REPORTS

Our analyses covering private equities, private infrastructure and infra debt markets.
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Ebitda Multiple Comps Anzi Windfarm

May. 25, 2023
In April, Fri-El Green Power SpA’s subsidiary, Alerion Clean Power SpA, purchased 51% of Fri-El Anzi Srl, an Italian firm that manages an electric power generation facility in Bolzano. The acquisition was completed for a sum of €18.8M. The company has been operating an onshore windfarm in Anzi, Italy since June 2011. The windfarm consists of eight Vestas V90/2000 turbines...
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Is UK Wind still expensive?

Apr. 25, 2023
In March 2023, INPEX Corporation acquired a 16.7 percent stake in the Moray East Offshore Wind Farm, which is currently in operation off the coast of Scotland, with an installed capacity of 950MW produced by one hundred 9.5-megawatt units. Priced at an estimated GBP400m, indicating a total equity value of approximately GBP2.4bn, the acquisition was carried out through INPEX Renewable...
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Q1 2023 infraMetrics Data Release – Demand for infrastructure assets supports valuations despite higher rates

Apr. 24, 2023
The infrastructure asset class showed resilience this quarter amid various macroeconomic and geopolitical headwinds with both infrastructure equity and debt showing positive returns. High demand for unlisted infrastructure continues to support asset values. The infra300® index, which tracks a representative global sample of unlisted infrastructure equity investments worth more than $300bn, had a 8.81% total return in Q1 2023 (local...
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Report Q1 2023 Revenue Forecast Updates

Apr. 01, 2023
Central banks continue to tighten monetary policy in the UK, Europe and the US.  As of March 2023, the Federal Reserve has increased interest rates nine times since March 2022 (Smith & Duguid, 2023). The European Central Bank also raised interest rates in March, albeit from a lower base, despite ongoing concern about financial stability in the region in the...
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Ebitda Multiple Comps: $1.77bn for Scottish Energy Transmission Stake

Feb. 07, 2023
SSE plc has sold a 25% stake in its SSEN Transmission SPV, which operates the energy transmission network in the north of Scotland, to Ontario Teachers’ Pension Plan Board for $1.77bn. The deal was completed in December 2022 and achieved a price-to-sales of 9.16. This is above the 3.1 average for UK network utilities sales (absolute last five-year mean), according...
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Q4 2022 infrastructure update – inflation, interest rate rises and energy crisis: what happened to infrastructure in 2022?

Feb. 03, 2023
In a year where global stocks and bonds lost more than $30tn[1] on account of high inflation, rising interest rates, and the ongoing war in Ukraine, unlisted infrastructure equity has fared well. Private infra debt finished the year slightly better off than corporate bonds but still heavily impacted by the rise of market yields. The infra300® index, which tracks a...