The information contained in this database (“Information”) has been compiled by the Green Bank Network Secretariat from publicly available information, and specific pieces of information are not necessarily approved by Green Bank Network Members. The information is for informational purposes only and must only be used for non-commercial purposes.  All other use and all copying, disclosure or reproduction of the Information or any part of it is prohibited (except to the extent permitted by law).

Neither the Green Bank Network nor any of its members makes any representation as to the accuracy, quality, completeness or fitness for purpose of any information contained herein and the Green Bank Network and each of its members disclaim all responsibility and liability for the Information (including, without limitation, liability for fault, negligence or negligent misstatement).

The GBN member investment figures in the transaction descriptions refer to committed funds at the time of transaction close and are not necessarily indicative of capital deployed. All transaction-level investment figures and other details are based on the best available information and estimates made at the time of transaction closing.

The taxonomy for Risk Mitigants used to describe the private sector engagement activities for each transaction are adapted from the Organisation for Economic Cooperation and Development’s report, Green Investment Banks: Scaling up Private Investment in Low-carbon, Climate-resilient Infrastructure. This taxonomy is used to generalize types of activities across GBN members and may not be reflective of the language individual institutions use to describe their investments, which can be found in their own media.

Some of the transactions may have been updated on GBN member websites but not yet in this listing, so please refer to member websites for the most up-to-date information. Note that individual institutions may have a document detailing a Summary of Revisions to transaction descriptions on their websites.

With questions regarding this transaction list, please contact [email protected].

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Green Investment Group | April 2020 | Norway
Utility  | Onshore Wind | Equity Investment | Co-investment | View on Member website

GIG acquired the Buheii Onshore Wind Farm from the world’s largest independent renewable energy company, RES. This 79.8 MW project is situated in Kvinesdal, southern Norway. It was announced in January that the Buheii project would provide power to Eramet Norway until 2038, ensuring a stable and long-term power supply to Eramet Norway’s Norwegian smelters. With an electricity demand of more than 2 TWh per annum, the company relies on long-term and predictable power conditions to ensure stable and efficient operation in its processing plants in Porsgrunn, Sauda and Kvinesdal.

Two Nordic companies have been selected to complete the main civil and overhead lines works, including Risa AS, one of Norway’s largest construction contractors. Risa has been chosen to carry out all groundwork on the project. The groundwork is due to start in the coming weeks and will last for around a year. Construction activities are expected to support between 80 – 100 jobs.

Last Updated: 04/01/2020
NY Green Bank | March 2020 | New York, USA
Residential  | Solar | Debt Investment | Bridge loan | View on Member website

Eden is developing a portfolio of Community DG solar projects in NYS. NYGB loan proceeds finance interconnection deposits to National Grid for such projects, due under the New York State Public Service Commission Standardized Interconnection Requirements and Application Process. NYGB had previously extended Eden a 24-month senior secured $2.5 million bridge loan, and in March 2020, NYGB increased the Bridge Loan size to $4,307,753.

This transaction is expected to support up to 84.5 MW of solar assets in the State which is expected to: (i) provide commercial and residential project subscribers access to reliable, clean, low-cost energy; and (ii) reduce up to 373,019 metric tons of greenhouse gas emissions annually in NYS. As there has been an increasingly strong demand for Community DG solar throughout NYS, capital providers are recognizing, and will continue to recognize, the value in providing financing to enable the deployment of these projects. NYGB expects the Bridge Loan product to serve a template for private capital to build on.

Last Updated: 06/15/2020
NY Green Bank | March 2020 | New York, USA
Residential  | Solar | Debt Investment | Co-investment, Refinancing | View on Member website

Spruce owns a portfolio of approximately 41,000 residential PV systems that it operates and manages, located in 11 states including New York and California. NYGB has now committed $40.0 million alongside capital from five commercial banks to support the medium-term financing of these residential PV assets.

In March 2020, NYGB upsized its existing participation in the Spruce credit facility to $40.0 MM in support of the acquisition of two residential solar portfolios totaling approximately 59 MW. The portfolios contain a diversified mix of seasoned assets previously financed in part by tax equity investors. The PV systems were originated by developers such as Sungevity, OneRoof Energy and Terraform Power and will benefit from ongoing servicing to be provided by Spruce affiliate Energy Service Experts.

This transaction compliments a previous commitment by NYGB to Spruce in March 2017, that was refinanced by this recapitalization transaction. In the prior transaction, NYGB committed $6.0 million to a five-year $99.4 million senior secured term loan (which Spruce used to refinance an existing aggregation facility supporting 86.0 MW of generating capacity across 12,711 homes in 11 states). Over 6.2% of the initial portfolio was located in New York State and NYGB’s activity helped establish a new medium-term lending market for financing existing residential solar systems in NYS while providing liquidity for Spruce to develop additional projects.

Last Updated: 06/15/2020
NY Green Bank | March 2020 | New York, USA
C&I, MUSH, Residential  | Biogas, Energy Efficiency, Geothermal, Low Emissions Transport, Solar, Water Conservation | Debt Investment | Demonstration, Standardization/Data collection, Term loan facility | View on Member website

Inclusive Prosperity Capital is a mission-driven specialty finance organization that seeks to increase clean energy investment in underserved markets, including a particular focus on low- to moderate-income (LMI) communities. NYGB entered into a $25.0 million Facility to support IPC’s programmatic origination and execution in New York State. By providing expanded financing options to underserved market segments, NY Green Bank seeks to accelerate access to affordable, clean energy and to help advance New York State’s broader climate goals. LMI communities are expected to be the primary beneficiaries of this transaction in the form of broader access to clean energy and energy efficiency projects, with corresponding resiliency, affordability, improved health outcomes, and environmental benefits.

This transaction develops a scalable, replicable financing structure that capital providers can use to (i) underwrite portfolios of sustainable infrastructure projects with various underlying counterparties and (ii) develop a track record for impact-oriented institutional investment in clean energy. Given IPC’s mission, this transaction enables increased capital deployment for clean energy in LMI communities, underserved markets, and a wide range of customer types (e.g. commercial, industrial, municipal, non-profits, institutional, and single and multifamily residential properties). By providing liquidity to these underserved market segments, NYGB will expand access to affordable, clean energy, advancing the environmental justice initiatives outlined in the Climate Leadership and Community Protection Act.

Last Updated: 03/09/2020
CT Green Bank | Open Program Since 2014 | Connecticut, USA
C&I, MUSH  | Energy Efficiency, Solar | Debt Investment | Consumer education/marketing, Financing through tax payments, Securitization, Standardization/Data collection, Warehousing | View on Member website

Commercial Property Assessed Clean Energy (C-PACE) is a structure through which commercial property owners can finance energy efficiency and renewable energy improvements through financing secured by a voluntary benefit assessment on their property and repaid via the property tax bill. A tax lien, or benefit assessment, is placed on the improved property as security for the loan, and the Connecticut Green Bank requires lender consent from existing mortgage holders prior to approving a C-PACE project. With C-PACE, property owners are able to finance projects over up to 25 years. Together with a statutory requirement that expected energy savings exceed financing obligations levied on their property tax bill makes for a compelling value proposition for businesses. In 2014, the CGB became the first to securitize energy efficiency loans through C-PACE.

In February 2020, CT Green Bank announced that the state’s C-PACE program surpassed 300 closed projects at the end of 2019, reaching a total of more than $163 million in clean energy financing investment in local businesses.

Last Updated: 03/04/2020
NY Green Bank | March 2020 | New York, USA
Residential  | Solar | Debt Investment | Aggregation, Co-investment, Refinancing, Securitization, Warehousing | View on Member website

NY Green Bank has entered into four transactions to accelerate the deployment of more than 14,500 solar projects at homes across New York State by Sunrun, Inc. Sunrun is a national solar provider that markets and develops residential solar energy systems. The four transactions complement each other – two provide financing to fund the purchase of materials and installation of the solar projects and two provide post-construction financing. One of the post-construction financings was arranged by Investec Bank PLC, an international specialty bank and asset manager, and the second post-construction financing was arranged by SunTrust Robinson Humphrey Inc. and ING Capital LLC. The equipment financing facility was jointly arranged by KeyBank N.A. and ING.

Last Updated: 09/01/2018
Green Investment Group | February 2020 | UK
Utility  | Waste Management, Waste-to-Energy | Equity Investment | Co-investment | View on Member website

Joint venture partners Covanta Holding Corporation, Biffa plc and Macquarie’s Green Investment Group (GIG), announced that the Newhurst Energy-from-Waste Facility in Leicestershire, England, has reached financial close. Covanta and GIG will together own 50 percent of the state-of-the-art facility, with Biffa, the primary waste supplier for the facility, owning the remaining half of the project. Covanta will operate the facility under a long-term operations and maintenance agreement.

Strategically located just off the M1 motorway in the East Midlands, the Newhurst EfW facility is a significant addition to the UK’s waste management infrastructure. It supports the Government’s drive to both reduce reliance on landfill and the UK’s ability to treat more non-recyclable waste without relying on export to European facilities. The facility will use proven technology to provide up to 350,000 tonnes of annual treatment capacity for non-recyclable waste and will also generate up to 42 megawatts of electricity, enough to power around 80,000 homes.

Last Updated: 03/11/2020
Clean Energy Finance Corporation | February 2020 | Australia
Residential  | Energy Efficiency, Energy Storage, Solar, Water Conservation | Equity Investment | Cornerstone stake | View on Member website

Real estate investment management firm Qualitas has created Australia’s first property debt fund to elevate minimum sustainability criteria into its investment criteria. The Fund is also Australia’s first dedicated build-to-rent (BTR) debt platform. The Qualitas Build-to-Rent Impact Fund (QBIF, or the Fund) will finance housing that meets strong sustainability standards and reduces greenhouse gas emissions by at least 35 per cent compared with the current building code. Improved energy efficiency means lower energy consumption for residents and asset owners. The QBIF is backed with a cornerstone investment commitment of up to $125 million from the CEFC, as part of its goal of increasing the availability clean, green rental stock and extending the benefits of clean energy to Australian renters.

To qualify for QBIF finance, projects must demonstrate minimum sustainability standards, including a 7-star average NatHERS rating and a 5-star NABERS for Apartments Energy rating, as well as criteria for appliances and solar generation on the available roof area. These standards will be achieved through a combination of passive design, upgraded building fabrics such as insulation and glazing, high-efficiency HVAC plant, energy efficient appliances such as dishwashers and refrigerators, and on-site solar systems.

Last Updated: 03/11/2020
Clean Energy Finance Corporation | February 2020 | Australia
C&I, MUSH, Residential  | Energy Efficiency, Energy Storage, Solar | Debt Investment | Term loan facility | View on Member website

Australian property group Stockland is undertaking a portfolio-wide energy efficiency retrofit program, as well as the development of a market-leading Green Star design standard for new-build retirement living.  Energy efficient initiatives implemented under the program will help make Stockland’s logistics centres, retirement living operations and corporate head offices more sustainable. The CEFC has committed up to A$75 million through a senior debt facility to finance the initiatives.

The work will include the design and construction of a new retirement living centre that will target a 35 per cent improvement in emissions reduction levels compared with current building code requirements. Stockland is aiming to achieve net zero emissions by 2030 across its logistics centres, retirement living operations and corporate head offices. It has already reduced its the carbon intensity of its commercial property assets by 57 per cent, alongside 33 million in investment in solar PV.

Last Updated: 03/11/2020
Clean Energy Finance Corporation | January 2020 | Australia
C&I, Residential, Utility  | Energy Efficiency, Energy Storage | Equity Investment | Co-investment | View on Member website

In December 2018, Relectrify announced a collaboration with Nissan Motor and Sumitomo subsidiary 4R Energy Corp to deliver battery storage products. The CEFC has increased its stake in Relectrify, investing a further $2.5 million through the Innovation Fund to lead the company’s Series A equity raising. This brings the CEFC’s total investment in Relectrify to $3.25 million.

Melbourne-based company Relectrify is developing and commercialising control technology that increases battery storage lifetime by as much as a third and reduces costs by up to half compared to existing market-leading offerings.

The Relectrify BMS+Inverter incorporates its advanced life-extending battery management systems (BMS) – which unlocks extra performance in battery systems by boosting their second-life storage capability and lifespan – alongside low cost, ultra-high efficiency battery inverters.

The ground-breaking technology has wide application because it can be used across residential, industrial and grid storage, using either new or second-life batteries.

It unlocks extra lifetime in new and second-life batteries and extra capacity in second-life batteries, reduces the cost of component parts and offers higher than typical efficiency, low electromagnetic interference and improved harmonic control.

Relectrify’s BMS+Inverter is already in operation, including in a grid storage pilot with Nissan North America and American Electric Power (AEP), a leading US power company with more than 5 million customers.

Relectrify is now engaging with globally leading battery storage manufacturers, distributors and integrators, seeking strategic partners to help bring leading products to the market.

Last Updated: 03/11/2020
NY Green Bank | February 2020 | New York, USA
C&I, Residential  | Solar | Debt Investment | Term loan facility | View on Member website

NY Green Bank committed up to US$20.0 million to participate in a syndicated term loan facility to a portfolio of community distributed generation solar projects owned and operated by True Green Capital Fund III, L.P., an investment fund managed by True Green Capital Management LLC. The financing was led by CIT Bank, N.A. Term Loan proceeds are anticipated to support the development of 10 community solar projects in New York State. This transaction is expected toprovide NYS residents and businesses a greater variety of energy choices and, ultimately, lower-cost clean energy opportunities.

TGC is a specialized energy infrastructure asset management firm based in Westport, CT with over 550.0 MW of solar power plants operating or under construction across the U.S. This transaction provides liquidity to a Sponsor active in the NYS community solar market. Additionally, this transaction will help NYGB continue to demonstrate the viability of distributed generation in the State, draw new investors and financial institutions into the marketplace, and lower the cost of capital related to community distributed generation. Increased solar deployment will continue to drive activity in the State, which will help NYS meet its 6.0 GW solar target by 2025. Consumers are expected to be the ultimate beneficiaries in the form of broader access to lower-cost clean energy generation, with corresponding resiliency, affordability, choice, and environmental benefits.

Last Updated: 03/09/2020
Clean Energy Finance Corporation | February 2020 | Australia
C&I  | Energy Efficiency, Solar | Debt Investment | Cornerstone stake, Demonstration, Fund investment | View on Member website

In November 2017, QIC Global Real Estate closed an AU$200 million senior debt facility from the CEFC to support its delivering improvements in energy efficiency across its portfolio of Australian shopping centres. In February 2020, CEFC announced that it has become an equity investor in the QIC Shopping Centre Fund (QSCF), following repayment of that debt facility: https://www.cefc.com.au/media/files/qic-gre-welcomes-clean-energy-finance-corporation-as-an-equity-investor/

QIC used the debt facility to roll out a series of major energy efficiency and clean energy initiatives. Although the shopping centres involved are of different ages and are at different levels of sustainability, QICGRE is targeting a 4-star NABERS rating across its portfolio within 5 years, which will translate to energy savings of between 30 and 40 per cent. CEFC’s finance will encourage QICGRE to implement upgrades sooner than would have otherwise occurred. In 2019, QIC Global Real Estate’s QSCF became the world’s first retail property landlord to issue a Climate Bonds Initiative certified green bond: https://www.cefc.com.au/case-studies/qic-shopping-centres-use-world-first-green-bond-to-reduce-emissions-improve-sustainability/.

 

Last Updated: 06/15/2020
NY Green Bank | January 2020 | New York State, USA
C&I, MUSH, Residential  | Solar | Debt Investment | Demonstration, Term loan facility | View on Member website

BQ is a Wappingers Falls, New York-based solar energy project developer specializing in landfill and brownfield site redevelopment. NYGB’s US$10.0 million multi-draw term loan investment finances the costs of BQ’s project development efforts. The Investment establishes a structure that can be replicated for other qualified developers to create incremental renewable energy generation and greenhouse gas mitigation benefits. It contributes to accelerated development of solar facilities in NY on brownfield/landfills, with offtake arrangements targeted to the municipalities, universities, schools and hospitals and community distributed generation markets.

Last Updated: 06/15/2020
Green Investment Group | January 2020 | Kenya
Residential  | Energy Efficiency, Water Conservation | Equity Investment | Cornerstone stake, Demonstration | View on Member website

UK Climate Investments has announced that it intends to invest up to £30 million ($US39 million) in order to finance the construction of affordable green housing in Kenya.

The prospective commitment, which will be delivered through a locally managed strategy targeting $US80-250 million of investor commitments, is intended to sponsor the construction and development of approximately 10,000 energy and water efficient homes in Kenya. By demonstrating the viability of environmentally sustainable building design, UKCI’s commitment and eventual investment will seek to embed green standards in the Kenyan market. The commitment will also support the creation of a new green asset class for local investors, mobilising Kenyan institutional capital to invest further in the sector.

Last Updated: 11/21/2019
Clean Energy Finance Corporation | January 2020 | Australia
Residential  | Energy Efficiency, Energy Storage, Smart Grid Technology, Solar | Debt Investment | Interest rate buy-down | View on Member website

The Bank Australia Clean Energy Home Loan is the first green home loan backed by the CEFC, and will use energy efficiency measurement tools to determine eligibility. The Clean Energy Home Loan offers eligible borrowers 0.4 per cent discount on their home finance. The discounted rate will apply for up to five years for customers who buy or build homes which meet or exceed a minimum of 7-stars under the Nationwide House Energy Rating Scheme (NatHERS). The Bank Australia Clean Energy Home will draw on up to $60 million in CEFC finance, providing the interest rate discount to mortgages below $1.5 million.

NatHERS rates the energy efficiency of a home based on its design. The 7-star rating materially exceeds the minimum standards of the National Construction Code, and homes built to this rating require less energy for heating and cooling. Over time, Bank Australia will extend the benefits of the Clean Energy Home Loan to existing homes, to finance ambitious green home improvements, such as energy monitoring and energy storage systems, solar hot water and energy efficient air conditioning.

Measures that would help homeowners qualify for Bank Australia’s ambitious upgrade product include installing energy monitoring systems, energy storage systems, solar hot water systems and energy efficient air conditioners. The CEFC finance is designed to fill a gap in the market, giving builders and new home buyers a financial incentive to adopt sustainable design principles from the start of the project.

Last Updated: 03/11/2020
Clean Energy Finance Corporation | December 2019 | Australia
Utility  | Onshore Wind, Solar | Debt Investment | Fund investment | View on Member website

Specialist debt manager Infradebt focuses on direct investment in smaller utility-scale renewable projects under 25MW and typically valued from A$10 million to A$50 million. Infradebt’s ethically screened infrastructure debt fund Infradebt Ethical Fund (IEF), identifies and develops greenfield renewable energy projects around Australia, filling a gap in the private investment market for projects of this size. The CEFC has committed up to A$50 million in debt finance to Infradebt. Through its new mandate with Infradebt, the CEFC will invest alongside the IEF to boost the number of smaller utility-scale renewable energy project that are built around Australia.

Last Updated: 12/26/2019
Clean Energy Finance Corporation | December 2019 | Australia
Utility  | Waste Management, Waste-to-Energy | Debt Investment | Subordination | View on Member website

The A$511 million East Rockingham Resource Recovery Facility (ERRRF) will help tackle Australia’s rising waste management problem by diverting waste from landfill. It will also generate renewable baseload energy to support WA’s electricity network. The CEFC is committing up to A$57.5 million towards the facility. This subordinated debt facility is the first of its kind for the EfW sector in Australia and provides capital structure innovation for the project.

When complete, the ERRRF will process about 300,000 tonnes of residual waste a year, reducing annual emissions by more than 300,000 tonnes of CO2-e, the equivalent of taking about 64,000 cars off the road. The state-of-the-art facility will also generate 29MW of renewable baseload electricity for the South West Interconnected System – enough to power more than 36,000 homes. It is expected to employ about 300 workers, including apprentices during construction, and up to 50 operations staff on an ongoing basis when complete.

The ERRRF has entered into a power purchase agreement with Talison Lithium Australia for 25MW of its generating capacity. It has also secured long-term supply contracts for a significant portion of its waste from the Eastern Metropolitan Regional Council and the City of Cockburn. Importantly, the ERRRF is the first of its kind in Australia to use “waste-arising” contracts, giving councils the ability to continue to pursue waste reduction targets with waste supply commitments to the ERRRF. This type of innovative contractual framework will help support WA’s Waste Avoidance and Resource Recovery Strategy 2030.

Last Updated: 12/12/2019
NY Green Bank | December 2019 | New York, USA
C&I, Residential  | Biogas, Energy Storage, Fuel Cell, Solar | Debt Investment | Demonstration, Refinancing | View on Member website

NY Green Bank provided a senior secured $35.0 million term loan facility to Generate PPL SPV I (“Borrower”), which is owned by Generate Lending, LLC (“Parent”), a limited liability company that is owned by Generate Capital, Inc. (“Sponsor” or “Generate”). Loan proceeds will refinance a portion of a senior secured term loan between the Parent and Plug Power, Inc. This transaction is expected to result in increased Sponsor investment in New York State clean energy projects that amount to at least $35.0 million. Generate is an investment and operating platform that finances, acquires, builds, owns and operates sustainable infrastructure in the United States. It has a NYS portfolio and pipeline that includes rooftop solar, community solar, anaerobic digesters, and fuel cells. NYGB entered into this $35.0 million Facility to support Generate and leverage its illiquid position in a senior secured loan with Plug Power. By demonstrating the attractive risk-adjusted returns from sustainable infrastructure projects, Generate and NYGB expect this transaction to serve as an important precedent and signal that will usher in capital for clean energy investments in NYS and grow the market for these solutions.

Last Updated: 12/31/2019
Bulgarian Energy Efficiency and Renewable Sources Fund | Open Program Since 2006 | Bulgaria
C&I, MUSH, Residential  | Energy Efficiency | Debt Investment | Capacity development: Technical assistance, Co-investment, Guarantee/insurance | View on Member website

EERSF has the combined capacity of a lending institution, a credit guarantee facility and a consulting company. It provides technical assistance to Bulgarian enterprises, municipalities and private individuals in developing energy efficiency investment projects and then assists their financing, co-financing or plays the role of guarantor in front of other financing institutions.

The underlying principle of EERSF’s operations is a public-private partnership. The Fund pursues an agenda fully supported by the Government of Bulgaria, but it is structured as an independent legal entity, separate from any governmental, municipal and private agency or institution.

As of December 2019, the EERSF had invested $30 million into projects with a total value of $42 million.

Case studies on individual projects financed through the EERSF can be found at https://www.bgeef.com/en/projects-and-case-studies.

Last Updated: 12/12/2019
NY Green Bank | December 2019 | New York, Massachusetts, Rhode Island, USA
MUSH, Residential, Utility  | Solar | Debt Investment | Co-investment, Demonstration | View on Member website

AES DE is an experienced project developer, owner, and operator of renewable energy projects, and is actively managing a project portfolio that consists of community solar, utility scale, and municipal solar projects – including 33.7 MW of community solar in NYS. NYGB’s US$50.0 million commitment in the Term Loan is expected to support a total of 41 distributed solar projects across New York, Massachusetts, and Rhode Island, including 14 distributed solar projects – totaling 46.1 MW – in NYS, which will deliver considerable benefits to New Yorkers. In addition, three of the projects in the AES DE portfolio currently under construction will support clean energy generation in New York State parks. All of these projects will be made in support of corporate goals set by AES DE’s parent company, AES Corp. which aims to decrease its carbon intensity 70% by 2030.

This transaction provides substantial liquidity to an experienced project developer focused on increasing its renewable energy project holdings. Additionally, this transaction will help NYGB continue to demonstrate the viability of community distributed generation projects in NYS, draw new investors into the marketplace, and ultimately lower the cost of capital. Increased solar deployment will continue to drive activity in the State which will help NYS meet its 6 GW solar target by 2025. Consumers are expected to be the ultimate beneficiaries in the form of broader access to lowercost clean energy generation, with corresponding resiliency, affordability, choice, and environmental benefits.

Last Updated: 03/09/2020
Green Investment Group | November 2019 | Poland
Utility  | Onshore Wind | Equity Investment | Demonstration | View on Member website

GIG announced its second acquisition in Poland, buying the 48 MW onshore wind farm in Zajączkowo from J-Power Investment Netherlands B.V and Mitsui Renewable Energy Europe Limited. The project is located approximately 10km south-west of the city of Slupsk and 110km north-west of Gdansk. The Zajączkowo wind farm comprises of 24 Vestas V80 turbines, and is generating enough renewable electricity to power the equivalent of 38,367 homes. It has been operating for 11 years, having achieved a commercial operations date in September 2008.

This acquisition sees GIG continuing to build presence in a new market with strong fundamentals and significant growth potential for renewables. Poland is the largest electricity market in Central Eastern Europe, but has one of the lowest shares of renewables in electricity generation in that part of Europe. Electricity demand is predominantly met from an ageing fleet of coal and lignite power plants, and in time these plants will need to be replaced with new generating capacity – making renewables deployment increasingly important.

Last Updated: 11/21/2019
Green Investment Group | October 2019 |
Utility  | Offshore Wind | Equity Investment | Co-investment, Demonstration | View on Member website

GIG announced the successful financial close for Taiwan’s Formosa 2 offshore wind farm. Formosa 2 was jointly developed by Macquarie Capital (75%) and Swancor Renewable Energy (25%). GIG will play a key role in delivering the project through its construction phase.

The 376 MW offshore wind project located off the coast of Miaoli will utilise 47 market-leading 8 MW turbines. Once complete, it is estimated to displace 18,750 kt CO2eover its lifetime while powering the equivalent of 380,000 households annually.

Total funding for the project of NT$62.4 bn, will be financed by a consortium of 20 international and local Taiwanese financial institutions. The significant interest shown by the financial consortium has demonstrated the attractiveness of the Formosa 2 project and the offshore wind potential in Taiwan. The financing will be used to support the development and construction of the project.

Last Updated: 11/21/2019
Green Investment Group | October 2019 | UK
C&I  | Solar | Aggregation, Capacity development: Technical assistance, Demonstration | View on Member website

GIG announced an agreement with Tesco to own and operate solar PV systems at a number of the food retailer’s sites across the UK. This is part of a major new installation programme commissioned by Tesco to increase its onsite renewable generation. The first installations have now been completed and GIG’s participation in the program is expected to encompass sites across the UK.

With these installations of onsite solar PV systems, Tesco has begun to realise its ambition to generate 10 per cent of its energy needs onsite by 2030. The move is part of the retailer’s commitment to use 100 per cent renewable electricity across the Tesco Group by 2030. GIG will install, own, operate and maintain the solar PV systems installed on the retail sites – with Tesco paying an agreed price for the electricity that the systems generate. Power Purchase Agreements (PPAs), such as these, allow firms to avoid upfront capital and maintenance costs, whilst saving on their energy bills.

Last Updated: 11/21/2019
Clean Energy Finance Corporation | November 2019 | Australia
Utility  | Energy Storage, Waste Management | Debt Investment | Demonstration | View on Member website

The CEFC committed up to A$50 million in project finance for South Australia’s landmark ‘big battery’, working alongside Neoen, ARENA and the SA Government to improve grid security and maximise the benefits of renewable energy. The CEFC finance is part of a 50 per cent expansion of the Hornsdale Power Reserve, the world’s largest grid-scale battery. The expansion, by leading international renewable energy developer Neoen, will provide an Australian-first large-scale demonstration of the potential for battery storage to provide the stabilising inertia services that are critical to the future integration of renewable energy.

Last Updated: 11/21/2019
Clean Energy Finance Corporation | November 2019 | Australia
Agriculture  | Energy Efficiency, Waste Management | Equity Investment | Fund investment | View on Member website

Tenacious Ventures, Australia’s first dedicated agrifood tech venture capital firm, supports early stage companies that are developing technologies designed to lower emissions and increase energy efficiency in the agriculture sector. The A$30 million Tenacious Ventures Fund I will invest in up to 20 early-stage agrifood tech companies that are underpinned by emerging technologies and transformative business models. The CEFC has made a cornerstone investment commitment of $8 million equity to the fund, through the Clean Energy Innovation Fund, which draws on the finance and skills of the CEFC and the Australian Renewable Energy Agency (ARENA).

Agriculture is a significant and growing contributor to global emissions and the world’s largest source of non-CO2 emissions, with about 14 percent of global greenhouse gas emissions. It is estimated to represent up to 30 percent of global emissions when the broader food system, such as growing, harvesting, processing, packaging, transport, and consumption, are taken into account. Emerging agricultural technology targets measures to improve farm efficiency and increase food yields, reduce agricultural inputs, land clearing and methane emissions, advance plant science and crop genetics and minimise food waste.

Last Updated: 11/21/2019