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Solar

The global solar market has experienced various periods of disruption, including the rise and fall of polysilicon prices, global overcapacity for modules, development of substitute technologies, fluctuation in government feed-in tariffs and other incentives, and the global commoditization of products. Challenging circumstances are common in the solar industry; in particular, selling prices for products have fallen below production costs across the supply chain, caused mostly by systematic overcapacity. Better-positioned players have emerged, but many struggle to maintain adequate factory utilization and profitability levels in order to remain viable. Further, current solar technologies continue to optimize the conversion efficiency/cost levels required to compete with traditional generation methods. The FTI Consulting Clean Energy team draws upon deep expertise to help clients navigate through these disruptive changes.

Our Service Offerings

Profitability Improvement

The FTI Consulting approach to performance improvement includes revenue enhancement measures in addition to cost controls and efficiency. Our professionals evaluate critical operating metrics that drive value, processes and procedures that impact decision making and assess key external trends that influence revenues. Armed with facts and our experience in best practices, we then develop and help implement appropriate strategies and processes to improve results. We use a disciplined, metrics-based approach to create sustainable, measurable improvements in return on investment, cash flow and enterprise value. To maximize effectiveness, we draw on the perspective gained from work on dozens of related engagements to adapt and adopt the right practices to the specific situation at each client company.

Disputes

FTI Consulting provides law firms and corporations around the globe with a complete suite of litigation support and investigative, consulting and expert witness services. Our team of experts includes certified public accountants, engineers, certified fraud examiners, valuation experts and insolvency professionals, among others, with expertise in clean technology, renewable energy, antitrust and intellectual property. Utilizing our deep industry experience and our financial and operational expertise, we understand complex situations quickly and articulate critical issues clearly in writing and on the witness stand. As a result, we have been directly involved in some of the most historic, high-stakes cases of the last decade.

Investigations

FTI Consulting Clean Energy professionals, possessing in-depth knowledge about the industry and having an extensive investigation skill set, are extremely proficient in building and analyzing tremendously large databases. This gives us and our clients a pivotal advantage in conducting successful investigations.

Policy

Policy uncertainty is a significant challenge for solar companies. For example, in the United States, this resulted in less of a focus on renewables via specific policies like the national Renewable Energy Standard or state Renewable Energy Portfolio Standard. In Europe, solar has been at the forefront of regulatory change, with both Spain and Italy seeing retroactive policies implemented to curb solar deployment. FTI Consulting Clean Energy professionals are well-positioned to help solar industry clients adapt to a new regulatory paradigm — life without the very subsidies that founded the industry.

Strategic Communications

The Clean Energy team within the FTI Consulting Strategic Communications segment includes sector experts with experience representing a broad range of organizations and companies, from startups to multinationals. Our clients benefit from the team’s relationships with key influencers to provide a comprehensive suite of integrated communications services, including corporate and employee communications, financial communications, public affairs, creative engagement, strategic consulting and research, and crisis communications.

Transaction Advisory

Our valuation and industry experts understand the complexities of forecasting assets and businesses in dynamic markets. Our professionals bring a unique depth of financial analysis, industry insight and practical experience to all our valuation and advisory projects, including transaction due diligence : quality of earnings analysis; forecasts, assessments and strategic alternatives; and transaction support for capital raising and M&A efforts.

Valuation services and financial opinions include:

  • Transaction-based:
    • Fairness opinions
    • Solvency opinions
    • Collateral valuation opinions
    • Intellectual property and intangible asset valuation opinions
    • Going-concern valuation opinions
  • Financial reporting:
    • Purchase price allocation and goodwill impairment (ASC 805)
    • Portfolio valuations for private equity funds, hedge funds, banks and other capital markets constituents (ASC 820)
    • Estate and gift tax opinions
    • Enterprise, minority interest and non-marketable minority interest for business and asset valuations
    • Equity/share-based incentives and compensation for services (IRS Sec. 409A)

M&A/Antitrust/Carveout/Spin-off/Divestiture

FTI Consulting combines deep industry experience and contacts with investment banking/transaction execution expertise to convey a company’s key value drivers (and risks) to potential buyers, sellers and financing sources. To help complete transactions, our FINRA-regulated investment banking subsidiary, FTI Capital Advisors, LLC, leverages our industry-specific, deep operational understanding of our clients to provide insight and expertise that overcome obstacles and drive value. With offices in 26 countries, FTI Consulting has feet on the ground and high-level relationships in every major financial center to reach buyers and financiers around the globe. We provide an international reach with a local touch.

Restructuring

FTI Consulting continues to lead the restructuring league tables, thanks to in-depth, industry-specific operational experience and world-class financial expertise. We have represented an important constituent in almost every major restructuring in the United States, Europe and Asia in the last 10 years. We approach restructuring with industry-specific knowledge plus reorganization and, if necessary, bankruptcy skills. Our professionals have a highly respected track record of stabilizing overleveraged companies, resolving balance sheet issues, assessing operations, restructuring debt and maximizing value to constituents. Our Restructuring team helps clients improve liquidity, conserve cash and manage working capital with services that include in-court and out-of-court solutions, contingency planning, stakeholder negotiation, divestiture analysis, and debtor-in-possession and exit financing options.

Interim Management

The challenges clean technology and renewable energy companies face may be strategic, financial, operational or market driven, but, inevitably, these challenges will lead to loss of investor support and confidence if not managed optimally. Investors and owners engage FTI Consulting interim managers to guide companies through critical periods or to achieve specific critical goals. Our interim managers have extensive experience advising and collaborating with boards of directors and executive teams to succeed in an interim management or turnaround scenario. Equally, our Turnaround and Crisis Management teams represent a broad array of experience covering the entire C-suite. They know how to manage risk, reduce costs, improve liquidity and communicate effectively with stakeholders in various parts of the industry.

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