M&A Sustainable Infrastructure Services

Taking sustainable investment from strategy to reality

Thoughtful investments today can strengthen the planet and potentially your profits. Wherever your focus in the life cycle of Sustainable Infrastructure, we are here to advise you.

Services for each stage of Sustainable Infrastructure

Research
Strategy
Capital deployment
Portfolio optimization

Knowledge is the initial acquisition in your investment journey. Our thought leadership can advise you on a suitable path.

Investing in sustainability is a journey. Mapping it involves an understanding of the market and what you want to accomplish within it.

M&A strategy and target screening

We advise clients as they formulate an M&A strategy aligned to their organizations’ goals based on tax, regulatory, and commercial headwinds and tailwinds. Target screening is tailored to your organization, accounting for regulatory, technological, megatrend, and investor sentiment considerations. The product is an impact thesis that outlines your organization’s contribution to specific sustainability goals.

Turning ambition into action

If you are a middle market private equity firm looking for an ESG strategy that meets European limited partner demand, we can advise you regarding peer benchmarking and the UN Principles for Responsible Investment (PRI) guidelines, culminating in a strategy workshop than can allow you to determine ambition and approach. We can also advise with developing an ESG integration strategy, covering pre- and post-investment activities, and advise you as you draft your firm's sustainability report, PRI transparency report, ESG due diligence question responses, and SFDR disclosure.

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Leadership team

Chris Gilbert
Principal, M&A, Deloitte Consulting LLP

Keith Adams
Partner, Deloitte Financial Advisory Services LLP

Sarah Corrigan
Managing Director, Deloitte Consulting LLP

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M&A strategy and target screening

to advise you as you navigate evolving tax, regulatory and commercial sustainability considerations.

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Commercial diligence

We can advise clients to understand the capabilities and growth trajectory of their target and its products and services. This includes an assessment of the industry landscape, competitive advantage opportunities, and potential threats to the target’s market position.

Turning ambition into action

If you are interested in expanding your power and infrastructure investments in renewable energy infrastructure, we can advise you in identifying market opportunities across renewable natural gas, hydrogen, energy storage, wind, and grid management. We can also guide you through interviews, secondary research, and broader market surveys to prepare you for initial discussions with potential acquisition targets as well as advise with drafting a presentation to your board of directors.

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Leadership team

Chris Gilbert
Principal, M&A, Deloitte Consulting LLP

Raghav Ranjan
Principal, M&A, Deloitte Consulting LLP

Abhish Abraham
Senior Manager, M&A, Deloitte Consulting LLP

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Commercial diligence

to understand the potential value of the target and its products and services.

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Financial advisory

We can craft a vision for your sustainability investments, turn it into a plan of action, and help you realize the rewards. Deep cross-functional knowledge enables our Energy Transition Investment Advisory Platform to evaluate clean energy investment opportunities across multiple asset classes and help you execute your sustainable investment strategies.

Turning ambition into action

If you are a non-utility renewable energy provider in search of the right growth investor, you can leverage our extensive network within the energy investment community. Due to our industry connections and robust investment banking platform, we can advise you in accomplishing a majority recapitalization with potential investment firms. 

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Leadership team

Keith Adams
Partner, Deloitte Financial Advisory Services LLP

Eric Andreozzi
Managing Director, Deloitte Transactions
and Business Analytics LLP

Máté Bánhegyi
Senior Manager, Deloitte Corporate Finance LLC

Jonathan Price
Manager, Deloitte Corporate Finance LLC

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Financial advisory

to turn your sustainability investment vision into a plan of action.

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Tax assessment

We bring our deep knowledge and experience with global tax planning and the latest local, state, federal and international credits, and incentives to help you enhance your M&A decision-making.

Turning ambition into action

If you are an investment manager with a focus on low carbon and renewable energy supply, storage, and grid stability who needs tax advice as part of the potential sale of a portfolio company, we can advise you on preparing a tax fact book in connection with the sale. We can also provide services throughout the sale process related to streamlining the buyer’s understanding of the portfolio company’s tax profile and structure and helping design an acquisition agreement that can lead to a favorable outcome.

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Leadership team

Wes Chapman
Partner, M&A Sustainable Infrastructure
Leader, Deloitte Tax LLP

Matt Nelson
Managing Director, Deloitte Tax LLP

Kate Asai
Partner, Deloitte Tax LLP

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Tax assessment

to understand global tax planning and credits and incentives considerations.

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Seller support services

We can advise on your sales of sustainable assets or businesses through seller diligence. Benefits of seller diligence include identifying potential issues early in the sale process, limiting the disruptions to management by facilitating the diligence process for potential buyers, and providing clarity surrounding the seller’s historical financials presented to buyers and any applicable normalizing adjustments.

Turning ambition into action

We can provide vendor due diligence to an investor throughout its sale process by analyzing a normalized level of the company’s historical earnings and net working capital and preparing a deliverable that facilitates discussion with potential buyers on key diligence areas.

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Leadership team

Micah Bible
Partner, Advisory; MARS Sustainable
Infrastructure Leader, Deloitte & Touche LLP

Chase Wright
Managing Director, Deloitte & Touche LLP

Chad Lackey
Senior Manager, Deloitte & Touche LLP

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Seller support services

from due diligence to climate risk and value assessment to market outreach.

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When you're ready to invest in sustainable infrastructure, we can help you make the bold decisions needed at every step of the transaction life cycle.

Financial due diligence

Financial and accounting due diligence is an important step in deploying capital and creating sustainable infrastructure value. We can advise you as you evaluate the target's quality of historical earnings, identify non-recurring and normalization items to consider in your valuation, analyze the target's normalized working capital requirements, understand net debt and potential debt-like items, and review financial aspects of transaction agreements.

Turning ambition into action

If you are an infrastructure investor looking to acquire a controlling or non-controlling interest, we can add value through financial due diligence by analyzing the target business's operations, revenue recognition, cash flow timing, and potential liabilities and exposures. We can also provide clarity on complex accounting and tax matters, including tax equity partnerships and the hypothetical liquidation at book value method.

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Leadership team

Micah Bible
Partner, Advisory; MARS Sustainable
Infrastructure Leader, Deloitte & Touche LLP

Chase Wright
Managing Director, Deloitte & Touche LLP

Chad Lackey
Senior Manager, Deloitte & Touche LLP

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Financial due diligence

to advise you on ways to identify and analyze key financial and accounting matters.

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Tax due diligence

We can help you develop a clear and broad-based picture of the current and expected post-transaction tax position, advise on the foundation for new tax management, analyze tax structures, and identify potential credits and incentives.

Turning ambition into action

If you are looking to acquire a non-controlling interest in a target company, we can provide financial and tax due diligence services. Leveraging the information obtained through tax due diligence, our tax structuring services can drive significant value by structuring the transaction to facilitate an efficient sell-down while also providing incremental value through increased future tax depreciation and flexibility to acquire an increased ownership stake in the new entity in the future. 

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Leadership team

Wes Chapman
Partner, M&A Sustainable Infrastructure
Leader, Deloitte Tax LLP

Matthew Nelson
Managing Director, Deloitte Tax LLP

Matthew Larkin
Senior Manager, Deloitte Tax LLP

Kate Asai
Partner, Deloitte Tax LLP

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Tax due diligence

to understand current and post-transaction tax position and establish tax management strategies, analyze tax structures, and identify potential incentives.

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ESG due diligence

Our approach takes ESG beyond compliance with a combination of operational and commercial analysis that focuses on the highly viable and valuable market opportunities and internal transformations. We work with you to uncover ESG themes with broad impacts and your M&A target’s position to these ESG drivers.

Turning ambition into action

If you are a private equity investor needing a carbon footprint assessment, abatement option prioritization, and/or clarity on potential financial impacts of inaction (all without data from potential targets), we can prepare a sector-specific baseline with various data points based on emissions variables, modeling out scenarios by leveraging third-party data and previous analysis. We can also benchmark emissions against previous engagements. This can result in an investment plan along with the capital needs, and an eye toward driving a near-term emission reduction.

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Leadership team

Tanay Shah
Principal, Deloitte Consulting LLP

Sarah Corrigan
Managing Director, Deloitte Consulting LLP

Ketiwe Zipperer
Senior Manager, Deloitte Consulting LLP

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ESG due diligence

to perform operational and commercial analysis on market opportunities and internal transformations.

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Operational due diligence

Sustainable infrastructure investments come in many shapes and sizes, from carve-outs to single asset acquisitions. Our operational diligence services can help you bridge the historical operating structure and its cost to the optimized platform including assessment of transition services arrangements and key transition risks in the acquisition or divestiture.

Turning ambition into action

As part of operational due diligence, we can evaluate energy transition implications on the deal's value proposition as well as alignment with the company's own decarbonization plans. This analysis can provide insight as to whether the acquisition would advance decarbonization in its geographic market, considering the current energy mix within its market.

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Leadership team

Chris Gilbert
Principal, M&A Consulting, Value Creation
Services, Deloitte Consulting LLP

Pawan Kapoor
Principal, Deloitte Consulting LLP

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Operational due diligence

to bridge the historical operating structure and its cost to the optimized platform.

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IT/cyber due diligence

We advise you during the important step of understanding the IT platforms, proprietary technologies, and cyber risk profile of a potential investment. We can also leverage our deep IT and cyber capabilities to identify potential value creation opportunities post-close.

The insight that drives us

An M&A transaction goes through multiple phases before the final integration is complete. It starts with due diligence and continues through transition right up to integration. Each of these phases poses a different cybersecurity challenge in terms of strategic, technology, and transitional and operational risk.

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Leadership team

Jaime Fox
Principal, Deloitte & Touche LLP

David Sternberg
Managing Director, Deloitte Consulting LLP

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IT/cyber due diligence

to understand the target's IT platforms, proprietary technologies, and cyber risk profile.

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HR due diligence

We can help you drive equity throughout your M&A transaction by setting diversity, equity, and inclusion (DEI) baselines that make sense for your organization and then seizing on related opportunities throughout the deal life cycle.

The insight that drives us

Organizations that both know the importance of creating value for all people they interact with and do something about it are 1.8x more likely to achieve desired business outcomes, according to our 2024 Global Human Capital Trends report.

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Leadership team

Edgar Friedman
Managing Director, Deloitte Consulting LLP

Mike Spetko
Managing Director, Deloitte Consulting LLP

Ketiwe Zipperer
Senior Manager, Deloitte Consulting LLP

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HR due diligence

to drive equity through DEI baselines and related opportunities throughout the life cycle.

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Consultative tax structuring assessment

Before you deploy your capital, we can help you identify your M&A transaction's tax structuring challenges as well as its credits and incentives opportunities.

Turning ambition into action

We can serve as the primary consultant to infrastructure investors in the development of the project financing and tax equity go-to-market strategy for a target company's rapidly growing renewable energy development pipeline. We can help educate key stakeholders, develop internal and external financial models, lead financing structure analysis, create investor materials, and draft term sheets.

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Leadership team

Carl Obradovich
Partner, Gi3 Tax, Deloitte Tax LLP

Ben Bissonette
Senior Manager, Gi3 Tax, Deloitte Tax LLP

Wes Chapman
Partner, M&A Sustainable Infrastructure Leader, Deloitte Tax LLP

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Consultative tax structuring assessment

to identify tax structuring challenges and incentives opportunities.

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Credits and incentives application assistance

We can help you centralize and standardize your tax credits and incentives claim processes to help you enhance each opportunity that your M&A transaction presents. Additionally, by identifying various federal and state sustainability-based credits and incentives, including government grants, there may be an opportunity to offset a portion of your investment and potentially increase ROI.

Turning ambition into action

If you are a consumer industry client looking to install solar panels, for example, at one of your plants, but facing challenges obtaining capital, we can help you explore the potential to secure a federal New Markets Tax Credit subsidy through various applications to federally certified community development entities, quantify the subsidy for use in client ROI analysis to obtain board approval, and educate key stakeholders.

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Leadership team

Christine Brynaert
Partner, Federal Credits & Incentives,
Deloitte Tax LLP

Jeremy DeMuth
Managing Director, Federal Credits &
Incentives, Deloitte Tax LLP

Quynh Nguyen
Senior Manager, Federal Credits &
Incentives, Deloitte Tax LLP

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Credits and incentives application assistance

to help you centralize and standardize your claim processes.

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Project finance and financial modeling advisory

Our Energy Transition Investment Advisory Platform brings together multidisciplinary subject matter experience with enabling accelerators and models to support investments across all sustainable asset classes. We can help you with value creation through creative financing structures as you build your capital, considering tax incentive monetization, government grants and loans, strategic equity partners, and green financing vehicles.

Turning ambition into action

If you have a goal of developing clean hydrogen at scale in the United States, we can provide advice in creating tax and ownership structures under the Inflation Reduction Act, helping you maximize credits and reduce risks. Our tax specialists can model value-accretive structures, establishing a capital stack and transaction archetype that can impress lenders and investors through potentially increasing the project's credit value and reducing costly equity contributions.

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Leadership team

Yomal Wijekoon
Principal, Advisory, Deloitte Transactions &
Business Analytics LLP

Nick Richards
Senior Manager, Advisory, Deloitte
Transactions & Business Anlaytics LLP

Jordan Smith
Senior Manager, Advisory, Deloitte
Transactions & Business Anlaytics LLP

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Project finance and financial modeling advisory

to support investments across all sustainable asset classes.

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We don't just focus on your sustainable investments going forward. We can also advise on ways you can increase ROI on those you've already made.

Sustainability strategy and framework

We can advise you as you rethink your portfolio and investment approach to bring your sustainability mission to life. Whether integrating or separating an entity, our team recommends a plan to allow you to deliver on the anticipated ESG results. We can advise on developing an integrated ESG strategy between parties in an effort to drive a streamlined transaction.

The insight that drives us

In our 2024 M&A ESG Trends Survey, 90% of organizations that place a “low” level of importance on ESG in their M&A strategy have been forced to abandon a potential divestiture of their asset due to negative buyer feedback. Only 67% of organizations that placed a “high” level of importance on ESG had to do the same.

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Leadership team

Suzanne Smetana
Audit & Assurance Managing Director, Deloitte & Touche LLP

Sarah Corrigan
Managing Director, Deloitte Consulting LLP

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Sustainability strategy and framework

to advise you as you define your sustainability mission and values and bring them to fruition.

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Portfolio sustainability assessment

We can advise you on ways to make your sustainability reporting more efficient, standardized, and collaborative. This includes advice with post-investment operations integration, and re-baselining goals and metrics following a transaction. 

The insight that drives us

Seventy-two percent of private equity respondents to our 2024 ESG in M&A Trends Survey said ESG is a topic of consideration in 50% or more of their deals, with 14% saying they consider ESG in all deals. Nearly half (44%) reported that a majority of their limited partners require ESG reporting, with the rest pegging that number between 25% and 50% of limited partners.

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Leadership team

Sarah Corrigan
Managing Director, Deloitte Consulting LLP

Ketiwe Zipperer
Senior Manager, Deloitte Consulting LLP

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Portfolio sustainability assessment

to make reporting more efficient, standardized, and collaborative.

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Path to net-zero

We can advise you on streamlining your organization’s emissions data management and execute on decarbonization projects that protect long-term shareholder value.

The insight that drives us

One hundred percent of Europe and Middle East respondents to our 2024 ESG in M&A Trends Survey are seeing moderate to significant operational impacts due to climate change followed by 95% and 88% in North America and Asia-Pacific, respectively. The operational impact due to climate tends to translate into a greater role for ESG in M&A strategy, with a larger proportion of the companies in Europe and the Middle East (64%) reporting a higher importance on ESG in M&A strategy than Asia-Pacific (50%) and North America (46%).

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Leadership team

Jonathan Schuldenfrei
Managing Director, Deloitte & Touche LLP

Yomal Wijekoon
Principal, Deloitte Transactions & Business
Analytics LLP

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Path to net-zero

to advise you as you streamline your emissions data and execute on decarbonization projects.

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Audit and tax compliance

We can advise you on ways to maintain the integrity and compliance around your capital investments with a dedicated team of audit and tax professionals with deep cross-sector sustainable infrastructure experience.

Turning ambition into action

If you are a privately held corporation looking to enter the tax equity market to offset your tax liabilities, we can provide education on benefits and risks associated with tax equity investments, assistance with transaction review, as well as assistance with portfolio management.

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Leadership team

Carl Obradovich
Partner, Gi3 Tax, Deloitte Tax LLP

Ben Bissonette
Senior Manager, Gi3 Tax, Deloitte Tax LLP

Suzanne Smetana
Audit & Assurance Managing Director,
Deloitte & Touche LLP

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Audit and tax compliance

to maintain the integrity and compliance around your invested capital.

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$1B+

invested in our Sustainability, Climate and Equity practice

4,000

purpose-driven sustainability professionals serving clients

$200B+

in sustainable infrastructure investments served by our teams

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