Opus is pleased to have advised Eelpower in connection with its new partnership with Renewable Power Capital, a pan-European renewable energy investment platform backed by Canada Pension Plan Investment Board.
The partnership is structured as a joint venture (JV) focussed on acquiring, building, and operating utility-scale grid connected battery storage projects. The JV is targeting to build up to 1GW of storage, and already has a current pipeline of 240MW to be built in the short term.
This partnership is Eelpower’s third JV in two years. In January 2021, Eelpower entered a JV with SUSI Partners and in September 2021 it announced a JV with Next Energy Solar Fund which was expanded in September 2022 to £300m to build over 500MW of battery storage assets. Opus advised on all of these transactions.
This represents another market leading transaction and a further example of Opus’ expertise relating to the energy transition.
For further information please contact: John McElroy, Stuart Schofield, Michael Mizon and Dilesh Patel.
Opus is delighted to have advised the shareholders of Wattics on its sale to EnergyCAP, a portfolio company of Resurgens Technology Partners.
Wattics is an energy management analytics and monitoring platform that allows energy and sustainability professionals to manage, monitor, and analyse energy, commodities, and related data from a single dashboard. Wattics uses advanced software algorithms to analyse raw energy measurements and uncover anomalous energy usage in appliances, equipment or entire buildings, enabling real-time notifications and alerts to unusual behaviour and consumption trends. Wattics’ customers have consistently achieved savings greater than 20% in commercial/industrial buildings. The company is headquartered in Dublin.
EnergyCAP, headquartered in Pennsylvania, is a leading provider of Energy and Sustainability enterprise resource planning (ERP) software, empowering customers with full control and understanding of their energy and sustainability data to reduce their carbon footprint and drive savings.
This transaction extends Opus’ track record in energy software, in particular relating to energy efficiency in the built environment, following the sale of DEXMA in 2020.
Baringa Partners
Our Approach
- We offer advice on complex M&A and partnership transactions
- We are experienced in strategic negotiations and advising on overall transaction approach
- We bring deep sector insights, combining our expertise in Sustainability and Asset Management, particularly ESG-driven businesses
We employed these capabilities when we advised Baringa Partners on a new, long-term partnership with BlackRock and the sale of its Climate Change Scenario Model.
Sector
Energy & Sustainability Financial Services Industrial Technologies & Services
Public or Private: Public
Client Position: Seller
- Company Profile
- Transaction Background
- What We Did
- Outcome
Baringa Partners is an independent business and technology consultancy which operates globally. The Climate Change Scenario Model is an industry-leading model utilising Baringa Partners’ capabilities and specialist experience in advising government, energy, and financial services clients on climate risk over the past 20 years. It assists clients with assessing climate risk and reallocating capital to achieve net zero emissions.
- Baringa developed a market-leading Climate Change Scenario Model currently used by clients with assets totalling more than $15 trillion
- Through its Aladdin platform, BlackRock seeks to set the standard for modelling the impacts of climate change for investors, banks and other clients, from which it generates significant licence revenues
- Established framework for partnership discussion, financial model, business plan, and valuation
- We negotiated a complex transaction to achieve a mutually beneficial relationship whereby:
- The Climate Change Scenario Model becomes Aladdin Climate
- Baringa and BlackRock will continue to develop the model together
- BlackRock licences Aladdin Climate
- Baringa provides consulting services to Aladdin Climate clients
- Both Baringa and BlackRock should derive significant strategic and financial benefit from the partnership, in a core strategic area of ESG
Transaction Team
Tom joined Opus at the beginning of 2021. Prior to joining Opus, Tom spent over five years at PwC in the Audit and Corporate Finance practices, where he qualified as a Chartered Accountant.
Tom has over two years M&A advisory experience for clients across a range of sectors. Tom holds a BEng in Engineering from the University of Sheffield and is a member of the ICAEW.
Danny first joined Opus in the Summer of 2020 and has subsequently worked on transactions across a range of sectors including Energy Transition, Chemicals and The Built Environment.
Prior to this, Danny graduated with a First Class Honours in Engineering Science from the University of Oxford. Outside of academics, Danny achieved two full blues for competing in the 2017 & 2018 rugby union varsity matches.
Dilesh joined Opus in 2021. He has a strong background in financial modelling, working on transactions across a range of sectors including Energy Transition & Climate Change, TMT, and The Built Environment.
Prior to joining Opus, Dilesh was most recently part of the Transaction Modelling team within EY London, focusing on developing complex financial models to support strategic investment decisions. He also worked as part of the Financial Reporting team at Shell Trading, with a focus on LNG Freight and Shipping.
Dilesh has a BSc degree in Economics from Brunel University and is also a Chartered Financial Analyst (CFA).
Thalia joined Opus at the beginning of 2019. Since joining the firm, Thalia has advised clients and gained transactional experience in the Energy Transition and Climate Change, Financial Services, Consumer and Retail and Healthcare sectors.
She previously spent over 3 years at PwC in the London Region Assurance practice, where she qualified as a Chartered Accountant, focusing on mid-market private and public listed companies across a wide range of sectors.
Thalia holds a BA in French from the University of Oxford and is a member of the ICAEW.
Michael joined Opus as an Associate in 2017. Michael has advised clients on transactions across a range of sectors including Renewable Energy, Sustainability, and Technology, Media and Communications.
Michael has over eleven years of corporate finance experience: prior to joining Opus Michael worked for Ironstone Capital (now ICA Partners) in Australia advising clients on infrastructure M&A, energy and renewables project financing, and government privatisations. Michael holds a Bachelor of Economics with First Class Honours from the University of Sydney.