Obsidian Energy Proposes Combination Transaction to Bonterra Energy Corp.

Prnewswire | August 31, 2020

OBSIDIAN ENERGY LTD. today announced that it has sent the following letter to Bonterra Energy Corp. (TSX: BNE) ("Bonterra") proposing a combination transaction that would be expected to result in significant cost synergies and drive substantial accretion across all financial metrics for both Obsidian Energy and Bonterra. As you are aware, Obsidian Energy Ltd. ("Obsidian Energy") and Bonterra Energy Corp. ("Bonterra") have been engaged in periodic discussions pertaining to a potential friendly business combination transaction since at least January of 2019.  Based on the extensive due diligence and analysis conducted by our financial advisor Tudor, Pickering, Holt & Co. ("TPH") and our senior management team, we strongly believe that a combination between our two companies would result in significant cost synergies that would drive very substantial accretion across all financial metrics while creating a "Cardium Champion" with significant scale given the contiguous nature of our Pembina operations

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clear and engaging infographic that would explain geothermal energy simply to a non-technical audience.

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clear and engaging infographic that would explain geothermal energy simply to a non-technical audience.

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ENERGY

Quanta Services to Acquire Blattner Holding Company - Industry Leading Utility-Scale Renewable Energy Infrastructure Solutions Provider

Quanta Services | September 06, 2021

Quanta Services, Inc. (NYSE: PWR) announced today that it has entered into a definitive agreement to acquire Blattner Holding Company (Blattner), one of the largest and leading utility-scale renewable energy infrastructure solutions provider in North America. Founded in 1907 and headquartered in Avon, Minnesota, Blattner provides front-end engineering, procurement, project management and construction services to leading renewable energy developers for wind, solar and energy storage projects. Through its geographically and technologically diverse capabilities, Blattner has completed or been awarded more than 300 wind projects (+49 GW installed generating capacity), more than 90 solar projects (+12 GW installed generating capacity) and 17 energy storage projects. Over the last several years, Blattner has achieved double-digit organic revenue and profit growth by leveraging its operational expertise and collaborative customer relationships. Blattner generated full-year 2020 revenues and adjusted EBITDA (a non-GAAP measure) of approximately $2.4 billion and $291 million, respectively. As described in further detail below, the consideration to be paid at closing for the transaction is approximately $2.7 billion. Duke Austin, Quanta's President and Chief Executive Officer, commented, "We are excited to announce our intention to acquire Blattner and we look forward to welcoming their employees to the Quanta family of companies. Both Blattner and Quanta are rooted in entrepreneurial, family-operated businesses that are focused on safety and care deeply about their employees. We believe what Quanta is to the electric power solutions industry, Blattner is to the utility-scale renewable energy solutions industry. Together, we will be focused on what we believe are the most attractive areas of the electric infrastructure complex. Blattner will bring an exceptional management team that we believe will enhance our ability to collaborate with our customers to shape North America's energy transition to a carbon-neutral economy. Blattner has a strong and visible project backlog, and we believe their financial contribution will be accretive to Quanta's growth, margins, cash flow conversion and earnings per share." Scott Blattner, President of Blattner Holding Company said, "Our industry is on the cusp of significant evolution and this is an opportunity to add the additional scale and resources needed for our organization to continue leading and delivering certainty to our renewable energy customers. Blattner was looking for a strategic partner with the resources and capabilities that will provide us the opportunity to strengthen our market position, take advantage of next-generation opportunities emerging in the renewable energy market and continue to contribute to the long-term success of our employees and customers. To that end, we believe Quanta is the ideal partner for Blattner." Blattner's existing management team will remain in place, with Scott Blattner continuing in his leadership role as President. With a skilled, dedicated and high-quality workforce, Blattner will serve as a platform operating unit of Quanta. Lazard is serving as financial advisor and Latham & Watkins, LLP is serving as legal advisor to Quanta for this transaction. J.P. Morgan Securities LLC is acting as exclusive financial advisor to Blattner. Acquisition of Blattner is Consistent with Quanta's Key Strategies for Sustainable Success, Compelling Financial Contributions and Strong Cultural Fit Leading, Pure-Play Renewable Energy Infrastructure Solutions Platform – Blattner is a leading renewable energy infrastructure solutions provider with an experienced and deep management team that represents a rare scale opportunity in an otherwise fragmented market. Blattner will significantly increase Quanta's exposure to the large and growing utility-scale renewable energy wind, solar and energy storage markets. Accelerating Near- and Long-Term Growth Drivers – Renewable energy development is expected to accelerate over the foreseeable future, driven by public and private industry energy transition and carbon-neutrality initiatives; electricity load growth to support increased electrification; including new generation capacity; supportive public policy; declining levelized costs of renewable energy; and consumer and investor preferences. Increasing Quanta's Capabilities to Provide Infrastructure Solutions – Quanta is the industry leader in providing comprehensive infrastructure solutions to North American utilities that support their efforts for system modernization, grid hardening, maintenance, and replacement. Current and potential customers have encouraged Quanta to expand its services offerings that provide renewable generation engineering and construction services. To that end, Blattner will provide Quanta with industry-leading capabilities to meet these customer needs – pairing Blattner's renewable energy solutions with Quanta's electric transmission and substation solutions, for a turnkey approach. Expect Meaningful Accretion and Financial Contributions Without Synergy Assumptions – Quanta expects Blattner to contribute meaningfully to its financial profile in the near and longer term, including revenue, margins, adjusted EBITDA, free cash flow conversion and earnings per share. For the full year of 2022, Quanta estimates revenues for Blattner to be between $2.5 billion and $2.7 billion, adjusted EBITDA for Blattner to be between $250 million and $290 million and Blattner's contribution (not accretion) to adjusted diluted earnings per share (a non-GAAP measure) to be between $0.80 and $1.00. Management notes that these financial expectations are preliminary and, accordingly, has taken a prudent approach to its forecast. Enhances Revenue and Customer Diversity – Like Quanta, Blattner brings deep, longstanding, and collaborative customer relationships, which are additive to Quanta's blue chip customer base. Blattner's strong relationships with the renewable industry's leading developers are expected to continue to drive ongoing and repeat business and diversify Quanta's customer base, while creating new growth opportunities with existing customers. Strong Cultural Fit – Similar to many of Quanta's other operating companies that have been managed by multiple generations of family members, Blattner has been owned and operated by the Blattner family since 1907. Also, like Quanta, Blattner has shown a commitment to its employees through comprehensive training and safety programs and by providing a work environment that fosters prosperity and growth. Enhances Quanta's Already Favorable ESG Profile – As discussed in Quanta's 2020 Corporate Responsibility Report, Quanta has a favorable ESG profile due to its commitment to People, Planet and Principles. We believe the integral role Blattner plays in facilitating renewable energy generation, as well as its commitment to corporate social responsibility, will complement and enhance Quanta's ESG efforts. Transaction Consideration and Financing The transaction consideration of $2.7 billion anticipated to be paid at closing will consist of approximately $2.36 billion in cash, subject to a working capital adjustment, as well as shares of Quanta common stock valued at approximately $340 million. Additionally, pursuant to the terms of the definitive agreement, Blattner owners will be eligible for an earnout payment that could provide additional consideration of up to $300 million, to the extent certain financial performance targets are achieved. Quanta has obtained commitments from Bank of America, N.A. and Wells Fargo, National Association for bridge financing, should it be needed, to complete the transaction. However, the company expects to pursue certain other debt financing alternatives to finance the cash portion of the transaction consideration. Transaction Approvals and Closing Conditions The transaction has been unanimously approved by the Board of Directors of both Quanta and Blattner and is expected to close in the fourth quarter of 2021, subject to receiving required regulatory approvals and the satisfaction of other customary closing conditions. Conference Call Information In conjunction with this announcement, Quanta has scheduled a conference call for this morning, September 2, 2021, at 9:00 a.m. Eastern Time, which will also be broadcast live over the Internet. Quanta will utilize a slide presentation to accompany its prepared remarks, which will be viewable through the webcast and will also be available in the "News and Events" area of the Investor Relations section of Quanta's website prior to the start of the call. To participate in the call, dial 1-201-689-8345 or 1-877-407-8291 at least 10 minutes before the conference call begins and ask for the Quanta Services Blattner Acquisition Conference Call or visit the Investor Relations section of the Quanta Services website at http://investors.quantaservices.com to access the Internet broadcast. Please allow at least 15 minutes to register and download and install any necessary audio software. For those who cannot participate live, shortly following the call a digital recording will be available on the company's website and a telephonic replay will be available through September 9, 2021 by dialing 1-877-660-6853 and referencing the conference ID 13722800. For more information, please contact Kip Rupp, Vice President - Investor Relations at Quanta Services, at 713-341-7260 or investors@quantaservices.com. About Quanta Services Quanta Services is a leading specialized contracting services company, delivering comprehensive infrastructure solutions for the utility, communications, pipeline and energy industries. Quanta's comprehensive services include designing, installing, repairing and maintaining energy and communications infrastructure. With operations throughout the United States, Canada, Australia and select other international markets, Quanta has the manpower, resources and expertise to safely complete projects that are local, regional, national or international in scope. For more information, visit www.quantaservices.com. About Blattner Holding Company Blattner, the parent company of Blattner Energy, Inc. and D.H. Blattner & Sons, Inc., is an industry leading renewable energy infrastructure solutions provider to the renewable energy industry with project experience throughout North America, that delivers expertise and collaborative renewable energy solutions for developers and utilities throughout North America. These companies provide complete engineering, procurement, project management and construction services for wind, solar and energy storage solutions. Powering forward, Blattner builds certainty through relationships, proven project management and self-performance of major work activities, which promotes safety, quality, efficiency and customer satisfaction.

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SOLAR+STORAGE

Nucor Signs Largest Power Purchase Agreement in History of Steel Industry

Nucor | November 17, 2020

Nucor, a steel creation organization, has declared the marking of a 15-year Virtual Power Purchase Agreement (VPPA) for 250 megawatts of sun based energy in Texas. The undertaking is required to start conveying clean power in Q2 2023. The understanding imprints the main sun based force buy arrangement for Nucor and the biggest of its sort for the steel business. Development is required to begin in Summer 2022, making several development related positions during its pinnacle. The neighborhood network will profit over its working life through land rent, charge, and different installments. The normal power produced at full limit is sufficient to meet the utilization of almost 50,000 normal Texas homes. VPPAs have become an inexorably standard approach to make sure about sustainable power for enterprises. In September, Henkel, a German substance and buyer products organization, marked a huge scope virtual force buy understanding (VPPA) identifying with another breeze ranch in Bee County, Texas, which will cover 100% of the power interest of Henkel's activities in the US. To arrive at its objective to source 100% inexhaustible power for its creation locales by 2030, Henkel follows a mix of on location creation of efficient power energy, direct buy, and virtual inclusion. This includes, for instance, going into long haul VPPAs that feed power from explicit environmentally friendly power plants into the flexibly framework — in a sum that is equivalent to the sum burned-through. Hence, Henkel adds to making extra sustainable power age limit by method of its green force buy.

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TRANSPORTATION

Trip.Com Launches Integrated Carbon Solution with Sustainable Travel Options

Trip.com | June 08, 2022

Trip.com has unveiled its integrated carbon solution, which will allow Trip.com users all around the world to address their travel-related CO2 emissions. The worldwide travel platform has teamed with climate-tech firm CHOOOSE to provide passengers with the option of calculating and offsetting their flight's CO2 emissions by supporting global climate solutions. Customers buying flights on Trip.com will now be given the option to reduce their CO2 emissions during the booking process. Travelers' offsets will support initiatives that reduce, collect, or avoid CO2 emissions in an amount equal to the calculated emissions of the flight for a nominal fee. The CHOOOSE solution is fully integrated into the Trip.com platform, allowing clients to address their CO2 emissions as part of their whole trip experience. "As part of our mission to lead the global transformation to modern and more environmentally-responsible travel, we have partnered with CHOOOSE to contribute towards highly effective CO2-mitigating projects around the world. This makes it easier and simpler for Trip.com users to offset their flight's CO2 emissions during checkout on our platform and travel more responsibly." -Jane Sun, Chief Executive Officer at Trip.com Group "We see an increasing demand from individuals and companies around the world wanting to understand the CO2 emissions from their travel and to address these emissions through solutions like carbon removals, offsets and sustainable aviation fuel. That's why we are thrilled to team up with Trip.com to offer integrated climate options as a seamless part of their booking process, making climate action more accessible for people worldwide." -Andreas Slettvoll, Chief Executive Officer at CHOOOSE According to the latest industry requirements, Trip.com and CHOOOSE compute CO2 emissions per passenger based on criteria such as aircraft fuel usage, seat layout, and travel distance. This estimate can help determine how much it will cost to offset the voyage, as well as which routes will produce the least amount of CO2 per passenger. Trip.com and CHOOOSE have chosen several high-impact CO2 mitigation initiatives from around the world that decrease, eliminate, or avoid CO2 emissions. Carbon professionals scrutinize the projects and certify them to the most stringent standards, such as the Gold Standard, a prominent worldwide carbon protocol. This guarantees that the initiatives have the lowest possible carbon footprint and provide actual benefits to local communities, so travelers can feel good about their contributions. Visit here to read more about the climate projects chosen for Trip.com's integrated carbon program. The launch of this new carbon solution is in line with Trip.com Group's mission of encouraging travellers to think about the environmental impact of their journey and providing solutions for Trip.com customers to travel more responsibly.

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