The timeline of the work that needs to be done to move cities to net zero carbon is such that it also requires thinking about stewardship and governance. This is ten to twenty years work which doesn’t fit neatly with our typical political cycle. Setting up governance structures in a way that avoids these programmes being derailed by politics every 3 to 4 years is critical to their chances of success.
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The European Commission (EC) has approved a $6.7 billion scheme to support renewable power generation from small solar installations located on buildings in France. The scheme has been approved under the European Union (EU) state aid rules. It is expected to help France to add approximately 3,700 MW of additional capacity of solar energy in the country.
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American Council on Renewable Energy (ACORE) launched its “$1 trillion 2030 campaign” in 2018 to achieve $1 trillion in private sector investment in renewable energy and grid technologies by 2030 in the US. In June 2021, it released a report titled, “Expectation for Renewable Energy Finance in 2021-2024: Growing confidence in the Aftermath of the Pandemic”. The report assesses progress on the campaign and presents the results of two new surveys of professionals who actively finance or develop projects in the renewable energy sector.
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In Gujarat, ENGIE will commission a 200 MW solar power project at the Raghanesda Solar Power Park. ENGIE worked with many government agencies in Gujarat to build the project. The company won the project through a bidding procedure, and a power purchase agreement for 25 years was signed in August 2019 with Gujarat Urja Vikas Nigam Limited.
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The African Development Bank (AfDB) has received funding for its Covid-19 Off-Grid Recovery Platform less than a year after its debut. Following the AfDB Board’s approval in December 2020 for a $20 million concessional investment from the Sustainable Energy Fund for Africa (Sefa) to establish the pla
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Augment Infrastructure has announced an equity purchase of CleanMax, the leading provider of renewable energy solutions such as rooftop solar to the commercial and industrial (C&I) market. The US investment company is purchasing a controlling interest in CleanMax for Rs 165 billion in stock.
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Fortress REIT (Real Estate Investments), a South African hybrid fund that invests in direct properties and other publicly traded real estate firms, has issued a total of $61.5 million in sustainability-linked bonds. The bonds will be used to increase the company’s renewable energy output and provide additional solar energy to the national grid.
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Hanwha Solutions, based in South Korea, has plans to buy renewable energy producer RES France for $855.2 million in a deal that is anticipated to close in the next two months. RES France is a part of the RES Group, a corporation based in the United Kingdom.
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Globeleq, a South African independent power producer, has completed the senior debt refinancing of three of its renewable energy plants, totaling 238 MW. Absa Bank, part of the financial services company Absa Group Ltd, served as the required lead arranger and sole underwriter for the $362 million debt financing package.
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Brookfield Business Partners, a subsidiary of Brookfield Asset Management in Canada, has agreed to buy Aldo, Brazil’s leading PV product distributor, and system integrator. The transaction should be completed by the end of August. Brookfield Business Partners announced the acquisition of Aldo in a quarterly financial report, saying it will fund around $115 million of the $320 million equity investment for a 35 percent ownership stake, with the remainder coming from institutional investors.
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United States-based developer WEC Energy has agreed to acquire a 90 per cent stake in Invenergy’s 250 MW Sapphire Sky wind farm in Illinois. The ownership interest in the project in McLean County, which will include 64 turbines, is anticipated to cost WEC $412 million. By the end of 2022, the project is set to begin commercial operations.
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Canadian Solar has announced that it has received $100 million in financing from two Brazilian banks to help it develop and build solar projects in Brazil. The financing arrangement with banks BTG Pactual and Itau BBA would support up to 70 per cent of Canadian Solar’s equity commitments in its Brazilian project portfolio.
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Renewable energy is one of the few industries that may anticipate increased investment inflows in 2020. Despite the ongoing COVID-19 epidemic, which has had a significant impact on investments, investors committed a record US$501 billion to low-carbon assets in 2020, up 9 percent from the previous year.
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EQT AB, a Swedish private-equity company’s EQT Infrastructure V fund has agreed to purchase Cypress Creek Renewables from funds controlled by HPS Investment Partners, LLC and Temasek. The acquisition is scheduled to conclude in the second half of 2021, subject to normal conditions and approvals. EQT Infrastructure is committed to building on Cypress Creek’s success by investing in operational, organisational, digital, and environmental initiatives that will allow the company to continue developing and distinguishing itself.
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BCPG PLC, a Thai renewables firm, has invested $24 million in VRB Energy, a producer of vanadium flow batteries, to help it expand its worldwide energy storage business.The investment will go into developing VRB Energy’s unique storage system, enhancing production capacity, and vertically integrating vanadium processes.
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Enlight Renewable Energy signed a formal deal for acquiring a stake in Clēnera, a solar and storage company in the United States, for up to $433 million. Enlight will buy 90 per cent of Clēnera’s shares through a subsidiary in the United States, while the founders will keep 10 per cent.
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There is a huge opportunity to take advantage of lower-cost clean energy technologies, led by solar and wind, to forge a new low-emissions development model for the developing world. There is also no shortage of capital globally to realise such a vision. However, this capital is not finding its way to the countries and sectors where it is most needed. Many institutions are supporting energy transitions in developing countries, with good intentions and often impressive results. But private capital does not yet see the right balance of risk and reward in clean energy projects.
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Etrion Corporation, which is a solar independent power producer, has completed the sale of its stake in the 13.2 MW Komatsu, 24.7 MW Shizukuishi and 9.3 MW Mito solar projects which are currently operational. The sale has been made to a consortium established by Development Bank of Japan, Kansai Electric Power, and Osaka Gas Co., Ltd. for a value of JPY 8.252 billion, which is equivalent to about $74.8 million.
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The Africa Renewable Energy Fund II (AREF II) has raised Euro 130 million from seven investors to finance renewable energy development in sub-Saharan Africa, excluding South Africa. The investors in the AREF II include the Swedish government’s Swedfund, the UK government’s CDC Group, CDP, and the African Development Bank’s (AfDB) Sustainable Energy Fund for Africa. The funds that they have mobilised are to be used to finance clean energy, including wind, solar, run-of-river hydro, and storage projects. AREF II aims to mobilise a further Euro 300 million to increase Africa’s renewable energy footprint.
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Republic of Congo signed a solar-hybrid power deal worth $100 million with a consortium led by Gridworks. This power deal aims to provide electricity to the cities Gemena, Bumba and Isiro, which are not currently connected to the national grid. This power is expected to reach more than half a million people. The company providing electricity will be called Moyi Power.
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