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Since 1990 Mirabaud has offered a wide range of services for public and private companies. Its services include equity research, capital markets, corporate advisory as well as institutional brokerage.
Dominion Energy
Case study
Dominion Energy
Mirabaud advised Dominion Energy, the renewable energy division of the listed company Global Dominion Access, on a Capital increase with a financial partner.
About Dominion Energy
- Founded in 2016, the renewable energy division of the listed company Global Dominion Access, Dominion Energy, is a vertically integrated independent renewable energy producer that develops, builds and operates energy projects.
- Dominion Energy has a diversified project portfolio, both by geography, mainly in Europe (Italy, Spain, and Portugal), Dominican Republic and Mexico, and by technology (solar, wind and biomass). The portfolio (at year-end 2021) has a capacity of over 1.0 GW that will be commissioned over the next five years.
- By 2022, Dominion Energy will have projects in operation with a capacity of more than 180 MW in the first quarter, and around 300 MW by year-end.
- Against a backdrop of market growth and energy demand, Dominion has been committed since 2016 to growing within the renewable energy sector, viewing it as the energy source of the future.
Transaction overview
- In order to strengthen its balance sheet and obtain the resources to finance the business plan, Dominion mandated Mirabaud to seek a minority shareholder to participate in a joint capital increase in Dominion Energy.
- The process raised strong interest in the market, with national and international investors, both financial and industrial. At the end of the process, Incus Capital became the selected investor.
- With this capital increase, Dominion has begun to add value to its renewables business, while providing it with the necessary funds to continue with its roadmap for the coming years.
We are very proud to have assisted Dominion Global with this strategic transaction, finding the best partner to support the Company’s renewable activity. It plays to our strengths as an independent international bank with sound expertise in the renewable sector.
Mirabaud contribution and added value
- Mirabaud assisted in redefining Dominion Energy's strategic positioning as a vertically integrated independent renewable energy producer, facilitating the development of both the equity story and the business plan.
- Mirabaud maximised the valuation for Dominion's shareholders by aggregating the industrial vision (360) and the concession vision on the same platform, which allows for aggregating the returns of both businesses with respect to the project portfolio (+5% share price once the deal is announced to the market).
- Identified the ideal minority partner for Dominion with the partial value of its renewables business and the provision of the necessary financial resources to support Dominion Energy's current and future growth.
- Assisted in negotiation of a partnering agreement appropriate to both the strategic objectives and independence of Dominion and the requirements of Incus Capital as minority shareholder.
- Engagement in all phases of execution, from the definition of the business strategy through to closing, coordinating and supporting both the transaction's legal advisors and due diligence advisors, as well as in the drafting of the definitive contracts.
Key data
| Company | Dominion Energy, a vertically integrated independent renewable energy producer with a consolidated (>1.0 GW), geographically diversified project portfolio |
| Structure | Capital increase (€75m.) -> Incus Capital (€50m.) and Dominion (€25m.) |
| Valuation | c.€215m. post capital increase |
| Use of Proceeds | Business plan deployment |
| Mirabaud Role | Exclusive financial advisor of Dominion |