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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Neoen has officially begun the construction of its first Canadian asset, the Fox Coulee solar farm in Alberta’s Starland County. The project is 100% owned by Neoen and has been contracted to Goldbeck Solar for completion. With a capacity of 93MWp, the solar farm will be connected to ATCO Electric’s distribution system at 24.5kV and is expected to be operational by the first quarter of 2024.The Fox Coulee solar farm is anticipated to generate enough electricity to power over 20,000 homes while preventing the emission of around 70,000 tonnes of CO2 annually. Neoen intends to sell a portion of this energy through power purchase agreements as well as taking advantage of Alberta’s deregulated electricity market and carbon taxation policy for the remainder. This project will help both the Province of Alberta and federal government reach their goal of achieving carbon neutrality by 2035. Emmanuel Pujol, Regional Director for Neoen in the Americas expressed his congratulations on behalf of his team for making this project a reality just one year after establishing their local team in Canada. Xavier Barbaro, Chairman and CEO of Neoen also shared his excitement at breaking ground on Fox Coulee and highlighted Neoen’s commitment to becoming an active player in delivering on Canada’s climate and energy targets.

Summary

• Neoen has begun construction of its first asset in Canada, the Fox Coulee solar farm, located in Alberta, Starland County.
• The solar farm is 100% owned by Neoen and the turnkey contract for its construction has been awarded to Goldbeck Solar.
• The commissioning of Fox Coulee is scheduled for the first quarter of 2024 and when it enters service, it will prevent the emission of around 70,000 tonnes of CO2 a year and is expected to generate enough electricity to power over 20,000 homes.

What is the planned timeline for the commissioning of Fox Coulee solar farm?

The planned timeline for the commissioning of Fox Coulee solar farm is the first quarter of 2024.
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On Thursday, Varma Mutual Pension Insurance Co. in Helsinki announced that it will be incorporating human rights as a sustainability risk into its investments, operations and supply chain. After assessing the potential human rights risks and impacts of its activities, the company established principles to address any violations that could affect investments. Varma screens for norm violations in private credit investments and classifies them into three categories: blacklisted investments, investees engaging in an engagement process, and investees on an observation list. Depending on the category, Varma uses different methods of engagement to address international human rights agreements. This year alone, they had 67 active engagements with investors or independently to tackle violations. Varma also requires personnel and suppliers to demonstrate controls in place to ensure that human rights are respected throughout their operations and supply chain if requested. By monitoring compliance with national laws and international agreements on human rights, Varma is able to identify sustainability risks more effectively.

Summary

• Varma Mutual Pension Insurance Co. is incorporating human rights as sustainability risks in its investments, operations and supply chain.
• Varma monitors investments for possible human rights violations by screening for norm violations.
• Varma’s guidelines on human rights risks and impacts extend to its personnel and suppliers.

What measures does Varma take to ensure that human rights are respected in its operations and supply chain?

Varma monitors investments, engages with investees, and requires personnel and suppliers to demonstrate controls in place to ensure that human rights are respected in its operations and supply chain.
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