European Clean Energy Investment Guide 2012

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2 Forums Symposium 6 - 8 June 2012 Barcelona, Spain Venture Capital Forum 11 - 12 October 2012 Amsterdam, Netherlands Investor Seminar 3 – 5 December 2012 North America Responsible Investment Summit 29 January 2013 Brussels, Belgium Investors’ Forum 13 - 14 March 2013 Geneva, Switzerland Networking Event La Clusaz, France Academy About the EVCA European Private Equity & Venture Capital Association Technical & Financial Management of EU-Funded Projects Course 19 - 20 June, 2012 Brussels, Belgium Foundation Course for Support Staff 27 - 29 June 2012 Prague, Czech Republic Finance & Administration Course 7 - 9 November 2012 Brussels, Belgium Building & Managing Boards Master Class 6 - 7 December 2012 Brussels, Belgium EVCA is the voice of European private equity and venture capital. We promote the interests of our more than 1,300 members, to ensure they can conduct their business effectively. EVCA engages policymakers and promotes the industry among key stakeholders, including institutional investors, entrepreneurs and employee representatives. EVCA develops professional standards, research reports and holds professional training and networking events. EVCA covers the whole range of private equity, from early-stage venture capital to the largest buyouts. European Private Equity & Venture Capital Association Bastion Tower, Place du Champ de Mars 5 B-1050 Brussels, Belgium EVCA Forthcoming Events 49 T +32 2 715 00 20 F +32 2 725 07 04 info@evca.eu www.evca.eu
pricewaterhouseCoopers ag Challenges are opportunities How strategic structuring of investment vehicles helps European cleantech and renewable energy funds succeed A case study Summary Dr Guenther Dobrauz PricewaterhouseCoopers AG Dieter Wirth PricewaterhouseCoopers AG ThoughT leadership Cleantech and renewable energy investing are probably the most worthwhile and at the same time the most difficult investment strategies to pursue. The creation of efficient, value-adding and sustainable vehicles to encapsulate these strategies is extremely challenging. To be equally attractive to different types of investors, equally effective when faced with different types of income as well as being continuously compliant in a rapidly changing and increasingly complex and restrictive regulatory environment, it is usually necessary to set up multijurisdictional structures. In-depth cross-disciplinary knowhow and experience is essential to design and implement these structures in an optimal manner. Using a case study synthesised from a wealth of such assignments, this paper will demonstrate how a best-practice fund set-up for the cleantech and renewable energy investment industry can be tailored. Background At present, cleantech investing and, in particular, its renewable energy sub-segment, may justifiably be regarded as the most worthwhile investment strategy since the sector offers attractive returns in addition to addressing significant energy-related, environmental and economic challenges. At the same time this asset class must qualify as one of the hardest in which to achieve success. Unpredictable political decisions and interventions often seriously impact and alter the rationale and business models underlying investment decisions. Uncertainty relating to regulatory policies and support frameworks constitutes a huge challenge for strategic and financial planning. The more long-term the investment horizon, the more difficult it becomes to take these factors into account. The variety of different potential income streams derived from cleantech and renewable energy investments, as well as the diverging expectations of different investor types with regard to the classification or modus of returns, makes it almost impossible to find a one-size-fits-all solution when structuring investment vehicles for this asset class. Sustainability is the overarching theme of this asset class and this should also be built into the DNA of the investment vehicle – not an easy task in an investment world increasingly challenged by a rapidly changing regulatory and tax environment. Conversely, of course, these challenges offer opportunities if one is prepared. Sustainability is the overarching theme of this asset class and this should also be built into the DNA of the investment vehicle. “ ” By applying cross-disciplinary know-how and thorough strategic planning throughout the entire process it is possible to tailor sustainable solutions which meet the requirements of any type of investor, fit the agreed strategy and the investments targeted, and lay the groundwork for success. This is highlighted in the example we are covering in this article. For this purpose we have created a synthesis of a number of projects in which we have been actively 3
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Page 3 and 4: Disclaimer League Tables and Direct
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Page 37 and 38: In 2009, as part of the Green Energ
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Page 51 and 52: Akuo Energy SAS Paris, France www.a
Page 53 and 54: Avelar Energy Ltd. Zurich, Switzerl
Page 55 and 56: Belenergia SA Brest Oblast, Belarus
Page 57 and 58: The legal experts for clean energy
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C Cabiedes & Partners Madrid, Spain
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Chorus GmbH Munich, Germany www.cho
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Danish Ministry of the Environment
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Eden Ventures Ltd. Bath, UK www.ede
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Enerjisa Enerji Uretim AS Istanbul,
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F F2i Fondi Italiani per le Infrast
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GEOSOL Gesellschaft fur Solarenergi
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H H.I.G. Capital LLC Miami, USA www
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Industry Technology Facilitator Abe
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K Kamenz AG Kamenz, Germany www.ewa
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Lloyds Banking Group plc London, UK
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Midven Ltd. Birmingham, UK www.midv
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Nomura Holdings Inc. Tokyo, Japan w
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P P2 Solar Inc. Surrey, Canada www.
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Quam Ltd. Hong Kong, China www.quam
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S Saferay GmbH Berlin, Germany www.
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Skanska UK plc London, UK www.skans
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Studio Legale Chiomenti Rome, Italy
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TransGlobal Assets Inc. Lincoln, US
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VINNOVA Stockholm, Sweden www.vinno
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Directory WIN MORE BUSINESS. ACCESS
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