Ansonia Advises Bright Canyon Energy

NEW YORK, NY, January 27, 2020 –

OVERVIEW

In January of 2020, Bright Canyon Energy (BCE), a wholly-owned subsidiary of Pinnacle West Capital Corporation (PNW), announced it acquired indirect ownership interests in two Tenaska-developed wind projects:

- A 9.9% interest in Tenaska Clear Creek Wind, LLC and

- A 5.1% interest in Nobles 2 Power Partners, LLC

This was BCE’s first renewable energy transaction

Ansonia Partners LLC (Ansonia) originated the transaction and acted as the buy-side financial advisor for BCE

ANSONIA SERVICES PROVIDED

Originated the transaction directly from Tenaska and presented the opportunity to BCE

Supported BCE in organizing and managing its due diligence and risk assessment process across the PNW franchise

Advised BCE on the unique PAYGO debt and tax structure of the projects, based on Ansonia’s deep understanding

Focused BCE’s review and understanding of the project contracts and identified key risk issues

Actively participated in negotiations between BCE and Tenaska on key deal terms including valuation and transaction documentation

Provided BCE financial modelling, accounting and project valuation support

BENEFITS TO BCE

Achieved BCE’s corporate goal of expansion in clean energy power outside of APS territory

Gained experience in the construction, ownership, and operation of wind projects

Invested in high-quality, fully contracted assets

Formed strategic partnership with Tenaska, a proven developer and operator, via a minority equity position

Demonstrated appropriate internal and external resources to provide a timely approval and execution process

BCE well positioned for continued investment opportunities in renewable energy and storage

Detailed case study here

CONTACTS

Craig Orchant

O: 646 358-4920

craig.orchant@ansoniapartnersllc.com

Scott Medla

O: 646 357-3047

scott.medla@ansoniapartnersllc.com

Susan Elkind

O: 646 357-3043

susan.elkind @ansoniapartnersllc.com

About Us

Ansonia Partners LLC is an investment banking partnership with clients in the natural resources, energy, power and utility, and infrastructure sectors. Ansonia Partners provides advisory and capital market solutions across an array of financial instruments and structures to create long term value for our clients.