Renewable energy giants RWE and Greek developer PPC have made a final investment decision to build a 175MW (210MW peak) solar capacity in the northern region of Western Macedonia on the former Amyntaio lignite mine. The project will require an €180m total investment, with €90m being co-financed by EU funds, and has long-term agreements for power purchase signed with various customers for terms ranging between 10 and 15 years. The joint venture company, Meton Energy, is divided evenly between the two companies, with 51% belonging to RWE and 49% belonging to PPC Renewables. Georgios Stassis, Chairman and CEO of PPC remarked: “Clean energy is at the heart of our Strategic Planning. This includes developing renewable energy projects, storage technologies and green hydrogen. We strongly believe that renewable energies alongside storage technologies will form the backbone of electricity worldwide in this coming decade” – thus showing their commitment to sustainability and energy transition. Both companies are striving towards 2GW (peak) total solar capacity in Greece through their joint venture – with PPC Renewables donating nine solar projects with a capacity of up to 870MW (940 MWp) and RWE Renewables having a development pipeline of similar size. Construction is planned for Spring 2021, followed by commissioning in early 2024.

Summary

• RWE and PPC have reached a final investment decision to build 175MW (210MW peak) of solar capacity in Greece.
• The 200MW of capacity will require a total investment of €180m, with €90m co-financed by EU funds.
• Through Meton Energy, RWE Renewables and PPC Renewables are developing solar projects with a total capacity of up to 2GW (peak) in Greece.

What is the total investment required for the five projects in Western Macedonia?

The total investment required for the five projects in Western Macedonia is €180m, with €90m co-financed by EU funds.

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Picture source: Dimitris Kiriakakis

Enefit Green, a leading Baltic power producer and part of the Eesti Energia Group, has just signed a contract with Nordex for the supply, erection and 30-year maintenance of turbines for the Sopi-Tootsi wind farm in Estonia. The deal will see 38 machines each with a nominal capacity of 6.8MW provided by Nordex at an estimated cost of €346m. This agreement follows the final investment decision of the Sopi-Tootsi wind farm which was declared on 22 December 2022.

Summary

• Enefit Green has signed a contract with Nordex for the supply, erection and maintenance of turbines for the Sopi-Tootsi wind farm in Estonia.
• The estimated total cost of the supply and maintenance contract is €346m.
• This agreement is part of the implementation of the final investment decision of the Sopi-Tootsi wind farm, which was published on 22 December 2022.

What is the estimated total cost of the supply and maintenance contract for the Sopi-Tootsi wind farm?

The estimated total cost of the supply and maintenance contract for the Sopi-Tootsi wind farm is €346m.

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Picture source: Mariana Proença

Plenium Partners, in collaboration with Bankinter Investment, have acquired a monumental 247 megawatt capacity cluster of solar powered projects in Spain. The five separate solar facilities are located in the country’s Aragón district and achieved operational readiness this year. Though the terms of the transaction remain undisclosed, Lightsource BP, the original owner of the sites, celebrated the move as an important step in furthering Spain’s renewable energy ambitions.Kareen Boutonnat, CEO for Europe and Asia Pacific at Lightsource BP, elaborated on the company’s role in facilitating such transactions; “These sort of deals demonstrate our trusted partnership capabilities, our commitment to delivering quality constructed and operated assets that contribute to Plenium Partners and Bankinter Investment’s green objectives.”In addition to EY serving as financial advisor for Lightsource BP during the proceedings, similarly Uría Menéndez was chosen as their legal counsel while Plenium and Bankinter sought representation from Gómez-Acebo & Pombo. With 130 employees working on a 4 gigawatt production line last year alone, it is clear Lightsource BP is pushing hard towards meeting its own standards for renewable energy generation in Spain.

Summary

• Lightsource BP has agreed the sale of a 247MW cluster of solar projects in Spain to independent renewable energy investor Plenium Partners and Bankinter Investment.
• The asset comprises five solar installations in Aragón and has been in operation since 2021.
• Kareen Boutonnat, CEO for EMEA and APAC at Lightsource BP, said: „Transactions like these demonstrate our strong credentials in delivering quality constructed and operational assets as a trusted partner.“

What was the value of the transaction between Lightsource BP, Plenium Partners and Bankinter Investment?

The value of the transaction has not been disclosed.

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Picture source: Andreas Gücklhorn

Spanish oil and gas firm Cepsa has announced plans to build three solar projects in the region of Castilla-La Mancha, Spain. The combined capacity of these projects is 400MW, with an investment of €280 million. Construction on all three of these facilities is projected to begin in early 2025.Upon completion, the plants will generate an annual energy output of 840GWh, which stands for nearly a third of the province’s total domestic consumption. In support of this project, local councils from two towns associated with the development have signed deals under the “Sumamos Energías” initiative. This program seeks to boost the local economy while diminishing environmental impact.Geronimo de Angulo, Cepsa’s director of photovoltaic initiatives noted that Castilla-La Mancha fits perfectly into their Positive Motion strategy; which strives to reduce carbon footprints while creating shared value and establishing mutually beneficial relationships founded on trust over time. Additionally, Cepsa estimates that nine total developments in this region will bring about more than 2100 jobs during construction alongside more than €840 million worth of investment into the project overall.

Summary

• Cepsa will add three new solar projects in Castilla-La Mancha, Spain with a combined capacity of 400MW.
• Once in operation, these projects will produce an estimated annual energy output of 840GWh.
• Cepsa has committed to developing nine projects in this area, with a total capacity of 1200MW, generating more than 2,100 jobs during their construction.

What is the estimated annual energy output of the three new solar projects in Castilla-La Mancha, Spain?

The estimated annual energy output of the three new solar projects in Castilla-La Mancha, Spain is 840GWh.

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Picture source: Jorge Fernández Salas

Alpha Real Capital, a leader in the provision of sustainable income real assets, has concluded three transactions involving wind power projects that total more than £90 million. The acquisitions involve a portfolio of 10 wind turbines found in Fife, County Durham, and Bedfordshire owned by an investment firm; a collection of 14 wind turbines situated in Cumbria which were purchased from EIS funds; and finally, a single-turbine location based in Leicestershire was acquired directly from private owners.Through its dedicated renewable infrastructure team, Alpha Real Capital has committed over £900 million to the market since 2013. Of this amount, 40% was put forward over the past two years alone. Will Morgan, Head of Renewable Infrastructure at Alpha Real Capital commented: “These latest acquisitions complete our WRIF fund which was established for UK institutional investors and involves a capital deployment worth £180 million. This is an outstanding accomplishment for the business”.

Summary

• Alpha Real Capital has closed three wind power acquisitions worth over £90m.
• The acquisitions consist of a 27.45MW portfolio, a 9.2MW portfolio and a 500kW single turbine site.
• Alpha Real Capital’s dedicated renewable infrastructure team has now deployed over £900m in equity since 2013.

What is the total amount of equity Alpha Real Capital has deployed into their Wind Renewables Income Fund since 2013?

Alpha Real Capital has deployed over £900m in equity into their Wind Renewables Income Fund since 2013.

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Orsted have taken the final step to begin construction of their 471 megawatt AC Mockingbird solar project in Texas, set to commence this month. The solar centre will be the largest yet added to Orsted’s portfolio and should be completed by 2024. Mockingbird is estimated to be able to power more than 80,000 households each year with its generated renewable energy. David Hardy, CEO of Region Americas at Orsted, expressed his enthusiasm for the ambitious project: “By adding almost half a gigawatt to our portfolio, the decision to build Mockingbird represents an important milestone for our onshore business and for our expansion in solar PV. We are looking forward to producing large amounts of clean energy while ensuring conservation and benefitting local communities. In addition, around 1000 acres of land next to Mockingbird has been donated by Orsted to The Nature Conservancy (TNC) so they can protect native prairie in the north-east of Texas.

Summary

• Orsted has taken a final investment decision to build the 471MW AC Mockingbird solar centre in Texas.
• Mockingbird will be able to generate enough renewable energy to power more than 80,000 homes annually.
• Almost 1000 acres of land adjacent to Mockingbird solar centre will be donated to The Nature Conservancy (TNC) to protect native prairie in north-east Texas.

What is the size of the Mockingbird solar centre in Texas?

The size of the Mockingbird solar centre in Texas is 4900 acres.

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Picture source: Andreas Gücklhorn

Cryptiony has just closed a €500k pre-seed financing round led by ff Venture Capital of New York with participation from Pointer.Capital and Marcin Wenus, a web3-focused angel. This funding will help Cryptiony launch into the UK, the largest crypto market in Europe, with a subscription model that provides it a price advantage over competitors. The startup is also expanding its development team to introduce new features and integrations with different exchanges and blockchains. In 2022 alone, Cryptiony recorded a tenfold increase in subscriber numbers in Poland and they are striving for European leadership by the end of 2025. With expanding recognition of cryptocurrency tax obligations, Cryptiony is helping people stay informed and compliant by providing automated tax calculation services that are fast, easy and affordable to use.

Summary

• Cryptiony has closed a €500k pre-seed financing round
• Tax authorities are starting to put pressure on crypto asset holders to file crypto gains, losses and staking payments as part of annual tax reporting
• Cryptiony aims to make cryptocurrency tax calculation easy, fast and affordable for beginners, professional traders and accountants

What advantages does Cryptiony have over its competitors?

Cryptiony has a strong price advantage over competitors, has already achieved leadership in Poland, and is aiming for European leadership by the end of 2025, making it an attractive option for individuals, traders and tax professionals.

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Relio, a Switzerland-based SME banking startup founded by Lav Odorovic—co-founder of German digital bank Penta—has successfully closed a €3 million financing round. The newly acquired funds will be allocated to further developing the company’s tech stack and obtaining a Finma Fintech license.The startup offers a unique digital payment account solution tailored to business customers in order to cope with regulatory and compliance barriers common in such circumstances. Relio’s automated compliance system facilitates timely salary payments and invoice settlements. The financing round has been supported by several prominent investors, including SIX Fintech Ventures, High-Tech Gruenderfonds, TX Ventures as lead investor, along with F10, Elsa Invest, daFUND and QBIT Capital, plus a number of business angels.

Summary

• Relio, a Swiss SME banking startup founded by Lav Odorovic, the co-founder of German digital bank Penta, has raised €3 million.
• Relio is launching a digital payment account for business customers founded on a platform built to overcome the regulatory and compliance barriers that hamper similar ventures.
• The venture is backed by SIX Fintech Ventures, High-Tech Gründerfonds, as well as TX Ventures as a new lead investor.

What regulatory and compliance barriers does Relio aim to overcome?

Relio aims to overcome regulatory and compliance barriers by developing an automated compliance system and obtaining a Finma Fintech license.

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Today, Prograd has announced its $2.5 million seed round of investment led by Deloitte Ventures. The funding will be used to increase the company’s marketing and development capabilities, expand its digital presence, release an app, and improve algorithms and products. Founded in London by recent university graduates Ethan Fraenkel and Marco Logiudice, Prograd’s mission is to reduce financial illiteracy amongst Gen-Zers across the world. After experiencing difficulty finding sustainable finances to cover university fees, they realised how little they knew about personal finance, so set out to create a platform which allows users to set financial goals and find paths to reaching them through earning, saving or borrowing. Since August 2022 over 15k users have taken advantage of Prograd’s services to understand their personal finances better and access earning, savings and credit opportunities from leading providers such as Santander, Revolut, Starling and Fiverr. With today’s substantial seed round secured, Prograd is on track to make personal finance simple for many more young people across the globe.

Summary

• Prograd has announced a $2.5m seed round
• The company provides users with personalised paths to earning, saving or borrowing their way to financial goals
• Since launching in August 2022, Prograd’s has helped over 15k users improve their financial situation

What types of investment did Prograd receive for its $2.5m seed round?

Prograd’s $2.5m seed round included investment from Deloitte Ventures, Techstars, ZAKA Ventures, AGAM, Mandeep Singh founder of Trouva, and new and existing angel investors.

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Enfinity Global has officially completed the acquisition of an extensive 400MW portfolio of solar energy plants. Located in California, North Carolina, and Idaho, the 28 operational projects are contracted under long-term power purchase agreements with investment grade utility offtakers and expected to yield a substantial EBITDA yearly. The acquisition is a part of Enfinity’s ambitious plan to develop 7GW of renewable energy assets throughout the globe. The deal was supported by experienced financial partners Nomura and AB CarVal, both of which provided co-financing for the purchase. In addition, CCA Capital LLC and McDermott Will & Emery offered advice on the transaction. Carlos Domenech, CEO of Enfinity Global, expressed his gratitude for this opportunity: We thank Capital Dynamics for allowing us to work together with our investment partners. To successfully transition towards sustainable energy sources, investments need to be instilled in accordance with large capital requirements. CEO Americas Ricardo Diaz also gave his appreciation to co-financing allies: We are delighted by the confidence Nomura and AB CarVal have placed in us. Our presence in US markets will only expand further through our 1.6GW collection of private projects – plus more investments into renewable energy developers.

Summary

• Enfinity Global has completed the acquisition of a 400MW operational utility-scale solar portfolio.
• The portfolio holds long-term power purchase agreements with investment grade utility offtakers.
• Enfinity Global is expanding their presence in the US market by executing their 1.6GW proprietary pipeline of projects and pursuing further investment opportunities.

What is the total amount of renewable energy investments made in the US in 2021?

The total amount of renewable energy investments made in the US in 2021 was over $100bn.

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Picture source: Bill Mead