The African Development Bank has approved a considerable loan package of $27 million and €10 million to co-fund AMEA Power’s 100MW solar energy farm in El Metbassta, Kairouan North region, Tunisia. This greenfield project follows the ‘build, own and operate’ (BOO) agreement and is one of the five renewable projects approved by Tunisia in 2019. The AfDB board will offer a total of $10 million and €10 million for this initiative, with an additional sum of $17 million from the SEFA Fund (Sustainable Energy Fund for Africa). Supporting this project are the International Finance Corporation from the World Bank Group, as well as the Clean Technology Fund. Dr. Kevin Kariuki, Vice-president of Power, Energy, Climate and Green Growth at the African Development Bank commented: “The 100MW Solar PV Project will be a groundbreaking moment for other grid-based solar and wind projects currently being developed in Tunisia. Furthermore, it serves as an ideal example of bankability for all renewable energy projects in this country given its agreements were settled despite unfavorable conditions”.

Summary

• The African Development Bank has approved a $27m and €10m loan package to co-finance a AMEA Power’s 100MW solar farm in Kairouan, Tunisia.
• The project entails the design, construction, and operation of a greenfield solar photovoltaic plant under a build, own and operate (BOO) scheme.
• Additional financing will come from the International Finance Corporation (IFC) of the World Bank Group and the Clean Technology Fund (CTF).

What is the total financial package approved by the African Development Bank for AMEA Power’s 100MW solar farm in Kairouan, Tunisia?

The total financial package approved by the African Development Bank for AMEA Power’s 100MW solar farm in Kairouan, Tunisia is $27m and €20m.

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Picture source: Juan Ordonez

Altus Power, a solar developer, has agreed to purchase 220 megawatts (MW) of newly constructed and in-progress solar assets located in the United States for roughly $293 million from funds monitored by True Green Capital Management. The 207 MW of commercial-scale assets will quickly enter Altus Power’s operations with the remaining 13 MW due to be finished within the next few months. This portfolio extends presence in six existing markets (California, Colorado, Illinois, Massachusetts, New Jersey, and New York) while adding exposure to two fresh markets (Delaware and South Carolina). Altus Power plans to own, manage and maintain these assets for the long-term together with offering extra electrification services such as battery storage or electric vehicle/fleet charging stations. The settlement is expected to be sealed during first quarter of 2023 with financing obtained via Altus Power’s long-term funding facility led by Blackstone Structured Finance along with investments from cash reserves. Gregg Felton, co-CEO at Altus Power mentioned that they are delighted to begin a new set of customers under their banner by supplementing their reach specifically in California and New York where TGC handled development and construction efforts on these assets. Panos Ninios from TGC explained that collaboration offered a successful mechanism for them to gain access into new solar markets and spoke highly about Altus Power’s proficiency in asset on-boarding and customer servicing which plays a major role in forming this natural partnership.

Summary

• Altus Power has entered a definitive agreement to acquire 220MW of newly developed and in construction solar assets in the USA for approximately US$293m from funds managed by True Green Capital (TGC) Management.
• This portfolio offers additional scale in Altus Power’s existing markets including California, Colorado, Illinois, Massachusetts, New Jersey, and New York and provides entry into two new markets of Delaware and South Carolina.
• Altus Power intends to fund the transaction with its long-term funding facility led by Blackstone Structured Finance and cash on hand.

What are the states that Altus Power will have an expanded presence in as a result of this acquisition?

The states that Altus Power will have an expanded presence in as a result of this acquisition are California, Colorado, Illinois, Massachusetts, New Jersey, New York, Delaware and South Carolina.

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Sonnedix is delighted to announce that its 50 megawatt (MW) Los Frailes solar farm in Badajoz, Spain has entered into commercial operations. Covering 111 hectares and linked up to the Vaguadas substation, this solar farm is forecasted to generate 102 gigawatt-hours of electricity annually, which is equivalent to powering more than 30,000 households and avoiding around 16,000 tons of carbon dioxide emissions. Constructed with Mytilineos as the main engineering, procurement and construction contractor and developed hand-in-hand by Viridi RE group and Sonnedix’s development team, Los Frailes solar farm marks an exciting milestone for both partners.Additionally, Sonnedix now has over 1GW of capacity in Spain – with 600MW already in operation, 60MW under construction and a general development pipeline standing at 400MW. Axel Thiemann, Chief Executive Officer at Sonnedix said “We are ecstatic about achieving this goal; especially knowing full well the challenges our team overcame during the pandemic period: from supply chain concerns to economic uncertainty. This success testifies to our dedication and commitment towards the Spanish market for its remarkable role in driving energy transition.”

Summary

• Sonnedix has achieved commercial operations at its 50MW Sonnedix Los Frailes solar farm in Spain.
• The project is expected to produce approximately 102GWh per year, which is the equivalent to powering more than 30,000 homes with clean electricity and avoiding approximately 16,000 tons of carbon dioxide.
• Sonnedix said it has over 1GW of capacity in Spain, including over 600MW operational, 60MW under construction and a development pipeline of almost 400MW.

What is the expected annual energy output of the Sonnedix Los Frailes solar farm in Spain?

The expected annual energy output of the Sonnedix Los Frailes solar farm in Spain is approximately 102GWh per year.

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Pension funds are a type of investment vehicle that provides income to individuals in retirement or upon leaving work. Pension funds are typically managed by a professional financial institution and are typically funded by contributions from employers, employees, and other types of investors. These funds can be used to provide retirement income to individuals, and the funds can be used for other purposes, such as investments or philanthropic activities. To understand what pension funds are, it is important to first understand what a pension is. A pension is a type of retirement plan where an employer or government entity pays retirement benefits to an individual after they retire or leave work.

The amount and type of benefits depend on the agreement between the employer, the employee, and the financial institution. The individual usually begins contributing to their pension fund while they are working. Employers may also contribute to the fund, depending on the agreement. Pension funds typically consist of several types of investments, such as stocks, bonds, mutual funds, and commodities. The investments within a pension fund are managed by a professional investment advisor, who manages the portfolio to ensure it meets the individual’s retirement needs.

The financial institution managing the fund will also diversify investments across sectors, industries, and countries to minimize risk and maximize returns. The financial institution will also manage the pension fund to ensure that it meets its expected return rate. This rate is usually set by the individual’s retirement plan and will determine the amount of income they receive in retirement. The financial institution may also provide additional services such as tax advice, estate planning advice, and asset management services to ensure that the pension fund is managed properly.

Pension funds are an essential component of many individuals’ retirement plans and can be a great way to create financial security in retirement. By working with a professional financial institution, individuals can ensure that their pension funds are managed properly and that they have access to the necessary services to plan for their retirement needs.

The role of pension funds in Europe

Pension funds are a vital part of the European economy, providing important services to citizens and businesses alike. In fact, if it wasn’t for pensions, many Europeans would face a future of financial insecurity, as pensions are a key source of retirement income. But how exactly do pension funds work, and what role do they play in Europe? In essence, pension funds are investment funds that are set up to provide retirement income for the people who contribute to them. As such, pension funds need to be managed carefully to ensure that there is enough money in the fund to provide adequate income when it’s time to retire. This is why pension funds are regulated by governments; they must adhere to certain standards and guidelines in order to protect investors and ensure the longevity of the fund.

The European Union has also established various regulations that all pension funds must abide by in order to operate in the region. These rules ensure that pension funds are properly regulated and that investors are protected from potential financial losses. The regulations also ensure that pension funds are not used for any purpose other than providing retirement income for its members. Pension funds also play an important role in the European economy by providing capital for businesses. Pension funds typically invest in stocks, bonds, and other financial instruments to generate returns for their members. The money generated through these investments is then used to finance new business ventures or support existing ones. This helps to keep the European economy strong and resilient.

Finally, pension funds also serve as a source of social security for citizens in Europe. Many European countries have laws in place that require them to provide a minimum level of income for retirees and pensioners. This ensures that retirees have access to a secure and comfortable lifestyle after they have ceased to work. Overall, pension funds play a key role in the well–being of European citizens and their economies. Through careful management and strict regulations, pension funds ensure that retirees can enjoy a comfortable lifestyle in their later years and that businesses can continue to grow and expand.

Our articles about pension funds

In the following, we are introducing interesting articles from Investorsfruit regarding pension funds – mainly in Europe, but also from overseas:

ATP Investment Powers Better Energy’s Expansion of Green Energy Across Europe

CPPI Makes Wise Decision to Avoid Cryptocurrency Investments After Major Losses by Canadian Pension Funds

Goldman Sachs Group Selected as Fiduciary Manager for Stichting Pensioenfonds Smurfit Kappa Nederland’s €800 Million Investment Portfolio

Balfour Beatty Pension Fund Secures £1.7 Billion Longevity Swap with SCOR and Zurich Assurance

Picture source: Robert Bye

Better Energy, a solar energy developer, announced they recently secured an astronomical three-digit million euro investment from the pension fund ATP. This major resource will be used to expand green energy generation in Denmark, Sweden, Finland, and Poland. As a result of this transaction, Better Energy’s board of directors will now include a representative from ATP as well since the pension fund now holds 15% stake in the company.The purpose of this endeavor is to implement renewable solar power across Europe and reduce carbon emissions, create more biodiversity conservation areas, and offer cheaper alternatives to gas, oil, and coal. The CEO Rasmus Lildholdt Kjær explained that this infusion of funds has allowed them to finally transition into being a renewable energy company whose mission is to roll out large scale projects that are economical yet eco-friendly. In Poland specifically, fossil fuels dominate electric production with coal itself leading at over 70%. This highlights the importance of additional solar energy resources there because it will bring greater ecological benefits than in other regions. The ATP investment particularly aids these efforts by allowing Better Energy Poland to utilize subsidy-free solar parks such as Postomino 30MW and Polanow 30MW.

Summary

• ATP owns 15 % of Better Energy and will have a seat on the company’s board of directors.
• The investment from ATP helps boost Better Energy’s momentum in all their markets, not least Poland.
• The positive environmental impact of additional renewable energy resources in Poland is significantly higher than in many other countries.

What is the positive environmental impact of additional renewable energy resources in Poland?

The positive environmental impact of additional renewable energy resources in Poland is significantly higher than in many other countries due to the dominance of fossil fuels, and the investment from ATP will help Better Energy develop subsidy-free large scale solar parks to further reduce emissions.

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CPP Investment (CPPI) has resolved to not make further investments into the cryptocurrency sector. This news comes after two other leading Canadian pension funds, Ontario Teachers’ and Caisse de Depot et Placement du Quebec, experienced significant losses due to their crypto investments. CPPI CEO John Graham commented on the matter earlier this year: One needs to evaluate what the actual intrinsic value of certain assets are before integrating them into an investment portfolio. We have been researching cryptocurrencies but nothing is invested yet. The organization is currently responsible for managing $388 billion CAD in assets for 20 million Canadians. The decision to pull away from cryptocurrency investments appears to be a wise one considering Ontario Teachers’ had a full write-off of its $95 million investment with FTX exchange and Caisse de Depot et Placement du Quebec experienced a total write-down of its$150 million investment in Celsius Network.

Summary

• CPP Investment (CPPI) is no longer pursuing opportunities in the crypto investment sector.
• CEO John Graham commented that the underlying intrinsic value of these assets must be considered before investing.
• Ontario Teachers’ and Caisse de Depot et Placement du Quebec both suffered losses from their investments in the crypto sector.

What were the losses suffered by Ontario Teachers‘ and Caisse de Depot et Placement du Quebec after investing in crypto?

Ontario Teachers‘ and Caisse de Depot et Placement du Quebec suffered losses of $95 million and $150 million respectively after investing in crypto.

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Picture source: Sidra S

The Stichting Pensioenfonds Smurfit Kappa Nederland has chosen NN Investment Partners, a subsidiary of Goldman Sachs Group, as the fiduciary manager of their €800 million ($842 million) investment portfolio. This full service will include liability-driven investment services and was facilitated by an intensive search beginning in January 2021. The contract officially took effect on December 1 of that year. We are looking forward to working with Goldman Sachs, said Marco Kiewiet, director of Stichting Pensioenfonds Smurfit Kappa Nederland in the news release issued on Monday. Investment is our priority while also considering complex pension issues; we value close cooperation with asset managers.

Summary

• Stichting Pensioenfonds Smurfit Kappa Nederland, Heerlen, Netherlands, hired NN Investment Partners as fiduciary manager of its full €800 million ($842 million) investment portfolio.
• NN Investment Partners is a subsidiary of Goldman Sachs Group, which purchased the manager in 2021 from insurer NN Group.
• The pension fund values intensive cooperation with an asset manager that focuses on investments while at the same time considering complex pension issues.

What firm did Stichting Pensioenfonds Smurfit Kappa Nederland hire as its fiduciary manager of its investment portfolio?

Stichting Pensioenfonds Smurfit Kappa Nederland hired NN Investment Partners, a subsidiary of Goldman Sachs Group, as its fiduciary manager of its investment portfolio.

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Picture source: Alexei Maridashvili

Stryker is committed to becoming carbon neutral by 2030 and is taking steps to reduce its carbon footprint. The company has achieved its goal of reducing carbon emissions by 20% across all facilities ahead of schedule, and has now partnered with Ørsted and Schneider Electric to secure renewable energy for 75% of its electricity in North America. Stryker is dedicated to playing a role in decarbonizing the healthcare sector, and looks forward to continuing its sustainability journey.

Summary

• Stryker has successfully met their 2024 goal of 20% carbon reduction for all their facilities ahead of schedule.
• Stryker recently announced a new goal for global sites to be powered by 100% renewable electricity by 2027.
• Stryker has partnered with Ørsted and Schneider Electric to enter a long-term power purchase agreement for 37 megawatts of wind power in North America.

What is the estimated annual carbon savings of Stryker’s energy projects?

The estimated annual carbon savings of Stryker’s energy projects is more than 10,000 metric tons since 2019.
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Picture source: Abby Anaday

Encavis AG, a wind and solar park operator based in Hamburg, Germany, has announced the acquisition of Chiltern Renewables Hockliffe Limited solar park from Industria Brand Energy Limited. This solar park is ready for construction and will have a generation capacity of 26 MWp. It is located 40 miles from London and is expected to be connected to the grid in the first half of 2023. Mario Schirru, Chief Investment Officer of Encavis AG stated that they plan to start construction as soon as possible and sign an attractive Power Purchase Agreement (PPA) once they have acquired a larger portfolio of additional solar parks in the UK. Until then, electricity generated by the Hockliffe project will be marketed in the short term without being priced yet.

Summary

• Encavis AG is acquiring a 26 MWp solar park in Hockliffe, UK.
• The solar park will be connected to the grid in the first half of 2023.
• Encavis AG will market the electricity generated until they acquire a larger portfolio of additional solar parks in the UK.

What is the anticipated timeline for construction of the Chiltern Renewables Hockliffe Limited solar park?

The anticipated timeline for construction of the Chiltern Renewables Hockliffe Limited solar park is to be connected to the grid in the first half of 2023.
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Picture source: American Public Power Association

The Balfour Beatty Pension Fund in London has agreed to a £1.7 billion ($2.1 billion) longevity swap transaction with SCOR and Zurich Assurance. The Trustee for the defined benefit fund, Balfour Beatty Pension Trust Ltd., manages £3 billion and 27,000 participants, with the swap covering 15,000 of these individuals. SCOR will take on 100% of the longevity risk while Zurich U.K. will act as an intermediary insurer through a “pass-through” structure that facilitates the risk transfer to SCOR. Aon was lead adviser on the transaction, providing legal advice to the trustee via CMS and to SCOR via Eversheds Sutherland. Tom Scott from Aon commented that this transaction marks a further step in the fund’s derisking journey and is “further evidence of a vibrant insurance/reinsurance market, which is offering commercially attractive pricing and terms to pension schemes”. Insight Investment was appointed as collateral manager and collateral valuation agent; Serkan Bektas from Insight Investment noted that managing longevity risk is an important consideration for UK pension schemes today, particularly against a backdrop of changing monetary policy and economic conditions.

Summary

• Balfour Beatty Pension Fund, London, agreed to a £1.7 billion ($2.1 billion) longevity swap transaction with SCOR and Zurich Assurance.
• SCOR will take on 100% of the longevity risk.
• Aon was lead adviser on the transaction; Insight Investment was appointed as collateral manager and valuation agent.

What risks did the Balfour Beatty Pension Fund transfer to SCOR through the longevity swap transaction?

The risks transferred to SCOR through the longevity swap transaction were 100% of the longevity risk.
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Picture source: Lachlan Gowen