Early-stage renewable energy projects exceeding 1 GW were auctioned off at a novel event on the trading floor of the New York Stock Exchange last Monday, hosted by Akin Gump, Novogradac, DNV GL and FTI Capital Advisors.
The event drew about 150 industry players, including independent power producers, developers, project owners, sponsors, fund managers and lenders.
Developers and owners of development-stage projects offered them up to bidders, who raised their paddles and announced the highest price they would be willing to pay.
Winning bidders secured an exclusivity period and no binding financial commitments were made.
The unique auction format and distinctive location quickly swept the crowd into action.
“Come on, open your wallets guys!” yelled an enthusiastic Akin Gump lawyer when the bidding began for the first project, which Dutch energy and commodities firm Vitol snapped up for $2.5 million.
“Not even 3 cents a watt!” said a director at a San Francisco-based solar developer in disbelief.
“It was a fun and enjoyable way of both thinking about project transformation and engaging with developers,” Christopher Rittenhouse, vice president, project finance, at C2 Energy Capital, told PFR. “Kudos to the firms who put this together.”