Partners Group started with the Sapphire Wind Farm in northern NSW in December 2016, and turned CWP into a renewables group with 1.5 gigawatts of assets in production or under construction.Australia’s two biggest power providers, and their bid partners, are up against $100 billion global gorilla Iberdrola, which acquired ASX-listed Infigen Energy to kick off its Australian expansion two years ago.
First, though, the bidders need to make a call on long-range power price forecasts, the interest rate environment and the infrastructure construction market. There’s considerable uncertainty around all three.It’s clear from the three known shortlisted bidders - Origin Energy with Canada’s CDPQ, QIC and its portfolio company Tilt Renewables and Iberdrola - that it’s too complex for financial buyers.
It’ll be interesting to see where binding bids land. The QIC-managed PowAR paid 28-times earnings for Tilt Renewables last year, which was seen as a big price to win a red-hot auction. . A mid 20-times EBITDA result would suggest a $5 billion-plus price, which would be a huge result for Partners Group. Partners started with CWP Renewables in December 2016, when it invested in the 270 megawatt Sapphire Wind Farm in northern NSW.
Source: Energy Industry News (energyindustrynews.net)
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