Longspur Capital

🔋 ☀ How does an investor get access to the high returns available from developing renewable energy projects? Today we initiate research coverage on our first Canadian-listed company, Westbridge Renewable Energy Corp., a developer of solar PV and battery energy storage system (BESS) projects. Unlike the vast majority of its listed peers which are either IPPs (who own operating portfolios of renewable energy assets) or Hybrid IPPs (a mixed portfolio of operating and under-construction assets), Westbridge is initially concentrating on sourcing and developing projects through to "Ready to Build" stage - before capex on projects really accelerates. This is one step earlier in the value chain and, while there can be higher risk, there is also considerably greater reward.    With their first two completed transactions Westbridge have shown their ability to generate returns on invested capital. This stems from a lean, highly experienced team of developers who have built over 20GW of clean energy projects in their careers. And with over 40% of the shares owned by senior management and founders, they are heavily aligned with their shareholders.    With 5 of the company's PV and BESS projects in Alberta now agreed for sale to leading renewable IPP Metlen Energy & Metals, the company has realised $89m of cash proceeds which is roughly equivalent to its market cap today. We expect remaining proceeds from the sale to be recognised over the next 1-2 years which will leave c$100m of cash on the company's balance sheet for reinvestment and returns to shareholders. Longspur Capital Research is available to all professional investors. We have an extensive track record covering large and small companies on the main UK list, on AIM, NASDAQ, ASX and on a number of European exchanges. If you'd like to know more, please feel free to reach out to Adam Forsyth (Research), Max Campbell (Research), or Adam Robertson, CFA (ECM). #renewabledevelopers #energytransition #solar #bess

🔋 ☀ How does an investor get access to the high returns available from developing renewable energy projects? Today we initiate research coverage on our first Canadian-listed company, Westbridge Renewable Energy Corp., a developer of solar PV and battery energy storage system (BESS) projects. Unlike the vast majority of its listed peers which are either IPPs (who own operating portfolios of renewable energy assets) or Hybrid IPPs (a mixed portfolio of operating and under-construction assets), Westbridge is initially concentrating on sourcing and developing projects through to "Ready to Build" stage - before capex on projects really accelerates. This is one step earlier in the value chain and, while there can be higher risk, there is also considerably greater reward.    With their first two completed transactions Westbridge have shown their ability to generate returns on invested capital. This stems from a lean, highly experienced team of developers who have built over 20GW of clean energy projects in their careers. And with over 40% of the shares owned by senior management and founders, they are heavily aligned with their shareholders.    With 5 of the company's PV and BESS projects in Alberta now agreed for sale to leading renewable IPP Metlen Energy & Metals, the company has realised $89m of cash proceeds which is roughly equivalent to its market cap today. We expect remaining proceeds from the sale to be recognised over the next 1-2 years which will leave c$100m of cash on the company's balance sheet for reinvestment and returns to shareholders. Longspur Capital Research is available to all professional investors. We have an extensive track record covering large and small companies on the main UK list, on AIM, NASDAQ, ASX and on a number of European exchanges. If you'd like to know more, please feel free to reach out to Adam Forsyth (Research), Max Campbell (Research), or Adam Robertson, CFA (ECM). #renewabledevelopers #energytransition #solar #bess

📢 Longspur Capital wants to congratulate our client Byont with the launch of its European biogas platform. A significant equity contribution from Asterion Industrial Partners has been secured and the first two acquisitions have been completed. Longspur acted as sole Financial Advisor on the capital raise and acquisitions. Byont aims to acquire multiple European CHP projects and upgrade them to produce biomethane or Bio-LNG. The two plants that have been acquired to date, located in Belgium, are CHP projects that ferment manure and other organic waste into valuable products that can be used to decarbonise the energy sector. Once upgraded, they can produce enough biomethane to replace c. 15 million m3 of natural gas and reduce 50,000 tonnes of CO2 per annum. Bas Verloop & Michiel Klomp, Partners at Longspur Capital, added: “Longspur is delighted to have supported Byont in this landmark transaction. We would like to thank Asterion Industrial Partners and their respective advisors for making this an enjoyable and positive process. Biogas is a vital feature of our future energy system, and we look forward to seeing Byont’s future success.” #biogas #biomethane #energytransition #renewables #circularity

We are excited to announce the opening of our latest office in Amsterdam establishing a permanent presence for Longspur Capital in Europe. This marks a major step forward in our mission to better serve clients across the region. With the Amsterdam office, we will be working closely with our clients on active and incoming European transactions, continuing to strengthen our role in the clean energy transition. In addition to this milestone, we are excited to share that Bas Verloop and Michiel Klomp have become Partners at Longspur Capital. They will spearhead further growth within our corporate finance team, expanding our debt & equity capital raising and M&A capabilities in the European clean energy infrastructure sector. Please join us in congratulating Bas and Michiel on their new roles! Stay tuned for exciting updates from our Amsterdam office. #LongspurCapital #NewPartners #Amsterdam

♻ Longspur Capital is pleased to have acted as UK Introducing Agent to Agilyx in their $40m Private Placement. The transaction was part of an $87m fundraise enabling Agilyx to fully fund its share in the Cyclyx Joint Venture alongside ExxonMobil and LyondellBasell. Funding will go directly towards development and construction of the second Cyclyx Circularity Centre enabling the company to build its position as the leading upstream plastic waste management platform globally.   Congratulations to Ranjeet Bhatia, Bertrand Laroche, and the wider teams at Cyclyx and Agilyx. We are hugely excited for the build out of Cyclyx as a key solution provider to the plastic recycling industry and are proud to play a role in its continued growth. #wasterecycling #circulareconomy #placing

Did you know that since we first published our Attention All Shipping note on the momentum behind methanol as a shipping fuel, methanol ships either on order or on the water have increased by 200%? The main drivers behind this #growth continues to be new and potential tightening emissions regulations in the sector. The #IMO has designated the Mediterranean as an Emission Control Area for sulphur oxides from 1 May 2025, meaning that vessels cannot use very low sulphur fuel oil and will need to find alternatives. This includes methanol given its negligible sulphur characteristics. Learn more in our latest update here: https://lnkd.in/eQrNWRfR #LongspurResearch is available to all professional investors. We have an extensive track record covering large and small companies on the main UK list, on AIM, NASDAQ, ASX and on a number of European exchanges. Get in touch with our research team: Adam Forsyth, Adam Robertson, CFA, and Max Campbell for further information. #methanol #shipping #cleanenergy #investmentresearch #research #decarbonisation 

Did you know that since we first published our Attention All Shipping note on the momentum behind methanol as a shipping fuel, methanol ships either on order or on the water have increased by 200%? The main drivers behind this #growth continues to be new and potential tightening emissions regulations in the sector. The #IMO has designated the Mediterranean as an Emission Control Area for sulphur oxides from 1 May 2025, meaning that vessels cannot use very low sulphur fuel oil and will need to find alternatives. This includes methanol given its negligible sulphur characteristics. Learn more in our latest update here: https://lnkd.in/eQrNWRfR #LongspurResearch is available to all professional investors. We have an extensive track record covering large and small companies on the main UK list, on AIM, NASDAQ, ASX and on a number of European exchanges. Get in touch with our research team: Adam Forsyth, Adam Robertson, CFA, and Max Campbell for further information. #methanol #shipping #cleanenergy #investmentresearch #research #decarbonisation 

Did you know that clean energy stocks have tumbled 28% in 12 months, according to the S&P Global Clean Energy Index, which tracks 100 companies including wind turbine and solar panel manufacturers?   Our Head of Research, Adam Forsyth, spoke to Rachel Millard at the Financial Times on what we need to revitalise this market: “We need #investment in terms of primary investment and project investment — and it would be helpful if there is a stronger secondary market.”   Read more here: https://lnkd.in/e5XgziqW   #cleanenergy #energytransition #financialtimes

📢 Longspur Capital is delighted to have advised SFP Group as sole financial adviser on its €120 million capital raise for the construction of two large 20MW biomethane plants in the Netherlands. Senior debt will be provided by ABN AMRO Bank N.V. and ING Bank, with a junior tranche from Zencap Asset Management. Equity will be provided by SFP Group and SWEN Capital Partners. SFP Group will now have capacity to produce ~800 GWh of biomethane annually. Enough to supply more than 50,000 households with green gas each year for decades! Learn more about the deal in the Financieele Dagblad: https://lnkd.in/eK-TjD2C Bas Verloop, Managing Director and Head of Debt Advisory at Longspur Capital added: “Congratulations to the SFP Group team and to everyone involved. We are looking forward to SFP’s future success. We are proud to be very active with multiple clients in the booming biomethane sector.” #energytransition #netzero #biomethane #deal #energyinfrastructure

🔋 How much is a battery energy storage (BESS) project worth, even if it's not operational yet? With more developers (both listed and private) emerging to deal with the critical shortage in grid-scale energy storage capacity, its no surprise that there is much more BESS capacity in development than there is currently operational. We think the ability to independently value assets at both stages should be a key part of any clean energy investor's toolkit. Last week we updated our investment thesis on SIMEC Atlantis who have just shy of 1GW in consented grid capacity at various stages of development. Our analysts used the report to help investors assess how much value sits within the business, even though its not all operational. Longspur Capital Clean Energy Research is available to all professional investors. We have an extensive track record covering large and small companies on the main UK list, on AIM, NASDAQ, ASX and on a number of European exchanges. If you'd like to know more about SIMEC, or our other research in the BESS sector, feel free to reach out to Adam Forsyth (Research), Max Campbell (Research), or Adam Robertson, CFA (ECM).