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8/3/2019 2011 Coller Prize Winner - SunRay Renewable Energy - Private Equity in the Sunshine
1/19
r va e qu y n e uns ne
MatthiasVandepitte
o e an aere
Photo:24MWSolarPVplant,Montalto diCastro,Italy
8/3/2019 2011 Coller Prize Winner - SunRay Renewable Energy - Private Equity in the Sunshine
2/19
Matthias Vandepitte (MBA 2011)
PRE-MBA Electromechanical Engineer (KU
Lode Van Laere (MBA2011)
PRE-MBA Electromechanical Engineer (Ghent
Leuven 2003, Belgium) 6 years with ExxonMobil, refining and
supply in Belgium and Italy
University 2006, Belgium) 3 years with Arthur D. Little,
management consulting in Belgium
and Middle East
POST MBA Associate in the VC division of GIMV,European Investment company with2Bn under management. Focus on
POST MBA Consultant at The Boston Consulting
Group, based in Brusselscleantech.
Co-organized the London Business School's European Clean TechChallenge where we met Giles Clark, CFO of SunRay
Started working on the 2YP in June 2010 yes we are dorks
8/3/2019 2011 Coller Prize Winner - SunRay Renewable Energy - Private Equity in the Sunshine
3/19
IntroducestudentstoaPrivateEquitysuccessstory
inthe
renewableenergy
1
Effectsofthedifferentownershipstructuresonthegovernancemodel
2
DiscusslimitationsofPrivateEquitymoney:yes,
the exist!
3
8/3/2019 2011 Coller Prize Winner - SunRay Renewable Energy - Private Equity in the Sunshine
4/19
IntroducestudentstoaPrivateEquitysuccessstory
inthe
renewableenergy
1
Effectsofthedifferentownershipstructuresonthegovernancemodel
2
DiscusslimitationsofPrivateEquitymoney:yes,
the exist!
3
8/3/2019 2011 Coller Prize Winner - SunRay Renewable Energy - Private Equity in the Sunshine
5/19
SowhatwasSunRaydoinginSolarPV
eve opmen1 2
Buy&3 4 Sellor5Finance operate
Concentrated(CPV)ThinFilmCrystalline
Silicon
Rooftopmounted
PV Ground
mounted
PV
8/3/2019 2011 Coller Prize Winner - SunRay Renewable Energy - Private Equity in the Sunshine
6/19
TheSunRa stor in2minutes
STARTUP PRIVATEEQUITY CORPORATE
8/3/2019 2011 Coller Prize Winner - SunRay Renewable Energy - Private Equity in the Sunshine
7/19
Whatwastheinvestmentrationale?
Constant guaranteed income stream for 20 years
as long as the sun shines
High growth market
Mature technology Bankable process Highly subsidized
Great project economics
8/3/2019 2011 Coller Prize Winner - SunRay Renewable Energy - Private Equity in the Sunshine
8/19
SunRay buildsamulticountrypipelineover
v u
cou
ntry
SunRay
Multi
try
Largeprivatecompanies(e.g.utilities)
glecou
Localdevelopers
Buy& SellorSi
rospec p onFinance
ons rucoperate
8/3/2019 2011 Coller Prize Winner - SunRay Renewable Energy - Private Equity in the Sunshine
9/19
Global rivatee uit firm Investsincommodities,energyandnaturalresources.
$4.25billion
in
assets
under
management
in
May
2008
Committed$2Bofcapitalto33portfoliocompaniesworldwide.
Renewables
Power
$4 bn
$5 bnDenham
Funds
IV
DenhamOffices
ShortHills LondonBoston
Carbon
Total$2 bn
$3 bn
Commodities
Infrastructure
Natural
Resources I-III IV
V$1 bnHouston
SoPaulo
$0 bn
8/3/2019 2011 Coller Prize Winner - SunRay Renewable Energy - Private Equity in the Sunshine
10/19
InvestmentrationaleforDenhamCa ital
Longtermgrowthbusiness
Aggressivedevelopmentpipeline(>300MWp)
Multicountry
approach
8/3/2019 2011 Coller Prize Winner - SunRay Renewable Energy - Private Equity in the Sunshine
11/19
Theresult:Montalto diCastro 2009
Photo:24
MW
Solar
PV
plant,
Montalto di
Castro,
Italy
8/3/2019 2011 Coller Prize Winner - SunRay Renewable Energy - Private Equity in the Sunshine
12/19
WhatweretheexitoptionstoSunRays
nvestors
IPO Tradesale
OPPORTUNITIES
Managementincontrol Nointegration Accesstobalancesheet
CHALLENGES
Requirementtobuildup
assetsfor
IPO Integration
challenges
8/3/2019 2011 Coller Prize Winner - SunRay Renewable Energy - Private Equity in the Sunshine
13/19
2010:Revenue$2.2B WorldleadingsolarPV:22%
5,500+Employees
550+MW
2010
production
conversionefficiency
Diversifiedportfolio:
roofs
to
>1.5GWsolarPVdeployed powerplants
5GWpowerplantpipeline
8/3/2019 2011 Coller Prize Winner - SunRay Renewable Energy - Private Equity in the Sunshine
14/19
IntroducestudentstoaPrivateEquitysuccessstory
inthe
renewableenergy
1
Effectsofthedifferentownershipstructuresonthegovernancemodel
2
DiscusslimitationsofPrivateEquitymoney:yes,
the exist!
3
8/3/2019 2011 Coller Prize Winner - SunRay Renewable Energy - Private Equity in the Sunshine
15/19
Chan esin overnancestructure
CHANGEFROM
ENTREPRENEURIAL
VENTURETODENHAM
TOSUNPOWER
ADVANTAGE
Morestructure Betteraccesstocapital
Accesstocheapercapital
an ta ent Tec no ogica now ow
Fixedto
1supplier
DISADVANTAGE
Slowerdecisionprocess Expectationsforpublicly
quotedcompany
8/3/2019 2011 Coller Prize Winner - SunRay Renewable Energy - Private Equity in the Sunshine
16/19
IntroducestudentstoaPrivateEquitysuccessstory
inthe
renewableenergy
1
Effectsofthedifferentownershipstructuresonthegovernancemodel
2
DiscusslimitationsofPrivateEquitymoney:yes,
the exist!
3
8/3/2019 2011 Coller Prize Winner - SunRay Renewable Energy - Private Equity in the Sunshine
17/19
If you wanttolearn moreabout them,take the
PE/VC elective Or emailus @:
8/3/2019 2011 Coller Prize Winner - SunRay Renewable Energy - Private Equity in the Sunshine
18/19
NetworkinEuropeanPE/VCworld
Knowledgeof
European
Renewable
Energy
n us ry
Experienceasuccessfulcompanyfromstart
Convert100pagesoftranscriptsintoa
Case(andname)publishedin"International
Private E uit " our moms were roud
Gettinggrilledbytheclassmatewhenour
casewasbeingtaught
8/3/2019 2011 Coller Prize Winner - SunRay Renewable Energy - Private Equity in the Sunshine
19/19