华利安2026年第三季度火电与可再生能源市场更新报告

HoulihanLokey

A

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风电

Power,Utilities,andRenewablesGroup

Thermaland

RenewableMarkets

Q32026Update

Introduction

Power,Utilities,andRenewablesGroup

DearClientsandFriends,

HoulihanLokeyispleasedtopresentitsPower,Utilities,andRenewablesMarketSnapshotforthequarterendedSeptember30,2026.

WehaveincludedrecentM&Atransactionannouncements,capitalmarketsperformance,andotherindustryinsightstohelpyoustayaheadinthisevolvingsector.Wehopeyou

findthisupdatetobeinformativeandthatitservesasa

valuableresourceforyouinstayingabreastofthemarket.Ifthereisadditionalcontentyouwouldfindusefulfor

futureupdates,pleasedon'thesitatetocalloremailuswithyoursuggestions.

Welookforwardtostayingintouchwithyou.Regards,

HoulihanLokey'sPower,Utilities,andRenewablesGroup

LeadershipTeam

XanderB.Hector

ManagingDirectorPower,Utilities,andRenewablesGroup

XHector@HLcom

+1612.215.2251

MatthewMazzucchi

SeniorAdvisor

Power,Utilities,andRenewablesGroup

MMazzucchi@HLcom

+1214.220.8494

DanBeaulne

Director

FinancialandValuationAdvisory

DBeaulne@HL.com

+1214.665.8631

EvanLay

VicePresident

FinancialandValuationAdvisory

ELay@HLcom

+1214.665.8660

DanO'Donnell

ManagingDirector

FinancialandValuationAdvisory

DODonnell@HLcom

+1214.665.8626

SpencerAnderson

Director

Power,Utlities,andRenewablesGroup

SJAnderson@HLcom

+1612.215.2885

VamsiManda

Director

Power,Utilities,andRenewablesGroup

VManda@HLcom

+1214.665.8665

HallieSchwalm

VicePresident

FinancialandValuationAdvisory

HSchwalm@HLcom

+1214.220.8492

BlairRichardson

ManagingDirector

FinancialandValuationAdvisory

BWRichardson@HL.com

+1415.273.3605

MustafaAzhar

Director

FinancialandValuationAdvisory

MAzhar@HL.com

+1214.220.8481

ThadWilliams

Director

Power,Utilities,andRenewablesGroup

TWilliams@HLcom

+1612.215.2883

OurServiceOfferings

CorporateValuation

AdvisoryServices

il

CapitalSolutionsTransaction

AdvisoryServices

][

DisputeResolution

Services

Transaction

Opinions

Portfolio

Valuation

M

-台

BoardAdvisory

Services

MergersandAcquisitions

Financial

Restructuring

Fund

Opinions

U.S.ThermalPowerMarketLandscape

WhereAreWeNow?StakeholderTakeaways

UnprecedentedLoadGrowth

Forecast

•ForecastedAI-drivendatacenterbuild-outcontinuestoexpandexpectedenergyneedsoverthenextdecade.

•Supplyanddemandbalanceremainstight;PJM’s2028/29capacityauction(July2026)clearedatthe$325/MW-daycapandfell6.8GWshortofthereliabilityrequirement,thesecondconsecutiveshortfall.

•Sustainedlong-termloadgrowthexpectedtorequireasignificantamountofnewgenerationcapacity.

•Gridreliabilityheavilydependentonexistingthermalgenerationassets.

LackofThermal

•Sustainedinputcostandlaborinflationhavemassivelyincreasednewbuildcombined-cyclegasturbinecoststo~$2,500/kW,

approximately3x2021levels.

•Operationalassetscommanda“scarcitypremium”bybypassinghighconstructioncostsandfive-plus-yearleadtimes.

NewBuilds

•Buildtimeforanewfacilityismorethanfiveyearsduetosupplychaindelaysandlimitedavailabilityofkeyinputsrestrictingnewthermalcapacityadditions.

•Increasedprevalenceof“bringyourowngeneration”strategiesviaco-located,behindthemeter(BTM)powertosupportrapidelectricitydemandgrowth.

ResourceAdequacyConcerns

•Recentextremeweathereventshaveexposedrazor-thinsupplyanddemandbalancesinvariousindependentsystemoperatorsdrivenbygeneratorretirementsoutpacingnewsupply.

•ISOshaveannouncedcapacitymarketandotherreformstoincentivizenewbuildsandincreasesupplyaheadofexpectedloadgrowth.

•Dispatchablethermalgenerationwithreliablefuelexpectedtooutperforminextremeweatherconditions.

•Near-termcapacitypricingforexistinggenerationremains

supportive,butlong-termmarketdesignfacespolicyriskandisuncertain.

AcceleratingM&AActivity

•2026hascontinuedtherobustthermalM&Aactivityseenin2025,withaverageU.S.gasgenerationvaluationsexceeding$1,400/kW-morethandoublethe2020to2024average.

•Assetswithenergytransitionordatacenterinvestmentangleshavecommandedapremiumvaluation.

•Tightsupplyanddemanddynamicsdriverobustinvestorappetiteandhighvaluationsforthermalassets.

•Buyeruniverseisexpandingtoincludedigitalinfrastructurefirmsandhyperscalersseekingreliablepower.

3

EquityMarketPerformance

PubliclyTradedThermalGenerationIPPs

Two-YearPublicIPPSharePricePerformance(1)(%)

150%

100%

50%

–

(50%)

75.4%

36.1%

24.7%

16.7%

5.0%

(2.3)%

(4.6)%

Sep-24Dec-24Mar-25Jun-25Sep-25Dec-25Mar-26Jun-26Sep-26ClearwayCapitalPowerConstellationNRGTalenVistraS&P500

SelectedPubliclyTradedIPPStatistics($M)

SelectedPublicIPPsMarketMetricsEBITDAEV/EBITDA

CompanyName

Ticker

MarketCap

DebtOutstanding

Enterprise

Value

2026P

2027P

2026P

2027P

CapitalPower

TSX:CPX

$6,781

$5,037

$12,025

$1,176

$1,269

10.2x

9.5x

ClearwayEnergy

NYSE:CWEN

6,008

9,901

19,371

1,401

1,586

13.8x

12.2x

ConstellationEnergy

NASDAQ:CEG

90,001

24,700

114,349

8,723

9,422

13.1x

12.1x

NRGEnergy

NYSE:NRG

20,107

23,467

44,062

5,514

6,051

8.0x

7.3x

TalenEnergy

NASDAQ:TLN

14,982

9,574

24,347

2,135

2,728

11.4x

8.9x

VistraCorp.

NYSE:VST

46,435

20,508

68,996

7,270

8,050

9.5x

8.6x

Minimum

$6,008

$5,037

$12,025

$1,176

$1,269

8.0x

7.3x

Median

17,544

15,205

34,204

3,825

4,389

10.8x

9.2x

Average

30,719

15,531

47,192

4,370

4,851

11.0x

9.8x

Maximum

90,001

24,700

114,349

8,723

9,422

13.8x

12.2x

Sources:Companyannouncementsandpressreleases;tradingmultiplesarebasedonshareprice,othermarketdata,andbrokerconsensusfuture-earningsestimatesfromS&PCapitalIQasof9/30/26.

(1)Reflectscurrentmarketcapitalizationasof9/30/26.

4

KeyHighlights

STRUCTURALSHIFTTOGROWTH

TheIPPsectorhasshiftedfocusfromtraditionalutility

stabilitytomeetingrisingdemand.ThistransitionisprimarilydrivenbytheincreasingpowerrequirementsofAIanddatacenterinfrastructure,drivingastep-changeinfuturedemandexpectations.

EMERGENCEOFBEHINDTHEMETER

Onsitepowerhasmovedfromabridgesolutiontoa

prerequisiteaspartofamulti-sourcedpowerstrategyfor

large-loaddevelopers.Mostrecently,theNextEra-backed

ProjectStardevelopmentincludes6.5GWofnewgenerationcapacityinTexastosupporta5GWdatacentercampusandimprovegridreliabilitybysendingexcesspowertothegrid.

SECURINGELECTRONSANDEXPERTISE

Aspoweremergesasabindingconstraint,digital

infrastructureinvestorsareintegratingverticallytosecure

generationandexpertise.Recentexamplesinclude

DigitalBridge’s~$1billionacquisitionofArcLightandKKR’s$10billion+acquisitionofHelixDigitalInfrastructure,whichnamedVistraitspreferredpowerpartner.

FINANCIALOUTLOOK

Thesectordemonstratesrobustfundamentalmomentum,

withprojectedEBITDAgrowthdrivenbythesenewdemandsources.TheMiddleEastconflicthastighteneddomesticgassupply,promptingsponsorstore-markgasassetstohigherforwardpriceassumptionsandsupportingnear-termmarginexpansion.

M&AActivity

Thermal

U.S.ThermalM&ATransactionsAnnouncedbyQuarter

■TotalDealCount■TotalDealValue($B)

KeyHighlights

2026:ROBUSTM&AACTIVITYCONTINUES

$135

ThetrendofrobustthermalM&Ahascontinuedinto2026.The$67billionNextEra-Dominionmerger,thelargestregulated

utilitytransactioneverannounced,signalsanewphaseoflarge-scaleconsolidationalongsideongoingthermalplatformM&A.

ESTABLISHMENTOFA$1,000/KWVALUATIONFLOOR

Marqueetransactionshaveresetpricingexpectationsforhigh-qualitythermalassets.AverageU.S.gasgenerationvaluationssincethestartof2025haveexceeded$1,400/kW,morethandoublethe2020to2024average,reinforcingadurable

valuationfloorforoperatingassetsinconstrainedmarkets.

NotableDeals(1)(2)

TALEN

equinor

Constellation.

Acquirer

VISTRA

LSPower

LSPower

ENERGY

Recentacquisitionsoflargegenerationportfoliosbystrategicsleavealimitedpoolofqualitythermalgenerationassets

availabletotransact.Publicstrategics(e.g.,TalenEnergy,Vistra,Constellation)faceincreasedcompetitionforhigh-qualityassetsfromprivateequityandinfrastructurefundsaswellasnewer

entrants(e.g.,Equinor,MARA)seekingtoadddispatchablesupply.

THERELIABILITYPREMIUM

Buyersareunderwritingsignificantvaluebeyondsimple

energymargins.Thenotablepremiumspaid,particularlyTalen's~$1,362/kWacquisitionofCornerstoneGeneration,indicatethatthemarketispricinginthelong-termscarcityvalueof

EXPANDINGBUYERUNIVERSE,SHRINKINGASSETPOOL

Target

RhodeIslandState

EnergyCenter

LackawannaEnergy

Center

BrazosValleyEnergy

Center

ConstellationEnergy

Facilities

Cornerstone

Generation

CogentrixPortfolio(3)

DateAnnounced

Sep-26

Aug-26

Aug-26

Mar-26

Jan-26

Jan-26

Generation

609MW

1.5GW

606MW

4.4GW

2.6GW

5.5GW

PurchasePrice

$1,174/kW

$723/kW(4)

$1,419/kW

$1,142/kW

$1,362/kW

$855/kW

Valuation

Undisclosed

Undisclosed

Undisclosed

Undisclosed

6.6x

(2027PEBITDA

Multiple)

8.5x

(2027PEBITDA

Multiple)

Sources:S&PCapitalIQasof9/30/26andcompanyannouncements.

(1)Includesreportedgenerationandpurchasepricemetrics.

(2)RecenttransactionmultiplespercompanyannouncementsorWallStreetindustryresearch

(3)Reflects$2.3billioncash,$0.9billionstock,and$7.5billionassumeddebt

(4)Reflectsa$940millionpurchasepricefor87.71%ofClassAshares,whichcarrypreferentialdividendrights:notequivalenttoan87.71%economicinterestinthefacility.

dispatchablegenerationrequiredtofirmintermittentrenewablesandsupporthyperscalerloadgrowth.

reports.

5

U.S.RenewableMarkets(Past,Present,Future)

WhereWereWe?WhereAreWeNow?WhereDoWeGoFromHere?

ESGmandatesfromfederal,state,andprivatemarkets.

LargepoolsofcapitalchasingESG.

Near-zerointerestrates.

SPACboomwithpublicrenewablenamestradingatall-timehighs.

Develop/flipcompaniesreceivingall-timehighvaluations.

Unlimitedgrowthprospects.

Tariffrisksandcostinflation.

OBBBAgutswindandsolartaxcredits,whilelargelyretainingcreditsforstorage,nuclear,geothermal,andhydropower.

FEOCrulesandforeign-equipmentrestrictions.

PullbackinESGinvesting.

Higherinterestratesforlonger.

Interconnectionlogjam.

Cashflowandliquidityfocusfordevelopers.

Potentialdistressintherenewablesvaluechain.

Industryconsolidation.

Cleantechcompaniesfacedeeperr

challengeswithsupplychainconcerns.

Emergingtechnologiesfaceexistentialrisk.

Investorappetitelimitedtoderisked

renewables.

70

63

$11

$11

$11

$7

$6

EquityMarketPerformanceandM&AActivity

Renewables

Two-YearSharePricePerformance(1)(%)

150%

100%

45.1%

36.1%

25.7%

2.0%

50%

–

(50%)

Sep-24Dec-24Mar-25Jun-25Sep-25Dec-25Mar-26Jun-26Sep-26

TAN(Solar)PBW(Renewables)FAN(Wind)S&P500

U.S.RenewablesM&ATransactionsAnnouncedbyQuarter(2)

TotalDealCountTotalDealValue($B)

115

111108

99

69

59

$25

$11$10

48

$22

52

44

$14

$2

383741

$6$2$1

59

38

$5$5

3233

$7

$9

Q2'22Q3'22Q4'22Q1'23Q2'23Q3'23Q4'23Q1'24Q2'24Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Q3'26

Sources:S&PCapitalIQandEnerdaticsasof9/30/26.

Note:TAN(Solar)referstoInvescoSolarETF,PBW(Renewables)referstoInvescoWilderHillCleanEnergyETF,andFAN(Wind)referstoFirstTrustGlobalWindEnergyETF.

(1)Pricingasof9/30/26andrepresentsmarketcap-weightedaverage.

(2)ExcludesacquisitionofAESCorp.announcedinQ12026foratotalenterprisevalueof~$33.4billion,andtheNextEraEnergy/DominionEnergytransactionannouncedinQ22026foratotaltransactionvalueof~$67billion.

7

KeyHighlights

NEWMARKETPARADIGM

Therenewablessectorcontinuestorecalibratetothepost-OBBBAlandscape,followingtheclosingofthebegin-constructionwindowonJuly4,2026,while

FEOCanddomesticcontentprovisionsaddsupply

chaincomplexitytoongoinginterconnectiondelays.DevelopersarenowfocusedoncompletingwindandsolarprojectsaheadoftheDecember31,2027,in-

servicedeadlinetoreceivethePTCandITC.

ROBUSTBATTERYSTORAGEDEMAND

LargelysparedfromOBBBAheadwinds,battery

storagecapacitycontinuestoexpandonthebackofsustainedITCavailabilitythrough2033,steppingdownin2034to2035.Batterystorageisexpectedtoplayanincreasingroleingridreliabilityasthe

AI-drivendatacenterbuild-outfuelssignificantelectricitydemand.

DIVERGENCEINSOLARSTRATEGIES

Thesolarmarketisshowingadistinctsplitin

businessmodels.Whilehigh-growthplatforms

continuetoexpandaggressively,established

industryleadersfaceacomplexlandscapedefinedbypotentialpolicyshiftsandcompetitive

pressures.Thishighlightsthevaryingdegreesofexposuretoregulatoryenvironmentswithinthesolarvaluechain.

U.S.Generation

HistoricalAnnualU.S.GenerationbyFuelType(asof7/31/26)(MillionMWh,12-MonthRollingAverage)

160

150

140

130

120

110

100

90

80

70

60

50

40

30

20

10

0

NaturalGas

Nuclear

Coal

Wind

Solar

Hydro

OtherRenewables

OtherNonrenewables

2013201420152016201720182019202020212022202320242025

Source:U.S.EnergyInformationAdministration.

Notes:AsofSeptember30,2026.“OtherRenewables”includeswood,blackliquor,otherwoodwaste,biogenicmunicipalsolidwaste,landfillgas,sludgewaste,agriculturebyproducts,otherbiomass,geothermal,andhydroelectricpumpedstorage.“OtherNonrenewables”includespetroleumliquids,petroleumcoke,blastfurnacegas,manufacturedandwastegasesderivedfromfossilfuels,nonbiogenicmunicipalwaste,batteries,hydrogen,purchasedsteam,sulfur,tire-derivedfuel,andothermiscellaneousenergysources.

8

ProductionbySourceLTM7/31/26

NaturalGas

FossilFuels

57%

Coal

Other

Nonrenewables

18%

Nuclear

11%

Wind

Hydro

Solar

Other

1%

Renewables

AlternativeEnergy

43%

15%

1%

6%

7%

41%

FeaturedPower,

HoulihanLokeyhas

extensiveexperienceadvisingonM&Aandfinancingsacrossthepower,utilities,andrenewablesspace.

ARDIAN

BlackstonehasacquiredHilTop

EnergyCenter,a620MWgas-

firedCCGTinWesterm

Pennsyluania,fromArdian

BusideAdvusor

raTEuenevEHTE

FronteraEnergyCenter,

a540MWnaturalgas-fired

combined-cyclepowerplant

inMission,Texas,hassold

amajoritystaketoStrategic

ValuePartners

SelsideAdvisor

ROCKLANDCAPITAL

TAIT

金Y

RocMandCapital,LP,hassold

100%ofisinterestinthe677

MWLeeCountyGeneratingStationandthe586MWTaitElectricGeneratingStationto

HulStreetEnergy,LC

SelbideAdvisor

RWE

enviva

RWEhascompletedthesaleofanunsecuredclaimduring theChapter11proceedings

ofEnviva

lumio≠

LumioHaldings,nc.hassold

substantiallyllisassets,

pursuanttoSection363oftheU.S.BankruptcyCode,to

ZeoEnergy

CompanyAdvsor

UnsecuredCreditorAdisor

OlympusPower,LLChas

completedthesaleof100%

interestinLanyardPower,

a1.9GWportolioofgs-fred

peakingassetsinPJM,toa

privateequityirmestor

SelbideAdusor

LaryardPowerhascompletedanout-ocourtrestructuring

CrditorAdisor

NewarkEnergyCenterhas

amendedandextendedits

creditagreementCroeuplininthes

SecuredGreditorAdvisor

leo

cube

ISQUAREDCAPITAL

FIERA

INFRASTRUCTURE

CubeDstrictEnergy

aportfoliocompanyof

1SquaredCapital,hasbeenfthaecquredbyFeraInfastructure

SelsideAdvsor

MainstreamRenewablePower

hascompletedtherestructuring

ofits1.4GWAndesRenovables

windandsolarplatformviaa

JudicialReorganization

ProceedinginChile

MezzanineDebtAdisor

Utilities,andRenewablesTransactionExperience

PotomacEnergyCenter,a774

MWnaturalgas-firedcombined

cyclepowerplantinLoudoun

County,Virginia,hasbeen

acquredbyBlackstone

SelsldeAdvisor

CricketvallyEnergyCenter

CicketValleyEnergyCenter

hascompletedanout-of-

courtrestructuring

CreditorAdnisor

FRONTERAENERGYCENTER

FronteraEnergyCenter,

a540MWnatural-gas-fired

combined-cyclepowerplantin

Mission,Texas,hassuccessfully

raisedanewFistLienTerm

Loantorefinanceisexisting

debtfacifties

ExdusivePlacementAgent

PG&EFireVictimTrust

PG&EFireVictimTrust,atrust

createdpursuanttotheChapter

11PlanofReorganizationof

PG&Ehassuccessfuly

monetizeditsequitysecuities

atgreaterthanplanvalue

FreWctimTrustAdisor

ATLAS|HOLDINGS

HULLSTREET

ENERGY

AtlasHokdingsLChascompletedthesaleof100%interstinthe598MWBastrooEnergyPartnersfaclityand

257MWPanisGenerationfacity,both

ofwhicharenaturalgs-firedCCGT

powerplantslocatedinTexs,toHul

StreetEnergy,LC

SelsideAdvisor

ATLAS|HOLDINGS

PANAMINTCAPITAL

AtlasHoldings,LChascompleted

thesaleof100%interetinthe

310MWcoal-firedTwinOaks

PowerStationfadlityinTexasto

PanamintCapital

SelsideAdisor

bINGENCO

CCI

XX

ARCHAEA

ENERGY

INGENCO,anaffateofCC,hasbeenacquiredbyArchaeaEnergy

SelbideAdisor

Tombstonesincludedhereinrepresenttransactionsclosedfrom2017forward.

9

HoulihanLokey

maxeon

MaxeonSolarTechnologie,Ltd.

75%SeniorSecured

ConvertibleNotesdue20275207,0000

ExchusivePlacementAgent

SALEMHARBORSTATION

SalemHarborPower

DevelopmentLPhasconfirmed

aChapter11Planof

Reorganization

CompanyAdvusor

PIMCO

PacifImvestmentManagement

Company,LChascompleted

anacquisitionpursuantto

proceedingsunderthe

CompaniesCeditors

ArrangementAct(CCAA)ofJust

EnergyGroupInc

CreditorAdvsor

BEIG

GLOBALENERGYPARTNERE

THECARLYLEGROUP

BGGlobalEnergyPartners,LC

hascompletedthesaleofits

50%indireinterestina1,740

MWportfoliootwocombined

cyclenaturalgas-firedpower

plantstoTheCaryleGroup

SelbideAdvusor

ProjectOdyssey

THECARLYLEGROUP

ProjetOdyseyhascompletedthe

saleofa100%interestinthe600MW

AlturaCogenerationfadlityanda

50%interestinthe550MWCedar

Bayou4facity,bothofwhichare

naturalgas-firedCCGTpowerplants

locatedinTexs,toTheCatyleGroup

SelbideAdvisor

COSO

Atlantica

SustainabkeInfrnstructure

CosoGeothemalPowerHoldings,LChasbeenacquiredbyAtlantica

SellideAdusor

Macquariehascompletedthesale

ofanundividedinterestin

AntelopeValleyStationUnit2toa

leadingaltemativesetmanager

SelbideAdvisor

10

HoulihanLokey

FeaturedPower,Utilities,andRenewablesValuationandOpinionExperience

HoulihanLokeyhas

advisedavarietyof

stakeholdersondozensoftransactionsspanningthepower,utilities,andrenewablessector.

ALETEhasbeenacquredby

GoballfPastructurePartners

Famessopinion

CHEMTRONKilnDirect

FundsmanagedbyKinderhook

Industries,LC,haveentered

intoanagreementtocombine

CirconEmvironmentalChemtron

Corporation,andKilnDirect

Faimesspinion

HanwhaQCELLS

HanwhaChemical

HamwhaQCELIShasbeenacquiredbyawhollyowned

subsidiaryofHarwhaChemical

SelsdeAdisor&arnssopinion

ECP

JamesM.Gavin

PowerPlant

JamesM.GavinPowerPlanthasbeenacquiredbyaninvestor

groupledbycertainfundsmanagedbyECP

FarnesOplnion

CSEnergy

AMERICANSECURITIES

CSEnergyhasbeenacquired

byAmericanSecurities

ValuationAdvkor

JASOLAR

JASdlarhasbeenacquiredbyaconsortiumledbyJASolar's

Chairman&CEOandhis

afflatedentityofJinglongGroupCo,Ltd

SelbsldeAdvkor&FaimesOpinion

WhiteOak

Atlantic

CarbonGroup

WhiteOakGlobalAdvisorshas

AtlanticCarbonGrouptoBUMAIntermational

Faimessopinion

danimerscientific

LIVEOAK

DaimerScientfichasmerged

withLieOakAcquisitionCorp.

Famessopinion

HanwhaSolarOne

QCELLS

HanwhaSolarOnehas

combinedwithQCELLSto

fomHarwhaQCELSCo.

FairnessOpinion

GEVERNOVA

GeneralBectrichascompleted

thespin-offofGEVermova

PRoDuc

PBFEnergyhassoldfive

steammethanereformer

hydrogenproductionplants

toAirProducts

FinancalOpinion

SinoGashasbeenacquiredbya

oitnaldyEOS,ior'

StanleyPriateEquityAsiaand

ZhongyuGasHaldngLtd

SelsldeAdvsor&FarnessOpinion

FundsmanagedbyQuinbrook

InfrastructurePartnershavesokd

certainownershipinterestsin

Geminisolar-plus-storageproject

andtheValeyofFireGrowth

Portfoliotoanewinvestment

vehideGeminilndustries

Valuatonopimion

AtlasCorp.hasacquiredAPR

EnergyLimited

FaimesOpinion

ChinaHydroelectieCorporation

hasbeenacquiredbya

consortiumledbyNewQuest

GapitalPartners

SelbideAdusor&FaimessOpinion

CASTLELAKE

合CaVaL

CastlelakehassoldPeregrine

EnergySalutionsandCLEnergy

TransitionHoldings,LLC

toABCarVal

Fnancalopinion

HYDROGENICS

SHIFTPOWERENERGIZEYOURWORLD

HydrogenicsCorporatonhas

beenacquiredbyCummins,Inc.

sSellideAdisor&FarnesOinion

Inenergy

InvenergyWindPowerLLChascompletedatermboanfinancing

atiswindpowersubsidiary

element

TPGRISE

bluesource

ElementMarkets,LC.

aportfoliocompanyofTPGCapital,LP,hasacquired

Bluesource

Panasonic

CORONALENERGY

PanasonicNorthAmerica

hascompletedastrategic

reviewoftheirirvestment

inCoronalEnergy

FhandalAdisor

AtlanticPower

Corporation

AtlanticPowerCorporationhas

completedaconversionfroman

IPSstructuretoatraditional

commonsharestructure

FinancialOpinion

Arcadia

iSolar,LChasbeenacquiredbyArcadiaPower,Inc

Faimesopinion

GRIDLIANCE

GnidlianceHodco,LP,received

agoodwillimpairmentwaluation

analysisandwaluationof

managementunits

Utitiesorporation

FinancialAdvksor&FalrnesOpinion

Tombstonesincludedhereinrepresenttransactionsclosedfrom2009forward.

Disclaimer

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Finanzdienstleistungsaufsicht);(iii)theUnitedArabEmirates,DubaiInternationalFinancialCentre(Dubai):HoulihanLokey(MEAFinancialAdvisory)Ltd.,regulatedbytheDubaiFinancialServicesAuthority;

(iv)Singapore:HoulihanLokey(Singapore)PrivateLimited,an“exemptcorporatefinanceadviser”abletoprovideexemptcorporatefinanceadvisoryservicestoaccreditedinvestorsonly;(v)HongKongSAR:HoulihanLokey(China)Limited,licensedinHongKongbytheSecuritiesandFuturesCommissiontoconductType1,4,and6regulatedactivitiestoprofessionalinvestorsonly;(vi)India:HoulihanLokey

Advisory(India)PrivateLimited,registeredasaninvestmentadviserwiththeSecuritiesandExchangeBoardofIndia(registrationnumberINA000001217);and(vii)Australia:HoulihanLokey(Australia)PtyLimited(ABN74601825227),acompanyincorporatedinAustraliaandlicensedbytheAustralianSecuritiesandInvestmentsCommission(AFSLnumber474953)inrespectoffinanc