top of page
References
What you can get from us.
References
Sample assignments covering the four main areas of work: Arbitration services in gas and electricity, M&A, Strategic advice, and PPA support.
M&A and Transaction Support
Arbitration Electricity
Work carried out | Region | Client |
|---|---|---|
EKON carried out the due diligence and valuation of an operating wind farm. Main tasks included the review of the data room information and providing a bankable financial model so the client could acquire the wind farm. We also assisted in the negotiations by projecting the most likely regulated and market remuneration scheme (RINV and pool price analysis). EKON also provided an expected subsidy to be collected by the wind farm. | SPAIN | Invesment Fund / Market DD |
EKON provided this bank advice on the Spanish power market and particularly on one of the Spanish incumbent utilities (owned by a German company) and covering wind, CSP, coal, CCGT, and hydro assets as well as a distribution and retail business. EKON prepared a market model taking into account key fossil benchmark prices and carbon prices. EKON also provided an analysis of supply and demand, market assumptions for these utilities and commercial due diligence. | SPAIN | Bank / Market DD |
Our team prepraed a market assessment for wind, CSP, coal, CCGT, hydro assets as well as distribution and retail businesses. We provided this investment fund with key insight to get up to speed on the risks and opportunities of investing in the Spanish energy market. We also provided a high level analysis of overall system costs and revenues up to 2020 looking to determine the risk of future tariff deficit build ups and a detailed analysis of the most recent regulatory changes. | SPAIN | UK Investment fund / Market DD |
EKON provided this investment fund with modelling and market support when analysing the acquisition of a portfolio of coal and CCGT assets owned by a Spanish company. EKON provided key insight into the opportunity in order to make an informed investment decision. EKON carried out a high level analysis of the thermal assets reviewing the risk, providing price projections under high and low scenarios and a high level EBITDA analysis of the thermal assets under the different price scenarios. | SPAIN | American fund / Market DD |
EKON provided this investment fund with regulatory and market advisory support in analyzing the acquisition of Spanish and Portuguese wind farms and mini-hydro assets in Spain. Key to this assignment was the economic analysis of the Spanish market (including tariff deficit), and Rinv and general risk analysis of future potential regulatory changes. | SPAIN / PORTUGAL | UK Investment fund / Market DD |
EKON assisted this American investment fund by providing market intelligence and support when analyzing the possible acquisition of various in Spain. We provided an overview of the Spanish energy market, explanation of risks to coal and hydro generation, a business plan for both coal and hydro generation with assumptions and results and an explanation of the risks these technologies face. | SPAIN | American investment fund |
EKON helped this investment fund analyse the possible acquisition of an independent electricity supply company in Spain. EKON carried out a high level validation of the business plan assumptions, analysis of the main risks an independent supplier would face in Spain and provided our expert opinion of the short, medium and long term prospects for the target company. | SPAIN / 2014 | American investment fund |
EKON organised a workshop session on renewable energy in Spain covering opportunities in the renewable energy segment especially focusing on solar PV and wind. EKON provided our analysis for regulatory framework, valuation, metrics for each different technology, general sector and technology specific risks and the outlook for the market. This American Investment fund was looking to acquire assets in Spain. | SPAIN | American investment fund |
EKON was retained by a large international investment fund to carry out the risk analysis and valuation of a minority share in the electricity distribution business of one of the largest Spanish incumbent utilities. The work included the analysis of the regulatory risks of further Government interventions detailed analysis of the implications of the recently modified regulatory framework (currently centered around Royal Decree 1048) which sets a return on asset base remuneration system (RAB). | SPAIN | International Bank |
EKON completed a risk analysis and valuation of the electricity distribution business of one of the Spanish incumbent utilities. The work included detailed analysis of the implications of the recently modified regulatory framework (currently centered around Royal Decree 1048) which sets a return on asset base remuneration system (RAB). | SPAIN | International Bank |
EKON helped an international utility understand the value and risks associated with the purchase of a minority stake in a CCGT asset in Spain by modelling the Spanish market and the actual revenues to be obtained by the CCGTs including not only wholesale revenue but also capacity payment and ancillary services. | SPAIN | International Utility |
EKON prepared a set of financial models for the client looking into wind, PV and CSP within 8 target markets in the EU. In order to do so we did compile and estimate a database of wind speed and solar radiation for each of the countries of interest. | Euro Zone | US Utility |
Our experts carried out full transaction support services for a large International Utility in the run up to the decision to invest almost in a CSP project in Spain with a Spanish Industrial partner. Our experts were involved in almost all aspects of the deal, from reviewing the vendors financial model, reviewing the legal framework, providing an expert opinion on the most likely impacts of future regulatory cut backs impacting on CSP projects and providing key inputs into the financial valuation. | SPAIN | International Utility |
Our experts helped an Australian fund to sell their renewable assets (wind) in several countries in Europe (mainly in Spain). For this project we helped our client draft the Info Memo of the sale and participated in the data room discussing the risks associated with the deal. | EU | Australian Invesment Fund |
Our experts where in charge of the valuation of a portfolio of Spanish assets bought by a European utility. The portfolio was valued with our financial model and we provided the market parameters and risk assessment for the deal. | SPAIN | European Utility |
Our team members were involved in the valuation assessment of the value of the CCGT since initially was bought by providing our views on the regulatory framework that has changed in Spain. | SPAIN | European Utility |
Our team members were involved in the valuation assessment of the value of the CCGT since initially was bought by providing our views on the regulatory framework that has changed in Spain. | SPAIN | European Utility |
Our team helped the client understanding the value of a minority stake in a CCGT by modelling the deal and through a deep assessment of the risks entailed. We did look into the upsides that the Ancillary markets were able to provide to the investor quantifying the value of that upside. | SPAIN | US Utility |
Our experts worked with the client in order to validate the valuation proposed by the seller providing counterarguments in the negotiation and introducing risk analysis in order to estimate a fair value for the portfolio. | PORTUGAL | Invesment Fund |
Our team was mandated by a potential buyer to provide an opinion on the valuation of a Spanish electricity supply business and carry out an assessment of the risks associated with the purchase of the business from an operational and regulatory perspective. | SPAIN | Confidential Client |
EKON experts advised an international infrastructure fund in the run-up to investing in a minority share of a regasification plant in Spain. The analysis included reviewing the financial and legal documents in the data room, the provision of a second opinion on the base case financial model and carrying out a number of potential Spanish gas market development scenarios. | SPAIN | Gas infrastructure fund |
Our experts have designed the financial model of one of the off-shore wind farms in the UK. We did work for the sponsor providing the base case financial model for the Project Finance negotiations. | UK | Off-Shore wind developer |
Page 1 of 1
Work carried out | Region | Client |
|---|---|---|
EKON was retained by a Spanish market agent involved in a PPA contract dispute with a third party. In collaboration with Games Economics, Kim Keats prepared a report that rebutted the claims of the third party's expert witness. Parties reached an out-of-court settlement. | SPAIN | Market Agent |
EKON was retained by an American Investment fund to provide independent expert advise and carry out a damage impact assessment on a portfolio of mini hydro assets in Spain to determine the impact of a number of retroactive regulatory changes implemented by the Spanish Government since the acquisition date. We used our Rinv calculator to determine the regulated income under different projected pool price scenarios. | SPAIN | Invesment Fund |
EKON carried out the damage assessment of the regulatory changes implemented by the Spanish Government that have impacted on the economic viability of a portfolio of solar PV assets owned by an international investment fund in southern Spain. Our work included quantifying the damage of each of the changes and providing our expert opinion on the ideal route to arbitration, the end result of the work has been an expert report based on our financial model that includes the Rinv analysis. | SPAIN | Invesment Fund |
EKON provided litigation support to a large multinational renewable developer in Spain seeking damages arising from the introduction of retroactive changes in the Spanish regulatory framework applicable to its Spanish wind business. The work included economic analysis of the damage to the base case of our client’s investment and the drafting of an expert report. | SPAIN | Renewables developer |
Our experts were in charge of the valuation of 4 wind farms in order to provide an independent expert opinion in a litigation process as a result of a breach of contract in an SPA. | SPAIN | Wind Farm Developer |
Our experts helped the client in the renegotiation of the gas contract in order to increase the load factor. | SPAIN | Utility |
Our experts helped the investor to prepare a competitive bid for the acquisition of solar PV assets in Spain and Italy. | SPAIN / ITALY | International Invesment Fund |
We helped our client understand the financial impact of certain key regulatory changes in the Spanish Energy sector. Our findings were used as part of an expert report in an arbitration proceeding where our experts gave testimony. | SPAIN | Cogeneration Operating Company |
For a medium sized Solar PV module manufacturer and promoter, our experts assisted in formulating the legal strategy in the run up to the filing of a law suite against the Spanish State relating to the introduction of retroactive changes that have reduced the financial viability of our client’s investment. | SPAIN | Renewables developer |
Arbitration Gas
Work carried out | Region | Client |
|---|---|---|
EKON as appointed to carry out the Strength of Case for a multinational energy company in Spain (seller) on a long term LNG Gas Supply Agreement. The outcome of this assignment will help our client decide whether or not their case is strong enough in order to justify triggering for a price increase. Steven Taylor acted as the Project Director and if the case had not been settled beforehand, he would have acted as the expert witness. | SPAIN | IOC-SELLER |
EKON were appointed to carry out the Strength of Case for a multinational energy company in Spain (seller) on a long term LNG GSA contract in preparation for a potential arbitration. Steven Taylor acted as the Project Director and if the case had not been settled beforehand, he would have acted as the expert witness. | SPAIN | IOC-SELLER |
EKON was appointed to assist a multinational energy company in Spain (buyer) during the negotiation phase with an LNG seller on a long term LNG GSA linked to the value LNG versus competing fuels in preparation for possible arbitration. Led by Steven Taylor, the EKON team successfully defended our client's case and managed to assist our client to negotiate a favourable settlement. | SPAIN | Spanish Buyer |
Led by Steven Taylor, the EKON team was appointed to carry out an independent Strength of Case analysis for a multinational energy company in Southern Europe on a long term LNG contract linked to the value of LNG versus competing fuels (border price and end user) in several different EU end user markets. | EUROPE | EU BUYER |
EKON carried out a Strength of Case analysis for an LNG buyer in Spain in the run up to the trigger date of their GSA. Steven Taylor acted as the Project Director and as a result of our work, our client triggered the Price Review clause, and eventually a commercial settlement was reached which was favourable to our client. | SPAIN | INTERNATIONAL BUYER |
EKON was appointed to provide additional support to a multinational gas and petroleum company in Spain during the 120 day negotiation period prior to commencing arbitration proceedings. | SPAIN | IOC-SELLER |
EKON assisted a large multinational NOC to determine if it had a case on which to trigger a price re-opener clause in a large LNG contract into Spain. We analysed the impact of spot purchases, competitiveness of alternative fuels, and energy market developments in Spain over the last 10 years. Our experts were involved in analysing the relevant clauses with the lawyers and providing evidence on how the market had changed between the Reference Period and the Review Date. | SPAIN | NOC – SELLER |
Strategic Advice
Work carried out | Region | Client |
|---|---|---|
EKON experts were retained in order to provide an expert opinion on the LCOE (levelised cost of electricity) across different countries across EU of Solar PV projects versus conventional power generating technologies (CCGT and coal) during 2013-2030. | SPAIN | IOC-SELLER |
Assessment of the factors that may trigger additional changes to the RES regulatory framework. Analysis of the economic situation setting pressure on the level of subsidies and expected LCOE in the countries. | SPAIN | IOC-SELLER |
PPA Advisory
Work carried out | Region | Client |
|---|---|---|
EKON experts were appointed by a large Spanish public entity to advise on PPAs in Spain for an offtaker. The work also included reviewing the terms to be included in a PPA tender process and the criteria with which to evaluate the bidders based on the ideal technology, payment structure and term that would best-suit our Client and their risk appetite. Having reviewed the Client's load curve, we set about locating the We are currently advising our Client on how to implement their PPA strategy. | SPAIN | Confidential Client – Large Spanish Public Entity |
EKON provided PPA assessment services for this international investment fund interested in acquiring renewable assets in Spain. The task included a deep analysis of the main clauses together with a provision of long-term pool prices to be used as a reference to set the price. | EU | Australian Fund |
EKON advised a large Spanish IPP on their PPA strategy. EKON experts worked together with the Client explaining the main clauses and risks associated to signing s PPA, as part of this project EKON provided reference pool prices for the relevant period to assist our Client by providing a reference for the price negotiations. | SPAIN | EU Utility |
EKON provided to PPA advisory services for an independent electricity retailer operating in the Iberian market as part of signing a long-term PPA. EKON experts reviewed the most relevant clauses and valued the different pricing options. | PORTUGAL | Investment Fund |
bottom of page