Case Studies

Back to Case Studies

Press Releases

Recent News
Conferences

DKRW Energy LLC (Sale of 150 MW Cedro Hill Project)

Background

• DKRW Wind LLC ("DKRW") is a subsidiary of DKRW Energy LLC, a portfolio company of the affiliated investment funds of Och-Ziff Capital Management Group.

• DKRW is a premier wind energy development company committed to developing, owning and operating wind energy assets.

• DKRW is currently developing a portfolio of over 6,000 MW of potential new wind capacity across North America.

• Development pipeline included the 150 MW Cedro Hill shovel ready project in South Texas with a 20 year PPA with CPS Energy, a municipal utility owned by the City of San Antonio.

• Given the government grant incentive program, intense investor interest in near construction PPA projects which are buildable in 2010, and desires of the owners of DKRW Wind to realize a liquidity event, the Cedro Hill project became a focus of the sale process.

Marathon Process

• We represented DKRW Wind as its exclusive Financial Advisor/Investment Banker.

• We managed and conducted a wide sales process involving buyers who have the financial wherewithal and ability to close a transaction.

• We assisted management in presenting the DKRW portfolio and management qualifications to potential buyers.

• We received multiple bids on the shovel ready 150 MW Cedro Hill project from both financial and strategic investors.

• We advised DKRW in evaluating the bids and selecting the winning bidder.

Outcome

• Wind transaction closed for the 150 MW Cedro Hill project with Edison Mission Energy in October 2009 for an undisclosed amount.

• Cedro Hill is expected to be commercially operational by mid 2010.

• The sale process in respect to the remainder of DKRW's wind development portfolio is ongoing.