Electric Highway
Our Approach
- We are experienced in managing competitive sell-side processes
- We bring extensive knowledge of emerging asset classes including the EV charging landscape
- Our broad network of international relationships allows us to offer global access to our clients
We employed these capabilities when we advised Ecotricity on the sale of the Electric Highway to GRIDSERVE. This is Opus’ second major transaction in the EV charging sector, having also advised ChargePoint Services on its sale to Engie.
Sector
Energy Transition & Climate Change
Public or Private: Private
Client Position: Seller
- Company Profile
- Transaction Background
- What We Did
- Outcome
Ecotricity is a green energy company that developed the Electric Highway, the UK’s first nationwide electric vehicle charging network. Established in 2011, the network covers motorways and other strategic roads and has played a key part in supporting early adopters of electric cars in the UK.
- The Electric Highway’s strategic footprint at all motorway service areas had resulted in approaches from a number of potential acquirers
- Ecotricity wanted an adviser to handle existing interest and reach new potential buyers, as part of managing a competitive sell-side process
- We introduced a broad range of additional buyers to the opportunity
- We ran a structured auction process which produced multiple bids at highly attractive valuations
- Successful sale to GRIDSERVE in partnership with Hitachi Capital. Going forward, GRIDSERVE will rapidly upgrade the network with state-of-the-art 350kW high power chargers
- The transaction will ensure the Electric Highway’s ongoing key position in enabling the UK to transition to electric vehicles, and continue the legacy that Ecotricity has built over the last decade
- The sale will allow Ecotricity to continue expanding its green energy business through re-investment into a host of innovative new projects
Opus has advised vertical farming pioneer Jones Food Company (“JFC”) on raising growth capital, including further investment from existing shareholder Ocado.
JFC designs, builds and operates commercial scale vertical farms in the UK. The investment will be used to fund the next phase of JFC’s growth, including accelerating R&D and construction of JFC’s second farm, JFC2, in Gloucestershire. JFC2 is expected to be the world’s largest vertical farm with over 14,000m2 of automated growing space.
Stuart Schofield, Michael Mizon and Thalia Ilsen Nunn advised on the transaction, building further on Opus’ strong track record in the Energy Transition and Climate Change sector.
Eelpower
Our Approach
- We are experienced in managing fund raising processes
- We bring strong international relationships from across the energy transition space
- Our deep understanding of investor requirements enables us to help shape investment propositions and deliver successful transactions
We employed these capabilities when we advised Eelpower in connection with establishing a new partnership with SUSI Partners, a Switzerland-based infrastructure investment firm. This was a first-of-a-kind transaction in the UK.
Sector
Energy Transition & Climate Change
Public or Private: Private
Client Position: Fundraiser
- Company Profile
- Transaction Background
- What We Did
- Outcome
Based in the UK, Eelpower builds, owns and operates grid-scale battery storage assets. It plans to build over 1GW of grid-connected storage by year end 2022. The company is led by a management team with extensive experience in renewable energy.
- Eelpower wanted to access institutional capital for the first time in order to rapidly expand its platform of battery storage assets
- Battery storage was an emerging asset class in the UK at the time, and relatively unfamiliar to most potential investors
- We worked with management to articulate in detail the investment characteristics of battery storage assets in the UK
- We approached a broad international audience of financial and strategic funding partners, educating counterparties on the UK battery storage market and the attractions of working with Eelpower
- We also worked closely with the company to optimise project-level contracting structures to best support infrastructure capital
- Successful transaction involving the sale to SUSI of 40MW of Eelpower’s existing storage assets and the establishment of a partnership to construct and operate a pipeline of new assets
- Each of the assets will benefit from innovative route to market contracts with major UK utilities, including Centrica
DEXMA
Our Approach
- We are committed to providing best advice and delivering the right outcome for our clients
- We are experienced in managing cross-border transactions
- We offer deep sector insights, bringing together our expertise in Sustainability with our focuses on Industrial Technologies and the Built Environment
We employed these capabilities when we advised DEXMA on its sale to Nemetschek.
Sector
Energy Transition & Climate Change Industrial Technologies & Services The Built Environment
Public or Private: Private
Client Position: Seller
- Company Profile
- Transaction Background
- What We Did
- Outcome
DEXMA was founded in 2007 and is based in Barcelona. The company leads the market in applying Artificial Intelligence to energy management in commercial real estate portfolios.
Using their database of 70,000+ buildings, DEXMA offer software which is able to benchmark energy consumption, identify outliers, and produce sophisticated energy efficiency proposals that are easy to understand, prioritise, and act upon.
- DEXMA’s objective was to maximise the deployment and impact of their technology, and accelerate reduction in carbon generated by commercial real estate
- To achieve this, the company was seeking new, strategic ownership giving access to larger distribution channels, sales resources and cross-selling opportunities
- We managed an international, competitive process, which identified strong interest from strategic counterparts across building control and energy hardware, software and services businesses
- The result was a successful sale to Nemetschek, which offered strong alignment to DEXMA in terms of product offer and client base
- Access to greater distribution will deliver the company’s strategic growth aspirations
Pensions Infrastructure Platform
Our Approach
- We take time to understand stakeholder objectives and are experienced in managing multiple interests
- We provide choice by bringing a range of relevant counterparties to the opportunity
- Aligned with your strategic goals, we have deep knowledge of the asset management and sustainability sectors
We employed these capabilities when we advised PiP on its sale to Foresight.
Sector
Energy Transition & Climate Change Financial Services
Public or Private: Private
Client Position: Seller
- Company Profile
- Transaction Background
- What We Did
- Outcome
Pensions Infrastructure Platform (PiP) is a UK infrastructure asset manager with a net asset value of over £700m and a portfolio of 17 assets across the Renewable Energy, Social and Transport sectors.
Founded in 2013 under the leadership of the Pensions and Lifetime Savings Association and backed by five major UK pension schemes, PiP’s purpose is to enable pension fund managers to invest more in UK infrastructure.
- The PiP board was searching for a new owner to support the company in its next phase of growth
- With many stakeholders involved in PiP, there were multiple interests to be represented
- Throughout the transaction, we understood the perspectives of all stakeholders and helped to coordinate them with the best outcome in mind
- We managed a competitive process and used our relationships to introduce relevant counterparties
- Our process identified Foresight as the optimal partner to support PiP
- The result was a successful transaction providing greater resources for PiP to grow and wider infrastructure exposure for Foresight
Low Carbon Workplace
Our Approach
- Long term relationships with core clients to build a deep understanding of objectives and needs
- Close involvement with new projects from inception to advise and shape deliverable transactions
- Experience and technical capability to deliver outcomes
We employed these capabilities when we advised Carbon Trust on the formation of Low Carbon Workplace management company and associated fund.
Sector
Energy Transition & Climate Change The Built Environment
Public or Private: Private
Client Position: Seller
- Company Profile
- Transaction Background
- What We Did
- Outcome
Low Carbon Workplace contributes low carbon design advice for refurbishments, coordinates the Low Carbon Workplace Standard and provides ongoing low-carbon assistance to occupiers under the Low Carbon Workplace Charter.
- Carbon Trust had identified potential partners to support its development and fund objectives for the Low Carbon Workplace project
- The objective was to create a meaningful capital participation for Carbon Trust in the Low Carbon Workplace project in return for Carbon Trust know how and brand enhancement
- Working with the Carbon Trust team, Opus developed the economic framework and returns analysis to propose to potential third party funders / partners
- Opus supported Carbon Trust in the negotiation of the detailed terms and structure with preferred partners (Columbia Threadneedle and Stanhope
- Launched in 2010, Low Carbon Workplace was in the vanguard of energy efficient development and regeneration
- The underlying fund has performed strongly vindicating the expectation of increased yields form certificated low energy buildings