Climate Investment Newsletter 3/12 - 3/27
Individual Deals and Market Watch
Canada's green bond debut sees $12.3 billion in demand [Financial Post]
- Canada racked up over $12.3 billion in orders for its first green bond sale, allowing the North American country to price it at cheaper terms than a regular security.
Apple’s $4.7B in Green Bonds support innovative green technology [Apple]
- Investments from Apple’s $4.7 billion in Green Bonds have helped jump-start the development of new low-carbon manufacturing and recycling technologies, the company announced today. Apple has issued three Green Bonds since 2016, with projects showcasing how the investments can reduce global emissions and bring clean power to communities around the world.
Vonovia raises €2.5bn via social, green bonds to finance projects [IP&E]
- Vonovia said it has issued two social bonds with terms of 3.85 and 6.25 years for the first time, as well as a green bond with a term of 10 years for the first time issued that is 100% compliant with the new EU taxonomy.
- LanzaTech NZ Inc. is merging with a special-purpose acquisition company to go public in a deal that values the carbon-capture and transformation company at about $2.2 billion, company officials said.
EDP issues EUR-1.25bn green bond to finance renewables [Renewables Now]
- Energias de Portugal SA (ELI:EDP), better known as EDP, announced on Monday it has priced EUR 1.25 billion (USD 1.37bn) worth of green bonds.
SEGRO Prices €1.15 Billion of Green Bonds [Business Wire]
- SEGRO plc (‘SEGRO’) announces the launch and pricing of its debut issuance from its recently announced European Medium-Term Note (‘EMTN’) programme. The €1.15 billion senior unsecured Green Bond issue is split into two tranches.
Iberdrola issues EUR-1bn green bond for offshore wind in France, Germany [Renewables Now]
- Spanish utility Iberdrola SA (BME:IBE) has issued a EUR-1-billion (USD 1.1bn) green bond to finance its offshore wind projects in Europe.
SolarEdge bags USD 678.5m from share offering [Renewables Now]
- Israel-based inverter supplier SolarEdge Technologies Inc (NASDAQ:SEDG) has raised a total of USD 678.5 million (EUR 614m) from an underwritten public offering of common stock after underwriters exercised in full their option for additional purchases.
rePlant Hemp Advisors Opens $500 million Sustainable Impact Fund For Investment [Hemp Grower]
- rePlant Hemp Advisors, LLC officially opened the rePlant Hemp Impact Fund 1, LP (the Fund) for investments. The Fund focuses on bio-based innovation, a carbon-negative domestic supply chain, good green jobs, sustainable consumer products, and the verifiable sequestration of CO2. rePlant Hemp Advisors aim to place $500 million in the space by 2030, with the Fund’s first close set at $75 million.
NIO Capital closes Eve ONE Fund II at around USD 400 million [Cision]
- NIO Capital, a leading Chinese investment firm focused on decarbonization and digitalisation, announced the successful final closing of NIO Capital's flagship fund, Eve ONE Fund II L.P. (the 'Fund') at approximately USD 400 million.
TRIG pockets USD 364m to fund Hornsea One stake purchase [Renewables Now]
- The Renewables Infrastructure Group Ltd (LON:TRIG) has raised GBP 277.3 million (USD 364m/EUR 330m) gross from its recently unveiled equity issue to support the purchase of a minority stake in the 1.2-GW Hornsea One wind farm in UK waters, among others.
Aemetis lands SAF supply contracts worth USD 320m [Renewables Now]
- Aemetis Inc (NASDAQ:AMTX) has had a busy month of March so far with the signing of two new sustainable aviation fuel (SAF) supply deals that will be executed with deliveries from its under-development biorefinery in Riverbank, California.
EU unveils €300m plan to fund hydrogen research [edie]
- The EU's Clean Hydrogen Partnership, a public-private undertaking, has launched its first call for proposals on 41 research topics related to hydrogen. Much of the funding will go towards hydrogen production and storage.
Hyundai Heavy Industries sells $300m in green bonds [The Korea Herald]
- Major South Korean shipyard Hyundai Heavy Industries Co. said it has successfully sold green bonds worth US$300 million to overseas investors.
India's Adani Green agrees USD-288m renewables construction loan [Renewables Now]
- Indian renewables developer Adani Green Energy Ltd (BOM:541450) has entered into definitive agreements with seven international banks in relation to a USD-288-million (EUR 261m) senior debt facility that will extend its construction financing framework to USD 1.64 billion.
Scout Clean Energy lands USD-250m revolving credit facility [Renewables Now]
- Colorado-based renewables developer Scout Clean Energy, a portfolio company of Quinbrook Infrastructure Partners, said today it has closed a USD-250-million (EUR 226m) revolving corporate credit facility.
Newlife Forest Restoration secures first-of-its-kind $200m green bond [Global Ag Investing]
- Reflecting a first-of-its-kind transaction in the emerging “green bond” market, NewLife Forest Restoration, the leading forest products business in the U.S. Southwest, has secured $200 million in bond funding from the Arizona Industrial Development Authority (AZIDA).
Gov’t launches Shs 640Bn (USD$178m) investment to mitigate forest cover loss [Chimp Reports]
- Government of Uganda has in partnership with the World Bank has launched a USD$178.2m investment in forests and protected areas for climate development (IFPA-CP) project to improve sustainable management of forests and protected areas and increase benefits to communities in targeted landscapes.
Sun Cable bags USD 152m for massive Australia-Singapore solar link project [Renewables Now]
- Sun Cable Pty Ltd secured AUD 210 million (USD 152.3m/EUR 139.1m) in a capital raising among existing shareholders to back its development portfolio of power generation and transmission projects, and notably its flagship project for a huge subsea power link between Singapore and Australia.
World Bank sells first 'rhino' bond ($150 mln) to help South Africa's conservation efforts [Reuters]
- The World Bank has issued the world's first wildlife conservation bond, raising $150 million to help efforts to increase the endangered black rhino population in South Africa, the bank said in a statement.
Norway’s Tibber brings home $100 million in Summa Equity-led round [Tech.EU]
- Norway-based smart energy provider Tibber has raised $100 million in a Series C financing round led by Europe’s largest impact fund, Summa Equity. Offering consumers not only access to renewable energy supplies but a host of smart home devices to keep tabs on it, Tibber’s new funding is slated to significantly bolster the product offering lineup, with the ultimate goal of driving ‘smart’ up and fossil fuel dependences down. To date, Tibber has raised a total of $181.5 million in a mix of equity and debt funding.
Gulf-based carbon standard eyes 2022 issuance of 25 mln credits as pipeline clears [Carbon Pulse]
Macro Commitments
Shell announces plans to invest £25bn in UK energy [City A.M.]
- Shell will invest up to £25bn in the country’s energy systems over the next decade, according to UK country chair David Bunch.
Washington state agrees on $17 billion for transportation [Smart Energy Decisions]
- The Washington state legislature has approved $17 billion for transportation projects that will reduce emissions and lower dependence on fossil fuels.
Dutch SDE++ subsidy scheme to award EUR 13bn in 2022 [Renewables Now]
- The Netherlands has allocated a budget of EUR 13 billion (USD 14.3bn) for the 2022 round of its SDE++ incentive programme for renewables and expanded the bag of eligible technologies, the Dutch Enterprise Agency (RVO) announced.
Spanish govt approves EUR-6.96bn plan to boost the grid by 2026 [Renewables Now]
- The Spanish government approved the 2021-2026 Plan for the development of the electricity transmission network in hopes that renewables will make up for 67% of Spain’s power mix by the end of the planning period and reduce the need for gas-fired generation.
RWE, OGE join forces in EUR-3.5bn H2 infrastructure project in Germany [Renewables Now]
- Energy major RWE AG (ETR:RWE) and transmission system operator OGE have unveiled an ambitious project to build hydrogen infrastructure in the north of Germany, including production, storage and transportation capacity, to link the country's coastal region with the south and west.
China's JinkoSolar plans to invest USD 3.3bn to build new factories [Renewables Now]
- The principal operating unit of solar module maker JinkoSolar Holding Co Ltd (NYSE:JKS) has signed framework deals for two manufacturing cooperations in China that will require a combined investment of about CNY 20.8 billion (USD 3.27bn/EUR 2.97bn).
India Plans $3.3 Billion Sovereign Green Bond Issuance [Bloomberg]
- India will issue at least 240 billion rupees ($3.3 billion) in sovereign green bonds as the country marks a shift towards a low-carbon economy, according to officials with knowledge of the matter.
Cash-strapped EDF to raise 3.1 billion euros with state support [Energy World]
- French energy group EDF said Friday it would raise billions in cash to fill a financial hole created by the closure of part of its nuclear fleet and measures to protect consumers from rising energy prices.
- The UK government’s biggest ever sustainable, civil infrastructure deal will help finance a new high speed electric railway line in Turkey.
Inaugural $1 billion in green bonds to fund new sustainable HDB projects [The Straits Times]
- Some $1 billion in green bonds issued by the Housing Board on March 15 will be used to fund public sector residential and non-residential projects, as the nation moves to tap opportunities in green finance and achieve its sustainability targets.
CWP Europe to invest 390 mln euro in wind farm, solar plant in Serbia - report [Renewables Now]
- Renewable energy developer CWP Europe will invest a total of 390 million euro ($431.2 million) in the construction of a 350 MW wind farm in Serbia's northern city of Pancevo and a 150 MW photovoltaic (PV) power plant in Zajecar, in the eastern part of the country, local media reported.
Moore Foundation pledges extra $300m to boost conservation of Amazon [Mongabay]
- New targets include ensuring 100 million hectares (247 million acres) of freshwater and forest ecosystems, as well as Indigenous and local communities’ lands, are effectively managed.
Neoenergia to fund Brazilian wind, solar projects with EUR-200m EIB loan [Renewables Now]
- Brazilian utility Neoenergia SA (BVMF:NEOE3) will receive a EUR-200-million (USD 221m) loan from the European Investment Bank (EIB) to finance wind and solar projects in Brazil.
Kimmeridge deploys $200 million for nature-based carbon offsets [Impact Alpha]
- New York- and Denver-based asset manager Kimmeridge is investing up to $200 million to launch a platform for nature-based carbon offsets. The firm says Chestnut Carbon will generate forest carbon offsets verified for accuracy and integrity.
Gates Foundation, Qatar to spend $200 million on climate-adaptive agriculture [Reuters]
- Major gas producer Qatar and the Gates Foundation will jointly invest up to $200 million over the next two years to help prepare farmers in developing countries to adapt to climate change.
- Californian startup Eat Just has officially broken ground on its new production facility in Singapore. The mammoth site is located in the city’s Pioneer area and sits atop a 2.7-hectare plot. Construction completion is anticipated within two years, at a cost of US$120 million. Eat Just and a consortium led by Proterra Investment Partners Asia will build and operate the entire plant together.
German retailer Netto to invest EUR 100m in solar roofs, heat pumps [Renewables Now]
- German retail chain Netto will spend about EUR 100 million (USD 110.5m) to install rooftop solar photovoltaic (PV) systems and heat pumps and replace gas heating at its stores and logistic centres in the home market in a bid to cut reliance on Russian gas and reduce its carbon footprint.
Pathways, Frameworks, Case Studies, Research, Climate Science
The SEC wants companies to disclose how climate change is affecting them [NPR]
- The U.S. Securities and Exchange Commission formally proposed new rules that would for the first time require businesses to report their greenhouse gas emissions, along with details of how climate change is affecting their businesses.
Just a third of largest banks have set robust 2030 climate goals [Bloomberg Quint]
- Most of the world’s largest banks and asset managers are failing to set concrete climate targets for 2030, raising concern that global finance is kicking the can down the road when it comes to greening the industry.
US Plant-Based Sales Smash $7.4Bn as Conventional Dairy & Egg Industries Decline [Vegconomist]
- Despite the economic hardships of the global pandemic, supply chain issues, and inflation, new data has revealed the unstoppable growth of the plant-based industry in the US. Retail sales of plant-based foods grew 6.2% in 2021 bringing the total plant-based market value to a record high of $7.4 billion.
Vegan eggs market set to grow to $3.3 billion [Vegconomist]
- Data on the vegan eggs market shows that sales of vegan eggs are expected to reach a value of close to $3.3 billion by 2031, rising at a CAGR of around 8.3%. Health and food safety concerns are the biggest drivers of the growth, according to insights provided by Fact.MR.
EIA projects that renewable generation will supply 44% of US electricity by 2050 [Renewables Now]
- In its Annual Energy Outlook 2022 (AEO2022) Reference case, which reflects current laws and regulations, the US Energy Information Administration (EIA) projects that the share of US power generation from renewables will increase from 21% in 2021 to 44% in 2050. This increase in renewable energy mainly consists of new wind and solar power.
Israel’s Alt Protein Sector Saw 450% Increase In Investments In 2021, Says New Report [Green Queen]
- Israel’s alternative protein sector has experienced its biggest investment year on record, according to a new report. Industry startup raised $623 million last year, a 450 percent increase from 2020’s $114 million. The jump secured Israel the second spot on the global investment leaderboard. New Good Food Institute Israel (GFI Israel) data highlights growth across all sectors. Previous startups are shown to now be reaching commercialisation and international distribution phases, leading to larger investment rounds.
WWF report calls forests a vital public health solution [Mongabay]
- A new report from WWF lays out the evidence for how forests directly impact public health.
- Forests not only act as reservoirs for potentially contagious diseases, but also filter water and air pollution that can otherwise lead to illnesses like cancer and diabetes.
Number of European companies with science-based climate targets rises 85% [Energy Monitor]
- If Europe’s most carbon-intensive companies caught up with the best climate performers, corporate emissions in Europe – roughly equal to the annual emissions of the UK and Ireland – could be cut in half, finds a new report by CDP and Oliver Wyman.
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