GIC's busy week

TPG and GIC signed an agreement to acquire Techem Group for approximately €6.7 billion.
The transaction aims to enhance Techem's role in decarbonizing and digitizing the building sector.
Techem operates in 18 countries and serves over 13 million dwellings with extensive digital energy services.
The acquisition is expected to strengthen Techem's growth strategy and market position.
Techem's services significantly contribute to energy efficiency and climate protection in the real estate sector.

GIC to acquire a 25% minority interest in Reworld Waste, LLC.
The broadened investor base adds new resources, expertise, and capital to accelerate Reworld's growth as a leading sustainable waste solutions company in North America.
The EQT Infrastructure V fund has signed an agreement to sell a 25% minority stake in Reworld to GIC through primary and secondary capital.
EQT Infrastructure took Reworld private in November 2021 and will remain the largest shareholder after the transaction.
Reworld processes over 20 million tons of waste across more than 100 facilities for over 4,600 customers.

Ameresco, Republic Services, and PG&E celebrated the opening of California's largest landfill gas to renewable natural gas plant.
The plant is located at the Keller Canyon Landfill in Pittsburg, California.
This facility is a first-of-its-kind energy center in the U.S., powered by a co-located landfill gas to electric plant.
The plant is designed to reduce 62,000 metric tons of carbon emissions annually supporting California's renewable energy goals of achieving 60% by 2030 and carbon neutrality by 2045.
It is also part of Republic Services' commitment to beneficially reuse 50% more biogas by 2030.
The plant has a capacity to deliver approximately 1 billion cubic feet of renewable natural gas annually.

energyRe announced that Google signed a 12-year power purchase agreement for a 435-megawatt solar project.
energyRe will provide electricity and Renewable Energy Credits generated from the solar project to Google to power over 56,000 homes.
The project supports Google's 2030 goal to operate on 24/7 carbon-free energy across all grids.
The deal was facilitated through LEAP, co-developed by Google and LevelTen Energy to enhance clean energy transactions.

Origis Energy has secured a tax equity commitment from J.P. Morgan for the Golden Triangle I Solar + Storage project in Lowndes County, MS.
The funding will facilitate the completion of a 200 MWac solar project with 50 MW of battery storage under a Power Purchase Agreement with the Tennessee Valley Authority.
This project is one of four Origis initiatives in Mississippi for TVA, with a combined capacity of 750 MWac and 350 MW of battery storage.
The tax equity agreement utilizes Investment Tax Credit incentives from the Inflation Reduction Act.

United Solar Holding Inc. received a US$156 million investment from Future Fund Oman.
Future Fund Oman is a sovereign wealth fund established by the Oman Investment Authority.
The investment will support the construction of a 100,000-ton polysilicon factory in Sohar Port and Freezone.
This factory will be the largest single-unit plant in the world and the first of its kind in the Middle East.
The project has an anticipated operational start in 2025, with a budget of US$1.6 billion.

Powin has secured a $200 million revolving credit facility from KKR to support its growth and innovation in energy storage.
This capital will help Powin meet working capital needs and enhance financial flexibility as it expands in the energy storage industry.
Powin has 17 GWh of projects deployed and is recognized as a trusted energy storage provider.

Sage Geosystems has been selected to conduct geothermal project development at Naval Air Station Corpus Christi, Texas.
The collaboration involves the Department of Defense, Defense Innovation Unit, and Environmental Security Technology Certification Program.
The initiative aims to explore geothermal baseload power generation for cleaner and more resilient energy at the military base.
The U.S. Navy is striving for net-zero carbon emissions by 2045.
Deployment of geothermal energy is expected to establish a microgrid and decrease reliance on the utility grid, ensuring steady power during outages.
Sage is also working on geothermal initiatives at Fort Bliss and has analyzed potential solutions at Ellington Field Joint Reserve Base.
Sage is constructing a 3MW EarthStore geothermal energy storage facility in Texas, set for completion in December 2024.
The company recently partnered with Meta Platforms to deliver up to 150MW of geothermal power generation in a future location east of the Rocky Mountains.

Avangrid, Inc. announced the award of a $425 million capacity contract from the U.S. Department of Energy for the Aroostook Renewable Project.
The award is part of the DOE’s Transmission Facilitation Program aimed at enhancing energy development in Maine.
This contract is one of the largest federal investments in energy development in Maine’s history.
The Maine Public Utilities Commission is preparing to issue a transmission line Request for Proposals to connect 1,200 megawatts of renewable energy to the New England power grid.
Avangrid plans to participate in the RFP process, incorporating the awarded capacity contract into its proposal.
The investment will facilitate the development of high-voltage transmission lines, supporting clean energy transition goals and alleviating existing transmission constraints in Northern Maine.

Tailwater Capital has announced the sale of Tall Oak Midstream III to Summit Midstream Corporation for approximately $450 million.
The sale includes $155 million in cash and around 7.5 million shares of Summit Class B common stock and common units representing about 40% ownership in the pro forma company.
Up to $25 million in contingent consideration in cash may be paid over specific measurement periods through March 31, 2026.
Tall Oak operates a significant gas gathering and processing system in the Arkoma Basin with two 220 million cubic feet per day natural gas processing plants and extensive gathering lines.

Check out the latest Sunya Stories podcast with JP Morgan’s Rama Variankaval.
Rama Variankaval is Global Head of Corporate Advisory & Sustainable Solutions at J.P. Morgan. This group combines the capabilities of Corporate Finance Advisory, Center for Carbon Transition, Sustainable Solutions, and Infrastructure Finance Advisory.
We talk energy transition, carbon reduction, and the impact of AI on energy.
This episode is audio-only and you can find it on Spotify or Apple Podcasts as well.