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One of the leading players of the Portuguese renewable energy market with a market share close to 18% in the wind businessTRANSCRIPT
Page 1 Iberwind Corporate Profile June 2012
Corporate Profile
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June 2012
Page 2 Iberwind Corporate Profile June 2012
A consortium led by Magnum
Capital Industrial Partners acquired
in November 2008, through its
subsidiary Iberwind, the majority of
the wind assets in Portugal formerly
owned by the Australian group
Babcock & Brown, as well as the
portfolio of service companies that
guarantee the management,
operation and supervision of those
same assets.
The Iberwind shareholder structure
is mainly based on private equity
funds and Portuguese individual
shareholders (family offices).
Iberwind: Leading Wind Player in PortugalShareholder Structure (1 / 2)
Page 3 Iberwind Corporate Profile June 2012
Magnum Capital Industrial Partners(Leading Shareholder)
Leading private equity firm in Spain and Portugal with funds under management of €866M, with specialized teams in both countries.
Team of 15 professionals distributed in offices in Madrid and Lisbon.
Invests in mid-to-upper middle market Iberian companies, with the objective of creating value through an active industrial ownership model.
ESIF / ES Capital Espírito Santo invested via its ES Infrastructure Fund and via ES Capital, the private equity company of Espírito Santo Investment Group and one of the eldest Portuguese private equity companies.
Team of 20 professionals distributed in its Lisbon, Madrid and San Paolo offices.
More than €200M under management from some of the most relevant national and international investors, and invests in later stage and infrastructures deals.
ECS Capital Private equity investment and management firm established in 2006.
Albuquerque Fund, its first fund, has committed capital of over €100M from key Iberian and international financial institutions and various private investors.
Gotan SGPS Gotan SGPS is the holding company of Luísa Champalimaud, one of Portugal’s most renamed investors.
Multipower SGPS Multipower SGPS was founded in 2002 and is the holding company of António Gellweiler. Invests mainly in wind energy projects and real state.
Madre SGPS Madre SGPS is the holding company of António Parente, a well-known Portuguese entrepreneur.
Fjord Capital Fjord Capital is a specialized private equity fund focused in the renewable energy sector.
Iberwind: Leading Wind Player in PortugalShareholder Structure (2 / 2)
Page 4 Iberwind Corporate Profile June 2012
Iberwind: Leading Wind Player in PortugalStrategic Objectives and Guidelines
Achieve an efficient, lean and flexible organization adjusted to the scale of the assets under
management and also to the pipeline development goals.
Develop and ensure state-of-the-art management for the wind farms, seeking to maximize energy
generation as well as ensure the market’s highest availability rate and cost effective operations and
maintenance.
Guarantee appropriate financial management to mitigate the risks and provide long-term access to
low-cost funds, including attractive financing for all the wind farms of the Iberwind Group portfolio.
Create value-generating options in attractive European countries from a wind resource energy,
financial and political perspective.
Page 5 Iberwind Corporate Profile June 2012
One of the leading players of the Portuguese
renewable energy market with a market share
close to 18% in the wind business (installed
capacity / MW):
- Produces around 3% of the annual electricity
consumption of Portugal.
Capacity of 683.75 MW currently in operation:
- Last wind farms were connected in Q3 2009.
Strong and geographically diversified wind energy
resource throughout Portugal:
- Portfolio with around 2,500 average net wind
hours.
- Comprised of 31 wind farms spread across
the country.
Iberwind: Leading Wind Player in PortugalWind Portfolio Snapshot
Page 6 Iberwind Corporate Profile June 2012
Iberwind: Leading Wind Player in PortugalMain Features (1 / 2)
Strong Operating Performance
In 2011, with a production of 1,552 GWh, the company achieved an
average availability across the portfolio of 97.4%.
Some of the wind farms have been operating since 1998, providing
significant visibility and reliability on wind and technical performance.
Annual average production of the Iberwind Group portfolio since 2008
exceeding 2.400 equivalent wind hours.
Iberwind ranked in 1st or 2nd quartile in all operating variables analyzed in
a global independent wind operator benchmark study performed by
McKinsey in 2010.
One of the largest wind portfolio in Portugal comprising 31 wind farms
spread from north to south of the country with 683.75 MW in operation.
Technological diversification featuring turbines from several manufacturers
(Vestas 45%, Nordex 43% and others 12%).
Highly Diversified Portfolio
Page 7 Iberwind Corporate Profile June 2012
Sound FinancialStructure
Iberwind closed a refinancing in Jun’09 bringing all wind farms (except
two) into a project finance contract (including those constructed during
2009).
Well balanced financing structure and portfolio effect result in comfortable
leverage levels and financial ratios.
Solid Platform for Pipeline Development
Iberwind represents a solid platform on which to build further pipeline
across Portugal and other European countries.
Iberwind: Leading Wind Player in PortugalMain Features (2 / 2)
Highly Experienced Management
Iberwind developed a vertically-integrated business model, under which it
developed, construction-managed, operated and owned all of its
renewable energy projects, gaining significant expertise and experience in
all aspects of the business.
Page 8 Iberwind Corporate Profile June 2012
Operation and maintenance of wind farms since 1998.
Detailed knowledge of several WTG models from 5 different manufacturers: Vestas, Nordex, GE, Enercon and WinWinD.
Management of 31 wind farms with 319 WTG and 683.75 MW.
Experience
Team
Work force comprising around 40 specialized technicians (engineers and operators).
Specialized technicians with competences in WTG and substations with emphasis in: blades, gearboxes, pitch, yaw, power transformers, substations.
Suppliers
Integrated operations of wind farms, with internal technicians certified by manufacturers to operate WTG.
Management of O&M agreements and enforcement of obligations. Close relationship and access to manufacturers decision centers.
Organization
Specialists for each area and good definition of responsibilities.
Control of key systems, supporting procedures and training.
Enforcement of adequate safety and environment policies.
Focus on alignment & commitment.
Iberwind: Leading Wind Player in PortugalDistinctive O&M Track-Record
Page 9 Iberwind Corporate Profile June 2012
Iberwind: Leading Wind Player in PortugalOperating & Financial Performance
Revenues
€m €m
Mar. 87% 84% 86% 85% 81%
167.9152.9159.1
139.6118.9
20092008 20112010 2012B
136.7129.7136.9117.6
103.7
2011201020092008 2012B
EBITDA
Production
GWh 1,7111,552
1,7101,480
1,261
2012B2011201020092008
Availability
97.1%
2011
97.4%
2010
97.0%
2009
96.8%
2008
94.9%
2012B
Page 10 Iberwind Corporate Profile June 2012
Iberwind: Leading Wind Player in PortugalInternational Award
Best Emerging Renewable Energy Company (Europe) 2011
Page 11 Iberwind Corporate Profile June 2012
Natural Efficiency