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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.
Tindal
Case Study
Tindal
Mirabaud acted as financial advisor to Tindal, a private vehicle owned by professional investors, in the sale process of a portfolio comprised of four regulated solar PV plants with an aggregated installed capacity of 3.74 MW.
About Tindal
- The transaction perimeter was comprised of 4 solar PV plants with an installed capacity of 3.74 MW located in the Valencian Community (3.34 MW) and Palencia (0.4 MW) that started operations in 2008
- The regulatory life of the plants lasts until December 2038
- The plants have a guaranteed return of 7.39% through the return on investment and operation under Order TED/171/2020
Transaction overview
- Target: to take advantage of the market momentum for renewable energies and favorable financing conditions to maximise the valuation of the Project by benefitting from the strong investment appetite of institutional funds and renewables experts who are consolidating large portfolios of solar PV regulated assets
- The solar PV plants belonged to a large number of shareholders (+50) who were looking for different refinancing or sale alternatives, finally opting for divestment
- A limited number of selected potential investors, national and international funds with great interest in the sector were contacted
- After analysing the received offers, exclusivity was granted to Sonnedix with whom, after obtaining a favorable result in the due diligence phase, the transaction was closed in a 3-month period since exclusivity was granted
The successful closing of this transaction underpins Mirabaud’s commitment to the renewable sector, one of our areas of expertise where we are extremely active, advising in a number of transactions, from M&A to capital markets or financing. In Spain, Mirabaud Advisors enjoys a high market recognition as one of the leading advisory firms in the renewable sector, based on our good results and long-term commitment.
Mirabaud contribution and added value
- Mirabaud provided a comprehensive advisory throughout the entire process, designing and executing the operation successfully according to the established schedule reaching the preliminary valuation target agreed
- Managed contact and negotiation with each of the identified potential investors, creating a competitive process that maximised the conditions for Tindal (in terms of valuation and closing visibility)
- Assisted in selecting the optimal offer to maximise value for the sellers
- Provided advise and coordination of the closing phase between the sellers and Sonnedix, including the due diligence advisors, legal advisors and the negotiation of the sale and purchase agreements terms and conditions
- Successful collaboration with wealth management providing an integrated advisory to Mirabaud clients
Key data
| Porfolio | 4 regulated solar PV plants (aggregated installed capacity 3.74 MW) |
| Perimeter | 36 companies operating solar PV plants |
| Sellers | +50 private professional investors |
| Entreprise value | Confidential |
| Mirabaud Role | Sole financial advisor to the process – sell-side |
Case study
Case Leader
Corporate finance
Enrique AGUADO
Head of Corporate Finance & Capital Markets