buyer
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Seller Capacity [MWp] LocationAverage Estimated
Production [kWh/kWp]Structure Connection W. Avg FiT [€/MWh] EV ['000 Euro]
International EPC 6,9 Puglia 1.542 Ground Fixed 2010 - 2011 299
Panel Manufacturer 5,9 Puglia 1.583Ground Fixed
Monoaxial Trackers2011 - 2012 259
Utility 6,8
Puglia
Piemonte
Lazio
Toscana
Sardegna
1.333Rooftops
Ground Fixed2011 - 2012 268
Global Developer 6,9 Puglia 1.522 Ground Fixed 2011 253
International EPC 6,7 Piemonte 1.720 Biaxial Trackers 2010 - 2012 328
Investment Fund 6,0 Puglia 1.532 Ground Fixed 2010 346
Local EPC 4,7 Puglia 1.420 Rooftops 2011 - 2012 268
Investment Fund 16,3
Sicilia
Piemonte
Lazio
Puglia
1.551
Biaxial Trackers
Greenhouse
Shelters
Ground Fixed
2009 - 2011 371
Total 60 1.532 313 > 200.000
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Track Record – M&A and Financial Advisory (2/2)
M&A Transaction in Italian Solar PV sector only
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Track Record – SPV Management
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Capacity Project Location
3 MWp
Ground
mounted Solar
PV plants
Puglia
5 MWp
Ground
mounted Solar
PV plants
Puglia
5 MWp Rooftop Solar PV
plants
Lazio,
Campania,
Sicily
7 MWp
Ground
mounted Solar PV plants
Puglia
Prothea manages and administrates the Special Purpose Vehicle (SPV) companies owning different renewable energy
power plants across Italy by offering “active ownership” services to their clients.
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David Armanini
Managing Director
M: +39 339 648 5874
www.protheagroup.com
T:+39 02 47956755
F:+39 02 55015276
Skype: protheagroup
Contacts
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Marco Sartor
Renewable Energy Director
M: +39 348 290 3554