Contact Energy Transaction Advisors for Transaction Support

ContactCampfire Digital2023-04-03T09:05:55-06:00

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3272 West 21st Avenue, Denver, CO 80211
Scott Vanderau
[email protected]
(720) 988.0609

As an Independent Engineer, the ETA team brings decades of risk identification, mitigation, and management expertise to your project. Our team has supported hundreds of project transactions for private debt and equity placements, project financings, and public offerings, on behalf of financiers, purchasers and sellers of energy assets, and municipalities. Our experience includes traditional and renewable forms of generation, gas and electric distribution, plant performance testing, economic modeling, operational reviews, technical due diligence, and valuations.

Notable Projects

Cobre Panama Copper Mine – Working with First Quantum Minerals and RPM Global, ETA served as the Energy Advisor and Independent Engineer for a $6.3B copper mine in Panama. The project achieved commercial operations in 2019 and included the construction of a 300 MW plant to power this remote operation.
Xpress Natural Gas – ETA provided technical and financial due diligence services to an infrastructure fund for the 2021 acquisition of a fully-integrated, compressed natural gas transportation company, delivering gas to pipeline constrained utility, commercial and industrial end-users in nine U.S. states and two Canadian provinces.
sPower Group – ETA members provided technical and commercial due diligence services in support of AES Corporation and Alberta Investment Management Corporation’s acquisition of sPower’s 1.3 GW photovoltaic solar portfolio in 2017.
New Jersey Resources – ETA provided due diligence services on operating/development-stage salt dome cavern and reservoir gas storage projects being considered for acquisition. ETA’s review of these 18 caverns and 5 depleted reservoirs helped the client understand the detailed technical and operational issues unique to each project, and ultimately aided in the successful acquisition of an operating facility.
TerraForm Power – ETA members served as independent engineers on behalf of a confidential bidder for TerraForm’s 3.0 GW utility scale wind and solar portfolio.
Kiamichi Generating Station – ETA members provided independent engineering services in support of the project financing of Tenaska’s 1,200 MW natural-gas fired combined cycle power plant in Oklahoma, that was equipped to provide energy to either the Southwest Power Pool or the Electric Reliability Council of Texas. This project was selected as the International Bond Deal of the Year by Project Finance magazine.

Applying knowledge gained from our proven performance on numerous projects, ETA team members have helped their clients develop opportunities worldwide. ETA team members have excelled at providing detailed project support and advisory services designed to assist in every stage from project conception through to completion/commercial operations. ETA team members develop conceptual designs with a mind to technical evaluation, contract and entitlement requirements and financing considerations. We can lead technology evaluation and selection efforts, aid in project contract negotiation, evaluate bid packages to enable selection of contractors and technology providers, develop a sound financing plan and provide for overall disciplined project execution. By leveraging our practical expertise, ETA provides technical and financial guidance to simplify your decisions, project planning, and execution, and drive to maximum project value.

Notable Projects

Resort Energy Ventures, USA - An ETA member led the feasibility study for a combined heat and power (CHP) project at the Grand Wailea Resort on the Island of Maui. After assessing the resort's energy needs, development of a CHP system was recommended to decrease the resort's dependence on the local electric utility, and to realize substantial near-term cost savings. The ETA member provided the resort with preliminary engineering and cost estimates for the CHP system as well as a bid package to allow the resort to move forward with final design and installation of the project through an EPC contract.
Biomass to Liquid Fuels Project - An ETA member aided a client in evaluating technologies for integration with their patented gasification and water treatment technology to process woody biomass and other waste products to produce Fischer Tropsch (FT) fuels, power, and chemicals. The ETA member was responsible for developing a process model to evaluate gasification, gas cleanup, carbon capture, FT synthesis, refining and power generation technologies. The client was awarded a construction contract for the pyrolysis and gasification portion of a woody biomass to FT jet and diesel fuels project. The ETA member aided the client in contract negotiation, detailed design review, and integration of the technology with other project technology providers.
Olkaria 1 Geothermal Power Plant, Kenya - ETA members helped lead the preparation of a feasibility study for the 45 MW Olkaria 1 geothermal power plant, located in Africa's Rift Valley. After 32 years of operation, the ETA members performed detailed operational and financial analysis to aid in the decision to refurbish or rebuild the plant and supporting infrastructure.
Tangkuban Perahu Geothermal Plant, Indonesia - An ETA member was part of a team engaged to perform a feasibility study of a 110 MW flash geothermal power plant in West Java, which was supported by a grant from the US Trade and Development Agency. The ETA member was responsible for developing a financial model to evaluate the financial and economic performance of the plant.

ETA team members have been able to leverage their combined financial and technical expertise into lead roles in numerous Mergers, Acquisitions, and Divestitures. ETA’s assistance can support transactions involving a single asset or a full portfolio, and can assist clients currently in or entering the energy and infrastructure sectors for the first time. Our experience includes technical and financial due diligence, regulatory compliance, risk management, information memorandum/offering document and business plan preparation, public relations and communications, transition planning and implementation, IT migration, and interim financial/technical and executive management.

Notable Projects

Upper Peninsula Power Company - After providing technical due diligence and transition planning services, ETA members (as interim CFO/Chief Transition Officer and IT Project Manager) subsequently led the spin-off of this regulated electric utility following its acquisition by an infrastructure fund. The ETA members led the replacement of all administrative, regulatory, and engineering functions previously provided by the parent company, including the establishment of a stand-alone SAP accounting system, power grid controls system, new system operations and customer contact centers, and 18 new, integrated, replacement IT systems.
Royal Oak Mines - An ETA member was the senior financial manager during the creation of a mid-sized Canadian gold mining company, following a five-company merger (4 of which were purchased from lenders in bankruptcy), and the subsequent return to profitability of all five mining operations.
Kern Oil and Refining Company – Working on behalf of a potential purchaser, ETA members analyzed optimization opportunities for a California-based independent oil, refining, and marketing company. ETA members developed an independent expansion feasibility assessment and provided technical and contractual due diligence support as part of the acquisition of the refining assets.
Encana Gas Storage - ETA members provided acquisition due diligence services for the divestiture of 210 Bcf of natural gas storage located in Canada (Suffield, Countess, Wild Goose, and Salt Plains).
Cushing Crude Oil Storage - An ETA member performed a pre-engineering design review of a large crude oil storage facility expansion in Cushing, Oklahoma. The crude storage facility expansion consisted of ten 250,000 and two 350,000-barrel storage tanks, and a new 20-inch pipeline to support crude oil deliveries and withdrawals, and oil transfer, pumping, metering and volume proving facilities.

Whether you are a lender requiring support as part of a corporate restructuring, or simply an owner looking for innovative ways in which to optimize underperforming assets, ETA’s team members have extensive, hands-on experience in successfully guiding companies through turbulent times. Restructuring and turnaround support can include an independent assessment of contracts, asset value, cash flow potential, market conditions, operational/maintenance processes, and environmental conditions. Having participated in numerous projects where distressed assets have been successfully refinanced and revitalized, ETA members are ready to assist in either an advisory or interim management capacity.

Notable Projects

Mirant Americas Generation - ETA members were engaged by the United States District Court of the Northern District of Texas on behalf of the committee of unsecured creditors to provide operational and environmental reviews of Mirant America's fleet of ten generating stations (aggregating 9,500 MW of power generation) as part of Mirant's bankruptcy proceedings.
German Pellets - ETA members provided technical, safety and commercial services to the creditors of two 500,000 tonne per year wood pellet facilities in Louisiana and Texas. This engagement was geared towards maintaining asset value through a bankruptcy process that ultimately led to the sale of the projects in 2019.
Puerto Rico electric Power Authority (PREPA) - An ETA member assisted the Chief Financial Advisor of PREPA in the reconstruction and bankruptcy/restructuring of the Authority following a series of devastating hurricanes. ETA staff led technical negotiations related to a Jones Act Waiver, assisted with fuel supply negotiations/permitting to support LNG importation, provided technical guidance related to PREPA’s Integrated Resource Plan, and assisted with the negotiation for new sources of renewable energy and storage. ETA staff also provided expert testimony in support of these activities to the Puerto Rico Energy Bureau, PREPA’s primary regulator.
Detroit Renewable Energy - Following the company's acquisition by an infrastructure fund, an ETA member was engaged to help evaluate, optimize assets, and maximize operating cash flows at one of the largest combined waste to energy plants and district steam heating utilities in the U.S. Following a corporate restructuring, ETA was subsequently re-engaged to lead the company's first general rate case for its regulated steam utility under the new ownership.
Southaven Power - ETA members led a range of advisory services to the lenders of Southaven Power, which had defaulted on its loan following the bankruptcy of the facility's power off-taker. The assessment included evaluations of the company's business and power marketing functions, providing updated power market assessments, building an independent valuation model, and generating project cash flow forecasts.
NRG Mid-Atlantic Generating - ETA members served in a technical, financial, and business management advisory capacity to the secured lenders of NRG MidAtlantic Generating. Services included determining optimal plant dispatch based on incremental heat rates, and evaluating the impact of planned and forced outage rates on the financial performance of the company.

ETA team members have performed independent engineering project feasibility analysis, and owners engineer project planning and execution to the oil & gas / midstream industry sectors. We can streamline developer decision making, project planning, ensure successful project execution, and ultimately successful project finance. Our team can develop project conceptual designs, lead optimal commercial technology selection, and ensure project regulatory and financial viability. ETA has the expertise to validate preliminary designs to successfully acquire entitlements for construction and operation, then evaluate bid packages to select optimal EPC designated technologies, schedule, budget, terms, and conditions. ETA can identify and mitigate potential project technical and business risks and help negotiate appropriate risk allocation among transaction, development, or project finance parties. Once the project is approved, ETA can perform construction monitoring and EPC contract management support. ETA can also leverage its working relationships with industry recognized technical specialists to perform additional required detailed analysis, evaluation, and detailed design.

Notable Projects

Confidential Oil & Gas Project, USA - An ETA member managed a feasibility study that led to the engineering and procurement of an oil/water/gas gathering system and central processing facility for a 700+ well horizontal drilling program. The facility incorporated the economic and environmental mitigation recommendations of the study in a design that allows for future expansion. Having this efficient infrastructure in place has allowed the owner to remain one of the lowest cost producers in the region.
PHMSA UGS Subject Matter Expert - ETA provides support to the DOE Pipeline and Hazardous Material Safety Administration. (PHMSA), as a subject matter expert in underground natural gas storage. ETA worked with PHMSA auditors to provide technical expertise on multiple facilities, including cavern storage, reservoir storage and aquifer storage. ETA continues to assist PHMSA in performing site inspections, records reviews, and interviews of site personnel. Deliverables include facility specific exit interviews and “90-day” reports.
NGL Storage Development - An ETA member provided project owner's engineer role technical review of development plans to construct multiple bedded salt caverns for NGL storage to serve natural gas liquids (NGL) markets in Appalachia, the Mid-Atlantic and the Northeast. The reviews examined the geology of cavern intervals, including integrity of top sealing formations, cavern drilling and completion plans, related proposed cavern design, cavern mining plans, and the effect of NGL operations on cavern integrity and potential subsidence.
Bitumen Pipeline Acquisition - An ETA member provided a technical review supporting the financing and acquisition of dual pipeline assets, including pumping, storage, blending, and measurement facilities for the transportation of bitumen blend and diluent between heavy oil extraction facilities and refining terminals.
Wolf Infrastructure ACTL CO2 EOR and Sequestration – An ETA member provided technical due diligence to an institutional investor for the acquisition and construction of the Alberta Carbon Trunk Line (ACTL), a 149-mile CO2 pipeline including collection and compression of anthropogenic CO2 from multiple industrial sources in northern Alberta for utilization in enhanced oil recovery (EOR). The ETA member also performed a comprehensive technical review of the CO2 EOR project’s design and expected performance for two mature Alberta oil fields owned by a consortium partner.
Petra Nova West-Ranch Field CO2 EOR and Sequestration – An ETA member provided an international debt consortium with a technical due diligence review of a coal powered generation carbon capture CO2 EOR project, including CO2 compression, design, and construction of an 80-mile CO2 pipeline, and detailed design for complete redevelopment of the multiple reservoir CO2 EOR field. The technical review included review of the field geology, EOR simulation results, production surface facilities, recycled CO2 capture/treatment/recompression facilities, and financial model inputs.