Valuation Trading Multiples & Precedent Transactions: Solar and Wind Project Development Companies
Valuation benchmarks for Solar and Wind Project Development Companies. Access public trading comps, EV/EBITDA acquisition multiples, and private market data for pitch books and valuation analysis.
1.1 - Solar and Wind Project Development Companies Market Context & Valuation Drivers
Companies in this trading comparable group develop, construct, own, and operate utility‑scale solar and wind assets, often complemented by hydro and storage. They monetize generation through long‑term PPAs, feed‑in tariffs, and merchant sales, delivering predictable cash flows and asset-backed returns. They are grouped as comparables because they share capital-intensive project development models, similar revenue structures, and portfolio metrics centered on installed capacity, contracted backlog, and production output.
Typical capabilities span greenfield project origination and permitting, EPC services and turnkey delivery, build‑own‑operate financing structures, PPA negotiation and offtaker management, grid interconnection and transmission planning, operations and maintenance and asset management, energy trading and hedging, repowering and lifecycle optimization, and integration of battery storage to enhance dispatchability and revenue stacking. Many also provide performance monitoring, predictive maintenance, and regulatory compliance across multi‑jurisdiction portfolios.
Primary customers include regulated utilities and grid operators, corporate offtakers in industrial and commercial sectors, and government procurement programs. Valuation benchmarks focus on revenue growth and EBITDA margins, contracted versus merchant generation mix, weighted‑average PPA tenor and pricing, installed capacity and pipeline conversion, and cash available for distribution or funds from operations, reflecting the durability and visibility of asset‑backed cash flows.
2. Valuation Analysis: Public Trading Comps & Multiples for Solar and Wind Project Development Companies companies
2.1 - Public Peer Groups & Median Valuation Multiples for Solar and Wind Project Development Companies sector
Comparable group 1: Solar and Wind Project Development Companies
Algonquin Power
- Enterprise value: $●●●m
- Market Cap: $●●●m
- EV/Revenue: ●.●x
- EV/EBITDA: ●●.●x
- Description: Provider of diversified utility services including electricity generation, natural gas distribution, and water management, focused on sustainable energy solutions through a portfolio of rate-regulated and renewable energy assets across multiple regions.
- Key Products:
- Renewable Energy: Generates power from wind, solar, and hydroelectric sources
- Electricity Distribution: Operates electric utility systems to provide power supply
- Natural Gas Distribution: Delivers natural gas through regulated systems
- Water Services: Manages water and wastewater treatment facilities
- Utility Assets Management: Oversees a network of utility infrastructure for efficiency.
Capital Power
- Enterprise value: $●●●m
- Market Cap: $●●●m
- EV/Revenue: ●.●x
- EV/EBITDA: ●●.●x
- Description: Provider of power generation services, developing, owning, and operating renewable and thermal power facilities across North America, focusing on delivering reliable and sustainable energy solutions.
- Key Products:
- Renewable Power: Engages in the generation of energy from renewable sources
- Thermal Power: Operates natural gas and coal-fired power plants for reliable energy
- Energy Trading: Provides trading services in energy markets to optimize assets
- Power Management: Offers customized solutions for electricity needs of major consumers
- Carbon Offsets: Facilitates the purchase and sale of carbon credits to reduce emissions.