Environmental Markets
Financing and Advisory
We assist our clients who seek to raise capital that will enable them to pursue innovative technologies and solutions to environmental issues. Last year, we helped raise $4.8 billion and, as of the end of 2011, we helped raise over $24 billion in funding for our clients globally who are focused on clean technology and renewable energy.
Tesla Motors IPO
Amyris, Inc. IPO
Orient Green Power Company Limited IPO
Elster Group SE IPO
Enel S.p.A.
China High Speed Transmission Equipment Group Co., Ltd
John Deere Renewables
Clipper Windpower
Tesla Motors IPO
We served as joint bookrunner for the June 2010 initial public offering (IPO) of Tesla Motors, which raised $260 million to fund Tesla’s plans to design, manufacture and sell electric vehicles. The company has delivered more than 1,650 high-performance Tesla Roadsters to customers in 22 countries and plans to release its next vehicle, the premium luxury Model S sedan, in mid-2012. This historic offering created the world’s only publicly traded manufacturer of 100% electric vehicles. It also represented the first US automotive manufacturer to go public since 1956, when Goldman Sachs managed the IPO of Ford Motor Company common stock.
Amyris, Inc. IPO
In September 2010, we served as joint bookrunner for the IPO of Amyris, which raised $98 million, effectively opening the market for advanced biofuel and chemical companies. Amyris is an integrated renewable products company that is applying synthetic biology technology to develop alternatives to petroleum-based chemicals and fuels. The company is currently focused on a number of projects, including the creation of molecules for commercial products used in detergents, cosmetics, lubricants and diesel fuel.
Orient Green Power Company Limited IPO
Orient Green raised $200 million in September 2010 in what is considered to be India’s first green IPO, for which we served as joint bookrunning lead manager. The company is the largest independent operator and developer of renewable energy power plants in India, with a portfolio including biomass, biogas, wind energy and small hydroelectric projects at various stages of development.
Elster Group SE IPO
We served as joint bookrunner for the September 2010 IPO of Elster, a Germany-based company that is one of the world’s largest providers of electricity, gas and water measurement and control products and systems. The IPO raised $242 million. Elster’s solutions, which include advanced metering products, are sold in over 130 countries and are widely used by utilities in
Enel S.p.A.
Italy’s largest power utility, listed a minority stake in Enel Green Power S.p.A. (EGP), one of the world’s leading renewable energy companies, through a €2.5 billion IPO in October 2010. We acted as joint global coordinator and joint bookrunner for this landmark public offering. EGP produces electricity from hydroelectric, wind, geothermal, solar and other sources, and operates over 600 renewable power plants in 16 countries in Europe, North America and Latin America. The offering was the largest IPO in Italy since that of Enel in 1999 and the largest in Europe since 2008. Following the IPO, Enel S.p.A. and EGP will further consolidate their leading position in driving the operational and technological advancements in both energy efficiency and power generation from renewable sources worldwide.
China High Speed Transmission Equipment Group Co., Ltd
China High Speed Transmission is the leading wind power equipment company in China by market share. In September 2010, we were the sole bookrunner on China High Speed Transmission’s $418 million block trade, the largest ever industrial machinery follow-on offering in Asia Ex-Japan region at the time. The primary capital raised will fund China High Speed Transmission’s capital investments.
John Deere Renewables
In August 2010, we advised Deere & Company on its strategic review and sales of John Deere Renewables, its wind energy business. The business was sold to Exelon Generation Corporation for $900 million, including earn-out provisions. The transaction helps Deere & Co. sharpen its strategic focus on growing its core equipment businesses around the world while enabling the wind portfolio to benefit from Exelon’s demonstrated leadership in the energy industry.
Clipper Windpower
We were the exclusive financial advisor to Clipper Windpower, the only independent US wind turbine manufacturer, in the remaining stake sale to United Technologies Corporation in October 2010. This follows the 49.9% stake sales, which we advised on, in the prior year. With the sale, Clipper will benefit from long-term financial stability, United Technologies’ management and operational expertise, as well as its world class technology in blades, turbines, and gearbox design.