Pinnacle Group’s Post

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy - Consolidation is the new mantra The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is now £26.2bn (the valuation of the suspended Asian Energy Impact – formerly ThomasLloyd Energy Impact – is assumed as being zero). During 2023, all members of the group have seen their share prices drop. The most pronounced falls have occurred in the shares of the less mature funds, which lack the revenue base to underpin their former ratings. While the FTSE-100 rose by just over 2% during 2023, shares – on an unweighted basis – of the most valuable 10 funds fell by ca.11%. During both 2022 and 2023, no IIC/REIF IPOs were undertaken; in 2021, there were nine such IPOs. For a combined sector that has raised ca.£10.3bn of new funds since 2020, the 2023 fundraising levels were paltry. To be sure, 3i Infrastructure raised £102m (gross) and Gresham House Energy Storage raised £50m (gross), but there were no other major sector offerings. Instead, consolidation, not expansion, became the new sector mantra. Download the full report here: https://lnkd.in/eRuumyWm #research #insight #infrastructure #renewableenergy #energyfunds

𝐏𝐢𝐧𝐧𝐚𝐜𝐥𝐞 𝐚𝐫𝐞 𝐩𝐫𝐨𝐮𝐝 𝐭𝐨 𝐚𝐧𝐧𝐨𝐮𝐧𝐜𝐞 𝐨𝐮𝐫 𝐥𝐚𝐭𝐞𝐬𝐭 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐢𝐧 𝐫𝐞𝐧𝐞𝐰𝐚𝐛𝐥𝐞 𝐞𝐧𝐞𝐫𝐠𝐲. 𝐖𝐢𝐭𝐡 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐜𝐨𝐧𝐬𝐞𝐧𝐭 𝐛𝐲 𝐭𝐡𝐞 𝐒𝐞𝐜𝐫𝐞𝐭𝐚𝐫𝐲 𝐨𝐟 𝐒𝐭𝐚𝐭𝐞 𝐟𝐨𝐫 𝐄𝐧𝐞𝐫𝐠𝐲 𝐒𝐞𝐜𝐮𝐫𝐢𝐭𝐲 𝐚𝐧𝐝 𝐍𝐞𝐭 𝐙𝐞𝐫𝐨. Presenting an innovative power-generation facility poised to revolutionise land-based renewable power in the United Kingdom. This significant national infrastructure endeavour is poised to produce 102MW of renewable energy. Through this initiative, we are at the forefront of establishing a foundation for the secure, environmentally friendly, and cost-effective generation of electricity. 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬 Term: 18 Months Minimum Investment: £10,000 Interest: Up to 16% pa - Income and Growth Available State Approval: The project has been designated as a Nationally Significant Infrastructure Project, which has received DCO approval from UK Government First Charge: First legal charge over the company, which includes all the project rights We expect a considerable level of interest in this exceptional investment opportunity and urge you not to hesitate in reaching out to us for further information. For further information, you can call us on +44 (0) 204 502 1590, email: info@pinn.group or visit: www.pinn.group #responsibleinvestment #investing #investments #investors #investmentmanagement #investinchange #wealthmanagement #financialadvisor #financialfreedom #alternativeinvestments #investmentincome #investmentgrowth #investmentadvisor #investmentagent #investmentintroducer #investmentbroker #investmentdistibuter #assetmanager #Assetmanagement #alternativeinvestmentadvisor #alternativeinvestmentadvisors #alternativeinvestmentgroup #investmentopportunity #investmentopportunities #distributor

Matt Baumgurtel, Ally Frizelle and I attended the Clean Energy Investor Conference hosted by the Clean Energy Investor Group yesterday in Melbourne.   Here are our key takeaways:   💡 @Marigold Look (IFM Investors) reflected that while IFM has made significant investments in renewables globally, IFM has been cautious in Australia due to challenges surrounding transmission, permitting and grid risks. She noted that the current investment environment, impacted by rising interest rates and inflation, has shifted IFM's focus towards platform investments rather than single assets, with an emphasis on ensuring projects are realistic, well-capitalised and well-delivered.   📈 @Philip McLaughlin (RBC Capital Markets) emphasised the strong momentum for renewable energy financing, with banks actively growing their lending portfolios. He also noted the rise of portfolio and platform financing as key innovations to improve credit quality and cash flow stability.   🌍 @Lachlan Cresswell (Macquarie Group) highlighted the global challenges of supply chain issues, higher interest rates and economic pressures and identified the increasing interest in decarbonising transport and industry.   🚨 @Tim Buckley (Clean Energy Finance Corporation) acknowledged there is currently a “desperation” to deploy capital into renewable energy but noted that Australia's risk-return profile is often not acceptable for investors. He stressed the importance of government action to de-risk projects and implement clear strategies, similar to successful approaches in the US (Inflation Reduction Act) and India (long-term PPAs), to ensure Australia remains competitive in the global renewable energy race.   🔋 @Alex Wonhas (EnergyCo) explained that the issue of transmission capacity may be addressed by strategically located storage to increase transmission utilisation and capacity. Specifically, Alex noted that batteries located close to generation can increase network utilisation of spare network capacity by dispatching previously curtailed generation. Conversely, batteries close to consumers and demand increase network capacity either through direct discharge during peak times or a System Integrity Protection Scheme (SIPS).   ⚡ In the context of overcoming project approval delays and the need for legislative reform @John Martin (Windlab) highlighted the urgency of immediate action, stressing that clear federal guidelines and even quick 'no’s' can significantly save time and reduce costs.   #energytransition #renewables

Its time again for our Future of Renewables Event. This time we are taking it back on the road, so you can enjoy some great discussions on key topics affecting renewables and further networking, whether you are East or West. Please sign up using the links below #cmslaw #renewables #cmsscotland #repowering #community #energy

🌊 Bioluminescence Issue #7 🌊 A quick overview of this week's round-up: -Check out a super interesting article by Kate Danaher, Managing Director of S2G Ventures, that highlights the value of the #BlueEconomy. -If you missed #WorldMangroveDay (26th July), be sure to catch up by reading Charlie Malcolm-McKay (BirdLife International) fantastic article on the significance of mangroves. -Learn about Wales' marine renewable energy sector in Marine Energy Wales' recent report. -Flotation Energy's Green Volt Wind Farm is shortlisted for Scottish Renewables' Green Energy Supply Chain Awards. -Castellain Capital LLP announces Green Fund -Victory Hill Capital Partners LLP GSEO acquires solar & wind projects. -GLIL Infrastructure & Bluefield Solar Income Fund (BSIF) inject investment into solar energy assets. Download the PDF for access to links. Stay tuned for the next round-up! #BlueEconomy #GreenEconomy #SustainableFinance #GreenFinance Disclaimer: The views and opinions expressed in this post are those of the original news sources and do not necessarily reflect the official policy or position of Sustainability & Finance Ltd. The provided links are for informational purposes only and do not imply any endorsement or affiliation

CIP's $300mn Arizona Battery M&A: Analyse Enerdatics' Valuation of this Groundbreaking M&A! Enerdatics estimates the enterprise value (EV) for Copenhagen Infrastructure Partners' acquisition of the 255 MW, 4-hour Scatter Wash battery storage project in Phoenix, Arizona, at $1.3mn/MW. Here’s how we calculated it: Enerdatics has calculated the EV for the deal by combining the project CAPEX and developer premium: ⚙️ CAPEX: ~$300mn, corresponding to $1.2mn/MW or $0.3mn/MWh. This covers the equipment, labor, permits, and development costs 💼 Developer Premium: ~$30mn, corresponding to $0.1mn/MW. This reflects the minimum consideration payable to the developer to assume ownership By combining these two factors, we estimate the deal value to be ~$330mn or $1.3mn/MW, which is slightly higher than precedent multiple - NextEra Energy Partners' deal for a 230 MW BESS in CAISO in Apr’22 ($1.24mn/MW) - due to Scatter Wash's 20-year tolling agreement with Arizona Public Service (compared to precedent asset's 15-year agreement). Key Project Details: 🚧 Construction on the facility began earlier this year, backed by $559mn financing from a consortium led by J.P. Morgan, Nomura, and U.S. Bancorp Impact Finance. ⚡ The project is expected to reach commercial operations in H1 2025. Stay tuned for more in-depth market insights and trends shaping the future of renewable energy. ⚡ #BatteryStorage #EnergyStorage #MergersAndAcquisitions #RenewableEnergy #CIP #SustainableFinance #GreenEnergy #EnergyTransition #CleanEnergy #ProjectFinance #BESS #EnergyInnovation #Renewables #Investment #ESG #EnergyInfrastructure

Half of solar company portfolio in the UK is sold: Phase two of Bluefield Solar's cooperation with GLIL, an alliance of UK pension funds, has concluded with the sale of 50% of the company's 112 MW solar portfolio. The estimated value of the agreement is £70 million. Bluefield Solar's revolving credit facility (RCF) would drop from about £184 million to £134 million as a result of the transaction. The remainder of the money will go towards the company's ongoing building projects, which include the creation of 17 MW of new assets. #BluefieldSolar #energybills #energyconsumption #energycustomers #energydemand #energygeneration #energyinfrastructure #energymarkets #energysupplier #energysupply #energytransition #generation #GLIL #GreaterManchesterPensionFund #LightsourceBP #Lightsourcebp #NationalSecurityandInvestmentAct2021 #netzero #Renewableenergy #solarenergy #solarenergycompany #solarpower #TopStories #UKpensionfunds #UKSolar

Looking forward to sitting on a panel at #AllEnergyAU today alongside some prominent thought leaders this year to discuss how to scale and establish long term sustainability for local renewables manufacturing. Chaired by Simon Currie, I'll be joining Heidi Lee, Andrew Barson, and Shane Murphy. The session will focus on the meeting of policy with real-world outcomes - what is happening in the market and where efforts should be directed. While demand for large scale solar continues to soar off the back of the federal government’s Capacity Investment Scheme (CIS) and the rollout of Long Term Energy Service Agreements (LTESA), in parallel the evolving landscape of local content requirements presents tremendous opportunities for sovereign capability and economic growth, but also downstream challenges. Cost competitiveness, project viability and the risk of underperforming assets require careful planning and mitigation to avoid future problems that may be counterproductive to the intention of the CIS. Hope you can join us today from 1PM in room 212 for an interesting and action-oriented discussion! #utilitysolar #localmanufacturing #makeaustraliamakeagain #sovereigncapability #renewablesuperpower #auspol

🎉SolarBank NEWS #SUUN:NASDAQ / #SUNN:CBOE NEWS🎉 🎯US$2.6 Million Loan Secured by SolarBank for Geddes Project🎯 ✅TORONTO, June 24, 2024 ✅US$2.5 Billion in capital for Renewable Energy projects across the United States has been directly funded by the lender - Seminole Financial Services 3.79 MW Geddes Project is largest project to date to be owned by SolarBank Over 500 homes expected to be provided with green energy once operational ✅This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated May 23, 2024 to its short form base shelf prospectus dated May 2, 2023 TORONTO, June 24, 2024 /PRNewswire/ - SolarBank Corporation (Nasdaq: SUUN) (Cboe CA: SUNN) (FSE: GY2) ("SolarBank" or the Company") announces that it has entered into a loan agreement with Seminole Financial Services, LLC ("Seminole") for an initial US$2,600,000 construction to mini-perm loan (the "Loan") that will be used to complete construction of the Geddes Project located in Upstate, New York (the "Project"). Seminole was founded with the goal of financing Renewable Energy and Real Estate projects. To date, Seminole has directly funded over US$2.5 Billion in capital for Renewable Energy projects across the United States. ✅The Project is expected to become operational and being producing power during the third quarter of 2024 and the Company will own and operate the Geddes project. The Project which has a designed capacity of 3.79 megawatts (MW) DC is repurposing a closed landfill, addressing two critical challenges: the need for clean energy and the transformation of contaminated sites into valuable assets........ 👉Full PR https://bit.ly/4eCYr5O 👉Visit Them www.solarbankcorp.com #esg #esginvesting #solar Todd D. Sonoga Wade Madden JACK STEWART Marlon Timkang Konstantin Lisovskiy

PRESS RELEASE – Paris, March 13, 2024 I SQUARED CAPITAL ENTERS INTO EXCLUSIVE NEGOTIATIONS WITH RUBIS SCA TO ACQUIRE REMAINING STAKE IN RUBIS TERMINAL This morning, Rubis SCA announced that it has entered into exclusive negotiations with I Squared Capital to acquire its 55% stake in RT Invest. If Rubis and ISQ reach an agreement, the contemplated transaction remains subject to the information and consultation process of the relevant employee representative bodies in accordance with applicable laws, as well as customary regulatory approvals. Rubis Terminal is one of the leading players in Europe in the bulk liquid storage sector. If the agreement goes through, with the strong support from I Squared Capital, we will further our commitment to the energy transition and enhance our capacity to pursue ambitious projects. Our mission, ‘Sustainable Storage Solutions for everyday life’ will continue to guide our future decisions. “With facilities at the heart of some of the most important trading hubs in Europe, Rubis Terminal plays a critical role in supporting the energy transition and ensuring security of supply. This transaction underscores I Squared’s confidence in Rubis Terminal’s transition strategy and our commitment to its continued growth.” - Mohamed El Gazzar, Senior Partner, I Squared Capital “We’re grateful to Rubis’ pivotal role in shaping our corporate identity, nurturing our entrepreneurial culture, and propelling our success thus far. The 4 years that have elapsed since I Squared Capital acquired an equity stake in Rubis Terminal have allowed us to implement a strategy of diversification and geographic expansion. We're confident and enthusiastic that this move will further accelerate our ambitious energy transition projects, advancing our mission of sustainable storage for everyday life.” - Bruno Hayem, CEO RT Invest For Rubis, this sale is the opportunity to crystalize the value generated. It is neatly aligned with the Group’s strategy implemented since 2021 to increase its returns by developing its Energy Distribution business while focusing its investments on Renewable Energy Production. -Rubis SCA