Renewable Energy M&A: Exus buys 306MW wind portfolio in the US for repowering, at an estimated enterprise value of ~$260mn

🔍 Enerdatics estimates the enterprise value of this transaction at ~$260mn, representing a deal multiple of ~$0.85mn/MW.

Asset details

🌬️ The transaction involves the acquisition of four wind projects in the PJM region from Vitol and Oppidum Green Energy. Three wind farms with a combined capacity of 167 MW will be repowered within the next three years, while the fourth is expected to be repowered by the end of this year.

📈 Three projects have a 4-year PPA with Shell-owned power retailer Inspire Clean Energy, signed in 2023. The repowering is estimated to increase the nameplate capacity of the wind farms by as much as 25%.

Deal valuation

💡 Enerdatics' analysis is based on precedent deals like Ecofin's acquisition of Whirlwind wind farm ($0.81mn/MW) and considers the repowering horizon, which we believe exerts upward price pressure on the valuation.

🔎Meanwhile, utility PPA-backed wind farms with over 10 years of remaining contracted life have been transacted at higher multiples. Examples include Clearway's 2021 buy of a 413 MW portfolio in Texas at $1mn/MW and Innergex's 2022 acquisition of a 37.75% stake in Idaho wind farms at $0.91mn/MW.

The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.

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