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SkyPower Canada (5,700MW of Wind Development Assets)

Background

Merits:

• Highly experienced development team
• Secured sites with strong wind resources and transmission capacity
• Frame agreement with a major turbine maker
• Highly lucrative Canadian Government subsidy on wind power

Challenges:

• Initially funded using limited angel investor funds and needed stronger balance sheet to secure power purchase contracts
• Needed to act quickly

Marathon Process

• We created a sales teaser, offering book and valuation model of the company.
• We presented the company's competitive advantages, values and management skills to a select group of potential buyers.
• We received multiple bona fide offers from top-tier strategic and financial buyers.
• We advised SkyPower's board in evaluating the offers and selecting the exclusive buyer.
• We managed the due-diligence process utilizing a virtual data-room.

Outcome

• Closed wind transaction with Lehman Brothers Principal Investment Group at a valuation of CAD$200MM in June 2007 (3 months from start of engagement)