HOME | OUR SERVICES | OUR DIFFERENCE | TRANSACTIONS | TEAM | CONTACT

IKARUS CAPITAL

Ikarus Capital offers a full range of advisory services in strategic and corporate finance, M&A, project finance, debt capital and equity capital raising. Our clients are developers raising debt and equity, asset owners divesting or re-financing projects, and investors seeking to buy assets in operation or under construction.

Photo Renewables We are committed to the renewables and utilities industries across Europe and emerging markets. We have extensive experience in helping our clients divesting assets or portfolio of assets. For a typical sell-side process, our scope of services encompasses the following:

  • Analyse the asset to be divested (preliminary valuation, strengths, weaknesses, investment case)
  • Assess the current market environment and investor expectations
  • Create a teaser and a comprehensive information memorandum
  • Prepare a financial model with detailed assumptions
  • Reach out to a pre-screened selection of global investors (private equity, strategic buyers, infrastructure funds, insurance and pension funds)
  • Manage the bidding, Q&A, and management presentations processes
  • Coordinate the due diligence of selected bidders
  • Assist in evaluating bids and negotiating the terms of the transaction
  • Expedite the closing of the transaction in cooperation with the other transaction advisors


We also support our clients who are seeking to invest in renewable energy assets, either to enter this asset class, or to extend their portfolio. Target assets might be projects under development, assets under construction, or operating assets. Our scope typically includes the following:

  • Assess the investment or development strategy and criteria
  • Propose assets or projects according to these criteria
  • Prepare the investment case, valuation of the asset(s), and investment structure
  • Submit the different bids per the sale process (NBO, final offer, adjustments, clarifications)
  • Manage the due diligence process and coordinate other advisors
  • Support the negotiations of the terms of the transaction and facilitate an efficient closing


Photo Renewables Project finance is a key area in renewable energy finance, where Ikarus Capital has a deep expertise. We will determine the optimal financial structuring (equity, convertible loans, mezzanine, senior loans, etc.) for the project or the assets, and reach out to the most likely lenders to ensure a timely financial close. A typical scope of such mandate is the following:

  • Review all project or corporate documentation and contracts, and suggest potential changes
  • Develop a financial model and run different financial structure simulations
  • Advise on optimal financial structure
  • Create a teaser and a comprehensive information memorandum
  • Prepare a list of target lenders (banks, debt funds, other financial institutions)
  • Assist in evaluating proposals and negotiating the terms of the transaction
  • Expedite the closing of the transaction in cooperation with the other transaction advisors


For operating assets, there often is significant upside in optimizing the financial structure. Re-financing the existing debt structure is in many cases a very attractive option. The scope is very similar to raising new debt, with the addition of a careful analysis of the impact of unwinding the existing debt (break-up fees, swap agreements analysis, etc.).


We also help our clients with financial advisory services beyond specific transactions, e.g. financial modelling of renewable energy projects in new markets, fairness opinions, valuations, etc.