Clean Energy Pipeline

Blackfinch Ventures today announced the launch of its new Energy Transition EIS (Enterprise Investment Scheme) Portfolios, giving investors the opportunity to access growing technology companies helping to achieve the mass electrification of society. According to Blackfinch’s latest market pulse survey, 54% of investors and advisors indicated they are either “very likely” or “somewhat likely” to invest in an EIS product during the current tax year, with ‘energy transition’ identified as the most popular investment theme. The Blackfinch Energy Transition EIS Portfolios is aligned with several key megatrends that are reshaping the global energy technology landscape. These include the shift from fossil fuels to renewable energy sources, the increasing electrification of transport and heating, the development of energy storage solutions to balance supply and demand and the digitalisation of energy systems to improve efficiency and transparency. The Blackfinch Energy Transition EIS Portfolios benefit from Blackfinch Venture’s proven track record of selecting promising early-stage companies. The Blackfinch Energy Transition EIS Portfolios will leverage this experience, combined with the group’s cross-disciplinary expertise in energy, property, smaller company and infrastructure investments. This unique combination of sector knowledge positions Blackfinch to rigorously assess and select the highest potential companies in the energy transition theme. Richard Cook, CEO of Blackfinch Group said, “Investing into greener energy, delivered through smarter technology will enable our investors to align with Blackfinch in our goals to access the most sustainable companies around – which are all united by a common purpose to create a more sustainable environment. Having seen some of these technology companies myself, I’m incredibly excited by the opportunity this theme presents. So much so that Blackfinch will be investing alongside investors as a sign of our commitment and support to the Energy Transition strategy.” Dr Reuben Wilcock, Head of Ventures at Blackfinch Ventures commented, “The Blackfinch Energy Transition EIS Portfolios are designed to address the technology gaps across society – not just in energy generation, but also in storage, distribution, and the digital technologies that enable a more efficient and sustainable energy system." Tim Wynn-Jones, Head of Energy Transition at Blackfinch Group said, “Our focus is on technologies that are crucial to the UK’s decarbonisation efforts. With the country’s legally binding Net Zero 2050 targets and multiple sectors aiming for Net Zero by 2030, there’s a critical opportunity to support businesses driving the energy transition." #cleanenergy

RWE has started construction on four new solar projects in the UK. With the start of works at the four sites, RWE’s solar portfolio currently under construction in the UK totals 11. The four new solar farms: Copse Lodge, Fraddon, Laynes Wood and Wick Farm, will have a combined capacity of 200 MWac and will be capable of providing enough clean power for over 80,000 UK homes per annum. RWE’s latest solar project quartet is slated to come online by 2026. “Starting construction on these four new solar farms marks another major step in our renewable energy journey here in the UK,” said Katja Wünschel, CEO RWE Renewables Europe & Australia. “With 11 solar projects now in construction, RWE is making an important contribution to ensuring a cleaner, more sustainable energy future. We are proud to play a leading role in supporting the UK’s net-zero ambitions and helping to secure affordable, green energy for generations to come.” RWE also announced the launch of a new UK Solar Developers Charter, which is a formal commitment to engage with with local communities and ensure that its solar projects deliver long-term benefits, including economic opportunities and environmental stewardship. The Charter outlines the RWE’s approach to protecting biodiversity, supporting local jobs, and creating lasting value for the regions where it operates. Wünschel added: “Our new Developers Charter will help frame how our projects will not only deliver clean energy but also leave a positive, lasting legacy on local ecosystems and communities, setting a clear standard for environmental responsibility in the delivery of solar power.” #cleanenergy

Skyborn Renewables, a Global Infrastructure Partners (GIP) portfolio company, has acquired a 50% stake in the Revolution Wind and South Fork offshore wind projects from Eversource Energy. As a result of the deal, Skyborn has now partnered on the two US offshore wind projects with Ørsted, which owns the other 50% stake in both assets. “Partnering on the Revolution Wind and South Fork Wind projects marks a significant step in expanding Skyborn’s presence in the U.S. offshore wind market,” said Patrick Lammers, CEO of Skyborn. “Moreover, this joint venture with Ørsted perfectly exemplifies our successful partnership model. This transaction offers strong value potential for our shareholders and partners through a well-structured approach that carefully mitigates key risks." The 704 MW Revolution Wind project interconnect in Rhode Island and serve customers in the state and Connecticut. The project is under construction and estimated to be operational in 2026, and is contracted under 20-year PPAs with Connecticut Light and Power Co (Eversource), United Illuminating (Avangrid) and Rhode Island Energy (PPL). The 132 MW South Fork Wind project is located off the coast of Montauk Point, New York. The project began delivering power in 2024 and is fully contracted under a 20-year PPA with Long Island Power Authority. “We’re excited for our new partnership with Global Infrastructure Partners and Skyborn on South Fork Wind and Revolution Wind, two projects that are historic as well as central to America’s energy priorities,” noted David Hardy, Group EVP and CEO Americas at Ørsted. “GIP is a trusted and longstanding global Ørsted partner and brings world-class experience to the U.S. offshore wind industry. We’re pleased to work alongside as investors and partners with them and the experts from Skyborn in building and delivering domestic and clean energy to the Northeast.” J.P. Morgan Securities LLC and Greenhill & Co., a Mizuho affiliate, are serving as financial advisers, while Vinson & Elkins is serving as legal advisor to GIP. #cleanenergy

Inch Cape Offshore Wind Farm, owned by a joint venture between ESB and Red Rock Renewables, has entered into an agreement with Vestas to install the company’s 15 MW turbines for the 1,080 MW project in the North Sea. “We are delighted to be working with Vestas on deployment of these latest fully certified state-of-the-art turbines,” stated John Hill, Inch Cape Project Director. “When operational, these turbines will deliver more than 5 TWh of renewable electricity each year, making a vital contribution to the UK’s energy security and emissions reduction targets.” Vestas entered into an agreement for the supply, installation and commissioning of a total of 72 turbines together with a long-term comprehensive service and warranty agreement followed by a tailor-made operational support agreement. Nils de Baar, President of Vestas Northern & Central Europe, said: “We are very pleased to have signed this conditional agreement for a pivotal project for Scotland’s offshore wind industry, and our team is genuinely excited to contribute to this milestone together with ESB and Red Rock Renewables. “Inch Cape will have a significant impact on the UK’s sustainable energy future and we are proud to stand at the forefront of this transition. Our thanks go to our partners at ESB and Red Rock Renewables for their trust and excellent collaboration.” The project turbines are set to be installed in 2026 using one of Cadeler’s M-class wind turbine installation vessels. Financial close of Inch Cape Offshore Wind is slated to take place later this year. #cleanenergy

Allied Green Ammonia Pty Ltd (AGA) has awarded AFRY the Owner’s Engineering assignment for its flagship green ammonia project in the Northern Territory, Australia. AFRY’s role covers the design of a reliable and self-sustaining renewable power and distribution system to supply electricity to AGA’s green ammonia production facility. Ammonia is an essential component in the chemical industry and in agricultural fertilisers, however, its conventional production generates significant carbon emissions. By using a 100% renewable energy in the production process, AGA’s green ammonia project, is envisioned to play a central role in the decarbonisation of hard-to-electrify sectors of the economy, such as long-haul trucking, aviation, shipping and heavy industry. The renewable power plant will consist of an estimated 4.75 GW of solar power, combined with battery energy storage, and will power 3 GW of hydrogen electrolyser capacity. The project will produce almost one million tonnes of green ammonia annually, equivalent to a displacement of 1.8 million tonnes of global carbon emissions annually. AFRY’s engineering services cover the review of the basic engineering design of the solar farm, its electrical systems and the integration of the Battery Energy Storage System (BESS). The solar farm will generate low-cost renewable energy, while the BESS provides higher utilisation of the hydrogen and ammonia production plant by shifting some of the renewable energy generated during daylight hours to the evening and morning. “AFRY has been selected due to its extensive engineering capabilities and experience in developing large-scale renewable energy projects within the Asia Pacific region and Australia, with specific expertise in the renewable energy plant design,” said Alfred Benedict, AGA’s Managing Director. Petteri Harkki, AFRY’s Regional Director, commented: “AFRY is excited and honoured to be part of this landmark project, which significantly contributes to Australia’s green ammonia export capacity and the regional transition to lower-carbon fuels. With AFRY’s extensive track record spanning over 500 solar power projects, 140 battery storage projects and more than 200 assignments in green hydrogen and ammonia projects, we are confident in our ability to add value to projects like this." #cleanenergy

Indian financial institution REC Limited has raised $500 million from a five-year green bond issuance. REC launched the US dollar denominated green bond as part of its its $10 billion Global Medium Term Programme. The bond proceeds will be used to finance eligible green projects, in accordance with REC’s Green Finance Framework, the Climate Bonds Initiative, London’s Green Bond Principles and RBI’s ECB Guidelines, with a second party opinion from Sustainable Fitch. The five-year benchmark has a semi-annual coupon rate of 4.75% per annum and will mature on 27 September 2029. The final order book was oversubscribed by more than 1.9 times, helping REC achieve a spread of 127.5 bps over US Treasuries by an Indian NBFI for a five-year USD issuance. “We are extremely proud of REC’s repeated success in the international bond market,” said Shri Vivek Kumar Dewangan, CMD at REC Limited. “This Green Bond issuance underlines the confidence that global investors continue to have in REC’s financial strength and strategic direction. The tremendous demand for our Green Bonds amidst the challenging global financial environment reflects India’s established position as a key participant in the green finance market." These notes will be rated Baa3/BBB– (Moody’s/Fitch) and will be listed exclusively on the global securities market of India International Exchange (India INX) and NSE IFSC at GIFT City, Gandhinagar, Gujarat. Barclays, DBS Bank, HSBC, Mizuho, MUFG and Standard Chartered Bank are the joint bookrunners for the issue. #cleanenergy

Stanwell Corporation Limited., a Queensland Government-owned energy company, has acquired the 436.5 MW Tarong West Wind Farm project from RES. “Adding the 436.5MW Tarong West Wind Farm project into Stanwell’s renewable energy portfolio is an exciting chapter not only in our renewable energy story, but also Queensland’s,” said Stanwell CEO Michael O'Rourke. “It will play a critical role in transitioning our energy portfolio and brings us closer to our goal of having 9 to 10 GW of large-scale wind and solar capacity by 2035. “Stanwell now has more than 4000 MW of renewable energy and storage in our portfolio under contract, in development or under construction. “We will continue to work constructively with RES and in close consultation with the South Burnett community, which we have been a proud part of for four decades, as we develop this project through to Final Investment Decision.” Stanwell aims to take a Final Investment Decision on the Tarong West Wind Farm in ‘early 2025’. The Tarong West Wind Farm is located in South Burnett and will feature 97 wind turbines, capable of producing enough clean energy to power 230,000 homes per annum. “RES is excited to reach this significant milestone in the development of the Tarong West Wind Farm,” added Matt Rebbeck, CEO of RES. “It is a testament to the dedication and hard work of the project team to progress the development.  “RES is committed to continuing to work with key project stakeholders including the local community, landowners and traditional owners prior to the commencement of construction.  “We welcome Stanwell’s involvement in the project as we work to achieve a cleaner, more sustainable energy future for Queensland.” #cleanenergy

UK green hydrogen company GeoPura has raised £22 million in its inaugural debt funding round as part of plans to fund its pipeline of projects. GeoPura aims to use the proceeds to recapitalise and fund the company’s growing fleet of Hydrogen Power Units (HPUs). GeoPura’s latest raise adds to a £56 million investment round in February 2024 and a £36 millon Series A funding round in February 2023, welcoming investment from Siemens Energy, General Motors Ventures, Barclays Sustainable Impact Capital, SWEN Capital Partners, and the UK Infrastructure Bank. “Securing this debt funding is a pivotal milestone in our journey to build a global fleet of over 3,600 HPUs, which will require over £2.5 billion in capital over the next decade,” commented Derek Bulmer, CFO of GeoPura. “This funding will not only accelerate our expansion but also drive significant reductions in carbon emissions and improve local air quality while contributing directly to the UK’s net zero targets. “Partnering with world-class debt funders like BNP Paribas Leasing Solutions, Close Brothers, HSBC UK and Siemens Financial Services is critical to delivering this vision and achieving these goals." GeoPura has now raised a total of £114 million over the past two years to support its growth plans. “At HSBC UK, helping our customers to scale up new climate tech solutions is a key part of our net zero strategy,” remarked Rachael Guest, Global Relationship Director at HSBC UK Equipment Finance. Julian Hobbs, CEO, Siemens Financial Services UK, added: “We are seeing real progress in the UK hydrogen value chain, from ever growing production capacity to downstream processing." “The launch of the government’s first hydrogen allocation round (HAR1) and the announcement of 11 successful projects puts the UK at the forefront of commercial scale green hydrogen production projects in Europe." Eric Gandemer, CEO, BNP Paribas Leasing Solutions UK commented: “At BNP Paribas Leasing Solutions, we are committed to driving the transition to a low-carbon economy. By supporting innovative solutions like Geopura’s Hydrogen Generators, we are not just financing assets but also investing in a sustainable future." “Deals like this speak to our commitment to the green agenda and support of new technologies,” stated Matthew Roper, CEO of Close Brothers’ Commercial business. #cleanenergy

Octopus Energy Generation has made its latest move into US renewables, with two investments to ramp up new solar power development in North America’s booming green energy market. It marks the next move in Octopus’ $2 billion plan to power up America’s green energy revolution and comes just three months after it made its first ever renewables investments stateside with the acquisition of solar farms in Ohio and Pennsylvania.   The new deal sees Octopus invest in solar farm developer Circal to rapidly scale their expansion. Circal, which is developing solar farms in the US and Ireland, has multiple Gigawatts of projects in its pipeline. It is targeting the creation of 600 MW of new solar farms in the US in the next five years, with a focus on Texas. This would be enough green power for 40,000 Texan homes. UK-based Octopus-backed solar developer Zestec Renewable Energy is now also setting up shop in the USA to build solar panels on commercial and industrial businesses’ rooftops and land. Businesses like warehouses and logistics centres will be able to get solar panels installed by Zestec at no cost, allowing them to benefit from fixed prices and savings from harnessing the power of the sun. Zestec is targeting sun-drenched Texas as well as the East Coast including Massachusetts, New York, and New Jersey to build new solar across hundreds of projects in the next five years. These latest deals were made on behalf of the Octopus Energy Development Partnership (OEDP) and Sky (ORI SCsp) funds it manages. These also build on Octopus’ work worldwide to turbocharge commercial rooftop solar and utility-scale opportunities.  It comes as the USA is speeding up the rollout of solar energy, installing a record 40 GW of solar in 2023. Zoisa North-Bond, CEO of Octopus Energy Generation, said: “The US continues to break its records with the amount of clean, cheap, solar power it is building. We entered America’s renewables market just three months ago and have big ambitions to build even more green power. With these latest deals we’re helping power up the clean energy revolution across the USA to create a cheaper and greener future.” This is the latest in a string of deals Octopus Energy’s generation arm has made to accelerate the green energy transition in the US, including investments in Ocergy, floating offshore wind tech company in California, and nature projects startup Cultivo. #cleanenergy

VSB France, part of VSB Group, has entered into five long-term electricity supply contracts with Carrefour regarding the company’s solar and wind farm projects. Under the agreement, VSB France will supply 26 hypermarkets with renewable energy from five wind and solar farms with a combined installed capacity of 43.3 MW. “The long-term partnership between VSB France and Carrefour, one of France’s leading retailers, is a decisive step in promoting the use of renewable energy while at the same time creating economic value,” said Dr Felix Grolman, CEO of VSB Group. “This agreement underlines the fact that long-term power purchase agreements for renewable energy are an attractive solution for companies to systematically meet their sustainability goals.” Maël LAGARDE, Managing Director of VSB France, added: “The partnership with Carrefour demonstrates our ability to develop sustainable energy solutions for large businesses and is an important step in the development of renewable energy in France and Europe. It proves that companies can operate in an environmentally friendly way while at the same time contributing to climate protection. We are pleased to support Carrefour on this journey.” The five power plants comprise the Eoliennes de Guéhenno (Brittany), Eoliennes de Fadoumal (Occitania), Soleil de Gaujac (Occitania), Soleil d’Izernore (Auvergne-Rhône-Alpes), and Soleil de Balsac (Occitania) projects. #cleanenergy