The Selling Company: SeaWest WindPower is a leading developer of utility scale wind energy projects, primarily in the western United States. The company has developed over $1.2 billion in completed projects, comprised of over 3,300 turbines.
Why the company was sold: The principals were nearing retirement age and no longer willing to risk the huge amounts of cash in the form of turbine deposits and credit support for power purchase agreements required of wind energy developers.
Capital Alliance’s Performance: Capital Alliance received requests for 47 books, received 15 first round offers, which was narrowed down to the 6 highest at $50+ million. Following Round 2, the seller ultimately chose fit over price. By taking the time to learn the business, we were able to draw out the key components of value and get the right buyers engaged.
Terms of the Transaction: This was an all cash transaction for $60.5 million, which was over 100% higher than any previous offer prior to our involvement.
The Acquiring Company: AES is a leading global power company, with sales of approximately $10 billion. AES operates in 27 countries, generating 44,000 megawatts of electricity through 120 power facilities and delivers electricity through 17 distribution companies, and employs 30,000 people worldwide.
