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Stonepeak closes Opportunities Fund with $3.15 billion of commitments
Eni and KKR sign exclusivity agreement for potential sale of stake in Enilive
JetBlue announces first regular supply of blended SAF in New York
Breakthrough-backed Carbon Removal Standards Initiative (CRSI) launches
Trace acquires LM’s Delaware Basin nat gas gathering and transport
esVolta secures $258 million in credit facilities for ERCOT storage portfolio
Aypa Power secures $323 million In financing for Idaho energy storage project
IFC and Citi to support sustainable supply chain finance in Mexico
MHI America acquires three utility-scale solar projects in Pennsylvania
NorthStar Clean Energy and GM launch Newport Solar to power GM facilities
Tokyo Gas makes investment in offshore wind farm in Portugal
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In case you missed
Stonepeak has announced the final close of its Opportunities Fund with total commitments of $3.15 billion.
The Fund was significantly oversubscribed beyond its original target of $2.5 billion.
It focuses on core-plus and value-add opportunities in the middle-market infrastructure sector.
Key investment areas include communications, transport and logistics, and energy and energy transition assets in North America and Europe.
The Fund has already committed over 40% of its capital to six investments.
Eni has signed a temporary exclusivity agreement with KKR to progress the sale of a minority stake in Enilive.
The deal involves selling a 20% to 25% stake in Enilive, valuing the company between 11.5 billion and 12.5 billion euros.
Strong interest from institutional investors may lead to the sale of an additional 10%.
Enilive is focused on biorefining, biomethane production, and smart mobility solutions.
Eni is transforming the Livorno refinery into a biorefinery and is evaluating new biorefineries in Malaysia and South Korea.
Enilive plans to double its biorefining capacity to over 3 million tons by 2026 and to exceed 5 million tons per year by 2030.
JetBlue and World Fuel Services announced a supply agreement for Blended Sustainable Aviation Fuel for JFK Airport, starting in the 4Q2024.
JetBlue will initially purchase at least 1mm gallons of neat sustainable aviation fuel, equating to approximately 3mm gallons blended, with an option for additional supply.
The blended SAF will be produced by Valero and delivered via existing infrastructure, including the Colonial Pipeline.
The airline doubled its SAF procurement in 2023 and plans to double it again in 2024.
The Carbon Removal Standards Initiative aims to address challenges by consolidating resources and stakeholders focused on carbon removal standards.
CRSI provides tools and resources to enhance transparency and rigor in carbon quantification.
The initiative offers technical assistance to NGOs, policymakers, and regulators for effective CDR policy development.
CRSI envisions carbon removal as a means for climate justice, emphasizing the need for accountability in carbon quantification.
The organization invites collaboration in building a transparent and accountable CDR industry that earns public investment.
Trace Midstream Partners II has acquired LM Energy's natural gas gathering and transportation assets in the Northern Delaware Basin.
The midstream system operates in Eddy and Lea counties in New Mexico and includes high- and low-pressure gas pipelines.
The acquisition will enhance LM Energy’s existing and new-build infrastructure, totaling 170 miles of pipelines and 12 compressor stations once completed.
The system is supported by long-term, fixed-fee contracts from multiple producers across over 80,000 dedicated acres.
esVolta, LP announced the completion of $258 million in senior secured credit facilities for a 980 MWh battery energy storage portfolio.
The credit facilities include construction and tax equity bridge financing, letters of credit, and a long-term loan to finance three energy storage projects in Texas: Anole, Desert Willow, and Burksol.
The projects will provide fast-responding energy and ancillary services to the ERCOT market, enhancing the regional electric grid.
MUFG Bank acted as the Coordinating Lead Arranger and Green Loan Coordinator, with support from Nomura Securities, KeyBanc Capital Markets, Investec, and Cadence Bank.
esVolta, founded in 2017, is a leading developer and operator of utility-scale energy storage projects in North America, with a portfolio totaling 1.5 gigawatt hours of storage capacity.
Aypa Power has secured $323 million in financing for its Kuna energy storage project in Idaho.
The Kuna project will have a capacity of 150 megawatts and 600 megawatt-hours.
Once operational in mid-2025, it will be the largest battery energy storage project in Idaho.
The financing package includes a $233 million green loan and $90 million in tax equity.
Debt financing was led by ING Capital LLC, Société Générale, and Industrial and Commercial Bank of China Limited.
U.S. Bank subsidiary, U.S. Bancorp Impact Finance, led the project's tax equity investment.
IFC and Citi are implementing a $500 million facility in Mexico as part of a $2 billion sustainable supply chain finance program for emerging markets.
This is the largest project to date under IFC's Global Supply Chain Finance Program launched in 2022 to address global supply chain disruptions.
The program aims to fill supply chain finance gaps for SMEs and expand access to sustainable supply chain finance.
This facility will build on IFC's advisory work aimed at developing local credit infrastructure and introducing new financing products in Mexico.
Fusion company Zap Energy is raising nearly $130 million according to an SEC filing.
The Everett, Washington-based company aims to generate power by fusing light atoms, similar to reactions in the sun.
Zap's previous funding round raised $160 million in 2022, led by Lowercarbon Capital and Bill Gates' Breakthrough Energy Ventures.
Zap employs sheared-flow-stabilized Z-pinch technology to create fusion by using electric currents to compress plasma.
CarbonQuest announced the initial closing of Series A funding from Riverbend Energy to enhance its Distributed Carbon Capture technology.
CarbonQuest aims to tackle decarbonization for small- and medium-scale emitters with a cost-effective, modular carbon capture solution.
These systems have been deployed in New York City buildings to capture CO2 emissions from flue exhaust.
The captured CO2 is liquefied and sequestered in concrete blocks as Sustainable CO2, with more utilization methods expected soon.
In 2024, CarbonQuest is focusing on natural gas emissions from onsite power generation systems.
Brookfield has acquired a majority controlling stake in Leap Green Energy.
The upfront equity investment exceeds $200 million with an option to infuse an additional $350 million to support future growth.
The investment aims to enhance Leap Green's capabilities and expand its platform to over 3 GW in the next four to five years.
The investment will be made through the Brookfield Global Transition Fund I to accelerate the transition to a net-zero carbon economy while achieving strong risk-adjusted returns.
Brookfield's capital will boost Leap Green's growth ambitions in India’s expanding renewable C&I market, particularly targeting Tamil Nadu’s 20 GW potential.
Mitsubishi Heavy Industries America acquired a portfolio of three utility-scale solar power projects in Pennsylvania through Oriden.
The portfolio consists of Pechin Solar, Gans Solar, and Listonburg Solar, all planned to be operational by fall 2024.
The projects will collectively provide 43 MW of clean power and generate almost 78,000 MWh of carbon-free electricity annually.
Pechin Solar and Gans Solar are expected to provide nearly 14 MW each, while Listonburg Solar will contribute nearly 15 MW.
MHI Group aims for carbon neutrality by 2040, focusing on decarbonizing energy demand and supply.
NorthStar Clean Energy and General Motors have launched Newport Solar, a 180 MW project to supply renewable electricity for GM facilities.
The project will serve GM's operations in Michigan and Missouri.
Under a 15-year renewable energy purchase agreement, the project's renewable energy credits will equate to the effect of planting nearly 5 million trees.
NorthStar Clean Energy is based in Michigan and operates over 1,500 megawatts of generating capacity across the U.S.
The company plans to convert its coal-fired power plant to a biomass-fueled facility capable of significant carbon capture.
Tokyo Gas has acquired a 21.2 per cent stake in WindFloat Atlantic, a 25.2 MW floating offshore wind farm in Portugal.
WindFloat Atlantic has been operational since 2020 and is operated by Windplus, a subsidiary of Ocean Winds.
Tokyo Gas and Ocean Winds have previously collaborated as co-shareholders of Principle Power, the developer of the floating foundation technology at WindFloat Atlantic.
After the transaction, ownership of WindFloat Atlantic will be 65.17 per cent by Ocean Winds, 21.2 per cent by Tokyo Gas, and 13.63 per cent by Repsol.
DENSO, JERA to develop high-efficiency hydrogen generation technology
Canadian Solar's e-STORAGE to Power 200 MWh Energy Storage Project in Southeastern Australia
deepC Store and Azuli win CO2 acreage offshore Australia and partners with J-POWER
Branch Energy raises $10.8 million Series A to bring reliable clean energy to Texas at lower costs
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
