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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Picture source: Andreas Gücklhorn

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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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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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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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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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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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