Infralogic Investors Forum New York 2023
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The Plaza, New York
27
Apr
Renewables: making returns amidst unparalleled energy volatility
Digging further into renewables, the M&A market remained hot for the sector for much of 2022. Infrastructure funds and well-capitalized strategics are squaring off in a quest for high-quality renewables assets, keeping valuations high even as they contend with supply chain constraints and higher interest rates. Project finance in the renewables sector decreased in 2022, especially for bond financing. However, more money has been flowing into greenfield financing, where investors found more opportunities in the past year. The top-performing subsector was Solar PV, carried by large transactions such as Gemini Solar + Storage in Nevada, Arica Solar + Storage in California, and Texas Solar Nova 1 and 2 projects.
- How have supply chain issues hampered prospects for investment in renewables?
- Will the Inflation Reduction Act accelerate investment flows into US renewables?
- Has the higher cost of capital from higher interest rates created winners and losers in renewables investment?
- How can returns be made given the unparalleled energy volatility?
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SpeakersSaurabh Anand Managing Director, Global Infrastructure The Carlyle Group
Corey Lewis Managing Director, Transaction Solutions Aon
Keith Derman Partner & Co-Head of Infrastructure Opportunities ARES MANAGEMENT
Jorge Camina Partner & Head of Sustainable Infrastructure Credit Denham Capital Management
Raymond Azar Partner White & Case LLP
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Saurabh Anand is a Managing Director with Carlyle’s Infrastructure Group where he co-leads renewables and energy transition sector investment strategy. Mr. Anand serves on the Board of Directors of Aspen Power, AlphaStruxure, Fermata Energy, and Enewill. Prior to joining Carlyle, Mr. Anand was a Managing Director with the Sustainable Infrastructure investment team at Denham Capital, a global energy transition investment firm, where he led multiple investments and served on the Investment Committee and Board of Directors of portfolio companies. Earlier, Mr. Anand spent four years with GE Energy Financial Services focusing on investments in power and energy.
Mr. Anand received a Bachelor of Engineering from Panjab University and a Master of Business Administration from Indian Institute of Management Calcutta.
Corey Lewis joined Aon's Transaction Solutions team in June 2015, focusing on tax insurance. Prior to joining Aon,Corey was an associate in the International Tax Services: Financial Services/Real Estate division in the New York office of PricewaterhouseCoopers. At PwC, Corey focused primarily on the tax structuring of international real estate investments.
Keith Derman is a Partner and Co-Head of Ares Infrastructure Opportunities. Additionally, he serves on the Ares Infrastructure Opportunities Investment Committee and the Ares Climate Infrastructure Partners Investment Committee. As the Co-Head of Infrastructure Opportunities at Ares, he oversees all aspects of strategy, origination, capital deployment and portfolio management across the infrastructure industry. In 2015, Mr. Derman joined Ares Management through the firm's acquisition of Energy Investors Funds, where he was a Partner and had worked for 10 years. From 2002-2005, he was a Manager of Corporate Development at PSEG Power, where he focused on the acquisition and development of power generation and transmission projects as well as spending significant time in the company's commodity trading and international businesses. In addition, Mr. Derman worked as a Senior Financial Analyst in the Acquisition and Development Group at Sunterra Corporation, a publicly traded real estate and resort company. He began his career as a Financial Analyst at Smith Barney, where he was a member of the mergers and acquisitions group. Mr. Derman is a member of the Board of Directors of a number of portfolio companies including Apex Clean Energy and Swell Energy. Mr. Derman also serves on the Board of Visitors at Duke University's Nicholas School of the Environment. Mr. Derman holds a B.A., cum laude, from Duke University in Political Science and an M.B.A. from the University of Pennsylvania Wharton School in Entrepreneurial Management.
Mr. Camiña is a Partner and Head of Sustainable Infrastructure Credit. Jorge brings over 20 years experience in project finance and investment management, having held senior positions at both Allianz Global Investors and Santander Corporate & Investment Banking. In his most recent role, as Director of Infrastructure Debt at Allianz Global Investors since 2016, Mr. Camiña was responsible for the origination, structuring and execution of Infrastructure Debt investments in the Americas. He led the execution of a strategic shift towards renewable power across US and Latin America, investing in over three gigawatts of solar and wind assets. He was also member of the Infrastructure Debt investment committee. Jorge received a Bachelor of Science in Business Administration by Deusto Business School in Spain.
Ray is a partner in White & Case’s Project Development and Finance group based in the New York office. His practice focuses on the tender, development, financing, acquisition and divestiture of domestic and international projects in the renewable energy, conventional power, oil & gas, petrochemical and infrastructure sectors. Ray’s financing experience includes international corporate and commercial transactions, including the full spectrum of debt solutions, equity investments, asset-based structured financings and capital markets transactions.
Ray has extensive experience with all of the industry issues and negotiation dynamics for each link of a project, including drafting and negotiating the full range of finance and project documentation. His ability to represent both developers and lenders at various stages of a transaction, including the early design and engineering stage, provides a distinctive versatility to his practice and critical overall deal perspective to his clients.