TRANSACTION OVERVIEW

  • On June 25, 2015, Infigen Energy (“Infigen”) agreed to sell its U.S. solar development platform to SunPower Corporation (“SunPower”)
  • SunPower integrated members of Infigen‘s U.S. solar development team in connection with the acquisition

INFIGEN ENERGY OVERVIEW

  • Infigen Energy is a fully integrated renewable energy developer and operator headquartered in Australia, with interests in 6 wind farms and one solar farm (~557 MW) across Australia
  • Infigen’s U.S. solar portfolio is comprised of 39 development projects in 11 states totaling ~1.5 GW
  • Three of the projects with a total of 55 megawatts of capacity have contracts to sell power to Edison International’s Southern California Edison unit

SUNPOWER OVERVIEW

  • SunPower is a leading developer and operator of utility-scale solar power plants around the world. It has deployed over 1 GW of solar PV cells and panels and has built over 400 MW of solar PV generating facilities on an EPC basis
  • The acquisition provides SunPower with exclusive access to a large, geographically diverse development portfolio and significantly enhances SunPower’s pipeline through 2020
  • The Infigen portfolio brings significant scale beyond California, with attractive resource and offtake diversity spanning 11 states
  • SunPower acquires a team that has a proven track record of successful project development

GCA’S ROLE

  • GCA served as the exclusive financial advisor to Infigen Energy on the transaction
  • GCA’s direct and extensive experience on solar sale transactions in the U.S. market helped Infigen Energy evaluate multiple strategic options for its contracted assets, uncontracted project pipeline and development platform
  • GCA combined its transaction expertise and in-depth solar and project finance sector knowledge to help design an earn-out structure that provides Infigen a clear path to monetization for its uncontracted project pipeline

WHAT THE TRANSACTION MEANS FOR THE RENEWABLE ENERGY ASSET SECTOR

  • The acquisition of 39 development projects totaling 1.5 GW by a very capable, well capitalized developer provides a high level of confidence in the delivery of future projects and is a positive signal for the overall growth of the U.S. solar industry
  • The geographic diversity of the portfolio (11 states) shows that solar is becoming increasingly attractive across the U.S.
  • The transaction attracted a very high level of interest from the market, demonstrating the attractiveness of solar as a high-quality investable asset
  • The acquisition highlights a broader trend of sponsors securing development pipelines and development capability to provide visibility on asset development and reinforce their business model