Abengoa sells Shams-1
Stricken renewables developer Abengoa has sold to Masdar its stake in Shams1, the largest operating renewables plant in the Middle East.
The 100MW solar thermal power plant in Abu Dhabi was developed as part of a joint venture between Abengoa, Masdar and Total.
The disposal is part of a plan to raise €100 million ($110 million) through selling assets, including offices in Madrid, to help the business stave off bankruptcy. The company expects to close further sales in coming days, understood to include the sale of a biomass plant in Teesside, UK.
BlackRock and GIB close £423m UK wind deal
BlackRock and the UK's Green Investment Bank (GIB) have closed a £423 million ($614 million) deal, which sees the first UK offshore wind farm owned 100% by non-utilities.
The 194MW Lynn and Inner Dowsing site off the coast of Lincolnshire will now be 61% owned by the GIB's offshore wind fund, and 39% owned by funds managed by BlackRock, after the pair bought GLID Wind Farms TopCo.
The company's other operating asset, a 26MW onshore wind farm in Scotland, called Glens of Foudland, will be transferred exclusively to BlackRock. Environmental Finance understands this asset was bought for around £25 million.
The company was sold by Centrica and EIG Global Energy. An existing power purchase agreement in place with Centrica means the utility will continue to purchase 100% of the power generated by the project, as well as 50% of the Renewable Obligation Certificates, until 2024.
Rory O'Connor, managing director of BlackRock, said the renewable energy sector in the UK provides opportunities "for less correlated, inflation-linked, long-duration income and attractive risk-adjusted returns", describing this latest deal as a "landmark transaction".
Law firm Eversheds advised BlackRock and the GIB on the deal.
ForVEI secures €180m refinancing deal
ForVEI, an Italian solar joint venture between VEI Green, Foresight Group, Quercus and Adenium, has closed €180 million of financing as it looks to build a 90MW utility-scale renewables platform.
Alongside 60MW portfolio of solar projects owned by ForVEI, the refinancing also covers an 8MW portfolio owned by Foresight European Solar Fund and an additional 20MW owned by VEI Green.
The deal was signed with a syndicate of four banks, UniCredit, UBI Banca, Banca IMI and Mediocredito Italiano, will include long term debt, VAT facilities and related VAT guarantees, that are required to operate in the Italian solar market.
Chinese wind company to be privatised
China Ming Yang Wind Power is to be acquired by a consortium of buyers in a deal that values the company at $408 million.
The New-York listed firm, which manufactures wind turbines, is being bought by the company's CEO, Chuanwei Zhang and "certain of his affiliates", including Dajun Guangcheng Capital Fund I and Guangzhou Huifi Keile Investment.
Shares will be repurchased for $2.51 each, in order to privatise the firm. This represents a 13.1% premium on the closing price of CMYPD's shares on the day prior to the initial announcement, in October, and a 19.3% premium on the average closing price over the 30 days before the announcement.
The deal, which is expected to close by June, will be funded with $124 million of cash from the investors, alongside $106 million of debt financing provided by China Construction Bank Guangdong Branch.
Stockholm County Council to issue third green bond
Stockholm County Council (SLL) is planning to issue the first ever euro-denominated green bond from a Nordic municipality, commencing roadshows across Europe next week.
If successful, the deal will be SLL's third green bond. Credit Agricole, Danske Bank, Nordea and Royal Bank of Scotland are arranging the roadshow.
SLL first came to market in 2014, and returned with a second transaction last May, raising SEK1.8 billion ($214 million). This will the AA+ rated issuer's first attempt to sell Euro-denominated green notes, which is said would allow it to "expand the depth and diversification of the investor base beyond the domestic SEK market".
Other Nordic investors to issue in euros include Vestas and the Nordic Investment Bank.
Proceeds from all SLL's green bonds will finance projects in the county's healthcare and transport sectors, with an environmental benefit. A second opinion, assessing the 'greenness' of eligible projects under the programme, has been provided by the academic climate-change body Cicero.
Gold Standard set for overhaul
The environmental certification body Gold Standard is asking market participants to give their views on its planned overhaul.
The standard, which is used to assess climate- and development- focused investment, will become Gold Standard 3.0. One of the key changes being proposed is the merging of the current three scopes – Energy 7 Waste, Land Use & Forests and Water Benefits – into a single standard. "New options and flexibility" are also being proposed as part of the revision.
Gold Standard is asking investors, project developers and other stakeholders for their views on the proposals. To participate, and for more details on the changes, visit the website.
Annual investments in Indian solar and wind projects 'will reach $20bn'
Indian solar and wind projects will attract $20 billion in investments a year, according to press reports.
"$20 billion of investment is anticipated from fiscal year 2016-2017 for harnessing the potential of solar and wind energy in India from leading financial agencies world over," K S Popli, chairman and managing director of the Indian Renewable Energy Development Agency, is reported as saying.
In the same speech, Popli predicted between 10GW and 12GW capacity will be funded through this investment over the next three years.
To read EF's feature on the Indian renewables market, click here.