M&A Sustainable Infrastructure Services

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 nonrecurring 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 assets investor looking to acquire a controlling or noncontrolling interest, we can add value through financial due diligence by analyzing the target business’s development, revenue recognition, cash flow timing, 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.

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

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 noncontrolling 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. 

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

Our approach takes sustainability 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 sustainability themes with broad impacts and your M&A target’s position with respect to these sustainability 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, with an eye toward driving a near-term emission reduction.

Leadership team

Tanay Shah
Principal, Deloitte Consulting LLP

Sarah Corrigan
Managing Director, Deloitte Consulting LLP

Ketiwe Zipperer
Senior Manager, Deloitte Consulting LLP

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 energy transition plans. This analysis can provide insight as to whether the acquisition would advance energy transition in its geographic market, considering the current energy mix within its market.

Leadership team

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

Pawan Kapoor
Principal, Deloitte Consulting LLP

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.

Leadership team

Jaime Fox
Principal, Deloitte & Touche LLP

David Sternberg
Managing Director, Deloitte Consulting LLP

We can help you drive equity throughout your M&A transaction by offering HR integration services such as change management, communications, and organizational development. These services are tailored to your organization and seize 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.

Leadership team

Edgar Friedman
Managing Director, Deloitte Consulting LLP

Mike Spetko
Managing Director, Deloitte Consulting LLP

Ketiwe Zipperer
Senior Manager, Deloitte Consulting LLP

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.

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

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 available subsidies 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.

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

Our Energy Transition Investment Advisory Platform brings together multidisciplinary subject matter experience with enabling accelerators and models to support investments across various 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 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.

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