Venturi provided a fairness opinion to Caisse d’Epargne de Picardie, a French lender to wind farm developers and operators, on the valuation of a portfolio of operating wind farms.
Caisse d’Epargne de Picardie was looking to syndicate a loan guaranteed against operating wind farms.
KEY ELEMENTS
- Venturi provided a detailed review of the operating and financial performance of the wind farms
- A description of key drivers of valuation with current assumptions of investors
- A first valuation was undertaken based on precedent transactions
The analysis was complemented by a detailed DCF valuation of the assets, using current valuation assumptions of active investors, with sensitivities on key assumptions
- To take into account the repayment profile of the guaranteed loan, the exercise included valuing the assets each year on a 5 year horizon