Climate Investment Newsletter 1/15 - 1/21
Individual Deals and Market Watch
Global solar corp funding hits USD 27.8bn record in 2021 [Renewables Now]
- Total solar power corporate funding around the world, including venture capital (VC) and private equity (PE), debt and public market financing, jumped by 91% year-on-year to USD 27.8 billion (EUR 24.5bn) in 2021, shows a new report by Mercom Capital Group.
Abu Dhabi utility companies TAQA, EWEC issue first $700m green bonds [Arab News]
- Abu Dhabi National Energy Co., or TAQA, along with Emirates Water and Electricity Co., or EWEC, have priced green senior secured bonds at an amount of 2.6 billion dirhams ($700 million).
Acciona Energia places 2nd EUR-500m green bond [Renewables Now]
- Spanish renewables company Acciona Energia (BME:ANE) has issued a EUR-500-million (USD 567.3m) ten-year green bond, its second issuance after becoming independent from the parent group Acciona SA (BME:ANA) last July.
ESB places €500m green bond [renews.biz]
- ESB has successfully placed a €500m 1% fixed-rate green bond, maturing in July 2034.
- This is the second green bond the energy company has issued in less than three years, following their placement of Ireland’s first corporate green bond in 2019
IRFC garners $500 mn through green offshore bonds; lists bonds at GIFT City [Business Standard]
- Indian Railway Finance Corporation Limited (IRFC), the dedicated market borrowing arm of the Indian Railways, has raised USD 500 million (about Rs 3,500 crore) through issuance of green offshore bonds.
Amp Energy closes USD-350m credit facility to back renewables [Renewables Now]
- Toronto-based Amp Energy has closed a USD-350-million (EUR 309m) cross-jurisdictional credit facility that will be used for the construction of renewables and battery storage plants around the world.
ContourGlobal unit inks USD-313m sale of Brazilian hydro ops [Renewables Now]
- ContourGlobal Plc (LON:GLO), through its indirect majority-owned subsidiary Kani Lux Holdings Sarl, has struck a deal to offload its Brazilian hydropower business to asset manager Patria Investments for a total of BRL 1.73 billion (USD 313m/EUR 276m).
Vietnam firm launches $220 mln offshore wind farm amid renewables drive [Reuters]
- Vietnam’s leading renewables firm Trung Nam Group has launched its first offshore wind farm amid the Southeast Asian country’s drive for clean energy.
- The 5 trillion dong ($220.17 million) farm in the southern province of Tra Vinh has 25 turbines with installed capacity of 100 megawatts, the company said in a statement.
MycoWorks raises $125m in Series C to mass produce mushroom leather [Vegconomist]
- MycoWorks’ Fine Mycelium is a proprietary biotechnology platform that transforms mycelium – the underground root structure of fungi – into materials that rival animal-based leathers in look, feel, aesthetics and performance. The Fine Mycelium process can engineer mycelium to grow made-to-specification fabrics, including its flagship product Reishi, in a fully controlled and uniform process.
- Chinese plant-based protein food technology company Starfield announced the completion of a US$100 million Series B financing round. The company also announced that its first production base and self-built factory will be located in Xiaogan, Hubei.
Macro Commitments
£1trn of pension money committed to ‘robust’ net zero [International Adviser]
- The sum of pension schemes committed to robust net zero has reached £1trn in the UK alone, research by Make My Money Matter found.
India’s wealthiest coal tycoon plans to invest $80 billion in green energy [Global Citizen]
- Reliance Industries, India’s largest company, announced that it will be investing $80.6 billion in green energy projects in the state of Gujarat, according to CNN.
- The pledge represents a major shift for a company that specializes in, among other things, petrochemicals and fossil fuel production, boasting the largest coal mining operation in the world.
Spain's newborn consortium SHYNE to invest EUR 3.23bn in green H2 [Renewables Now]
- Spain’s multi-energy group Repsol SA (BME:REP) launched the Spanish Hydrogen Network (SHYNE), a green hydrogen consortium that brought together 22 companies and 11 associations, universities and technology centres under the goal to decarbonise all areas of the national economy.
US climate tech startups to benefit from $200m investment fund [Arab News]
- Promising climate tech startups are set to benefit from a $200 million fund raised by US global investment platform, Energy Impact Partners LP.
- The firm, also known as EIP, secured the cash from Microsoft, as well as US electric power and natural gas holding firm, Duke Energy Corp.
Britishvolt gets £100m boost to build UK’s first large-scale ‘gigafactory’ [The Guardian]
- The UK government will invest £100m in Britishvolt as the car battery manufacturing startup seeks to build Britain’s first large-scale “gigafactory” in the north-east of England.
- Global investment firm Carlyle (NASDAQ: CG) announced complementary growth investments by Carlyle-managed funds in community-scale clean energy developer NineDot Energy and electric vehicle (“EV”) charging and services company Fermata Energy, representing a more than $100 million commitment to technological disruptions advancing the energy transition.
Pathways, Frameworks, Case Studies, Research, Climate Science
- Increase in demand of CO2-EOR techniques, focus on lowering down CO2 emissions, and supportive government regulations drive the growth of the global carbon capture, utilization, and storage market
Study finds 90% of Chinese consumers ready to eat cultivated meat [Vegconomist]
- A new study in China has revealed 90% of consumers would eat cultivated meat in the country. The encouraging figures come at an important time for the emerging Chinese cultivated meat sector, with the Chinese government’s increasing emphasis on food safety and environmental sustainability.
- Countries must achieve a 55 per cent reduction in carbon emissions from electricity by 2030 if they are to meet their net zero targets by 2050, underscoring the need for swift government policy action, the International Energy Agency said in its latest report.
Nearly half of GDP in cities at risk from nature loss: WEF survey [Business Standard]
- Cities contribute nearly 80 per cent to the global economy but they also account for nearly three-fourths of greenhouse gas emissions and nearly half of the GDP in cities around the world or USD 31 trillion is at risk of disruption from nature loss, a new study showed.
China green bond issuances set to cross $100B mark in 2022 [S&P Global]
- The issuance of Chinese green debt, including instruments that only meet local standards, could grow by at least 80% this year after raising $94.77 billion in 2021, said Anish Ailawadi, senior director and head of investment banking at research and analytics firm Acuity Knowledge Partners.
- The study finds that nearly half of the world’s most climate-vulnerable nations, from Haiti to Afghanistan, missed out on the first round of grants for adaptation projects from the UN’s Green Climate Fund (GCF).
Seaweed industry sees major growth – Investment up by 36% to $168m [Vegconomist]
- The data comes from a new Phyconomy study, showing that the number of new seaweed startups has grown by 50% in the past two years, with Europe having the most active seaweed startup ecosystem – although North American startups find it easier to attract capital, according to the report.
The worldwide plant-based protein industry is expected to reach $23.4 billion by 2028 [Vegconomist]
- This report provides in-depth analysis of plant-based protein market in five major geographies and emphasizes on the current market trends, market size, market share, recent developments, and forecast till 2027.
Carbon price of $360/t required to decarbonise shipping by 2050 -report [Carbon Pulse]
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