Climate Investment Newsletter 4/18 - 4/24
Individual Deals and Market Watch
GIP's Eolian obtains USD 925m in renewable energy financing [Renewables Now]
- US renewables and energy storage investor Eolian LP announced that it has closed a USD-925-million (EUR 850m) renewable energy financing transaction with Banco Santander, Natixis, MUFG and Mizuho.
Iraq backs green energy projects with USD 682m [Renewables Now]
- Iraq's Central Bank has provided IQD 1 trillion (USD 682.2m/EUR 629.1m) to support the expansion of renewable energy, the Iraqi News Agency (INA) said earlier this week, citing the bank's deputy governor Ihsan Al-Yasiri.
TagEnergy gets $660 million funding boost for wind and battery projects [Renew Economy]
- TagEnergy, the company developing what will be – for a time at least – the biggest wind and battery project in Australia, has received a massive funding boost from three large French investors to expand its pipeline of renewable projects.
Siemens Gamesa sells renewables portfolio to SSE for $626 million [Bloomberg]
- Siemens Gamesa Renewable Energy SA agreed to sell its European onshore wind portfolio to Scottish utility SSE Plc for 580 million euros ($630 million).
Jabil raises $500M via inaugural green bond offering [Seeking Alpha]
- JBL also intends to allocate an amount equal to the net proceeds from the offering for expenditures related to eco-efficient products, waste and water diversion, renewable energy, reducing the environmental impact of operations, green buildings and clean transportation.
Cypress Creek secures USD 450m of debt for solar projects [Renewables Now]
- Cypress Creek Renewables (CCR) has obtained USD 450 million (EUR 415m) in debt to finance the growth of its solar and storage project pipeline in the US, the company announced.
- The Fund has a North American mandate to invest in businesses that are expected to benefit from the momentum behind the energy transition, with a focus on companies that help lower carbon emissions through efficient, cost effective and environmentally responsible solutions.
Allete wraps up USD-165.5m distributed solar acquisition [Renewables Now]
- US energy company Allete Inc (NYSE:ALE) said it has completed its USD-165.5-million (EUR 152.1m) acquisition of distributed solar project developer New Energy Equity LLC.
- TagEnergy was founded in 2019 by Jacques Veyrat and Franck Woitiez and his team to develop, deliver and operate clean power stations. Prior to this proposed funding round, Impala held 51 per cent of the TagEnergy business and TagTeam Holding 49 per cent.
Macro Commitments
Coal-Laden inner Mongolia spending $79 billion on renewables [Bloomberg]
- Inner Mongolia is planning to spend about 500 billion yuan ($79 billion) on clean energy through 2025, and aims to generate more than half of its power from renewables by the end of the decade.
U.S. to grant $6.4 bln funding for projects to reduce carbon emissions [Reuters]
- The U.S. Transportation Department said it would award $6.4 billion over five years to states to fund projects to reduce greenhouse gas emissions.
EDF Renewables, ZeroWaste agree USD-3bn green ammonia production in Egypt [Renewables Now]
- Egypt's Suez Canal Economic Zone (SCZONE) has signed a memorandum of understanding (MoU) with a consortium of EDF Renewables and ZeroWaste for the production of 350,000 tonnes of green fuel annually in the Ain Sokhna region to supply ships.
RWE to pour EUR 1.5bn in Ireland's renewables by 2030 [Renewables Now]
- Germany’s RWE Renewables is set to invest up to EUR 1.5 billion (USD 1.62bn) gross in green power projects in Ireland by 2030, as part of a global EUR-50-billion investment plan.
DIY crypto venture plans to issue 1 billion carbon credits [Carbon Pulse]
USDA makes Earth Day investment of nearly $800 million in climate-smart infrastructure [AgNetWest]
- In honor of Earth Day 2022, Agriculture Secretary Tom Vilsack announced that the U.S. Department of Agriculture (USDA) is investing nearly $800 million in climate-smart infrastructure (PDF, 587 KB) in 40 states, Puerto Rico and the Northern Mariana Islands.
- Agriculture Secretary Tom Vilsack was joined by White House Infrastructure Coordinator Mitch Landrieu and Congressman Sanford Bishop (GA-2) to announce the U.S. Department of Agriculture (USDA) will invest $420 million in 132 infrastructure projects in 31 states, including rehabilitating dams, flood prevention, and watershed restoration projects. The investments are funded by President Biden’s Bipartisan Infrastructure Law, and build on a $166 million investment announced earlier this year.
- Chicago’s nutrition giant, ADM, has announced plans to invest $300 million in itself in order to increase production capacity at its Illinois plant. Alongside, its new state-of-the-art ‘Protein Innovation Center’ will be opened, also in Decatur, Illinois.
Pathways, Frameworks, Case Studies, Research, Climate Science
European Commission analysing higher 45% renewable energy target for 2030 [Reuters]
- The European Commission is assessing whether the European Union could achieve a higher target of a 45% share of renewable energy by 2030, instead of its proposed 40%, to accelerate its shift from Russian fossil fuels following the invasion of Ukraine.
World needs extra $1.3 trln energy investment by 2030 - JP Morgan [Reuters]
- The world needs to find $1.3 trillion of incremental investment by 2030 to boost all types of energy output and infrastructure from renewables to oil and gas to avoid an energy crunch, U.S. bank JP Morgan said in its first annual energy outlook.
IIGCC launches framework to ‘raise bar for investor climate stewardship’ [I&PE]
- It aims to do so by providing a framework that focusses investors on ensuring they prioritise high-impact corporate engagement and have measures in place to hold laggard companies to account.
The TNFD nature-related risk & opportunity management and disclosure framework beta v0.1 [TNFD]
- More than half of the world’s economic output – US$44 trillion of economic value generation – is highly or moderately dependent on nature. Yet most companies, investors and lenders today inadequately account for nature-related risks and opportunities in their decisions. The Taskforce on Nature-related Financial Disclosures (TNFD) was established in response to the growing appreciation of the need to factor nature into financial and business decisions.
5 African climate-smart agriculture investors helping close a $106bn climate finance gap [AFN]
- There are a few noteworthy climate-smart agriculture investors and ecosystem enablers in Africa working to improve access to financing for climate-smart agriculture including financiers and accelerators. Here are a few examples.
Energy Storage as a Service market size to surpass US$ 128.84 billion by 2030 [Yahoo]
- According to Precedence Research, the global energy storage as a service market size is predicted to surpass around US$ 128.84 billion by 2030 from valued at US$ 59.89 billion in 2021, growing at a CAGR of 8.9% from 2022 to 2030.
NN IP: Green bond market to reach €1.1trn in issuances this year [Funds Europe]
- The asset manager cited investor urgency to finance the energy transition as sovereigns and corporates look for fossil fuel alternatives and other low-carbon transport opportunities.
Exxon sees carbon capture market at $4 trillion by 2050 [Reuters]
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