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].

398 Results
Sort by:
CT Green Bank | April 2019 | USA
Residential  | Solar | Aggregation, Securitization, Warehousing | View on Member website

In April 2019, CT Green Bank announced the sale of $38.6 million investment-grade rated asset-backed security (ABS) notes. This innovative first-of-its-kind issuance monetizes the solar home renewable energy credits (SHRECs) generated through the Residential Solar Investment Program (RSIP). The sale was comprised of two tranches of SHRECs produced by more than 105 megawatts of 14,000 residential solar photovoltaic (PV) systems. The SHRECs were aggregated by the Green Bank and sold in annual tranches to Connecticut’s two investor-owned utilities, Eversource Energy and United Illuminating Company, at a fixed, predetermined price over 15 years. The funds raised through this sale will recover the costs of administering and managing the RSIP, including the incentives offered to residential participants in the program.

The Green Bank worked with Kestrel Verifiers to certify that this issuance conforms with the Climate Bonds Standard.  Further, it partnered with the Climate Action Reserve (CAR) to independently assess the impact of the systems in tranches one and two of the SHRECs. CAR estimates that these systems will produce 238,000 MWh of electricity each year, avoiding the emission of approximately 749,494 tonnes carbon dioxide equivalents (tCO2e) of greenhouse gases (GHGs).  CAR leveraged the Environmental Protection Agency’s (EPA) Avoided Emissions Generation Tool (AVERT) and Co-Benefits Risk Assessment (CoBRA) in their assessment of air quality and public health impacts respectively.

Last Updated: 06/15/2020
Green Investment Group | March 2019 | Southern California, USA
C&I, MUSH  | Energy Storage | Debt Investment | Co-investment, Demonstration | View on Member website

GIG provided debt financing for an innovative battery-based energy storage project in Southern California. It is the project’s third debt financing and will fund the completion of its construction.  The financing funds construction of an additional 97 MWh portfolio and, once fully constructed, will complete a 63 MW / 340 MWh project for Southern California Edison (SCE) of behind-the-meter, battery storage systems located in grid-constrained pockets of the West Los Angeles Basin service territory. CIT Group, which led the initial financing through its Power and Energy Finance unit, was also the lead lender in the second financing in December and this financing, which was joined by Rabobank, Sumitomo Mitsui Banking Corporation and ING. Macquarie acquired the original portfolio from AMS in August 2016 and together Macquarie and AMS have been jointly developing and constructing it. The project’s first debt financing in 2017 was a first-of-its kind non-recourse project financing of distributed battery-based energy storage systems. The fleet of energy storage systems, which are located at various large-load commercial, industrial and government host sites in Los Angeles and Orange counties, will be used for utility grid services including flexible and reserve capacity, solar integration and voltage management in addition to retail energy services such as demand management, back up generation and enhanced power quality.

Last Updated: 03/27/2019
Green Investment Group | March 2019 | Bedfordshire, England, UK
Utility  | Waste-to-Energy | Equity Investment | Co-investment | View on Member website

Covanta Holding Corporation and Green Investment Group Limited announced financial close on a deal in which they will each own 40 percent of the state-of-the-art Rookery South Energy Recovery Facility in Bedfordshire, England. Primary waste supplier Veolia ES (UK) Limited (“Veolia”) owns the remaining 20 percent. The Rookery facility will provide 545,000 tonnes of annual treatment capacity for non-recyclable waste, further enabling the UK to achieve national self-sufficiency in managing waste and compliance with landfill diversion targets. Veolia will deliver the majority of Rookery’s waste supply under a long-term contract, with the balance of the waste sourced through other commercial, industrial and municipal counterparties. In processing this waste, Rookery will generate over 60 megawatts of electricity which will be sold into the grid on a merchant basis, powering the equivalent of over 112,500 homes. Construction of the facility will be led by Hitachi Zosen Inova under a turnkey engineering, procurement and construction contract and is expected to take approximately 36 months to complete. Over 300 jobs will be created during the construction period providing related benefits to the local economy. Many opportunities will also be created for the local supply chain with a commitment from the project to purchase goods and services from local companies wherever possible. Covanta will provide technical oversight during construction and will supply operations and maintenance services when the project commences operations in 2022.

Last Updated: 03/27/2019
NY Green Bank | March 2019 | New York, USA
Utility  | Onshore Wind | Debt Investment | Co-investment, Demonstration, Refinancing | View on Member website

NY Green Bank committed US$68.75 million to finance the acquisition of 612.0 MW of operating largescale wind projects in New York State by funds managed by The Carlyle Group. These assets account for approximately 30% of current wind generation in NYS. As a Joint Lead Arranger in this transaction alongside other commercial banks, NYGB’s participation supports the long-term financing of large scale renewable projects in NYS that have merchant exposure. The recapitalization and proposed operational improvements are expected to extend the useful life of the projects, resulting in additional greenhouse gas reductions in NYS, and the retention of more than 40 clean energy jobs in the North Country and Western New York.

Last Updated: 06/01/2019
NY Green Bank | March 2019 | New York, USA
Utility  | Onshore Wind | Debt Investment | Co-investment, Demonstration, Refinancing | View on Member website

NY Green Bank committed US$31.25 million to the recapitalization of a portfolio of wind farms by BlackRock Global Renewable Power Fund II, including a 55.35 MW project in New York State. NYGB’s participation in this transaction – alongside other commercial banks – supports the long-term financing of a large scale renewable project in NYS that has merchant exposure, as well as the secondary market for assets of this type. The existence of a robust secondary market supports even greater development of large scale renewables through the availability of greater sources of capital interested in investing in this asset class. In addition, NYGB’s involvement in this transaction contributes to ratepayers’ greater energy choices, and ultimately, lower-cost clean energy opportunities.

Last Updated: 06/01/2019
Clean Energy Finance Corporation | February 2019 | Melbourne, Australia
C&I, Residential  | Energy Efficiency | Debt Investment | Co-investment, Demonstration | View on Member Website

Melbourne’s distinctive Collins Arch building is set to be a landmark in urban sustainability, targeting industry leading energy efficiency standards in a mixed-use building development.

The twin towers of the 47-level Collins Arch building – linked by an impressive skybridge – include 184 residential apartments, 50,000 square metres of premium office space across 24 levels, the 294-room 5-star W Hotel and a 1,000 square metre retail area.

The Collins Arch development will feature a range of industry leading clean energy technologies, including built in real-time energy monitoring and capacity for residential electric vehicle charging.

It will be designed to achieve a 5.5 star NABERS Energy rating for its premium commercial office space; a 4.5 star NABERS Energy rating for the W Hotel and a 7 star average NatHERS rating across the residential apartments.

The development will include high-efficiency air conditioning and energy efficient façade fabric insulation. Together these initiatives will lower energy consumption, lower carbon emissions and deliver improved operational efficiency across the project.

The clean energy initiatives are expected to deliver a minimum 20 to 25 per cent improvement on the development’s carbon footprint.

The CEFC has committed $100 million to the landmark development, which will shape the character of Melbourne’s city skyline for decades to come.  The CEFC’s finance for the project is about creating new environmentally-sustainable standards in Australian cities and locking in a low carbon approach to building design and management.

Last Updated: 03/01/2019
NY Green Bank | December 2018 | New York, USA
Residential  | Solar | Debt Investment | Co-investment, Demonstration, Term loan facility | View on Member website

Delaware River Solar, LLC (DRS) is a NY-based solar development company based out of Callicoon, New York State (NYS), that finances, builds, and operates Community distributed generation (DG) projects. DRS engaged NYGB to provide financing support for the development of the DRS Community DG portfolio in NYS.

Under the New York State Public Service Commission Standardized Interconnection Requirements and Application Process, developers seeking interconnections for their projects are required to make a deposit of 25.0% of the interconnection upgrade estimates followed by full payment 120 business days later.

In April 2018, NY Green Bank entered into an agreement with DRS  to provide a $7.0 million bridge loan to finance the interconnection expenses of their community distributed generation projects in New York State. In July 2018, NYGB committed an additional $55.0 million to participate in a term loan to finance the capital costs of DRS’s Community DG portfolio of projects. In December 2018, NYGB committed a further $25.0 million to provide a construction facility for Community DG projects in NYS. Collectively, these transactions are initially expected to support the deployment of up to 70.0 megawatts of solar photovoltaic in NYS, providing residents and businesses with a greater variety of energy choices and, ultimately, lower-cost clean energy opportunities.

Last Updated: 03/01/2019
Green Investment Group | December 2018 | Grangemouth, Scotland
Utility  | CHP, Waste-to-Energy | Equity Investment | Co-investment | View on Member website

Green Investment Group, the specialist green energy project developer and investor, and Covanta, the world’s leading energy-from-waste (EfW) owner and operator, announced financial close on the acquisition of a 50 per cent stake in the Earls Gate Energy Centre (EGEC). EGEC is a 21.5 MWe combined heat and power energy-from-waste facility located in Grangemouth, Scotland. EGEC will prevent 216,000 tonnes of mixed household, commercial and industrial waste from entering landfill per annum. Instead, the waste will be converted into 79GWh of green electricity and 81GWh of heat in the form of steam each year. Working closely with co-investor and developer Brockwell Energy who own the remaining 50 per cent stake, the facility will become a direct source of reliable, green, low-cost energy for local businesses located at Earls Road. Chemical manufacturer and site service provider, CalaChem, has entered into a long-term Energy Supply Agreement (ESA) for the offtake of electricity and steam produced by EGEC. The total project value is approximately £210 million.

Last Updated: 12/19/2018
Clean Energy Finance Corporation | December 2018 | Australia
Utility  | Energy Storage, Onshore Wind, Solar, Waste-to-Energy | Equity Investment | Cornerstone stake | View on Member website

The Australian Renewables Income Fund (ARIF), a renewable energy fund managed by Infrastructure Capital Group, will focus on acquiring and developing large-scale wind and solar developments, as well as energy-from-waste projects, large-scale battery storage and pumped hydro.  The CEFC has made a cornerstone equity commitment of up to $100 million to ARIF. The CEFC’s commitment is directed towards further renewable energy asset purchases, including yet-to-be developed large-scale assets, as well as operating projects. Based on previous investment experience, the CEFC expects its investment to contribute to the development of some 260MW in renewable generation assets, with the potential to deliver carbon abatement of about 630,000 tonnes a year.

There are currently limited fund style opportunities for institutional investors seeking equity exposure to renewable energy assets. The CEFC is investing in ARIF to expand the availability of tailored renewable energy investment options for investors, and to respond to the expectations of fund members. It is also helping increase the amount of finance available for large-scale renewable energy projects, especially at the early stage of development.

ARIF has three operating seed assets: – the 55MW Mumbida Wind Farm south-east of Geraldton in Western Australia; the 132MW Hallet 4 Wind Farm in Brown Hill South Australia and the 107MW Bald Hills Wind Farm, in Gippsland Victoria. All three assets have current contracted power purchase agreements with major entities.

Last Updated: 12/17/2018
Clean Energy Finance Corporation | December 2018 | South Australia, Australia
Utility  | Onshore Wind | Debt Investment | Co-investment, Demonstration | View on Member website

The CEFC and specialist infrastructure debt investment manager Westbourne Capital have committed AU$160 million in finance to construct Stage II of Nexif Energy’s Lincoln Gap Wind Farm in South Australia. The additional CEFC commitment, of AU$50 million, takes its overall senior debt commitment in the project to AU$200 million, representing its largest investment in a single wind farm development to date. When complete, the Lincoln Gap Wind Farm near Port Augusta will have a total generating capacity of more than 212 MW, producing enough energy to power 155,000 homes. It will offset some 680,000 tonnes of carbon emissions annually. CEFC Wind sector lead Andrew Gardner said: “This debt finance package sees Westbourne Capital participating as a mezzanine debt lender alongside our senior debt commitment. “The ability to fold mezzanine debt into finance for new build wind farms in this manner creates new investment opportunities for non-bank lenders to further support the growth of the renewable energy sector.”

Last Updated: 12/10/2018
NY Green Bank | October 2018 | New York City, NY, USA
C&I  | Energy Efficiency | Debt Investment | Co-investment, Standardization/Data collection | View on Member Website

Ecosave Inc. is an energy efficiency services company providing turnkey design, engineering, construction, management, and maintenance services for mid-sized commercial customers through an energy services agreement (ESA) model. NYGB is committing $2.0 million alongside capital from NYCEEC to finance an ESA between Ecosave and the Hebrew Home at Riverdale, a senior care facility in the Bronx. Using NYGB capital, energy efficiency improvements including LED lighting retrofits and HVAC upgrades will be installed at no upfront cost to the customer, and a portion of the resulting energy savings will be used to repay the lenders over time.

This transaction establishes greater performance history for energy efficiency projects with medium-sized, unrated, commercial and industrial (“C&I”) customers, an asset class that historically has reduced access to commercial capital. The installation is expected to reduce at least 560 metric tons of GHG emissions annually or 8,460 metric tons of GHG emissions over the 15-year project life. The transaction will help to demonstrate viability of the ESA model, drawing new investors and financial institutions into the marketplace. This fits within NYGB’s strategy to increase liquidity and drive additional volume in the NYS energy efficiency sector, ultimately lowering the cost of capital for energy efficiency retrofits.

Last Updated: 03/01/2019
NY Green Bank | December 2018 | New York, USA
C&I, Residential  | Solar | Debt Investment | Demonstration | View on Member website

CCR is developing a portfolio of Community distributed generation (DG) solar projects in New York State (NYS). Under the New York State Public Service Commission Standardized Interconnection Requirements and Application Process, developers seeking interconnections for their projects are required to make a deposit of 25% of the interconnection upgrade estimates followed by full payment 120 business days later. In August 2017, NYGB and CCR closed a Bridge Loan for up to $11.5 million to finance those interconnection deposit payments to NYS utilities, which will be used for as many as 72 Community DG solar projects. In December 2017, the Bridge Loan was increased by $13.5 million and extended until December 2019 to finance a portion of the balance of the estimated interconnection upgrade payments. In December 2018, the Bridge Loan was further increased by $20.0 million to a total $45.0 million facility, and extended until April 2021, to finance interconnection deposit payments and support CCR’s development of its NYS solar assets.

Last Updated: 03/01/2019
Clean Energy Finance Corporation | October 2018 | Western Region, Australia
Utility  | Biogas | Debt Investment | Co-investment, Demonstration | View on Member website

CEFC committed up to AU$90 million towards Australia’s first large-scale energy from waste (EfW) project – a state-of-the-art plant at Kwinana in Western Australia capable of producing 36MW of electricity, enough to power up to 50,000 homes. The Kwinana plant will use technology that already has a strong track record in Europe and meets strict environmental requirements. The thermally-treated waste heats water into steam to produce electricity, with metals recovered for recycling and other by-product materials suitable for reuse in the construction industry. The Kwinana plant is being developed by Phoenix Energy and Macquarie Capital and global fund manager DIF holds a majority equity stake. It is expected to employ around 800 workers during its three-year construction phase, and some 60 operations staff on an ongoing basis. It has secured long-term supply contracts for the majority of its waste requirements from the Rivers Regional Council and the City of Kwinana. The CEFC finance is part of a AU$400 million debt syndicate that also includes SMBC, Investec, Siemens, IFM Investors and Metrics Credit Partners, some of which have prior experience in banking EfW projects globally. The Australian Renewable Energy Agency (ARENA) is contributing a further AU$23 million in grant funding.

Last Updated: 10/26/2018
Clean Energy Finance Corporation | October 2018 | Australia
C&I  | Biomass, Energy Efficiency, Solar, Waste Management | Debt Investment | Demonstration | View on Member website

Australia’s Visy Industries will increase its capacity to recycle waste materials by 10 per cent with a pipeline of projects to improve the overall energy efficiency and renewable energy use of its large-scale Australian manufacturing operations.

A global leader in the packaging, paper and resource recovery industries, Visy provides high quality, innovative and sustainable packaging products and solutions. As a major Australian manufacturer, Visy is leading the way in investing in energy efficient equipment and technologies to help power its 24-hour operations.

Visy recycles 1.2 million tonnes of paper and cardboard each year. Drawing on AU$30 million in debt finance from the CEFC, Visy expects to increase this capacity by 10 per cent with upgrades to existing recycling infrastructure as well as investments in new equipment to support greater resource recovery.

Last Updated: 10/03/2018
NY Green Bank | October 2018 | Chemung County, NY, USA
C&I, Residential  | Solar | Debt Investment | Standardization/Data collection | View on Member Website

BlueRock is developing and operating a portfolio of Community DG projects in NY, with a current pipeline of 20.0 MWdc. In 2017, BlueRock partnered with Renovus Solar, Inc. to develop and build the Renovus Rock, LLC project, a 646.0 kWdc project located in Millport, NY that has been operating since April 2017. BlueRock is now the sole owner of the project. NYGB has provided the Term Loan of $775,000, secured by the Renovus Rock, LLC project to support the development BlueRock’s Community DG portfolio in NYS.

This transaction is estimated to support the deployment of Community DG projects in the State which will provide commercial and residential project subscribers access to reliable, clean, low-cost energy. As there is increasingly strong demand for Community DG throughout NYS, growth of this asset class through the deployment of projects offers and requires participation by capital providers. Products like the Term Loan are expected to ultimately be offered by private capital providers in future to finance Community DG portfolios-at scale.

Last Updated: 03/01/2019
Clean Energy Finance Corporation | October 2018 | South Australia, Australia
Residential  | Energy Storage, Solar | Debt Investment | Co-investment, Demonstration | View on Member website

South Australian households can draw on cost-competitive CEFC finance to install home solar and battery storage under the South Australian government’s Home Battery Scheme. The CEFC has committed up to AU$100 million to finance loans for the scheme, with the finance available through RateSetter’s new South Australian ‘green lending’ platform Under the Scheme, 40,000 South Australian households have access to up to AU$6000 in government subsidies to put toward the cost of the battery component of solar and battery installations. The CEFC will finance loans where the upfront costs of the home battery system installations are not met by the subsidies. RateSetter and the CEFC have been working together since May 2017, when the CEFC made a AU$20 million commitment to kick-start RateSetter’s Green Loan Marketplace for borrowers looking to buy or install energy efficient and solar products.

Last Updated: 10/26/2018
Clean Energy Finance Corporation | July 2018 | Tasmania, Australia
Utility  | Onshore Wind | Equity Investment | Co-investment | View on Member website

The 112MW Granville Harbour Wind Farm will boost Tasmania’s wind energy capacity by about a third.

On a 1,200 hectare cattle farm on Tasmania’s west coast, the Granville Harbour Wind Farm is owned by Palisade Investment Partners on behalf of its clients and has a long-term power purchase agreement with Hydro Tasmania.

It is expected to create 200 jobs during construction. Once operational, the AU$280 million wind farm’s 31 turbines are expected to generate enough electricity to power 40,000 homes.

The Granville Harbour development is part of an increasing focus on wind energy in Tasmania, which will see considerable investment in regional areas of the state over the coming years.

Tasmania is targeting 100 per cent renewable energy by 2022 and is looking towards becoming a net exporter of electricity by supplying renewable energy to the National Electricity Market.

Tasmania currently has about 90 per cent of its electricity generated from renewables, with the bulk coming from its hydro-electric resources.

The CEFC’s AU$59 million finance towards the project is in two parts – a direct equity commitment of AU$25 million and a further AU$34 million in equity commitment via the Palisade Renewable Energy Fund (PREF).

Last Updated: 07/27/2018
Clean Energy Finance Corporation | July 2018 | Australia
C&I, Residential  | Smart Grid Technology | Debt Investment | Demonstration | View on Member website

intelliHUB is a new business aiming to accelerate the use of smart meters, further extending the benefits of distributed clean energy to Australian households and businesses.

The new intelliHUB joint venture will be a leading Australian provider of smart meter solutions, servicing Australian energy retailers and consumers. The Acumen business included the existing management and servicing of an already deployed 170,000 meters and the combined business has future, long-term contracts with Origin Energy and other retailers, that will see it rollout and manage more than 1 million smart meters across Australia and New Zealand.

There are some 9 million metering points in the National Electricity Market.

By accelerating their conversion to smarter technologies, customers will benefit from more meaningful information relating to their energy consumption.

These customers will be better informed when considering investment in solar and storage solutions by matching system specifications to actual consumption patterns.

Through improved data provision, electricity network operators will also be able to harness greater insights to enable a smoother operation of the energy grid, facilitating improved integration of renewables and energy storage.

The CEFC has committed $35 million in debt finance for the $267 million Acumen acquisition and intelliHUB’s future growth.

Last Updated: 07/27/2018
Clean Energy Finance Corporation | July 2018 | New South Wales and Victoria, Australia
Residential  | Energy Efficiency | Equity Investment | Cornerstone stake | View on Member website

The first institutional build-to-rent investment platform in Australia – Mirvac’s Australian Build-to-Rent Club (ABTRC) – will bring the benefits of clean energy and energy efficiency to families and tenants in the home rental market.

The CEFC is a cornerstone investor in the ABTRC, with Mirvac identifying the Indigo building in its Pavilions project in Sydney’s Olympic Park as the seed asset. The CEFC investment will further enhance design across the 258 one, two and three-bedroom apartments, using clean energy and energy efficiency technologies.

The build-to-rent project, scheduled for completion by mid-2021, will include on-site solar PV, energy display and monitoring systems, high-efficiency LED lighting, energy efficient appliances, glazing upgrades, car-park exhaust fans and passive solar design.

Together, the initiatives are expected to cut energy use and greenhouse gas emissions by up to 40 per cent compared with what would be achieved under the minimum standards of the National Construction Code.

The ABTRC is targeting a portfolio of five to six projects, mainly in Sydney and Melbourne.

Build-to-rent or multi-family residential developments are well established in the US and Europe, where institutional investors own entire residential developments, and offer the surety of long-term leases to individual residents.

Australia’s emerging build-to-rent market provides the opportunity for developers and owners to develop properties with a whole of lifecycle approach. This can ensure clean energy and energy efficiency initiatives are incorporated from the planning stage, driving energy savings for owners and tenants.

The CEFC has made a AU$50 million cornerstone equity investment as part of a first close in the ABTRC, to demonstrate how energy efficient buildings with long-term environmental benefits can be achieved across what is expected to be a major investment platform in Australian housing.

Last Updated: 07/31/2018
Clean Energy Finance Corporation | July 2018 | Australia
C&I, MUSH  | Energy Efficiency, Solar | Equity Investment | Fund investment | View on Member website

Leading alternative asset manager Morrison & Co will spearhead clean energy standards across Australian social and economic infrastructure assets, as part of its specialist AU$1 billion ‘green’ infrastructure fund.

Morrison & Co focuses on decarbonisation as a key investment strategy. It has been investing in renewable energy for more than 20 years and, through its new fund, will apply its decarbonisation and energy efficiency lens to a broader set of infrastructure assets to generate better long-term investment outcomes.

The Morrison & Co Growth Infrastructure Fund will acquire and develop a diverse range of essential assets, from hospitals to data centres, retirement and aged care accommodation to student housing and renewable energy.

Over time, the fund will look to progressively introduce internationally-recognised science-based targets to build a zero emissions portfolio. It will also draw on relevant Australian-based sustainability standards to set best-practice sustainability goals, including those of the Infrastructure Sustainability Council of Australia, the National Australian Built Environment Rating System and the Nationwide House Energy Rating Scheme.

The implementation of ambitious energy and emissions goals across the fund’s portfolio will include the adoption of a wide range of benchmarking tools.

Methodologies such as Infrastructure Sustainability Council of Australia (ISCA) ratings for economic infrastructure and renewable energy assets, NABERS, NaThERS, GRESB and Green Star ratings for built environment assets will be used to set best-practice sustainability goals.

The CEFC is investing AU$150 million in the Morrison & Co Growth Infrastructure Fund, which will acquire and manage a range of assets where there is potential for significant improvements in their energy efficiency profile.

Last Updated: 07/27/2018
Clean Energy Finance Corporation | July 2018 | Victoria, Australia
Utility  | Low Emissions Transport, Solar | Debt Investment | Co-investment | View on Member website

The Numurkah Solar Farm will demonstrate how solar energy can deliver a cost-effective solution for energy-intensive manufacturers.

The 100MW (AC) (128MWp) solar farm in Victoria’s Goulburn Valley region is expected to generate about 255,000 megawatt hours (MWh) of electricity into the national power grid each year. That’s enough solar to power about 42,000 homes.

The AU$198 million solar farm, being developed by Neoen, will be constructed over 500 hectares and include about 350,000 solar panels. It is expected to be operating by the middle of 2019.

Neoen has secured major power supply contracts that will serve both the Laverton steelworks in Melbourne’s west and the Melbourne tram network.

Neoen has contracted 60 per cent of the farm’s projected bundled output to renewable energy retailer SIMEC ZEN Energy, a majority owned subsidiary of the GFG Alliance which operates the Laverton steelworks. SIMEC ZEN Energy will use the energy to support firm retail supply contracts to commercial and industrial customers in Victoria, including the Laverton steelworks.

The Victorian Government has contracted a further 30 per cent of Numurkah’s large-scale generation certificates to support its goal of covering the electricity load of Melbourne’s tram network with solar power.

The CEFC has committed AU$60 million in debt finance to the project. The debt finance syndicate for the Numurkah project also includes clients managed by Vantage Infrastructure, an independent specialist investment manager, as well as German Landesbank NORD/LB.

Last Updated: 07/27/2018
Clean Energy Finance Corporation | July 2018 | Victoria, Australia
MUSH  | Waste Management | Debt Investment | Demonstration | View on Member website

Melbourne’s new South Eastern Organics Processing Facility is set to convert around 12,000 truckloads of household garden and food waste, drawn from council kerbside green waste collections, into 50,000 tonnes of high-grade compost each year.

The new mechanical and biological treatment plant will treat organic waste produced by eight Melbourne councils, substantially reducing landfill and emissions. The compost will be used in local parks and gardens

The A$65 million plant is being built by leading international waste management company Sacyr Group. The plant is expected to abate more than 65,000 tonnes of CO?-e emissions annually – cutting 85 per cent of the emissions the waste would have generated in landfill – the same as removing about 13,900 cars from the road each year.

Sacyr expects the fully-enclosed, in-vessel aerobic composting and maturation plant to be operational in mid-2019. It will operate for 15 years, with a potential five-year extension.

The project demonstrates how CEFC finance can address methane emissions, which have a global warming potential 25 times stronger than that of carbon dioxide.

The eight participating councils Bayside, Cardinia, Casey, Frankston, Glen Eira, Greater Dandenong, Kingston and Monash, are part of the Victorian Metropolitan Waste and Resource Recovery Group (MWRRG).

The councils are charged gate fees to use the facility, with the majority of the compost sold back to the councils for use in community parks and gardens.

Sacyr Group, which has a proven international track record of constructing composting and energy from waste facilities, uses a fully-enclosed in-vessel composting process to turn organic waste from household green-waste bins into a high-grade compost.

The plant storage reservoirs are completely closed and use efficient and reliable deodorisation systems. This technology complies with the most stringent standards within the sector.

The CEFC is committing up to A$38 million in debt finance to the project in an industry-first finance model that provides councils with access to a project financing structure that has rarely been leveraged across local government.

With the level of investment in waste infrastructure required over the next few years, the CEFC is looking to establish this financing model to accelerate further investment in waste management facilities.

Last Updated: 08/03/2018
Green Investment Group | July 2018 | Sweden
Utility  | Onshore Wind | Equity Investment | Co-investment | View on Member website

Green Investment Group announced financial close on €270m of total funding for a 235 MW onshore wind farm in central Sweden. The project was developed by GIG and SCA Energy AB (SCA) and will comprise 56 Siemens Gamesa 4.2 MW turbines.

Partnering with SCA, GIG has commercialised, structured and financed the project through development to financial close. This includes the origination and structuring of what is believed to be one of the longest corporate wind energy PPA’s globally, with a 29-year fixed-volume agreement with Norsk Hydro – one of the largest aluminum companies in the world. Scandinavia is a priority market for GIG and the transaction extends the growing relationship with Norsk Hydro following the GIG backed 650 MW Markbygden Ett onshore wind farm last year.

GIG will own 100 per cent of the equity in the project. Macquarie Capital (Europe) Limited acted as financial adviser to the sponsor on the project, raising c.€160m of senior debt from Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) and KfW IPEX-Bank GmbH (KfW). Denmark’s Export Credit Agency (EKF) is providing export credit cover. Siemens Gamesa will provide operations and maintenance services to the project through a 25-year agreement. NEAS Energy (part of Centrica plc) will provide balancing and hedging services for the project.

Last Updated: 07/30/2018
NY Green Bank | June 2018 | New York, USA
Utility  | Solar | Debt Investment | Standardization/Data collection | View on Member website

BQ is a Wappingers Falls, New York-based renewable energy project developer specializing in landfill and brownfield site redevelopment. NYGB’s $4.9 million construction loan enables BQ to complete the 4.1 MW ground-mounted solar farm (the “Project”) to be constructed on a remediated former ExxonMobil refinery site in Olean, NY. CIR Electric Construction Corporation (“CIR”) will construct the Project under a standardized balance of plant (“BOP”) contract utilizing top-tier panels, inverters, and racking systems.

The Project will generate revenue by selling clean power (or, more specifically, selling the value of clean power evidenced by net metering credits) to the City. The Project is the fourth of several similar developments in BQ’s pipeline that NYGB anticipates financing as part of a larger portfolio. BQ expects the majority of projects in the portfolio to be located on landfill and brownfield sites in Western NY, Central NY, Hudson Valley, and Long Island with the power generated providing clean power to municipalities, universities, schools, and hospitals (“MUSH”), and utilities.

NYGB’s participation in the Project – and in similar future developments included in the proposed portfolio arrangement – will help expand financing opportunities for smaller (less than 10 MW) solar systems by fostering standardization in underwriting (which is the process a lender uses to assess the creditworthiness or risk of a potential borrower) including a streamlined, uniform approach to integrating contractors, structuring contracts, and utilizing standardized equipment.

Last Updated: 09/01/2018
Green Investment Group | June 2018 | Texas, USA
Utility  | Onshore Wind | Equity Investment | Co-investment | View on Member website

GIG has successfully developed, commercialized and reached financial close of Canadian Breaks, a 200 MW onshore wind farm in Texas. The asset, featuring an installation of Siemens Gamesa wind turbines, is located in Texas in Oldham and Deaf Smith Counties and connects into the Electric Reliability Council of Texas (ERCOT) electric grid.

Canadian Breaks was fully developed by Macquarie Capital, who provided 100% of the sponsor equity. Macquarie Capital also acted as financial advisor and led the structuring of an energy hedge, tax equity and debt financing. Rabobank, National Australia Bank and Siemens Financial Services provided debt financing.

Last Updated: 07/30/2018