Syllabus

Title
4684 IB Business Project: International Energy Strategies
Instructors
Dr. Martin Schwarzbichler
Type
PI
Weekly hours
2
Language of instruction
Englisch
Registration
02/18/26 to 02/22/26
Registration via LPIS
Notes to the course
Subject(s) Bachelor Programs
Specialization in Business Administration Course V - International Business
Course V - International Business
Course V - International Business
Dates
Day Date Time Room
Thursday 03/12/26 05:00 PM - 09:00 PM TC.3.10
Thursday 03/19/26 05:00 PM - 09:00 PM TC.3.10
Thursday 03/26/26 05:00 PM - 09:00 PM TC.3.10
Thursday 04/09/26 05:00 PM - 09:00 PM TC.3.10
Thursday 04/16/26 05:00 PM - 09:00 PM TC.3.10
Thursday 04/23/26 05:00 PM - 09:00 PM TC.3.10

On this page:

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Contents
  1. Energy project business cases along the entire value chain with a focus on renewable energy (e.g. analysis & evaluation of investment projects, investment decision analysis, make-or-buy-decisions).
  2. Assessing and evaluating strategies of international energy companies with a particular focus on renewable businesses and decarbonisation strategies.
  3. Market entry & exit strategies (e.g. measurement of exposure, setting-up & monitoring of an asset portfolio, measurement of risk & return).
  4. Introduction to M&A in the renewable energy sector, including due diligence, valuation, and negotiation of key aspects of share purchase agreements (SPAs).
  5. Integrated M&A case study on a renewable energy transaction carried out stepwise over all 6 course sessions.
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Learning outcomes

After attending this course, students will be able to (learning outcomes clustered in 4 interlinked areas):

  1. Analyse, evaluate & interpret energy project business cases (case studies along the entire value chain, with a particular focus on renewable energy projects).
  2. Analyse, evaluate & interpret strategies of international energy companies, including renewable and low-carbon strategies.
  3. Identify, analyse & evaluate market entry & exit strategies and their business plans in the energy and renewable sectors.
  4. Analyse, set-up and perform the basics of company and asset valuation of energy and renewable companies along the energy value chain, including M&A-related valuation.

In addition, this course additionally fosters the following:

  • Develop practice through case studies & practical examples.
  • Develop problem-oriented solutions for specific problems based on theoretical concepts and models.
  • Develop understanding & analytical knowledge for the energy industry and its linkage to commercial & economic concepts.
  • Develop practical skills in M&A analysis in the renewable energy sector (due diligence, valuation, SPA negotiation, and presentation of results).
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Attendance requirements

Students may miss one session.

If you miss more than one session, you will be deregistered from the course.

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Teaching/learning method(s)

The content of this course will be delivered through the following combination of teaching materials:
•    Case studies, understanding & setting-up practitioners‘ tools (with one integrated renewable energy M&A case study carried out over all sessions).
•    Renowned & current academic publications.
•    Reports published by international organizations in the energy industry, company reports.
The course is structured in 6 sessions. A central element of the course is an integrated M&A case study in the renewable energy sector. The case study is conducted in groups and runs stepwise through all 6 sessions. Students will perform a due diligence, prepare a valuation, and negotiate selected aspects of a share purchase agreement (SPA). The results of the case study will be presented by the students in class.

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Assessment

The final grade in this course is based on two components:
Renewable M&A Case Study (group work and presentation): 40% of the final grade.
   • Group-based analysis of a renewable energy M&A transaction.
   • Deliverables include: due diligence analysis (written output), valuation model & short valuation memo, SPA negotiation preparation material and in-class participation, and a final group presentation of the case results.
   • The case study runs stepwise over all 6 course sessions. Active contribution to the case work and presentation quality are key evaluation criteria.
Final Oral Exam: 60% of the final grade.
   • Individual oral exam at the end of the course covering the entire content of the lectures, readings, and the M&A case study.
   • To pass the course, at least 50% of the points in the final oral exam have to be achieved.
Active participation in class discussions and case work is strongly encouraged and can be used as a positive element in borderline grading decisions.

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Readings

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Unit details
Unit Date Contents
1

Session 1: Introduction to the Energy Value Chain and Renewable M&A Case

First session provides an overview of the energy value chain elements, with a particular focus on renewable energy assets, and introduces the most commonly used KPIs in the energy industry and their appliance. The renewable M&A case study is introduced: background of the transaction, buyer and target profiles, and basic market environment. Case study groups are formed and initial case materials are distributed.
2

Session 2: Risk & Return, WACC and Initial Due Diligence

The second session discusses the risk and return profiles of the energy and renewable industry, and the different strategies to avoid risks and capture returns. The WACC and characteristics of the energy industry from a financial perspective are discussed (Free Cash Flow based valuation items etc.). Students start the commercial and financial due diligence work on the renewable M&A case, identifying key risks, opportunities and information gaps.
3

Session 3: Valuation of Energy and Renewable Assets

The third session deals with valuation: Enterprise Value- and Equity Value-driven valuations in the energy and renewable industry and case studies (calculation examples). Students apply valuation concepts (e.g. DCF, multiples) to the renewable M&A case based on their due diligence findings and prepare a first valuation range and key assumptions.
4

Session 4: Share Purchase Agreement (SPA) – Key Economic Terms & Negotiation I

The fourth session introduces the structure and key economic terms of a share purchase agreement (SPA) in an M&A transaction (e.g. purchase price mechanisms, locked box vs. closing accounts, earn-outs, conditions precedent, warranties & indemnities). On the basis of the renewable M&A case, students prepare their negotiation positions and conduct a first round of group negotiations on selected SPA aspects in class.
5

Session 5: SPA Negotiation II, Advanced Valuation Topics & Case Preparation

The fifth session continues with the negotiation exercise on the renewable energy SPA, focusing on selected clauses which link economics & risk allocation (e.g. price adjustment clauses, material adverse change, specific indemnities). Additionally, selected advanced valuation topics are discussed (e.g. sensitivities, scenario analysis, decision tree applications, real options – introduction). Students refine their valuation and prepare for their case presentations.
6

Session 6: Case Study Presentations and Wrap-Up

The sixth session is dedicated to the group presentations of the renewable M&A case study. Each group presents its due diligence findings, valuation results and key SPA negotiation outcomes (including a short term sheet). The session concludes with a wrap-up of energy and M&A specifics such as impairment tests and their impact on balance sheet figures, the concept of return on average capital employed, and an overview of key takeaways for the oral exam.
Last edited: 2025-12-02



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