Ansonia Advises Bright Canyon Energy
NEW YORK, NY, January 27, 2020 –
OVERVIEW
• In January of 2020, Bright Canyon Energy (BCE), a wholly-owned subsidiary of Pinnacle West Capital Corporation (PNW), announced it acquired indirect ownership interests in two Tenaska-developed wind projects:
- A 9.9% interest in Tenaska Clear Creek Wind, LLC and
- A 5.1% interest in Nobles 2 Power Partners, LLC
• This was BCE’s first renewable energy transaction
• Ansonia Partners LLC (Ansonia) originated the transaction and acted as the buy-side financial advisor for BCE
ANSONIA SERVICES PROVIDED
• Originated the transaction directly from Tenaska and presented the opportunity to BCE
• Supported BCE in organizing and managing its due diligence and risk assessment process across the PNW franchise
• Advised BCE on the unique PAYGO debt and tax structure of the projects, based on Ansonia’s deep understanding
• Focused BCE’s review and understanding of the project contracts and identified key risk issues
• Actively participated in negotiations between BCE and Tenaska on key deal terms including valuation and transaction documentation
• Provided BCE financial modelling, accounting and project valuation support
BENEFITS TO BCE
• Achieved BCE’s corporate goal of expansion in clean energy power outside of APS territory
• Gained experience in the construction, ownership, and operation of wind projects
• Invested in high-quality, fully contracted assets
• Formed strategic partnership with Tenaska, a proven developer and operator, via a minority equity position
• Demonstrated appropriate internal and external resources to provide a timely approval and execution process
• BCE well positioned for continued investment opportunities in renewable energy and storage
Detailed case study here
CONTACTS
Craig Orchant
O: 646 358-4920
craig.orchant@ansoniapartnersllc.com
Scott Medla
O: 646 357-3047
scott.medla@ansoniapartnersllc.com
Susan Elkind
O: 646 357-3043
susan.elkind @ansoniapartnersllc.com
About Us
Ansonia Partners LLC is an investment banking partnership with clients in the natural resources, energy, power and utility, and infrastructure sectors. Ansonia Partners provides advisory and capital market solutions across an array of financial instruments and structures to create long term value for our clients.