GBN Member Transaction Database

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.

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.

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.

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.

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.

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.

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.

The CEFC iinvested A$100 million into Macquarie Infrastructure and Real Assets (MIRA)’s Australian infrastructure platform to further support decarbonisation in the infrastructure sector. MIRA is pursuing emissions reductions and improved energy efficiency across its Australian infrastructure platform. MIRA, one of the world’s leading alternate asset managers, will target lower carbon emissions at assets in sectors including airports, electricity, port, rail and water. The emissions reduction standards will focus on identifying global best practice to drive positive change. Global best practice measures include Science Based Targets (SBT), which work to achieve the Paris Agreement commitment to limit global warming to well below two degrees Celsius from pre-industrial levels.

NY Green Bank committed $5.0 million to finance the construction and operation of an energy efficient, LEED Certified lodging property located in the Village of Saranac Lake (the “Project”) and developed by Saranac Lake Resort Owner, LLC. The Project’s energy efficiency measures are expected to reduce greenhouse gas emissions relative to design standards. This is NYGB’s first investment in an energy efficient, new building asset as part of its ongoing efforts to participate in sustainable infrastructure investments in support of Clean Energy Fund objectives. The Project is expected to create approximately 71 full time jobs in New
York State, supporting economic development in the North Country.

GIG announced a ground-breaking initiative to increase the availability of standardised, climate-related data. GIG’s pioneering Carbon Score methodology will be combined with Bloomberg NEF’s market-leading renewable energy project data to build a tool to assess the carbon impact of over 40,000 wind and solar assets globally.

As developers, asset owners and managers, project finance providers and energy consumers increasingly seek to understand the environmental benefits of projects better, the demand for robust environmental data continues to grow. However, as recognised in the recent Climate Finance Leadership Initiative (CFLI) Financing the Low-Carbon Future report, the integration of climate-related risks and opportunities into investment decisions continues to be challenged by a lack of information.

GIG’s methodology helps to address some of this by generating a simple and intuitive Carbon Score for renewables assets, enabling BNEF clients to quickly, clearly and consistently assess, and compare, the positive carbon impact of individual assets, fund portfolios or PPAs. Through the partnership, GIG’s Carbon Score will be applied to over 60% of the world’s consented wind and solar projects.

Large-scale battery storage projects may be eligible for finance through the CEFC’s Dispatchable Power Program. Up to A$125 million is available through the first phase of the program, which is designed to complement grant funding offers for emerging technologies. Initially, successful applicants under the New South Wales Government’s Emerging Energy Program (EEP), are eligible to apply for funding under the CEFC’s Dispatchable Power Program. In subsequent phases of its Program, the CEFC may look to support emerging technologies alongside other State Government grant programs, as they arise. The CEFC’s finance is available at a fixed-interest rate for projects that meet the CEFC’s investment criteria, and can be used to support contracted, partially-contracted and uncontracted projects which will rely on merchant revenues such as from the provision of Frequency Control Ancillary Services (FCAS)

The battery projects will be expected to meet the CEFC’s investment criteria to be eligible for finance and will be assessed on a case-by-case basis.The large-scale battery storage projects supported through this program are expected to unlock opportunities for higher penetration of renewable energy in the New South Wales grid. While the CEFC’s Dispatchable Power Program is targeting utility scale battery opportunities, the CEFC may look to finance other projects eligible for EEP grants, if appropriate. These may include technologies such as biogas, virtual power plants and pumped hydro.

CEFC finance will help Barwon Institutional Healthcare Property Fund improve the energy efficiency and comfort of a range of healthcare and medical facilities around Australia. The CEFC announced taking an A$80 million equity stake in the Barwon Institutional Healthcare Property Fund which has 14 healthcare property assets across Australia and is planning to acquire more.

The investment will improve the energy performance of existing assets to achieve carbon emissions reductions of about 40 per cent when compared with the Council of Australian Governments (COAG) Baseline Energy Consumption in commercial buildings. Measures include rooftop solar, energy efficient Heating Ventilation and Air Conditioning (HVAC) systems, lighting upgrades and building monitoring systems. The CEFC’s equity is part of a broader A$375 million capital raising which involves several large Australian superannuation funds.

In an Australian first, the CEFC and the National Farmers Federation (NFF) collaborated to back ready-made clean energy solutions for Australian farmers, with the twin goals of increasing on-farm efficiency and cutting greenhouse gas emissions. In a practical new guide for Australia’s 85,000 farming enterprises, the CEFC and the NFF have identified 51 opportunities where farmers can reduce their energy bills by improving energy efficiency and switching to renewables. The investment commitments start at under A$10,000, making them cost effective at a time of farm stress and drought.

The potential energy efficiency technologies range from variable speed drives and smart controls to best-in-class tractors and refrigeration equipment. Renewable energy solutions include increasingly cost-effective solar PV as well as on-farm microgrids, which are particularly relevant in remote areas or where network connections are expensive.

Macquarie’s Green Investment Group (GIG) entered into an agreement, subject to the satisfaction of customary completion conditions, to acquire a 40% stake in the East Anglia ONE (EA1) offshore wind farm from ScottishPower Renewables (UK) Limited, a subsidiary company of the Iberdrola group. GIG secured debt financing from the market to assist in funding its investment.

The acquisition reinforces GIG’s commitment to accelerating the UK’s energy transition and brings the total capacity of UK offshore wind supported by GIG to over 5.7 GW, across 14 projects – equivalent to almost 50% of the total UK offshore wind capacity in operations or construction.

EA1 is a 714 MW development located 43 KM off the UK’s Suffolk coast. The project will comprise 102 Siemens Gamesa 7 MW wind turbines, which when fully operational, will produce enough green electricity to power the equivalent of over 600,000 homes annually.

Macquarie’s Green Investment Group (GIG) acquired the 42 MW Kisielice onshore wind farm from Impax New Energy Holdings Cooperatief W.A, an entity owned by NEF2, a renewable energy fund managed by Impax Asset Management. Located in Warmiab, Masurian Voivodeship, it is GIG’s first investment in Poland. The project has been fully operational since 2014 and consists of 21 Enercon E82 turbines generating enough renewable electricity to power 45,590 homes per year.

In October 2019, GIG announced that for the next ten years, Signify, the world leader in lighting, will purchase renewable energy for its operations in Poland from the Kisielice onshore wind farm. Signify’s Polish facilities are responsible for more than 25 per cent of its global electricity footprint. The Virtual PPA marks a major milestone in Signify’s commitment to become carbon neutral in 2020: http://greeninvestmentgroup.com/news-and-insights/2019/signify-signs-vppa-with-green-investment-group/

Established in 2000, H1 Holdings is a majority black-owned and managed developer of renewable energy projects. UKCI will provide critical financing for the development of the Kruisvallei Hydro project in the Free State province (4 MW), Kangnas Wind Farm in the Northern Cape province (140 MW) and the Perdekraal East Wind Farm in the Western Cape province (110 MW). The financing will be provided through an innovative funding mechanism developed by UKCI in close consultation with H1 Holdings and designed to support Black Economic Empowerment (BEE) entities.

The projects are expected to be completed by the end of 2020 and provide enough clean electricity to power nearly 200,000 homes each year. During their lifetime, they will help avoid approximately 844,000 tonnes of greenhouse gas emissions per annum.

In addition to promoting cleaner growth, the projects will stimulate rural development by employing and training at least 40 per cent of construction, operations and maintenance staff from local communities.

The next generation of Curtin University students will reap the benefits of clean energy, via a major new industry-connected innovation hub. With more than 56,000 students, Curtin University is WA’s largest university with the main campus based in Perth, a major regional campus in Kalgoorlie and four international campuses.

The mixed-use Exchange development in Perth will deliver improvements in energy efficiency and lower carbon emissions while providing world-class educational facilities. It will include about 1,000 new student accommodation beds, a 60-room boutique hotel, 38 apartments, 3,000 square metres of commercial space and 15 specialty retail shops. The CEFC has committed up to $120 million in debt finance towards the $300 million Exchange project. The first stage of the development is expected to open in January 2022.

The Exchange is expected to save more than 2,455 tonnes of carbon emissions annually – the equivalent of taking about 520 cars off the road each year.  To achieve that target, integrated sustainability initiatives will include a high-performance building façade, energy efficient heating, ventilation and air conditioning, energy efficient internal lighting systems and a more than 300kw of solar PV across the project.

TCCL financed 20 MW of solar power project in the state of Rajasthan. The project has been operational since February 2013. The power produced shall be purchased by a government owned company.

TCCL financed the development of 39.60 MW wind project being set up on group-captive basis in the state of Karnataka. The power produced shall be consumed by private sector companies and would help in the reduction of their carbon footprints.

TCCL provided long term debt for the development of 2.7 MW solar project at the premises of Kochi Metro Rail. The power produced shall be used for captive consumption. The project is being developed by a Canada based developer.

A disused Canberra office park is being transformed into a state-of-the-art energy efficient village. The LDK Greenway Seniors’ Living Village at Tuggeranong will be home to up to 450 people, creating a new model for sustainability for Australia’s rapidly growing retirement living and aged care sectors. The CEFC has committed $60 million in debt finance towards the project.

The Village will be owned and operated by LDK Healthcare, a joint venture between Cromwell Property Group and senior living operator Aspire Group. The Village will include more than 380 apartments and a range of self-contained community amenities, including a corner store and café, 130-seat auditorium, meeting and learning spaces, community and private dining areas, gardens, a chapel and car parking.

By repurposing existing building stock, the Village avoids the carbon and financial cost of demolition and new construction. The introduction of energy efficiency and renewable energy technologies will result in ongoing emissions reduction and energy savings. The sustainability standards are expected to more than halve the Village’s greenhouse gas emissions when compared to current building standards.

The construction of a 1 megawatt (MW) hydroelectric facility at the Upper Collinsville Dam on the Farmington River in Canton resumed construction after the closing of the construction loans.  The project is the result of significant expertise and innovation from many stakeholders, including the Town of Canton, The Provident Bank, the Department of Energy and Environmental Protection (DEEP), and the Connecticut Green Bank. Once operational, the facility is projected to generate an average 4.3 million kWh of clean energy and save 3.2 metric tons of CO2 emissions annually, while preserving a historic powerhouse, enhancing public safety features, and revitalizing aquatic habitat by allowing fish to swim upstream for spawning for the first time since 1867.

The dam is owned by the State of Connecticut and the water rights will be leased to Canton Hydro over a 30-year period. Utilizing the state’s Virtual Net Metering program, State of Connecticut owned buildings through DEEP will benefit from the lower cost renewable energy.

The final requirement for the project was securing financing, which was accomplished through a creative partnership structure. The total project cost is approximately $6.6 million with the Green Bank providing a $1.2 million subordinate loan and $500,000 limited guaranty to leverage an approximately $4.7 million senior loan from The Provident Bank through the U.S. Small Business Administration (SBA) 504 Loan program. Additional equity is being provided by Canton Hydro.

TCCL financed 1 MW under-construction solar rooftop power project being developed in the state of Andhra Pradesh. The power generated from the project will be consumed by the private sector company on the roof of which the plant is set-up.

TCCL refinanced an operational 40 MW wind power project in the state of Karnataka. The project was awarded under the tender of the government for long term purchase of power.

Macquarie’s Green Investment Group Limited (GIG) announced the acquisition of the 43 MW Hornamossen onshore wind farm located in Sweden’s Jönköping municipality. GIG will acquire 100 per cent of the project from Nordic wind power developer OX2, who have been developing the project since 2006. Consisting of 10 Siemens Gamesa 4.3 MW direct drive turbines, Hornamossen is expected to produce enough renewable electricity to displace an estimated 121 kt CO2e over its lifetime – the equivalent to removing approximately 1000 cars from the road every year of its operational life.

GIG structured and secured a long-term power purchase agreement (PPA) for the project with Swiss energy utility Axpo Nordic, part of the Swiss energy group Axpo. GIG has now sourced and structured PPAs for almost 1 GW of onshore wind capacity in Sweden, equivalent to over 10% of Sweden’s total onshore wind installed capacity.

This is GIG’s first partnership with OX2, an experienced developer in the Nordic region, who will continue to act as the project’s asset manager throughout construction and operations under a bespoke engineering, procurement and construction (EPC) contract. Construction is expected to commence in early July 2019 with commercial operations anticipated in Q4 2020.