Greentech Advises


Greentech Advises AltaGas on the Sale of its 322 MW Distributed Generation Platform to TerraForm Power
July 23, 2019

Greentech Capital Advisors is pleased to announce the following transaction:
Financial advisor on the sale of its 322 MW distributed generation platform to

$720,000,000September 2019

*

CLIENT OVERVIEW

AltaGas Ltd. (TSX: ALA) (”AltaGas”) is a leading North American energy infrastructure company with a focus on regulated utilities, midstream and power. AltaGas creates value by growing and optimizing its energy infrastructure, including a focus on clean energy sources. WGL Energy Systems, Inc. (“WGL”), a wholly owned subsidiary of AltaGas, was acquired in July 2018 and brought with it a diversified set of assets and operations across utilities, midstream and power, including but not limited to distributed solar generation and fuel cell assets.

* Mandated through Nomura Greentech Capital Advisors, LLC (formerly known as Greentech Capital Advisors Securities, LLC)

TRANSACTION OVERVIEW

On July 22, 2019, AltaGas announced that it entered into a definitive agreement for the sale of its portfolio of U.S. distributed generation assets held by its subsidiaries WGL and WGSW, Inc. to TerraForm Power, Inc. (NASDAQ: TERP), a publicly traded owner and operator of a best-in-class renewable power portfolio of solar and wind assets in North America and Western Europe.

The platform consists of 322 MW of contracted distributed generation assets located in 20 states and in the District of Columbia. Included in the portfolio are 291 MW of commercial & industrial solar, 10 MW of fuel cells and 21 MW of residential solar. The portfolio is comprised of assets with an average age of 3.5 years that have power purchase agreements with an average investment grade credit rating of A+/A2 and an average remaining term of over 17 years.

The proposed transaction is expected to close in the third quarter of 2019, subject to customary closing conditions.

Greentech acted as a financial advisor to AltaGas. The transaction further strengthens Greentech’s leading advisory position in renewable energy and distributed generation.

The press release can be found at:

Press Release

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For additional information about this transaction, please contact:

Derek Bentley
Partner
+1 (212) 946-3948
dbentley@greentechcapital.com

On April 1, 2020, Nomura Holding America Inc. acquired Greentech Capital Advisors Securities, LLC, a broker-dealer registered with the U.S. Securities and Exchange Commission (“SEC”) and a member of the Financial Industry Regulatory authority (“FINRA”), and renamed it Nomura Greentech Capital Advisors, LLC (“NGCA LLC”). Clients who engaged with Greentech Capital Advisors Securities, LLC prior to April 1, 2020 will remain clients of NGCA LLC, unless otherwise notified. Otherwise, all activities of Nomura Greentech in the U.S. are conducted by Nomura Securities International, Inc. (“NSI”), a broker-dealer registered with the SEC and a member of FINRA. All services of Nomura Greentech conducted outside of the U.S. will continue to be provided by Greentech Capital Advisors, AG, located in Switzerland and renamed Nomura Greentech Capital Advisors, AG (“NCGA AG”). NGCA AG does not provide services that require it to be licensed as a broker-dealer in Switzerland and is not so licensed. As of April 1, 2020, NSI, NGCA LLC, and NGCA AG are affiliates under common control. The greentechcapital.com web domain provides information about NGCA LLC, NSI and NGCA AG.

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