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Onshore / repowering Closed
WHAT WE DO - TRANSACTIONS
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64 transactions found
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Onshore / repowering Closed
Green Giraffe Advisory acted as buyside financial adviser to Copenhagen Infrastructure Partners on the acquisition and financing of Gawara Baya, a hybrid onshore wind and battery storage project in North Queensland, Australia.
Green Giraffe Advisory acted as buyside financial adviser to Copenhagen Infrastructure Partners, on behalf of its Copenhagen Infrastructure V fund, on the acquisition of Gawara Baya from Australian developer Windlab. Located near Ingham in North Queensland, the project pairs a 408 MW onshore wind farm with a 104 MW / 208 MWh grid-forming battery, powering up to 240,000 homes. Green Giraffe supported CIP from initial bid through to final investment decision and financial close.
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Onshore / repowering Closed
Green Giraffe Advisory supported Sosteneo in its acquisition of a majority stake in ENOVA Generation, a c. 350 MW onshore wind repowering platform in Germany.
Green Giraffe Advisory acted as financial advisor to Sosteneo (part of Generali Investments) on its agreement to acquire a majority stake in a portfolio of eleven onshore wind projects in Germany, totalling approximately 350 MW.
The portfolio was sold by the ENOVA Value joint ventures between Omnes Capital, through its Capenergie 4 and Capenergie 5 funds, and ENOVA Power GmbH, and is being brought together under a newly established operating platform, ENOVA Generation. The transaction marks Sosteneo’s entry into the German market and the inaugural investment of its second flagship vehicle.
Around 40% of the portfolio is already operational, with the remainder under construction or approaching Final Investment Decision; all projects benefit from 20-year remuneration under Germany’s Renewable Energy Sources Act (EEG), providing long-term contracted revenue visibility. ENOVA retains a minority stake and assumes full operational management of the platform.
Debt
Onshore / repowering Closed
Green Giraffe Advisory advised Copenhagen Infrastructure Partners and Arjun Infrastructure Partners on the refinancing of Monegros, one of Spain's largest onshore wind portfolios.
The portfolio comprises 12 operational wind farms in Aragón with a combined capacity of 487 MW, underpinned by long-term PPAs. The refinancing was structured as a new EUR 380 M financing provided by BNP Paribas and Santander.
Debt
Onshore / repowering Closed
Green Giraffe Advisory successfully advises Octopus Energy Generation on the repowering project financing for Project Roussanne, marking a significant milestone in the repowering of Marsanne and Grand Bois wind farms in France to nearly double capacity to c.34 MW and extend their operational asset life.
Project Roussanne is the non-recourse senior debt raise to finance the repowering of two onshore wind projects (the Marsanne and Grand Bois Wind Farms) located in France with an aggregate capacity of 33.6 MW. Marsanne (25.2 MW after repowering) has been operating since 2008 and Grand Bois (8.4 MW after repowering), since 2011. These repowered assets will benefit from a 20-year French CfD and will reinforce the value of repowering existing, well-resourced sites with grid connections in today’s challenging market.
Green Giraffe Advisory acted as the sole financial advisor to our valued client, Octopus Energy Generation. The transaction involved creative structuring in an evolving commercial understanding.
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Solar / hybridisation Closed
Green Giraffe Advisory assisted Melvan, a French multi-technology renewable energy producer and developer, in opening its capital to a consortium of investors composed of Bpifrance, IDIA Capital Investissement and a pool of investors from the Crédit Agricole group, as well as OCCTE.
Green Giraffe Advisory (GGA) acted as exclusive financial advisor to Melvan, an Orléans-headquartered company who designs, develops, builds, finances and operates renewable energy production plants, on its EUR 25 M fundraising.
Founded in 2020 by a trio of experienced executives, each with more than 20 years of sector expertise, Melvan has built an agile organization supported by a team of 50 committed employees, with a predominant focus on solar PV while integrating other complementary technologies. With around ten local offices, the company relies on an innovative and territorialized approach to offer sustainable energy solutions with strong environmental and societal impact.
The fundraising has been provided by a consortium of active and specialized financial partners, sharing its vision and commitments in favor of the energy transition. The consortium is composed of IDIA Capital Investissement accompanied by regional investors from the Crédit Agricole group (SOFILARO, Centre Loire Expansion, Val de France Energies), Bpifrance, through its Environmental Impact Funds team, and OCCTE, a management company based in Occitanie, through its FPCI OCCTE OCCIGEN investment fund.
This significant fundraising will support Melvan delivering its ca. 2 GW development pipeline, including 750 MW in advanced phase covering the entire French territory.
GGA advised on the fundraising process including support in structuring the transaction, preparing the information package and the financial model, and negotiations with investors up until signing of the investment agreement. Alongside Green Giraffe, Jeantet (legal), Syneria (technical), and KMPG (tax) advised on Melvan’s side.
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Onshore / repowering Closed
Sell-side advisory mandate for the 100% divestment of Yanco Delta Wind Farm (‘’Yanco Delta’’). Yanco Delta is a 1.5 GW onshore wind farm with an 800 MWh BESS, in development. It is one of the largest wind and energy storage projects in Australia.
The purchaser was Origin Energy, a leading Australian gentailer. The transaction structure included a large up-front payment plus an additional variable payment conditional upon the project achieving development milestones.
Debt
Onshore / repowering Closed
Envusa Energy: one of the first RE traders in South Africa. “Envusa Energy is a jointly owned renewable energy venture between Anglo American, a globally diversified mining company with a strong presence in Southern Africa, and EDF Renewables (South Africa) a leading renewable energy IPP in the region. Envusa Energy’s intrinsic objective is to decarbonise Anglo American operations across Southern Africa. The company has recently closed the first leg of a development of up to 5 GW of clean energy projects by 2030. Green Giraffe Advisory was acting as sole financial advisor for the debt raising of the 520 MW portfolio.
Debt
Onshore / repowering Closed
GGA advised on the debt and equity raise for the hybrid Oya project in South Africa.
Green Giraffe Advisory was mandated as exclusive financial advisor to raise debt and equity for the Oya project. This was following on from its support in the successful bid in the Risk Mitigation Independent Power Producers Programme (RMIPPPP), where Oya was awarded a 20-year PPA with Eskom in 2021.
The Oya project is a 128 MW co-located hybrid project straddling the Western and Northern Cape provinces in South Africa that consists of a mix of onshore wind turbines (86 MW), bi-facial solar PV arrays (155 MWp), lithium-ion battery storage (94MW/242MWh) and a unique hybrid controller supplying dispatchable baseload power during daytime hours, thus making it one of the biggest hybrid projects of its kind in the world. The landmark project will be instrumental in South Africa’s transition to a renewable energy power mix and in reducing load shedding.
Green Giraffe Advisory is proud to have supported this complex and innovative Oya project and its leading sponsors G7 Renewable Energies, a local developer, and Engie, a multinational utility company, since the tender bid submission phase in 2020 and to have delivered its full suite of fundraising services all the way up to financial close achieved on February 13th 2024.
Equity was raised from Engie and Meadows Energy and Perpetua as B-BBEE investors and a highly competitive debt package was raised from RMB (as MLA), DBSA, OMAI, Sanlam and Stanlib.
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Onshore / repowering Closed
Green Giraffe acted as exclusive financial advisor to Innergex Renewable Energy Inc. in the formation of a long-term partnership with Crédit Agricole Assurances for a 30% interest in Innergex France as a platform.
Innergex France has 324 MW operational onshore wind as well as a 9MW/9MWh battery storage facility, as well as high growth potential of c.1 GW of onshore wind and solar pipeline of different development stages.
Crédit Agricole Assurances, in connection with Crédit Agricole Centre-Est, have taken a 30% minority interest in Innergex France. The acquisition strengthens Crédit Agricole’s position in the energy transition by partnering with a prime player in the French renewable energy market.
This represents a c.EUR 128 million investment to fund future growth for an enterprise value of Innergex France estimated at EUR 710 million including EUR 22 million of cash on hand.
Debt
Onshore / repowering Closed
Green Giraffe supported EDF Renewables and its partners in achieving financial and commercial close of the Phezukomoya, San Kraal and Coleskop onshore wind farms
Phezukomoya, San Kraal and Coleskop are onshore wind farms, each with a capacity of 140 MW, which will be located in the Umsobomvu Local Municipality on the boundary of the Eastern Cape and Northern Cape provinces, South Africa. The projects were awarded preferred bidder status in October 2021 in the 5th bid window of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP).
In November 2022, Phezukomoya and San Kraal reached financial close shortly followed by Coleskop which reached financial close on the 18th January 2023. The projects will sell power to Eskom under a 20-year power purchase agreement. In addition, the main transmission substation will be constructed on behalf of Eskom and transferred to Eskom on completion.
The three projects were developed by a consortium led by EDF Renewables (South Africa), together with its local BEE partners, H1 Holdings, GIBB-Crede, and a local community trust.
Debt
Onshore / repowering Closed
Green Giraffe supported Northland Power (Northland) with the non-recourse debt refinancing and restructuring of its portfolio of assets in Spain by seconding members of its Spain team to Northland
The portfolio, acquired in 2021, includes 33 operating assets regulated under the RD 413/2014. The portfolio comprises onshore wind (435 MW), solar PV (66 MW), and concentrated solar (50 MW) located throughout Spain.
Northland Power successfully arranged a EUR 690 M senior debt package, which closed on November 3rd, 2022.
The new senior financing, provided by Caixa Bank, replaced the existing senior debt structured at the separate SPVs level with a single holding level financing. The transaction benefits from the technological diversification of the portfolio and allowed an adjustment of the debt repayment profile in line with the impacts from the current high pool prices on regulated assets in Spain to improve cash distributions from the portfolio.
Green Giraffe supported the Northland Power team with debt restructuring considerations, financial modelling, due diligence management as well as commercial support with the negotiation of the financial documentation up to financial close.
Northland Power is a global power producer dedicated to helping the clean energy transition by producing electricity from clean renewable resources. Founded in 1987, Northland has a long history of developing, building, owning and operating clean and green power infrastructure assets and is a global leader in offshore wind. In addition, Northland owns and manages a diversified generation mix including onshore renewables, efficient natural gas energy, as well as supplying energy through a regulated utility.
Headquartered in Toronto, Canada, with global offices in eight countries, Northland owns or has an economic interest in 3.0GW (net 2.6GW) of operating capacity. The company also has a significant inventory of projects in construction and in various stages of development encompassing over 14GW of potential capacity. Publicly traded since 1997, Northland’s common shares, Series 1, Series 2 and Series 3 preferred shares trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.B and NPI.PR.C, respectively.
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Solar / hybridisation Closed
Green Giraffe Advisory advised WV International B.V. on the full divestment of CME S.A.
CME S.A., the North and West African development platform of WV International B.V. (WVI) was acquired by Vinci Concessions.
CME is an independent renewable energy developer currently developing projects in Morocco and Senegal. The portfolio consists of about 1.4 GW of greenfield projects in different development stages, predominantly onshore wind but the portfolio also includes solar and pumped storage hydro projects.
The investment will help support the development of CME’s pipeline and ready-to-build assets across North and West Africa. Furthermore, the partnership offers an opportunity to accelerate CME’s growth towards becoming a leading renewable energy platform across the region.
Green Giraffe Advisory acted as sole financial advisor to the shareholders of WVI in this transaction. We supported the WVI team through coordinating the full M&A process up to financial close, financial modelling, due diligence management, commercial support and negotiation of the transaction agreements.
WVI is a Dutch renewable energies developer present in Europe with activities in the Netherlands and Southeastern Europe. The company was founded in 2002 in The Netherlands and Belgium as Windvision. Its European activities in Belgium, France and Spain were sold in 2020 to BlackRock, and the remaining activity was developed under the newly created entity called WV International.
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Solar / hybridisation Closed
Green Giraffe advised WindSpace on the Expansion project to raise corporate equity in exchange for a minority stake in the company
WindSpace has been developing wind and solar projects in Europe since 2006, with a significant pipeline of renewable energy projects across the Nordics, Eastern Europe and the Balkans.
Green Giraffe advised WindSpace in finding an equity investor to support its future ambitions and fund the growth of the company.
Triodos Energy Transition Europe Fund has been at the forefront of sustainability and, through the acquisition of a minority stake in WindSpace, it can now expand in markets that are complementary to the fund.
Debt
Onshore / repowering Closed
Debt
Onshore / repowering Closed
Green Giraffe advised Mirova on the sale and simultaneous refinancing of their Croatian onshore wind portfolio, consisting of the projects Danilo & Rudine
Green Giraffe was mandated in May 2021 by Mirova, French Natixis’ sustainable asset manager, for the 100% sale of their onshore wind assets Danilo (44MW) and Rudine (34 MW) to Professio. In parallel Green Giraffe advised on the debt refinancing to maximise the equity valuation. The dual track mission included financial modelling, debt structuring and market sounding among potential lenders and investors, tailoring of a competitive financing package, review of due diligence reports, bank and investor selection, negotiation of the debt and equity documentation and support of the two processes up to financial close. The new senior financing provided by local lender PBZ replaced existing senior IFC debt and benefits from improved commercial terms. The project portfolio was sold to Professio, a Croation IPP owned by institutional investors. The debt refinancing closed on 22 December and the equity transaction on 29 December 2021.
Development services
Onshore / repowering Closed
Green Giraffe provided tender support to EDF Renewables and its partners in the 5th bid window of the renewable energy programme (REIPPPP) in South Africa
Phezukomoya, San Kraal and Coleskop are onshore wind farms, each with a capacity of 140 MW, which will be located in the Umsobomvu Local Municipality on the boundary of the Eastern Cape and Northern Cape provinces, South Africa. The projects were awarded preferred bidder status in October 2021 in the 5th bid window of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP).
The three projects were developed by a consortium led by EDF Renewables (South Africa), together with its local BEE partners, H1 Holdings, GIBB-Crede, and a local community trust.
Development services
Onshore / repowering Closed
Green Giraffe assisted G7 Renewable Energies with full tender, contracting and financing (debt & equity) support
Green Giraffe assisted G7 Renewable Energies with full tender, contracting and financing (debt & equity) support in preparation for the Risk Mitigation Independent Power Producer Procurement Programme (RMIPPPP) in South Africa.
The Oya project is one of the largest hybrid energy projects in Africa and is unique in the world in terms of technology mix, size, and price. It aims to build a hybrid energy facility combining onshore wind, solar PV, and lithium-ion battery storage to provide reliable, low cost, on-demand renewable energy to South Africa. This 128MW plant will offer dispatchable power to Eskom (integrated state-owned utility) and thus add much needed flexibility to the grid.
In March 2021 the project, Oya Energy Hybrid Facility, was selected as Preferred Bidder by the South African government under the RMIPPPP.
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Onshore / repowering Closed
Green Giraffe advised Glennmont Partners in the sale of a 100 MW operational wind portfolio in France.
Green Giraffe acted as exclusive financial advisor to Glennmont Partners in the sale of the 100 MW portfolio to TTR Green Fund IV and its co-investors. The portfolio consists of 8 operating onshore wind farms in the north of France for a total capacity of 100 MW and were 100% owned by Glennmont Partners via two fully-owned funds, Fund II & Fund III.
Green Giraffe managed the sales process and identified significant repowering and capacity extension upsides which added considerable value to the portfolio.
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Onshore / repowering Closed
Green Giraffe supported the M&A process to form Alterric, the JV between EWE AG and Aloys Wobben Stiftung (Enercon)
EWE AG and the Aloys Wobben Stiftung foundation, 100% owner of German turbine supplier ENERCON, entered into a joint venture combining their operating onshore wind project portfolios (more than 2 GW together) and their development pipelines (close to 10 GW).
Green Giraffe supported the two parties in creating this major new player by providing valuation services for the ca. 12 GW of assets, mostly located in Germany and France.
Debt
Onshore / repowering Closed
Green Giraffe and DC Advisory have successfully advised Ancala Partners on the refinance of the 82 MW Orites Wind Farm, the largest wind farm on the island of Cyprus.
Green Giraffe and DC Advisory (DC) have successfully advised Ancala Partners (Ancala) on the refinance of the 82 MW Orites Wind Farm, the largest wind farm on the island of Cyprus. Orites was acquired by Ancala, an experienced London-based infrastructure fund manager, in March 2020. Despite the challenges of COVID-19, Green Giraffe and DC successfully launched the refinance in May 2020 and achieved financial close on 18th December 2020.
Orites comprises 41 Vestas wind turbines and associated infrastructure, and has a strong operational track of circa 10 years. Orites was originally financed by the EIB and European project finance banks ING, Nord LB and Commerzbank. The refinance introduced a single new lender and separate hedge provider to achieve improved debt terms for the shareholder in line with the project’s solid operational track record and market conditions.
English law counsels included Eversheds for Orites and Pinsent Masons for the lenders. This transaction marks a clear demonstration of the unique competitive advantage and strength in execution of Green Giraffe and DC, evidenced in our success in launching and closing this major debt raise across several jurisdictions during the challenges of COVID-19.
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