Generali Real Estate has completed the purchase of Portal del Angel, 40 building, a renowned office and retail complex located in Barcelona. This purchase was done on behalf of the “Generali Core High Street Retail Fund” (GCHSR), a European investment fund managed by Generali Real Estate S.p.A Società di gestione del risparmio that is only available to professional investors. The property was acquired from a Medcap Real Estate, which belongs to the de Andres Puyol family.This acquisition fits with Generali Real Estate’s strategy of investing in premium properties located in thriving cities across Europe. Barcelona is an international destination known for its financial activities, cultural attractions, tourism opportunities and transportation links. As such, it has earned a strong reputation among real estate professionals; especially those specializing in high-quality offices and commercial buildings. In Spain alone, Generali Real Estate currently oversees investments worth more than €2 billion in Iberia.

Summary

• Generali Real Estate has completed the acquisition of Portal del Angel, 40 building, a historical office and high-street asset in Barcelona.
• The acquisition is fully in line with Generali Real Estate’s strategy of investing in prime assets in the most important and resilient European cities.
• Barcelona enjoys an international reputation as a financial, cultural, touristic and transport hub.

What target cities are included in Generali Real Estate’s investment strategy?

Generali Real Estate’s investment strategy targets prime assets in the most important and resilient European cities, including Barcelona.

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Andel, a Danish energy company, has recently acquired the 55MW Tryggevælde solar project from European Energy. Located near Faxe in Denmark, the project has been running since early this year. The acquisition’s price was not disclosed by Andel. Jesper Hjulmand, CEO of Andel, commented on the venture: It is an absolute necessity for Denmark to switch to renewable sources of energy due to the climate crisis and our reliance on fossil fuels. With this investment, Andel will be at the forefront of transitioning to green energy production as part of a local cooperative-owned enterprise. He also states that Andel has so far concentrated its energies on renewable energy production from wind power but have now moved into solar power too. Additionally they are investing in other areas such as their work with the future North Sea island energy source in order to maintain various levels of value chain.

Summary

• Andel has acquired the operational 55MW Tryggevælde solar project from European Energy
• The park near Faxe in Denmark has been in operation since the beginning of the year.
• The acquisition price was not disclosed.

What is Andel’s commitment to investing strategically in a broad energy value chain?

Andel is committed to investing strategically in a broad energy value chain by maintaining their focus on renewable energy production from wind and future investments in the energy island in the North Sea.

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European Energy, with the help of IFU and BNB, has officially connected the Ouro Branco 1 wind farm in Brazil to the country’s energy grid. The project, located in Pernambuco state of the northeast region, is a 36MW facility with 8 turbines that was started in 2021, despite the ongoing pandemic. Thiago Arruda, European Energy’s head of Latin America, spoke proudly of this accomplishment: We’re more than thrilled to have been able to follow through with a tight schedule even during such unprecedented times. Ouro Branco I is only one of many projects by European Energy within the country; the company is currently working on Ouro Branco 2 and Quatro Ventos as well. Thorvald Spanggard, executive vice president of project development at European Energy stated: We’ve been invested in Brazil since 2016, and this latest success reaffirms our commitment to expand renewable energy capacity. With their 1.1GW project pipeline for renewable energy in Brazil, it seems clear that European Energy will remain active within the country for some time yet.

Summary

• European Energy has connected the 36MW Ouro Branco 1 wind farm in Brazil to the country’s grid.
• The project was partly financed with the help of IFU, the Danish Investment Fund for Developing Countries, as well as BNB, the development bank of Brazil’s the northeast region.
• European Energy has a development pipeline of 1.1GW of renewable energy capacity in Brazil.

What is the total renewable energy capacity European Energy has in its development pipeline in Brazil?

European Energy has a total renewable energy capacity of 1.1GW in its development pipeline in Brazil.

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Greencoat Renewables has recently attained a deal to purchase a part of the Butendiek offshore wind farm which has an output of 288MW and is located in Germany’s exclusive economic zone in the North Sea. An agreement with Marguerite Pantheon allows for Greencoat Renewables to own 22.5% of the project. This transaction was foreseen since June 2, 2022, when reNEWS reported on this potential change of ownership and is expected to be finalized sometime during Q1 this year. Butendiek comes with eighty Siemens Gamesa 3.6MW turbines that have been operational since 2015 and will continue supplying cost-efficient power until December 2035 via fixed-price FiT until 2023. During those years, sufficient energy will be provided to meet German/EU objectives for reduction of CO2 emissions as well as security guaranty regarding electricity supply.Michael Dedieu, Managing Partner at Marguerite and chairman of the Butendiek board said: “this venture successfully displays our policy of working side by side with knowledgeable partners while actively managing high-quality and sustainable infrastructure investments which grants attractive returns for our investors.” Greencoat Renewables also recently concluded its acquisitions of Taghart wind farm in Ireland (25MW) and Kokkoneva Wind Farm in Finland (45MW). Current estimates suggest their total borrowings stand at 47% of total asset value after these recent transactions have been finalized. Bertrand Gautier from Greencoat Renewables expressed: “we are pleased to do this acquisition which reinforces Greencoat Renewables’ market standing within the German offshore wind sector. It will bring about even more steady cash flows as well as diversification across Europe” He continues by saying that “we think the sector is going to keep providing attractive investment opportunities in the near future”

Summary

• Greencoat Renewables has reached an agreement to acquire a stake in the 288MW Butendiek offshore wind farm, off Germany.
• The investor is acquiring a 22.5% stake in the asset from Marguerite Pantheon.
• Butendiek benefits from a fixed-price FiT until December 2023 and a floor price for the electricity sold until December 2035.

What percentage stake is Greencoat Renewables acquiring in the 288MW Butendiek offshore wind farm?

Greencoat Renewables is acquiring a 22.5% stake in the 288MW Butendiek offshore wind farm in Germany.

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Recently, South Carolina closed the financial year with more money than expected. According to their annual financial report, although the state has made some progress in financing its state agencies, it still has more bills to pay than cash to cover them.The budget for pension systems had significantly grown due to years of underfunding. As reported by the Greenville News, the size of SC’s pension system bills was more than twice the size of their budget. Fortunately, reports from SC Public Benefit Employee Authority illustrate that there has been a 5% improvement in financing for both retirement and disability systems. However, due to past mistakes, this backlog of debts keeps growing with interest piling up on top of these unpaid bills. On the other hand, South Carolina’s improved funding for its state agencies has allowed them to remain afloat despite their mounting expenses and accumulating interest rates.

Summary

• South Carolina ended the last fiscal year with a plethora of funds and an annual financial report that shows that though the state’s improved its financing of key state agencies, it still has more bills to pay than cash to pay for them.
• Earlier this year, the Greenville News reported that SC was battling bills from the state’s pensions systems that were more than twice the size of its annual budget.
• Latest financial statements from the SC Public Benefit Employee Authority, the agency that oversees pension funds, showed the state had improved its financing for its retirement systems by 5%.

What is the amount of interest that SC has accumulated on its pension bills since past underfinancing?

The amount of interest that SC has accumulated on its pension bills since past underfinancing is significant.

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US hedge fund Hedonova has made a major investment in an energy storage plant located in Chile’s Atacama region, approximately 800 km away from the capital city Santiago. This new facility is set to become operational at the close of this month, utilizing a revolutionary air liquefaction technology that cools ambient air to a temperature of -196°C. It is estimated that this energy producing system will be able to supply electricity for up to 100,000 homes across Chile.This newfound venture occurs in light of Chile approving a new bill on energy storage and electromobility back in October 2022. The economic purpose of this law is to increase convenience and renewable energy use by reducing grid congestion through energy storage systems such as the one Hedonova has invested in. According to SP Global, experts predict that Chile will become one of the leading exporters of green energy by 2040.Alexander Cavendish, who heads up Hedonova commented: “Hedonova has put 10% or $16 million into the power plant project which amounts to a total investment pipeline worth $160 million. We own the land we lease and finance the CRYObatteries too so it’s all part of our offer here. Furthermore we are working alongside Chilean regulator departments in order to ensure our plan earns enough carbon credits to be sold on open markets.

Summary

• Hedonova has invested $16m in an energy storage plant in Chile’s Atacama region
• The energy storage system operates on the CRYOBattery technology
• Chile has enacted a new law on energy storage and electromobility to increase the country’s use of renewable energy

What is the total investment pipeline for the energy storage plant Hedonova has invested in?

The total investment pipeline for the energy storage plant Hedonova has invested in is $160 million.

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