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Macquarie is one of two remaining bidders for Solarcentury: Sky News
Posted on Wednesday, 11 September 2019 13:33
Australian lender Macquarie Group is still in the running to pick up UK-based solar power generator Solarcentury in a deal that could fetch GBP 250.00 million, city sources told Sky News.
These people said the bank was among one other potential bidder and is said to be determined in the auction process.
Sky News did not identify the second buyer and but did say Macquarie has played a leading role in the UK’s renewable energy market in recent years.
The broadcaster first picked up on the news back in April suggesting Solarcentury had hired bankers from Evercore to oversee an auction.
No potential suitors were named at that time, although insiders did say the group is worth around GBP 250.00 million.
In addition, Sky News reported that information packages being sent to prospective bidders suggest Solarcentury is expected to record earnings before interest, taxes, depreciation and amortisation of up to GBP 30.00 million in the year ending March 2020.
Founded in 1998, the business is billed as one of the leaders in the solar farming market in the UK, becoming the first to deploy more than 500-megawatt peak in the country.
Solarcentury has helped over 25,000 homeowners go solar and has over 200 employees and operations in the Netherlands, Spain, Chile, Kenya and Panama, among other locations.
It is backed by VantagePoint Venture Partners, Scottish Equity Partners and Zouk Capital.
Analysts cited by Sky News suggested the solar market will be worth USD 1,000 billion globally by 2025.
An unnamed Solarcentury spokesman told the broadcaster that the group regulatory reviews strategic options and financing arrangements.
The cleantech sector has featured in 2,094 deals announced worldwide in 2019 to date, according to Zephyr, the M&A database published by Bureau van Dijk.
In the largest of these Waste Management has agreed to buy Advanced Disposal Services, a waste collection and treatment group, for USD 4.90 billion.
South African paper manufacturer and recycling group Mondi, Thailand-based hydroelectric power generator and UK-based wind farm operator East Anglia One, among others, have also been targeted in the year so far.
© Zephus Ltd