The report focuses on some important features of the new investment landscape which are already visible, including the energy security lens through which many investments are now viewed, widespread cost pressures, the major boost in revenues that high fuel prices are bringing to traditional suppliers, and burgeoning expectations in many countries that investments will be aligned with solutions to the climate crisis.
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General Electric (GE), a US- based multinational conglomerate, and Continuum Green Energy (India), a renewable energy project developer, announced the financial completion of GE Energy Financial Services’ acquisition of a 49 per cent stake in Continuum’s 148.5 MW Morjar onshore wind project in Gujarat, India. The project, which will be equipped with GE Renewable Energy’s 2.7-132 onshore wind turbines, is set to begin commercial operations in June 2022.
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On the surface, such competition between the regional powers may seem to have provided Indonesia with a golden opportunity to extract favourable terms to advance key projects. The theory, it would seem, is that this allows Indonesia to pit one side against the other, bringing about a competition that offers options such as generous financing terms and advanced engineering know-how, which would otherwise be unavailable under normal circumstances.
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2021 was a year of rapid progress for the renewable energy industry, and while there is still much work to be done, it is likely that solar, wind, and other kinds of clean energy will continue to see year-on-year growth amid increased demand and federal support. This report reviews the key trends and developments across the industry in the United States, and the outlook for 2022 and beyond.
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SunSource Energy, a solar power firm, has entered into a project financing agreement with SunFunder, an international solar finance company, with an investment to enable its growth in Southeast Asia. The investment will be used to provide project financing for an industrial solar installation in Thailand. SunSource Energy is a leading provider of C&I solar solutions in India and Southeast Asia, with over 300 projects in 24 states.
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E3G has released a parliamentary briefing which defines a Net Zero Financial System as an alignment of both public and private financial flows with the UK’s targets on net zero and climate resilience. It highlights what progress the UK Government has made to date on green financial reform, and what is still missing to successfully deliver a UK Net Zero Financial System before COP27.
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NITI Aayog is working with the Reserve Bank of India to operationalize the inclusion of EVs as a priority sector. There is also a need to engage other ministries, financial institutions, and the EV industry in the design of the guidelines. This report is intended to support ongoing and future deliberations on consideration of priority sector status for EVs and the design of guidelines for EVs.
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8minute Solar Energy, a solar energy company based in the US, has announced the completion of a $400 million fundraising round led by EIG, a US-based institutional investor. A portion of the growth equity and a letter of credit are included in the financing arrangement. This funding will also allow 8minute to focus on technology innovation and advanced solar plant design, as well as start building projects on its own balance sheet.
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EverSource Capital (EverSource) announced the final close of Green Growth Equity Fund (GGEF), reportedly India’s largest climate impact fund, at $741 million. The GGEF becomes one of the largest single-country funds focused on climate change, mitigation, and adaptation in emerging markets. It was formed with an anchor investment from India’s National Investment and Infrastructure Fund and the Foreign, Commonwealth and Development Office of the United Kingdom’s government.
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The Clean Energy Investment Trends is a joint project of the CEEW Centre for Energy Finance (CEEW-CEF) and the International Energy Agency (IEA). By monitoring market activity and identifying market and financing trends, the Trends report seeks to provide a practical guide to stakeholders for understanding how the interaction between risks and regulations is shaping investment flows.
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Finance is playing a significant role in encouraging Australia’s push towards net zero, with companies that commit to climate targets finding it easier to attract investment and raise capital, according to Jo Spillane, Global Head of Private Capital Markets at Macquarie Capital. Spillane says that one of the main vehicles through which this is happening is Australia’s pension funds, or superannuation (super) funds as they are known locally.
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Green Growth Equity Fund (GGEF), India’s climate change fund, has received a $70 million investment from the CDC Group, a UK government-owned development finance firm. Eversource Capital, a joint venture between private equity firm Everstone Group and British Petroleum’s renewable energy platform Lightsource bp, manages the fund.
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To support renewable energy projects and incentivise the uptake of renewable energy sources (RES) across Europe, the EU has established a novel RES financing mechanism (REFM), under which Member States will make voluntary financial contributions to support new renewable energy projects in EU countries interested in hosting such projects, through competitive tenders for investment or operating aid.
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CCE Solar Invest, a joint venture between CCE Group and Enernovum, has obtained funding for a portfolio of 14 solar farms totaling 600 MW in Italy. Kommunalkredit Austria has provided a three-year loan for projects in Lazio, Tuscany, and Apulia.
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UK-based Octopus Energy Group has entered into a strategic partnership with Generation Investment Management for an additional investment of $600 million. This would increase Octopus Energy Group’s valuation to $4.6 billion post the deal. Generation Investment Management will take up to 13 per cent of equity stake in return for its investment.
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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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The tectonic shift that makes the clean energy sector one of the fastest-growing in the global economy, attracting significant institutional and retail investor interest, is driven by several notable reasons. Energy Tracker Asia’s new research report, ‘5 Shifts That Define the Increased Investment Interest in Renewable Energy 2021’ explores why renewable energy investments are on the rise.
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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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he first specialized renewable energy yieldco will be established in Africa. UK Climate Investments has made a $34 million investment to the yieldco, which will be managed by Revego Fund Managers. Revego intends to address the issue of energy access and expedite the deployment of new clean power production capacity in South Africa by purchasing equity in operating renewable energy projects and assisting developers in unlocking and recycling capital.
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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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