introduction energy transition fund · transition fund to include growth capital and buy-out...

STRICTLY PRIVATE AND CONFIDENTIAL

Introduction

Energy Transition Fund

ABN AMRO Private Equity

2Energy Transition Fund

▪ Energy Transition Fund (“ETF”) is part of the

Private Equity department of ABN AMRO Bank,

which is embedded in the Structured Finance

(“SF”) department within Corporate and

Institutional Bank (“C&IB”)

▪ Private Equity department of ABN AMRO consists

of three departments that operates within separate

legal entities, which provide equity and near-equity

solutions to companies and projects

Independent set-up in relation to ABN AMRO

Introduction Energy Transition Fund

▪ In 2018 ABN AMRO introduced the Energy

Transition Fund to include growth capital and buy-

out transactions, involving companies that

contributes to a low-carbon future, next to

traditional investments in wind and solar assets

▪ The team is led by Frederik Deutman and consists

of 5 highly-experienced and dedicated investment

professionals

“Sustainable finance

and investment services

is a key pillar in the

sustainability strategy of

ABN AMRO”

Position and background of ABN AMRO Private Equity

ABN AMRO Private

Equity (“AAPE”)

Energy

Transition FundMaas Capital

100%

21

Structured Finance

(“SF”)

100%

100%

Fund

Investments

3

MP SOLAR


ETF invests in companies and early stage projects within the energy

transition landscape

Target

Profile

Investment

Requirements

Transaction

typesInvestment

Focus

▪ Located in Western Europe

▪ Proven business model / clear

project visibility

▪ Identifiable growth potential

▪ Passionate management

▪ No commoditization

▪ Market growth

▪ Buy & build strategies

▪ Co-investment:

− JV’s (acquiring assets)

− MBO’s

▪ Renewable Energy

▪ Efficiency & Carbon Reduction

▪ Clean mobility

▪ Smart Infrastructures

1

3

2

4

▪ Enterprise value of € 25-100 million

▪ Companies with > € 2.0 million EBITDA

▪ Typical equity investments of € 10 – 25 million

▪ Preferably majority stakes

▪ > 50% Revenue in the Energy Transition


The Energy Transition Fund focuses on 4 pillars

ETF Investment Focus

Renewable Energy

Energy Efficiency

&

Carbon Reduction

Clean MobilitySmart

Infrastructures

1 32 4

▪ Wind

▪ Solar

▪ Hydropower

▪ Biomass

▪ Geothermal

▪ Biofuels

▪ Hydrogen

1

▪ Heat pumps

▪ Heat storage

▪ Heat recovery

▪ Insulation

materials

▪ Lighting

▪ E-Mobility

▪ Clean

Transportation

▪ EV Charging

▪ Storage

▪ Metering

▪ Smart Grid


Operational Portfolio

Project type Description

Rooftop solar

Year: 2012

4 MW

Ground-mounted solar

Year: 2013

34 MW

Residential rooftop solar

Year: 2017

Growth

Industrial rooftop solar

Year: 2016

Growth

Onshore Wind

Year: 2018

14.1 MW

Onshore Wind

Year: 2018

35 MW

ETF has a strong track record in energy transition project- and

corporate investments across Western Europe

▪ In Italy, ETF manages a portfolio of solar assets of an industrial

scale

▪ Investments have been made in the period between 2010 – 2013

▪ ETF invests in rooftop solar systems installed at companies’

industrial sites.

▪ In combination with a corporate PPA with Heineken, 4 MW has

been operational since installation

▪ Together with Solarplicity, ETF invests in residential solar portfolio

in cooperation with the UK’s leading housing association

▪ ETF committed EUR 25 million equity to the portfolio in 2017

▪ Through a joint venture with Solar Access, ETF invests in

industrial rooftop projects mainly focussed on the Netherlands

▪ ETF committed EUR 20 million equity to the portfolio in 2016

▪ Together with Greenchoice and Windunie, ETF invests in the

realisation of a Dutch onshore wind project in the province

Overijssel

▪ Attractive debt package backed by Triodos Bank

▪ ETF invests in a joint venture with Windunie and alongside

Greenchoice into a 35 MW onshore Dutch wind project


ETF has a strong track record in energy transition project- and

corporate investments across Western Europe

Divested Investments Description

Onshore Wind

Exit: 2016

20 MW

Onshore Wind

Exit: 2016

7.5 MW

Independent Oil & Gas

Companies

Exit: 2018

▪ Together with Yard Energy, ETF invested in a Finnish wind project

▪ ETF was instrumental in the financing process, resulted in a debt

package backed by the Dutch export credit agency

▪ Wind project KKPM was constructed with full equity, provided by

ETF and Yard Energy

▪ After attracting a debt package, part of the equity was recycled for a

second wind project of 20 MW

▪ ETF invested in a venture capital fund with portfolio investments in

the U.S. oil and gas industry

▪ Total outstanding under the fund was USD 25.9 million

Operational Portfolio

Company type Description

Compressed Natural

Gas for road transport

Year: 2018

PV module equipment &

service provider

Year: 2019

▪ Acquisition of a majority shareholding in the Dutch market leader in

the sale and distribution of Compressed Natural Gas (“CNG”)

▪ Together with Meewind, ETF committed EUR 20 million to fund the

Company’s buy and build strategy

▪ Acquisition of a majority shareholding in a globally leading PV

module testing equipment & service provider Eternal Sun Group

▪ Next to acquiring a majority stake, ETF committed ca. EUR 2 million

to fund the company’s growth strategy


A multidisciplinary and perfectly attuned team

Reinout Aberson

▪ Investment Manager

▪ Joined: 2013

▪ Previous roles: Structured Debt

ABN AMRO, Corporate Banking

Trainee ABN AMRO

▪ Masters degree in Economics

Pieter Smit

▪ Investment Manager

▪ Joined: 2016

▪ Previous roles: CFO at Big Solar,

Division Director Guidion,

M&A Kempen CF

▪ Masters degree in Economics

Thijs Nijland

▪ Investment Associate

▪ Joined: 2014

▪ Previous roles: Corporate Banking

Trainee ABN AMRO, Vattenfall,

Alliander

▪ Masters degree in System

Engineering, Policy Analysis and

ManagementWendela Huber

▪ Investment Associate

▪ Joined: 2017

▪ Previous roles: Corporate Banking

Trainee ABN AMRO, AAC Capital

Partners, Kempen Investments

▪ Masters degree in Finance and

Investments

Frederik Deutman

▪ Head of Energy Transition Fund

▪ Joined: 2015

▪ Previous roles: PGGM

Infrastructure, Rabo Project

Equity, M&A Fortis Bank

▪ Masters degree in Aerospace

Engineering

Case StudiesSelected ETF investments


OrangeGas – an overview

Investment highlights

OG currently owns and operates 72 filling stations

throughout the Netherlands, and 44 filling stations in

Germany. Through these stations, CNG is sold to end

users, primarily, private consumers, taxi owners, couriers

(for instance post NL) and light transport (for instance

HVC waste collection).

▪ December 2018, ETF became majority shareholder in

OrangeGas (“OG”), alongside Meewind and

Management, to support future growth of the Company

▪ The Company aims to acquire >200 additional filling

stations, in the period 2019-2022, expanding its

network in the Benelux, Germany, Nordics and the UK

▪ Together with Meewind, ETF will support this buy-build

strategy by providing a total of EUR 20 million funding

▪ In addition, OG is active in the fast-growing EV

industry with big ambitions for hydrogen distribution in

the coming years

▪ OG has the aim to become a leading player in Western

Europe within the next 5 years

“With ETF we found a shareholder who has trust in

our Company together with a long-term vision and

gives us the resources to realise our ambitions”

Marcel Borger

Co-founder/CEO, OrangeGas

A network of 123 filling stations in NL & Germany

Management

(25%)

Energy Transition

Fund B.V. (55%)

Meewind B.V.

(20%)

Orange Gas

B.V. (100%)

Productie

B.V.

Tankstations

B.V.


De Wieken – an overview


▪ October 2018, ETF invested via its joint venture with

Windunie Development and alongside Greenchoice

into a 14.1 MW onshore Dutch wind project

▪ The Project is located in Ommen en Harderberg in the

province of Overijssel, the Netherlands

▪ The turbines will be supplied by Enercon

▪ Construction started at the beginning of 2019 and the

first power is expected to be supplied by the end of

2019 – to around 10,000 households

▪ ETF had a leading role in attracting project financing

from Triodos Bank

Project characteristics

Windpark

De Wieken

Project characteristics

# turbines 6 turbines

Turbine type E-103 2.35 MW

Capacity 14.1 MW

Net Capacity Factor >30%

Ommen wind speed (150m)

Hardenberg wind speed (150m)

<7.0 m/s

>7.0 m/s - <7.5 m/s

SDE+ (subsidy) tariff – Ommen

SDE+ (subsidy) tariff – Hardenberg

EUR 90/MWh

EUR 82/MWh

SDE+ (subsidy) duration 15 years

Financial Close (“FC”) Q4 2018

Commercial start (“COD”) Q3 2019

Energy Transition Fund

Joint Venture

(“JV”)

SPV Triodos BankSenior debtDevelopment- and asset management

services


Solarplicity – an overview


Solarplicity has exclusivity agreements with Social

Housing Providers for the installation of rooftop solar PV

systems on circa 800,000 properties.

Project

location

▪ June 2017, Solarplicity and ETF launched the

Community Energy Scheme, an initiative for social

landlords and their tenants to benefit from guaranteed

electricity prices and lower energy bills using 100%

renewable energy.

▪ The scheme is expected to reach 50,000 households

in the next 12 months, 100,000 households in the next

18 months and 800,000 within 5 years.

▪ The solar panels will reduce the energy bills of the

social housing tenants on average by GBP 240 per

year.

▪ ETF is the majority owner and will invest GBP 21

million

▪ Solarplicity and ETF share the ambition to enter the

continental European solar market after saturation of

the UK market.

“Today’s announcement is a reflection of our exciting

growth in the energy market, backed by international capital

investment through DIT”

David Elbourne

CEO, Solarplicity

“This initial £160m capital expenditure programme will

deliver massive benefits to some of the UK's poorest

households.”

The Rt Hon Greg Hands MP,

Minister of State for Trade and Investment, UK Government

Approximately 800,000 properties in the pipeline


This presentation has been prepared by ABN AMRO Bank N.V. (“ABN AMRO”) exclusively for the benefit and

internal use of you to serve for discussion purposes only. This presentation is incomplete without reference to,

and should be viewed solely in conjunction with, the oral briefing provided by ABN AMRO. This presentation is

proprietary to ABN AMRO and may not be disclosed to any third party or used for any other purpose without

the prior written consent of ABN AMRO.

The information in this presentation reflects prevailing conditions and our views as of this date, all of which are

accordingly subject to change. ABN AMRO’s opinions and estimates constitute ABN AMRO’s judgement and

should be regarded as indicative, preliminary and for illustrative purposes only. In preparing this presentation,

we have relied upon and assumed, without independent verification thereof, the accuracy and completeness of

all information available from public sources or which was provided to us by or on behalf of you, if any, or which

was otherwise reviewed by us.

No representation or warranty express or implied, is or will be made in relation to, and no responsibility or

liability is or will be accepted by ABN AMRO (or any of its respective directors, officers, employees, advisers,

agents, representatives and consultants) as to or in relation to, the accuracy or completeness of this

presentation or any further written or oral information made available to you or your advisers. ABN AMRO

expressly disclaims any and all liability which may be based on the information contained in this presentation,

errors therein or omissions there from. In particular, no representation or warranty is given as to the accuracy of

any information (financial or otherwise) contained herein, or as to the achievement or reasonableness of any

forecasts, projections, management targets, prospects or returns. In addition, our analyses are not and do not

purport to be appraisals of the assets, stock or business of the company. Even when this presentation contains

a type of appraisal, it should be considered preliminary, suitable only for the purpose described herein and not

to be disclosed or otherwise used without the prior written consent of ABN AMRO. The information in this

presentation does not take into account the effects of a possible transaction or transactions involving an actual

or potential change of control, which may have significant valuation and other effects. ABN AMRO makes no

representations as to the actual value which may be received in connection with a transaction nor the legal, tax

or accounting effects of consummating a transaction.

This presentation does not constitute a commitment by ABN AMRO to underwrite, subscribe for or place any

securities or to extend or arrange credit or to provide any other services. This presentation has not been

registered or approved in any jurisdiction.

Disclaimer

introduction energy transition fund · transition fund to include growth capital and buy-out...

Documents