There may be four serious bidders working to buy Partners Group’s $4bn CWP Renewables business but that has not stopped a long list of tyre kickers entering a data room to take a good look at the business.
DataRoom understands that about 30 parties are in the data room to consider an acquisition of CWP Renewables.
These include all of the typical investors in the renewable energy and infrastructure space including private equity firms.
But the thinking is that most are not in serious pursuit.
The parties that should be closely watched are those that have already hired investment banking advisers such as Origin Energy together with Canadian pension fund CDPQ which are working with ICA Partners and Barrenjoey.
Queensland Investment Corporation is being advised by Bank of America, as it bids for the business for its Tilt Renewables investment, while Iberdrola has tapped Credit Suisse and Orsted is working with Morgan Stanley.
First round bids are due in early September in the Macquarie Capital-advised competition.
CWP is one of the largest renewable energy power producers in Australia with a portfolio of assets in operation or late-stage construction generating 1.1 gigawatts of power in NSW and Victoria and a 5GW development pipeline.
Customers include Sydney Airport, Snowy Hydro, Telstra and Transurban, with 70 per cent of revenues contracted to 2030 and average contract lengths of 13 years.
The sale comes as Genex Energy remained in a trading halt on Monday as it negotiates with suitors Skip and Stonepeak.
The earlier 23c per share offer from the pair was rejected by the company, but they are in talks about lifting their price.
Another Australian renewable energy operator had recently been contemplating a bid for Genex but is understood to have walked away, with others around the market scratching their head as to how an offer at 23c per share or $300m even stacks up.
Genex’s key asset is its Kidston Pumped Storage Hydro Project in North Queensland, which has the potential to power up to 100,000 homes during peak demand periods from 2025.
The project is expected to be finished in 2024.
Skip already owns at least 19 per cent of the business and Genex shares last traded at 22c.
Renewable energy assets are in focus amid a transition away from traditional sources of energy like coal and gas to wind and solar.
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