Mirova and RES firm team up on Swedish wind farm
Mirova, the sustainable investment arm of French bank Natixis, is to buy an 80% stake in a Swedish wind farm for an undisclosed sum.
The asset manager will acquire the interest in the 27.6MW Vasberget project from Swedish wind energy developer Nordisk Vindkraft, which will retain the remaining 20%.
The purchase will be made through Mirova's third renewable energy fund, Mirova-Eurofideme, which was launched 18 months ago and has invested in six assets – primarily in France. Mirova has, altogether, invested in three renewables projects in Sweden.
Nordisk Vindkraft is a subsidiary of Renewable Energy Systems (RES). It will build and operate the site, which is expected to be connected by September.
Newsec has acted as M&A advisor to Nordisk Vindkraft in the transaction.
Masdar reported to be eyeing 200MW in Jordan
Abu Dhabi's state-owned renewable energy firm, Masdar, is reportedly planning to build a $200 million solar plant in Jordan.
According to reports, the firm will build a 200MW site as part of its ambitions to grow its portfolio in the country.
Earlier this month, Masdar's CEO was reported to have said that Jordan was one of three "key markets" in the region for renewable energy, alongside Egypt and Morocco.
Irena and Abu Dhabi fund back more renewables projects in developing nations
The International Renewable Energy Agency (Irena) and the Abu Dhabi Fund for Development (ADFD) are to provide $46 million in concessional loans for four renewable energy projects in developing countries.
They are: a wind and solar project in Antigua and Barbuda, a solar project in Burkina Faso, a solar and wind project in Cabo Verde, and a solar project in Senegal. All four projects are potentially replicable or scalable, Irena said, and will have a combined generating capacity of almost 12MW.
This funding represents the third round of financing by the $350 million Irena/ADFD Project Facility, which aims to increase the use of renewables in developing countries, and takes the total allocated to date to $144 million. Loans are provided to finance up to 50% of each project, attracting co-financing from banks, international financial institutions and other partners.
Irena is an intergovernmental agency, backed by more than 160 countries, that works to promote the use of renewable energy globally.
Boosting use of renewables would increase global GDP, says report
Doubling the share of renewables in the global energy mix to 36% in 2030 from about 18% in 2010, would increase global gross domestic product (GDB) by about $1.3 trillion, or 1.1%, according to the International Renewable Energy Agency (Irena).
Japan would see the biggest positive GDP impact (2.3%) but Australia, Brazil, Germany, Mexico, South Africa and South Korea would also see growth of more than 1% each, the intergovernmental agency said in a report: Renewable Energy Benefits: Measuring the Economics.
In addition, there would be even more significant improvements in human welfare, and employment in the renewables sector would rise to more than 24 million by 2030 from about 9.2 million global jobs today, Irena estimates.
"Mitigating climate change through the deployment of renewable energy and achieving other socio-economic targets is no longer an 'either/or' equation," said Adnan Amin, Irena director general. "Thanks to the growing business case for renewable energy, an investment in one is an investment in both".
Open Energy lends to SunLight General Solar Fund
Internet-based commercial solar debt finance provider Open Energy has closed a $1.2 million loan to SunLight General Solar Fund III to finance four projects.
The New York City-based investment fund received a hybrid term and construction loan for four commercial solar projects, including a school district and a private business in New Jersey, as well as a school district and a municipality in Massachusetts.
Open Energy's online platform, launched in the Autumn, provides developers, installers and asset owners a simplified loan application and due diligence process that is both time- and cost-efficient.
Foresight makes first investment via anaerobic digestion fund
Foresight Group has invested in an anaerobic digestion plant in Ireland via a newly-created fund dedicated to the space.
The Foresight AD EIS fund, which raised £25 million ($35.7 million) of private investment at financial close last month, has committed £3.9 million to the 499kW plant, which is expected to become operational in October.
Foresight has made three other investments into 'on-farm' anaerobic digestion ventures in Northern Ireland, through its other vehicles.