Climate Emergency Declaration Triggers £500Mn Divestment (Int'l)
Last month in the UK, sfter declaring a "Climate Emergency" the Welsh city of Swansea's pension fund management reports it is moving £500 million of it £2 billion pension fund to Blackrock's ACS World Low Carbon Equity Tracker Fund -- a low-carbon index by the end of this month, July, 2019.
The Swansea City and Council Pension Fund, the largest in Wales, is the latest local authority pension fund to divest from fossil fuels, with plans to reduce its exposure by up to 50 pct by 2022.
The fund seeks to invest in green infrastructure projects -- renewable energy, alternative fuels and clean technology -- that both optimize returns and deliver positive environmental outcomes. (Source: Swansea City and Council Pension Fund, Pensions Expert, 16 July, 2019) Contact: Swansea City and Council Pension Fund, www.swanseapensionfund.org.uk
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Ullico Snares BlackRock's Ontario Solar Portfolio (M&A Report)
US investment manager BlackRock Inc. reports it will sell a four-plant Canadian solar energy portfolio in Ontario to Washington, DC-headquartered insurance company Ullico Inc.
The portfolio includes solar farms with long-term stable cash flows and fixed feed-in tariff (FiT) and PPAs with the province's Independent Electricity System Operator.
The acquisition is Ullico's sixth solar sector investment. Financial details have not been disclosed.
(Source: Blackrock, Feb., 2019) Contact: BlackRock, www.blackrock.com/ca; Ullico, 202.682.0900, www.ullico.com
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Greencoat Acquiring 45.2 MW in Irish Wind Farms (Int'l, M&A)
Greencoat Renewables ,Blackrock
Irish renewable infrastructure fund Greencoat Renewables Plc reports it will acquire 45.2 MW of wind farms in Ireland from BlackRock Real Assets, a fund managed by BlackRock Inc .for total of €88 million ($100.5 million).
The acquisition includes the 36-MW Monaincha and 9.2-MW Garranereagh facilities.
Greencoat will finance the purchase with funds from its €380-million revolving credit facility and expects the deal to be completed by the end of this month. (Source: Greencoat, PR, Renewables, 10 Dec., 2018) Contact: Greencoat Renewables, www.greencoat-capital.com
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SME Preparing for Nova Scotia Tidal Energy Tests (Ind. Report)
Sustainable Marine Energy
In Edinburgh, Scottish tidal energy developer Sustainable Marine Energy Ltd (SME) reports it is preparing to ship its PLAT-I, 280-kW tidal energy platform incorporates four Schottel Hydro SIT 250 turbines to Nova Scotia, Canada.
Nova Scotian tests will include proving performance in Canada's harsher climate and environmental monitoring. SME is partnering with Halifax-headquartered Black Rock Tidal Power Inc (BRTP), which has applied to the Nova Scotia Department of Energy for permission to deploy the platform at Grand Passage for at least three months.
Nova Scotia's Feed-in-Tariff and the Bay of Fundy's tides -- the highest in the world -- could have influenced the company's choice of a Nova Scotian venue.
(Source: SME, Renewables 25 June, 2018) Contact: SME, Jason Hayden, Managing Dir., +44 131 285 4620, https://sustainablemarine.com; Black Rock Tidal Power Inc, www.blackrocktidalpower.com
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BlackRock Acquiring $3.7bn in Energy Infrastructure Funds (M&A)
BlackRock, the world's largest asset manager, has agreed to acquire two energy infrastructure funds and the 37-strong team that runs them from private equity firm First Reserve.
The funds, which together manage $3.7 billion, invest in energy storage facilities, oil, and energy utilities.
The fund manager, which oversees $5.1 trillion in total, has $10 billion in infrastructure assets.
Financial terms of the deal, which requires approval from the funds' investors, were not disclosed. (Source: Black Rock, WSJ, 2 Feb., 2017) Contact: Blackrock Inc., Larry Fink, CEO, (617) 357-1200 - Boston Office, www.blackrock.com; First Reserve, Jonathan Keehner , (212) 355-4449, +44 20 7930 2120 - London Office, www.firstreserve.com
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