Vena Energy has secured its first sustainability-linked facility of $500 million from eight lenders. The facility will have a maximum amount stipulated that the company can access whenever needed. The financers include BNP Paribas, Crédit Agricole CIB, DBS Bank Ltd, ING Bank, MUFG, Intesa, SMBC and Mizuho while ING Bank and BNP Paribas were joint green structuring advisors for the deal.
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BP Plc has announced that it is set to acquire a 9 GW solar project pipeline in the US from developer 7X Energy Inc. The asset will be developed by BP’s joint venture Lightsource bp. BP will buy the project portfolio together with 1 GW of “safe harbour” equipment for $180 million. The purchase is expected to be completed within the next 30 days.The projects will be located across 12 states with the greatest concentrations in Texas and the Midwest. Schemes totaling 2.2 GW are expected to reach a final investment decision by 2025, with the balance progressing by 2030.
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US residential solar and battery storage company Sunnova Energy International announced its plans to issue convertible senior notes with an aggregate principal amount of up to $575 million. The bonds are due December 1, 2026, will be offered in a private placement subject to external factors. The total amount includes $500 million in bonds and an option for initial purchasers to buy up to an additional $75 million of the notes within 13 days of the issue of the bond. Further, the bonds will be convertible into cash or common shares in Sunnova at a par value of $0.0001. It can even be converted into a combination of cash and stock.
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In the report titled, “The Future of Distributed Renewable Energy in India” published by the Climate Policy Initiative in May 2021, the benefits and market potential of India’s DRE sector are outlined, the current policy and institutional landscape is examined, and recommendations are provided for different stakeholders. REGlobal provides an extract of the report related to financing of DRE projects in India.
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EnCap Investments has announced the closing of a $1.2 billion fund dedicated to investments in the clean energy transition space marking its first investment in the private equity firm that has raised money specifically for clean energy. EnCap had been in discussions with its investor base about pursuing opportunities in energy.e new EnCap Energy Transition Fund I will invest in wind and solar power and energy storage. The fund has already invested in five companies with half the proceeds already deployed.
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Opdenergy has closed an underwriting mandate with BBVA for the financing of the development, construction, and commissioning of its portfolio solar projects in Spain, with a total expected installed power of approximately 725 MW for Euro 500 million. Of the total, the energy company indicated that up to Euro 76 million would be allocated to guarantees linked to long-term contracts (PPAs) and up to Euro 20 million to guarantees related to the usual reserve accounts in this type of operation.
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Amazon announced nine new utility-scale wind and solar energy projects in the United States Canada, Spain, Sweden, and the UK. The current announcement now means that the company has 206 renewable energy projects in the world with a cumulative capacity of about 2.5 GW.
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The asset management division of Norges Bank, Norway’s central bank has confirmed that it will acquire a 50 per cent stake in the 752 MW Borssele 1 & 2 offshore wind farm located off the coast of the Netherlands developed by Ørsted. Norges Bank Investment Management (NIBM) will acquire the stake for Euro 1.375 billion using no external debt.
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The government of Zimbabwe has announced that it intends to exempt investors in solar energy from paying taxes for a period of five years. The move is targeted at attracting investment from solar energy producers in the country. This new move is set to complement other measures taken by the Zimbabwean government, such as the duty-free import of solar energy production equipment.
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French renewable energy developer, Neoen has launched a Euro 600 million share rights issue to help finance the company’s Euro 5 billion investment plan. The company aims to build a renewable energy portfolio of 10GW in operation or under construction by 2025. The net proceeds from the issuance of the new shares will go into financing its new assets as part of a first investment cycle which will end by 2022.
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Nexamp, US community solar provider, has finalised a $440 million debt financing for a solar and energy storage portfolio with a cumulative capacity of 380 MW. The portfolio is spread across five states in the United States and consists of about 100 community solar projects and energy storage projects of 120 MWh.
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BBVA will reduce its exposure to coal-related businesses to zero, serving to companies in these activities by 2030 in developed countries and by 2040 in the other countries in which it is present. In 2018, BBVA committed to aligning its credit portfolio with the goals of the Paris Agreement, and supports the need to achieve zero net carbon dioxide emissions by 2050.
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Blackheath Resources Inc. and Wolverine Energy and Infrastructure Inc. have entered into an amalgamation and arrangement agreement for the proposed sale of Wolverine’s clean energy assets, renewable natural gas (RNG) development projects and solids recycling facilities to Blackheath for total proceeds of $150 million. The proceeds from the sale of the clean energy assets will be $50 million in cash, with the remainder of such proceeds comprising shares of Blackheath.
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The European Bank for Reconstruction and Development (EBRD) and German development finance group, DEG have provided a $10.6 million loan in local currency to Yellow Door Energy to develop, construct and operate a portfolio of eight solar projects in Jordan. EBRD also mobilised $5 million provided by the Global Environment Facility and DEG provided senior loans worth $15.6 million for the projects, taking the total loan value to $31.2 million. The projects will have a total installed capacity of 48.3 MW and will generate 81 GWh of renewable energy per annum.
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The COVID-19 crisis has demonstrated the importance of access to reliable energy. Without power, containment measures imposed by governments would have made life unbearable. Access to electricity has enabled people to work from home, schools to provide online classes, and governments to continue functioning (for example, through online court systems).
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Loanpal has announced that it has raised has secured over $800 million in funding in its first external investment round. The investment rounds were conducted by NEA, WestCap Group, Brookfield Asset Management, Riverstone Holdings, and other private investors.The company’s point-of-sale payment platform allows businesses to deploy sustainable home solutions along with its digital tools. It also provides flexible payment options to remove the cost barrier for homeowners and create a channel for financial institutions to deploy their capital in environmental, social, and governance assets.
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Israel-based OPC Energy recently announced the closure of its acquisition of Competitive Power Ventures (CPV) from Global Infrastructure Partners (GIP) after receiving the required regulatory approval. With this transaction OPC fully owns CPV’s operating assets, development pipeline and asset management business. OPC has partnered with three Israeli institutional investors to carry out this acquisition.
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Lightsource BP has announced the acquisition of a portfolio consisting of 1.06 GW of solar projects in Spain from RIC Energy. Additionally, the sales agreement specifies a partnership with RIC Energy to develop solar projects in 14 sites across Madrid, Andalusia, and Castile and Leon. The first batch of projects is projected to reach ready-to-build status by the end of 2021 and be commissioned between 2022 and 2025.
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Canada Pension Plan Investment Board (CPP Investments) has committed up to €245 million to its UK-based platform – Renewable Power Capital Limited (RPC), in support of RPC’s first investment in renewables in Europe.
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Innergex Renewable Energy Inc. (Innergex) has announced the financial closing and a tax equity commitment for its 225 MW Griffin Trail wind project located in Knox and Baylor Counties, in north-west Texas. The USD 276.2 million financing has been arranged with Sumitomo Mitsui Banking Corporation acting as coordinating lead arranger, and CIBC acting as joint lead arranger, backed by a USD 171.4 million tax equity commitment from Wells Fargo.
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