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Winter 2024/2025 IntroductionPower & Utilities GroupDear Clients and Friends,Houlihan Lokey is pleased to present its Power and UtilitiesMarket Snapshot for Winter 2024/2025.We have included relevant news, recent M&A transactionannouncements, and other industry insights to help youstay ahead in this evolving industry. We hope you find thisquarterly update to be informative and that it serves as avaluable resource to you in staying abreast of the market.If there is additional content you would find useful forfuture updates, please don’t hesitate to call or email uswith your suggestions.We look forward to staying in touch with you.Regards,Houlihan Lokey’s Power & Utilities Group2 Mergers andAcquisitionsCorporate ValuationAdvisory ServicesCapital MarketsTransactionAdvisory ServicesBoard AdvisoryServicesDispute ResolutionServicesFinancialRestructuringTransactionOpinionsPortfolio Valuationand Fund OpinionsOur Service Offerings Leadership TeamXander B. HectorManaging DirectorXHector@HL.com+1 612.215.2251Blair RichardsonManaging DirectorBWRichardson@HL.com+1 415.273.3605Vamsi MandaDirectorVManda@HL.com+1 214.665.8665Thad WilliamsVice PresidentTWilliams@HL.com+1 612.215.2883 MatthewMazzucchiManaging DirectorMMazzucchi@HL.com+1 214.220.8494Spencer AndersonDirectorSJAnderson@HL.com+1 612.215.2885Robert ZarnochDirectorRZarnoch@HL.com+1 214.665.8672 Dan O’DonnellManaging DirectorDODonnell@HL.com+1 214.665.8626Dan BeaulneDirectorDBeaulne@HL.com+1 214.665.8631Hallie SchwalmVice PresidentHSchwalm@HL.com+1 214.220.8492 AboutOur FirmTombstones included herein represent transactions closed from 2017 forward.Houlihan Lokey is a leading global investment bank with expertise in mergers and acquisitions,capital markets, financial restructuring, and financial and valuation advisory.Our firm is the trusted advisor to more top decision-makers than any other independent global investment bank.LeadingCapital Markets AdvisorNo. 1Global M&A AdvisorCORPORATE FINANCE32024 M&A Advisory RankingsAll Global TransactionsAdvisorSource: LSEG (formerly Refinitiv).Excludes accounting firms and brokers. -hastoFeatured M&A and CapitalMarkets Transactions--Project Odyssey-- No. 1Global Restructuring AdvisorNo. 1Global M&A Fairness OpinionAdvisor Over the Past 25 Years1,800+Transactions Completed Valued atMore Than $3.8 Trillion Collectively2,000+Annual Valuation EngagementsFINANCIAL RESTRUCTURINGFINANCIAL AND VALUATION ADVISORY2000–2024 Global M&AFairness Advisory RankingsAdvisorSource:LSEG (formerly Refinitiv).Announced or completed transactions.2024 Global Distressed Debt &Bankruptcy Restructuring RankingsDealsAdvisor88HoulihanLokey159PJT Partners Inc248Rothschild & Co344Lazard440Perella Weinberg Partners LP5Source: LSEG (formerly Refinitiv).Deals415HoulihanLokey1406Rothschild & Co2371Goldman Sachs & Co3342JP Morgan4309Morgan Stanley5 U.S. and Canada UpdateSources: S&P Capital IQ, company websites, and press releases..WECCBCWECCABMROSaskPowerMROManitobaHydroWECCCA/MXWECCSRSGWECCNWPP-USWECCRMRGSPPTexas REERCOTJanuary 6:Qcells Americas Holdings Corp. has agreed toacquire four ground-mount solar power projects that areunder development, representing 25.577 MW fromSolarBank Corp. (NASDAQ:SUUN) for $49.5 million.Western Electricity Coordinating CouncilDecember 4:TotalEnergies (NYSE:TTE) signed anagreement with funds managed by Apollo for the saleof 50.0% of a portfolio of 2 GW solar and batteryenergy storage systems projects located in Texas.November 5:ACCIONA Energía (BME:ANE) acquiredGreen Pastures I and II Power Plant for $202.5 million.Combined, the two wind farms will generate ~1.1TWh of renewable energy per year.Texas Reliability Entity4 February 6:Altus Power (NYSE:AMPS) announced it has entered into adefinitive agreement to be acquired by TPG (NASDAQ:TPG) for $5.00 per shareof its Class A common stock in an all-cash transaction that values Altus Powerat ~$2.2 billion, including outstanding debt.January 10:Constellation (NASDAQ:CEG) and Calpine Corp. announced theyhave entered into a definitive agreement under which Constellation will acquireCalpine in a cash and stock transaction valued at an equity purchase price of~$16.4 billion. The transaction consists of 50 million shares of Constellationstock and $4.5 billion in cash plus the assumption of ~$12.7 billion of Calpinenet debt. The net purchase price is $26.6 billion, reflecting an acquisitionmultiple of 7.9x 2026 EV/EBITDA.January 9:American Electric Power (NASDAQ:AEP) announced a definitiveagreement for a strategic partnership between KKR and PSP Investments toacquire a 19.9% equity interest in the company’s Ohio and Indiana & Michigantransmission companies for $2.8 billion, reflecting a transaction multiple of30.3x LTM P/E.January 2:Delek Logistics Partners, LP (NYSE:DKL) acquired Gravity WaterMidstream from Clearlake Capital Group, LP, for $285.0 million.December 18:Ørsted (CPSE:ORSTED) divested a 50.0% stake in three U.S. solarprojects to ECP at a total value of $572.0 million.