Project M&A
Conductor specializes in asset M&A for C&I, community solar, and small utility projects and portfolios:
Our role
Broad trusted network
Targeted matches
Managed process
Seller benefits
Better offers
Higher conversions
Faster deal cycles
Buyer benefits
More opportunities
Higher conversions
Faster deal cycles
Projects in development
IPPs and developers on Conductor acquire projects at various stages of development. While de-risked projects are more valuable, sellers who specialize in site acquisition and interconnection often prefer to sell their projects well before NTP.
The buyer set for these opportunities is often very different from NTP buyers, particularly in certain geographies. Conductor focuses on identifying parties with aligned interests for these deals. We have also advised sellers on JDAs and co-development opportunities when buyers bring complimentary skill sets for completing the development process.
NTP or development complete
Asset M&A at Notice-to-Proceed (NTP) or development complete is the most common transaction on the Conductor platform. Developers maximize the value of their portfolios by de-risking their projects and soliciting bids from the most aligned buyers in our network.
The buyer set for NTP deals is far more dynamic than most people realize. Buyer priorities shift by geography, offtake type, development stage, and other criteria in response to funding cycles, portfolio balancing, policy shifts, and market dynamics at the macro and local levels. The buyer who was the best fit for a portfolio 3 or 6 months ago may be less aligned now.
We work with sellers to manage project development and transaction timelines to maximize the success of their sale process. We bring them bids from targeted buyers aligned with their projects. And we support their bid evaluation, partner selection, and LOI negotiations to make sure their deal succeeds.
Mid-construction projects
Projects in construction provide an opportunity for buyers to acquire assets with greater certainty of COD. De-risked construction schedules can be particularly attractive for buyers with stronger requirements for COD timing.
The buyer set for mid-construction projects is typically smaller than for NTP-ready deals. But buyers may be willing to pay a premium for projects that align with their requirements, especially for COD within a specific calendar year. Conductor helps sellers find the most aligned buyers and supports bid evaluation, partner selection, and LOI negotiations to make sure their deal succeeds.
Operating projects
Operating asset M&A offers sellers liquidity and buyers an opportunity to acquire de-risked portfolios supported by operating history. Gone are the risks of development, construction, and tax equity. Offtake payment and system production track records validate the revenue streams. And, for buyers, 100% bonus depreciation still applies.
Conductor supports operating asset sales by IPPs, developers, EPCs, and other project owners. Most projects become available after the ITC recapture period, or 5 years post COD. But if structured properly, these projects can also sell within the recapture period. Conductor helps sellers find the most aligned buyers and supports bid evaluation, partner selection, and LOI negotiations to make sure their deal succeeds.