It’s clear that the most important development from COP was the launch of the Glasgow Financial Alliance for Net-Zero (GFANZ), representing 450 organisations with some USD130 trillion of assets under management. 40% global assets are now committed to the transition. For a sense of scale, global GDP last year was USD85 trillion.
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GE Energy Financial Services and UK Export Finance (UKEF), the UK’s export credit agency have secured an agreement to fund Kalyon Enerji’s 1.35 GW Karapinar solar project in Konya Karapinar region. The solar power plant is Turkey’s largest solar facility, which is around 11 km long and 3 km wide. GE Energy collaborated with UKEF, which will guarantee a $291 million buyer credit facility, pending financial completion.
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India-based Virescent Renewable Energy Trust (VRET) raised Rs 10 billion ($134.4 million) in non-convertible debentures (NCD) its debut issuance , which was split into three tranches of three, five, and seven years. This is the first time a renewable energy InvIT has issued securities in India. As per a company statement, the funds will mostly be used to refinance existing debt and support future acquisitions.
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The Transition Finance in China’s Guangdong Hong Kong-Macau Greater Bay Area report prepared by Climate Bonds Initiative discusses the principles that credible transition finance should adhere to and takes Guangdong-Hong Kong-Macao (GBA) Greater Bay Area – an important economic powerhouse for China – as a case for studying the application of transition finance concerning the low-carbon transition.
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The Energizing Finance research series consists of in-depth primary research and analysis by Sustainable Energy for All (SEforALL) and partners that examines supply and demand for finance across two key areas of energy access: electricity and clean cooking. Taking the Pulse shines a light on both the volume and type of capital – debt, equity, grants and affordability gap financing – challenges to achieving universal access and recommendations on actions required to achieve SDG7.
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Taking the Pulse shines a light on both the volume and type of capital – debt, equity, grants and affordability gap financing – challenges to achieving universal access and recommendations on actions required to achieve SDG7. This Policy Brief is based on Taking the Pulse analysis for Vietnam.
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Jupiter, a climate analytics start up based in the United States, has raised $54 million in a Series C investment headed by Clearvision Ventures and MPower Partners.
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Increasingly we believe investors and broader stakeholders will look more closely at how much Green Capex is being funded and how funding, cost structure and innovation will impact execution towards Net Zero, Clean Water and broader Infrastructure goals. We expect Green Capex will primarily be funded by the private and public sectors, though for some products like residential solar, appliances and electric vehicles, individuals will play an important role.
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Pursuing low-carbon development is central to India’s Paris Agreement climate goals. In this pursuit, net-zero energy buildings (NZEBs) and electric vehicles (EVs) are the two high-leverage areas. The ability to deliver vast emissions reductions across rural and urban settings has brought NZEBs and EVs to the center of the climate change mitigation agenda. In the Indian context, vehicles and homes also have the distinction of being the two most important purchases consumers make.
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Adani Green Energy Limited (AGEL), subsidiary of India-based Adani Group, has completed its previously announced acquisition of SB Energy India for Rs 260 billion. In May 2021, AGEL signed share purchase agreements with SoftBank Group (SBG) and Bharti Group to acquire a 100 per cent interest in SB Energy India.
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Australia has committed to providing $180 million in grants to support the development of carbon capture, use and storage (CCUS) projects, part of a broader technology push to help cut carbon emissions, while still allowing for the use of gas and coal. The funds will be used to support the design and construction of carbon capture hubs and shared infrastructure, as well as carbon capture technology research and commercialization, and the identification of viable carbon storage sites.
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American Securities LLC, a private equity firm, has entered into an agreement to acquire Swinerton Renewable Energy, the renewable energy division of Swinerton Builders, and the wholly-owned subsidiary SOLV, Inc. from Swinerton Incorporated. The acquisition will combine Swinerton’s existing Engineering, Procurement and Construction (EPC) and Operations and Maintenance (O&M) service groups under one company named, SOLV Energy.
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India’s Power Finance Corporation Limited (PFC), a non-banking financial company (NBFC) in the electricity sector, has launched its first Euro 300 million seven-year Euro Bond issuance. As per the reports, the 1.841 per cent pricing attained is the lowest yield locked in by an Indian issuer in the Euro markets.
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Enfinity Global Inc., a renewable energy and services platform, and CarVal Investors have entered into a $300 million loan facility to facilitate the development of Enfinity’s 3 GW renewable energy portfolio. Enfinity reported that the facility aligns sustainable investment guidelines with the execution capabilities required to be a leader in the net-zero carbon economy,
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The research project “Catalyzing investment for energy access: Making the case for change” was conducted by Power for All and supported by Energise Africa’s scale up funding from P4G. The report examines Ethiopia’s access to electricity challenge, benchmarking the country’s power sector to six regional peers: Democratic Republic of the Congo, Kenya, Nigeria, Rwanda, Tanzania and Zimbabwe.
Read Moreenergy infrastructure. The investment will focus on rural communities, agricultural producers and businesses.
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With environmental issues high on the global agenda, governments are directly targeting businesses in their drive to sustainability. Incentives and penalties are being introduced on a regional and domestic basis, creating a challenging landscape with which businesses must contend. The tax and finance function can play a major strategic role to the broader business by helping reduce risk and make the most of opportunity.
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Blackfinch Renewables European Incomes Trust plc (BRET) has released the prospectus in relation to its planned $413 million initial public offerings (IPO) in the London Stock Exchange. BRET is a new closed-end investment trust based in Europe that will invest in renewable energy infrastructure. Blackfinch, a UK investment business, will be its investment manager.
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Green bond issuance in South Africa has been patchy with strong issuance early on followed by small volumes in the intervening years and a bumper year in 2019. Encouragingly, there has been a good diversification of issuers including banks and cities. Supportive regulation is critical and can take the form of direct support for green bonds (subsidies etc.) or, more importantly for the energy sector, through strong and consistent policy support across planning, finance, procurement and energy.
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The UK government plans to invest $1.2 billion through public and private investments in India’s renewable energy sector. According to the official statement of the British High Commission, of the $1.2 billion proposed investments, $1 billion will come from CDC, the UK’s development finance institution. The funds will be invested during 2022-2026.
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