Full Title: Green power 2012: The KPMG renewable energy M&A report
Author(s):
Publisher(s): KPMG
Publication Date: May 1, 2012
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Description (excerpt):
The aggressive acquisition spree of utilities several years ago now seems a very distant memory. Indeed the past year has been notable for a series of divestments of renewable energy assets on the part of the major European utilities. E.ON and RWE disposed French onshore wind operations in 2011 and 2012, while SSE sold over 100 MW of UK operational onshore wind capacity in 2011. Italian utilities Terna and Sorgenia have been equally active, both having completed divestments of large tracts of solar PV assets to financial investors in 2011.
In line with this new cautious spirit, it should also be noted utilities are reining in new acquisition activity. Some 40% of survey respondents expect utilities to be ‘very active’ in acquiring and investing in renewable energy assets during the next 18 months, which makes them less active than independent power producers (45%) and infrastructure and private equity funds (44%). This is in contrast to last year, when utilities were nominated the most likely acquirers of renewable energy assets.