2011 coller prize winner - sunray renewable energy - private equity in the sunshine

8/3/2019 2011 Coller Prize Winner - SunRay Renewable Energy - Private Equity in the Sunshine

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r va e qu y n e uns ne

MatthiasVandepitte

o e an aere

Photo:24MWSolarPVplant,Montalto diCastro,Italy


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Matthias Vandepitte (MBA 2011)

PRE-MBA Electromechanical Engineer (KU

Lode Van Laere (MBA2011)

PRE-MBA Electromechanical Engineer (Ghent

Leuven 2003, Belgium) 6 years with ExxonMobil, refining and

supply in Belgium and Italy

University 2006, Belgium) 3 years with Arthur D. Little,

management consulting in Belgium

and Middle East

POST MBA Associate in the VC division of GIMV,European Investment company with2Bn under management. Focus on

POST MBA Consultant at The Boston Consulting

Group, based in Brusselscleantech.

Co-organized the London Business School's European Clean TechChallenge where we met Giles Clark, CFO of SunRay

Started working on the 2YP in June 2010 yes we are dorks


3/19

IntroducestudentstoaPrivateEquitysuccessstory

inthe

renewableenergy

1

Effectsofthedifferentownershipstructuresonthegovernancemodel

2

DiscusslimitationsofPrivateEquitymoney:yes,

the exist!

3


4/19


inthe

renewableenergy

1


2


the exist!

3


5/19

SowhatwasSunRaydoinginSolarPV

eve opmen1 2

Buy&3 4 Sellor5Finance operate

Concentrated(CPV)ThinFilmCrystalline

Silicon

Rooftopmounted

PV Ground

mounted

PV


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TheSunRa stor in2minutes

STARTUP PRIVATEEQUITY CORPORATE


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Whatwastheinvestmentrationale?

Constant guaranteed income stream for 20 years

as long as the sun shines

High growth market

Mature technology Bankable process Highly subsidized

Great project economics


8/19

SunRay buildsamulticountrypipelineover

v u

cou

ntry

SunRay

Multi

try

Largeprivatecompanies(e.g.utilities)

glecou

Localdevelopers

Buy& SellorSi

rospec p onFinance

ons rucoperate


9/19

Global rivatee uit firm Investsincommodities,energyandnaturalresources.

$4.25billion

in

assets

under

management

in

May

2008

Committed$2Bofcapitalto33portfoliocompaniesworldwide.

Renewables

Power

$4 bn

$5 bnDenham

Funds

IV

DenhamOffices

ShortHills LondonBoston

Carbon

Total$2 bn

$3 bn

Commodities

Infrastructure

Natural

Resources I-III IV

V$1 bnHouston

SoPaulo

$0 bn


10/19

InvestmentrationaleforDenhamCa ital

Longtermgrowthbusiness

Aggressivedevelopmentpipeline(>300MWp)

Multicountry

approach


11/19

Theresult:Montalto diCastro 2009

Photo:24

MW

Solar

PV

plant,

Montalto di

Castro,

Italy


12/19

WhatweretheexitoptionstoSunRays

nvestors

IPO Tradesale

OPPORTUNITIES

Managementincontrol Nointegration Accesstobalancesheet

CHALLENGES

Requirementtobuildup

assetsfor

IPO Integration

challenges


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2010:Revenue$2.2B WorldleadingsolarPV:22%

5,500+Employees

550+MW

2010

production

conversionefficiency

Diversifiedportfolio:

roofs

to

>1.5GWsolarPVdeployed powerplants

5GWpowerplantpipeline


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inthe

renewableenergy

1


2


the exist!

3


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Chan esin overnancestructure

CHANGEFROM

ENTREPRENEURIAL

VENTURETODENHAM

TOSUNPOWER

ADVANTAGE

Morestructure Betteraccesstocapital

Accesstocheapercapital

an ta ent Tec no ogica now ow

Fixedto

1supplier

DISADVANTAGE

Slowerdecisionprocess Expectationsforpublicly

quotedcompany


16/19


inthe

renewableenergy

1


2


the exist!

3


17/19

If you wanttolearn moreabout them,take the

PE/VC elective Or emailus @:

[email protected]

[email protected]


18/19

NetworkinEuropeanPE/VCworld

Knowledgeof

European

Renewable

Energy

n us ry

Experienceasuccessfulcompanyfromstart

Convert100pagesoftranscriptsintoa

Case(andname)publishedin"International

Private E uit " our moms were roud

Gettinggrilledbytheclassmatewhenour

casewasbeingtaught


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2011 coller prize winner - sunray renewable energy - private equity in the sunshine

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