Duurzame energie aantrekkelijk voor investeerders – Aantrekkelijkheid Nederland gekelderd

Gepubliceerd op 23-08-2016 om 08:54

23 augustus 2016 – Beleggers die op zoek zijn naar een ‘safe bet’ in de huidige grillige markt, kiezen steeds vaker voor duurzame energie, concludeert het adviesbureau EY. En Europa doet het daarbij goed. Nederland kelderde tien plaatsen als aantrekkelijk land voor duurzame investeringen.
Ieder kwartaal publiceert EY ‘Power transactions and trends’.
Uit de samenvatting van de nieuwste editie:
‘(…) When we consider Q2’s most prominent M&A trends, it’s clear that buyers are still seeking “safe bets” amid ongoing sector and global volatility. Regulated network assets and renewable generation remain targets for many investors globally:

Renewables continue to win buyers: The move toward cleaner sources of energy in most developed countries combined with an urgent need to meet soaring demand in emerging markets is driving investment in renewables in all regions. Some regulatory uncertainty in Europe may result in investors moving capital to safer markets.
Network valuations benefit from bidding war: For several quarters now, we’ve seen strong competition from buyers for regulated transmission and distribution utilities. The stable and long-term returns of these assets are appealing amid an otherwise volatile environment. A bidding war for an ever-shrinking number of network assets is pushing valuations to record levels. But behind the big-ticket deals that dominate transactional reports such as these, some smaller investments are worth attention as they may indicate how our sector’s continuing transformation is beginning to shape investment decisions:
Disruptive technologies attract investment: Both utilities and non- traditional investors are shifting their focus to the potential of new energy technologies, particularly distributed energy and battery storage. As consumer demand for these technologies increases, we expect more M&A and partnerships between utilities and companies from outside the sector. (…)’

Europa
EY signaleert een forse groei (44%) in fusies en overnames in de ‘power & utilities’-sector. ‘Buyers included more Asian investors — the acquisition by China Three Gorges Corporation of an 80% stake in Germany’s WindMW was Europe’s biggest deal of the quarter at US$1.8b.’
De fusies en overnames hadden goeddeels (83%) betrekking op windenergie.
Voor de ontwikkelingen in Europa is de invloed van het Brexit nog onduidelijk. (‘The UK’s decision to leave the EU is likely to affect M&A in that country, and potentially across Europe, until the UK’s energy policy and position in the EU energy market become clearer.’)
EY wijst wel op negatieve effecten van verminderende overheidssteun in Groot-Brittannië en Duitsland. (‘Germany: Government moves to slow renewables growth and focus on grid stability are expected to push up valuations for operational assets and lead to M&A. Financial investors may exit, with utilities taking over operational assets.’)
Juist overheidsgaranties zijn belangrijk voor investeerders: ‘Investors will continue to be particularly interested in those clean energy assets backed by power purchase agreements (PPAs) that provide stable, long-term returns. This was highlighted by the July intercompany transaction that saw Endesa acquire 60% of Enel Green Power Espana from Enel for US$1.34b. We may see some investors redeploy capital from countries that are withdrawing support for renewables toward countries with more supportive environments.’

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De vijf grootste investeringen in Europa

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Schermafdruk 2016-08-23 07.35.54

Aantrekkelijkheid landen – Nederland kelderde 10 plaatsen

Schermafdruk 2016-08-23 08.46.15 Los van de rapportage over ‘power transactions and trends’ publiceert EY ook regelmatig een ‘Renewable energy country attractiveness index’. De laatste dateert van juni dit jaar. Nederland staat op plaats 17 en kelderde daarmee in één jaar zeven plaatsen. EY geeft geen toelichting op de veel slechtere score van Nederland.