GBN Member Transaction Database

CEFC committed up to AU$5 million in equity as part of an AU$11.5 million Series B capital raising by GreenSync. The finance, through the Clean Energy Innovation Fund, will help the business scale up its operations, expanding in Australia and overseas. The highly innovative clean technology company uses smart software controls to optimise the use of energy resources in electricity grids. Through smart controls and coordination, more renewable resources and battery storage systems can be integrated into the grid, extending the benefits to more businesses and consumers.

This transaction financed a 30MW(AC) solar farm south-east of Griffith consisting of about 112,000 solar panels. CEFC committed almost a total of almost AU$150 million in finance towards the AU$230 million total cost of the Griffith, Dubbo, and Parkes solar farms. The projects also received a total of around AU$16 million from the Australian Renewable Energy Agency (ARENA) as part of their Large-Scale Solar Funding Round.

NYGB and Bank of America Merrill co-invested in an approximately US$14.0 million tax-exempt equipment lease issued under the Dormitory Authority of the State of New York’s tax-exempt leasing program. The Lease will finance energy improvements, that will replace existing infrastructure at Hebrew Home for the Aged (“HHAR”)’s, Riverdale, New York facility with cleaner, more efficient equipment, generating substantial savings for Hebrew Home immediately and throughout the 20+ year lifetime of the equipment. The Lease, made under DASNY’s TELP, enables the tax-exempt financing for the Project and reduces borrowing costs to HHAR. NYGB’s participation in this transaction is significant because it extends the tenor of the Lease beyond the number of years BofA Merrill would normally finance, enabling deeper energy retrofits and less expenditures for HHAR – resulting in savings of approximately $1.6 million per year. A portion of those savings will be used for lease payments and the remainder will go directly to HHAR.

CEFC committed up to AU$50 million in senior debt finance to the AU$100 million IIG Solar Income Fund, which is managed by the Impact Investment Group. The IIG Solar Income Fund finances medium-scale Australian solar farms, providing equity investment opportunities for high net worth individuals, smaller institutional investors and foundations.

The IIG Solar Income Fund acquires solar projects after the completion of construction and has secured exclusive rights to acquire projects from the Impact Investment Group, enabling the group to continue its development of further solar projects. The CEFC’s involvement in the IIG Solar Income Fund broadens and deepens the range of finance products available to the renewable energy sector. This complements the CEFC’s direct finance for large-scale solar projects, as well as its co-financing programs with banks and other providers that enable businesses to finance the installation of rooftop solar.

CEFC made a AU$20 million cornerstone investment in the world’s first university-issued certified climate bond, issued by Monash University. The AU$218 million climate bond, certified by the global Climate Bonds Initiative, creates an important new asset class for the financing of sustainability and clean energy projects in the university sector. Over two years, Monash University will allocate capital raised through the climate bond to a portfolio of projects that achieve certification in accordance with the standards of the Climate Bonds Initiative.

NYGB made a bridge loan commitment of US$11.0 million to conduct energy improvements, primarily through the replacement of conventional lighting equipment with cleaner, more efficient LED lighting in 18 master-metered multifamily developments in New York City. The Project includes 30 different LED technologies, and is expected to generate savings of 10% – 15% of current annual energy expenses for the building owner. NYGB financing will create a borrowing history for a relatively new structure that can be replicated with NYCHA and other New York State public housing authorities that seek to utilize private capital financing for similar types of building upgrades.

GIB committed GB£35 million of senior debt to the construction of Wheelabrator Parc Adfer, a new GB£180 million waste-to-energy plant at Deeside Industrial Park in Flintshire, North Wales.

GFO committed to invest US$2 million in wind energy power generation projects planned by Achiha Co., Ltd. Loan financing will be raised via syndicated loans. Tokyo Star Bank will act as arranger, with Saga Bank and Howa Bank as participating institutions. Using the above funds, Wakachiku Construction Co., Ltd. and Achiha Co., Ltd. will form a joint venture to construct the wind farm in collaboration with local operators. When work is complete, Hitachi Ltd. will maintain and manage the power generation facilities.

CEFC made a AU$75 million cornerstone equity commitment to Palisade Renewable Energy Fund (PREF), which is seeking to attract commitments from mid-tier and large institutional investors, to invest alongside co-investors, also managed by Palisade. These Mid-tier investors have historically had limited exposure to renewable energy investment opportunities because in many cases they lack the scale to be direct investors. The PREF, managed by Palisade Investment Partners (Palisade), has a target size of AU$500 million and invests in renewable energy projects in Australia.

PREF, one of Australia’s first dedicated renewable energy funds of significant scale, provides investors access to the Australian renewable energy sector through the acquisition and development of more than 500MW in renewable energy projects. PREF will primarily focus on large-scale solar and wind projects. It will benefit from Palisade’s comprehensive mapping of wind and solar farm development opportunities in Australia.

This transaction financed a 55MW(AC) solar farm 10km west of Parkes consisting of over 200,000 solar panels that is expected to generate enough power for about 20,500 homes. CEFC committed almost a total of almost AU$150 million in finance towards the AU$230 million total cost of the Griffith, Dubbo, and Parkes solar farms. The projects also received a total of around AU$16 million from the Australian Renewable Energy Agency (ARENA) as part of their Large-Scale Solar Funding Round.

NYGB initially provided a US$25.0 million term loan facility to PP to finance the deployment of fuel cell systems powering forklifts in distribution centers across NYS. This loan was expanded to US$45 million in 2017.The Facility will allow PP immediate access to needed capital that is currently held as cash collateral in restricted accounts, rather than waiting for it to be released over time as payments are made through sale-leasebacks arrangements with tax equity providers. NYGB’s participation in this transaction is significant because it enables PP to deploy more systems and convert more forklift fleets in a shorter amount of time than would otherwise be possible under their current financial arrangement.

This transaction constitutes NYGB’s first investment in the fuel cell industry, which is still relatively small nationally but growing at an above-market average rate. As a result, many firms in the industry experience high borrowing costs. NYGB participation in the transaction aims to address those high costs for PP and other similar companies in the sector by making otherwise restricted capital available to PP, so they can continue scaling their business, including to the levels where capital costs are expected to be significantly reduced.

CEFC’s AU$20 million Ross River investment is the CEFC’s first direct equity stake in a solar farm, sending an important signal to institutional investors about the commercial potential of greenfield clean energy developments. Palisade is taking a 50% stake. The project is underpinned by a 13-year contract with major retailer EnergyAustralia for electricity sales, the biggest single solar purchase deal signed in the country. The solar farm is sited on a disused mango plantation which has recorded high solar irradiance and is close to a grid connection point. The solar farm will cover more than 200 hectares and comprise feature some 450,000 solar panels which will use horizontal track the sun.

A debt finance commitment of up to AU$120 million from the CEFC is demonstrating the bankability of large-scale renewable energy projects which have not achieved 100 per cent energy offtake agreements through long-term contracted power purchase agreements (PPAs). The CEFC is one of the co-financiers in the development of the AU$588 million 270MW Sapphire Wind Farm between Glen Innes and Inverell in northern New South Wales.

Project developer CWP Renewables secured a 20-year feed-in-tariff from the ACT Government for 100MW of Sapphire’s output and will trade the remainder of the project’s output on a merchant basis. The 270MW Sapphire Wind Farm, located between Glen Innes and Inverell in northern NSW, will feature the latest Vestas turbine technology, as well as transformers manufactured in Australia.

In a boost to the local community, the project will contribute to a Community Fund at the rate of AU$2,500 per turbine per year over the life of the project, to support local community interest groups and activities. Community members, local council and project representatives will jointly manage the Community Fund.

NY Green Bank has entered into two transactions with SolarCity Corporation to accelerate the deployment of solar projects across New York State. The two transactions fund, respectively, a static pool of SolarCity’s existing solar assets (US$20 million revolving credit facility), and new solar projects ($US30 million term loan facility) – as one provides a five-year non-recourse term loan, and the other provides construction financing for SolarCity’s upcoming solar projects in New York. The post-construction term loan facility was arranged by Bank of America Merrill Lynch, a global corporate and investment bank engaged by SolarCity. SolarCity is the largest residential solar provider in NY.

NYGB’s participation provides SolarCity additional financial flexibility, and helps to strengthen the medium-term lending market as an alternative to refinancing through the traditional asset-backed security market or private placement market. This transaction demonstrates NYGB’s continued success in enhancing liquidity, decreasing the cost of capital for solar developers and installers, and helping reduce the cost of solar power to customers.

GFO committed to invest US$0.7 million in a solar power PV generation project planned by Oratte Niigata Community Energy Council. This is the first Regional Support Investment made by GFO. The Council was launched in December 2014 to promote the take-up of renewable energy with a focus on the local community, following a study group set up by Niigata City into regional area power generation with the participation of local residents. This project is a small-scale distributed solar PV power generation business, which will use ground sites, the rooftops of local public buildings and private companies, as well as factory rooftops and vacant land in Niigata.

GIB agreed to part-fund the biggest non-Private Finance Initiative streetlighting project in the UK to date. It is providing Kent County Council with a GB£10.2 million Green Loan to help finance the local authority’s GB£40 million streetlight conversion programme. The project involves the replacement of 120,000 traditional streetlights with energy-saving LED alternatives and the installation of a central management system, increasing the efficiency of the local authority’s lighting stock while making it easier to manage.

GIB committed GB£28 million of senior debt finance to a new GB£142 million waste-to-energy plant at Millerhill in Midlothian, near Edinburgh, Scotland. GIB joins a lending club that includes Investec, Siemens Bank and Credit Agricole. The plant will also be combined heat and power (CHP)-ready, meaning it has the potential to supply excess heat from its operations to nearby homes and businesses.

NYGB and SPFC co-invested in a Lease in the amount of approximately US$12.9 million – including approximately US$8.7 million from NYGB and approximately US$4.2 million from SPFC – to finance energy improvements in a project that will replace existing infrastructure in nine schools and an administrative building in Northport District. The project includes, but is not limited to, lighting retrofits, building envelope improvements, energy management systems, water conservation units, and ventilator refurbishments. The Project is expected to save the District ~US$1.1 million per year, with a portion of those savings to be used for lease payments and the remainder going directly to the District.

GFO committed to invest US$1 million in a solar power generation project in Tomioka-machi, Fukushima Prefecture. Loan financing to support the project will be raised via regional financial institutions. The construction of the power plant and its day-to-day operation will be undertaken in collaboration with local businesses.

GFO committed to invest US$3.9 million in woody biomass gasification and power generation project developed by Koyo Electric Co., Ltd. This is the collaboration between Koyo Electric Co., Ltd. and local businesses in Kushima-city, Miyazaki Prefecture for small-scale combined heat and power (< 2,000 kW power generation), making practical use of unused biomass resources, principally thinned woods, left in the forest areas. The participation of GFO will encourage other financial institutions to provide financing for this project.

CEFC and Commonwealth Bank have launched a new AU$100 million Energy Efficient Equipment Finance program to provide Australian businesses and not-for-profits with lower cost finance for a wide range of assets that meet certain energy efficiency standards. The new program enables businesses to benefit from reduced energy and fuel costs, while also lowering their carbon emissions. The finance will provide a 0.70 per cent discount on the bank’s standard asset finance rate for assets ranging of AU$10,000 to AU$5 million (up to 100% financing of equipment cost), where the asset’s technologies meet the CEFC’s investment guidelines. Eligible investments include a broad range of fuel efficient vehicles, energy efficient lighting and fittings, farm machinery, commercial lighting and rooftop solar panels. Lending is structured to meet borrower cash flows.

GFO committed to invest US$10 million as Limited Partner in the “Hokkaido and Aomori Wind Power Generation Fund, Limited Partnership (Provisional)”, managed by Japan Wind Development Co., Ltd. The Fund invests in wind power renewable energy businesses which contribute to regional regeneration in Hokkaido and Aomori Prefecture, areas with strong potential for wind power generation. The Fund is structured so that the Organization and investors in the Fund are Limited Liability Partners (hereinafter “LPs”).

GFO, regional financial institutions, and JWD will invest capital to establish the Fund, with JWD acting as General Partner with unlimited liability. Shinsei Securities Co., Ltd. will manages private placements for the Fund and will bring in new LP investors. The targeted prospective size of the fund is a maximum of five billion yen, with investment sought from regional financial institutions and other sources. As far as GFO and JWD are aware, the structure of this fund, investing in wind energy businesses at a developmental stage, is the first of its kind in Japan.

CEFC and Investa Office Management (Investa) joined forces to push the boundaries of energy efficiency in commercial property, reinforced by Investa’s market-leading commitment to Science Based Targets. CEFC invested AU$110 million in equity as part of a AU$600 million capital raising for the AU$4.1 billion Investa Commercial Property Fund. This transaction established a landmark co-operation agreement that will promote the increased uptake of energy efficiency design principles and technologies in the built environment.

GIB committed GB£80 million of senior debt to the construction of a new GB£340 million large-scale combined heat and power energy from waste facility near Sittingbourne in Kent. The plant will generate electricity for the grid and heat for Kemsley Paper Mill in Kent. The project developer, Wheelabrator Technologies Inc, secured more than GB£300 million of debt from a lending club that includes GIB alongside Barclays, Bank of Tokyo-Mitsubishi UFJ (BTMU), Natixis and Investec. The plant is the first large-scale energy from waste facility supported by the Contract for Difference mechanism.

CEFC is lending unlisted property fund manager Quintessential Equity AU$68 million to ‘stretch’ the building design of the AU$120 million 14-level commercial office tower. It will be built to a 5.5 star standard under the National Australian Built Environment Rating System (NABERS) base building energy rating. This transaction financed the construction of Victoria’s first 5.5-star NABERS building outside the Melbourne CBD.