The World - Infrastructure Assets in Transition
On the left... capital seeking yield
Banks, insurance companies, pensions, hi-net worth investors
On the right... projects seeking to sell (in various markets)
All projects "post-recapture" seeking to monetize their long-term contracts.
In the middle... intermediation (JJR)
JJR provides pricing information, liquidity, asset management and other services to each sector.
All the sectors get "optimized"
Buyers and sellers get better prices, assets operate more efficiently.
Large Addressable Market
1. There are over 60,000 MW of operating solar today.
2. The "mid-market" comprises approximately one third - 20,000 MW
3. Each MW, from a cash flow perspective - is valued at roughly $2 million ($2.00/W)
4. Therefore, the addressable, mid-market is $40 billion.
5. The market is expected to continue to grow.
Recent Asset Sales + Transactions
AZ 5.3
5.3 MW
2013 In-service
Located in Arizona
Investment grade offtake
Under contract in lower 7's
PES 13
13 MW Operating, California Portfolio
10 Projects total
Refinanced by SEller due to tax liability gain-on-sale
AH TC 45
Previously owned by listed corp
Offered mid-2018
45 MW, $100 million
Traded $2.60/W (close QI 2019)
NPS 7.8 MW
California (Palm Springs) Operating Assets
So Cal Edison PPAs
2012 in -service
Single-axis trackers
Traded late 2017
Needed capital improvement
Trade at $.95/, 21% IRR unlevered
PFMG CA
14 California Schools Projects
45 MW
In-service 2011 - 2014
NRG Tax equity
Offered mid-2018
Disposition unknown
JJR ECOSYSTEM
Each quadrant lives inherently with the other.
Our experience in energy markets, assets and financing over the past 23 years have given us relationships, insights and humility.