Morgan Stanley's 1GT fund closes $750mm

The Administration announced a $1.5 billion loan guarantee from the DOE to help restart the Holtec Palisades nuclear plant in Michigan.
The USDA is providing $1.3 billion in grants to reduce electricity costs for members of two rural electric cooperatives.
The restart of the plant is projected to avoid 4.47 million metric tons of greenhouse gas emissions annually.
Renewable energy from the plant will benefit rural communities in Michigan, Wisconsin, Indiana, and Illinois.

BBVA and KKR have formed a strategic partnership to support the decarbonization of the real economy.
BBVA has committed $200 million to KKR’s Global Climate strategy to support the transition to a low-carbon economy.
The partnership will focus on climate infrastructure-related investments that support energy transition and electrification.
BBVA aims to lead in deploying advisory and financing services in sectors like Energy, Construction, and Mobility.
The establishment of a sustainability hub in Houston was announced as part of BBVA’s commitment to energy transition financing.
Recent investments by KKR include companies focused on transport electrification, solar energy, and green hydrogen projects.

Morgan Stanley Investment Management announced the final close of the 1GT climate private equity fund at $750 million of equity capital commitments.
The 1GT fund invests in growth-oriented companies in North America and Europe aiming to mitigate climate change.
The goal is to collectively avoid or remove one gigaton of carbon dioxide-equivalent emissions by 2050.
The investor group for 1GT includes various institutions from Europe, Japan, and North America.
The fund is part of MSIM's $240 billion alternative investment business and focuses on sectors like mobility, power, and sustainable food.
Notable investments by 1GT include high-performance battery provider Instagrid and sustainable nutrition brand Huel.

DCVC has raised over $700 million in funding for its first dedicated climate fund and new DCVC Bio fund.
Total funding closed by DCVC over the last two-and-a-half years exceeds $1.6 billion.
DCVC has focused on transforming vital industries using computational advantages since its inception in 2010.
Initial investments in the new climate fund include Fervo Energy, which secured significant contracts and funding for geothermal projects, and Twelve, which partners with major airlines for sustainable aviation fuel.

Venture Global LNG has closed its inaugural offering of 3,000,000 shares of 9.00% Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock.
The offering garnered gross proceeds of $3 billion with net proceeds used for general corporate purposes.

Advantage Capital has committed $137 million to Sabanci Renewables for the Oriana Solar Project in Texas.
The project has a capacity of 232 MWdc and is currently under construction.
Advantage Capital's investment utilizes Investment Tax Credits under the Inflation Reduction Act.
This financing marks the second tax equity deal between the two firms in Texas within a year.
The Oriana Solar Project will include 425,000 solar modules across 1,100 acres.
It is expected to provide electricity to about 65,000 homes upon completion in Spring 2025.

Masdar has acquired a 50 percent stake in Terra-Gen, signaling a strong commitment to the U.S. energy transition.
Terra-Gen's existing portfolio includes 3.8GW of wind, solar, and battery storage projects, alongside 5.1GWh of energy storage across 30 sites.
The company has a development pipeline exceeding 12GW, with new windfarm and solar park projects expected to begin operations in 2025.
This acquisition enhances Masdar's presence in the U.S. renewable energy market, where it aims to build 100GW of global renewable capacity by 2030.
The partnership with Terra-Gen aligns with the UAE's goal to triple renewable energy capacity, following the COP28 Consensus.
Masdar's U.S. portfolio currently exceeds 1.4GW in generating capacity, indicating a robust investment strategy in clean energy.

Dominion Energy has completed the sale of its Gastonia, North Carolina-based natural gas utility, Public Service Company of North Carolina, to Enbridge for approximately $3.2 billion.
This sale represents the final step in a series of transactions involving the sale of gas utilities in Ohio, Utah, and North Carolina totaling about $14 billion.
The previous two transactions in this series closed in March and May of 2023.

APA Corporation announced the final investment decision for the first oil development in Block 58 offshore Suriname.
The development project, named GranMorgu, includes a 50-50 joint venture with TotalEnergies for a Floating Production Storage and Offloading unit with a capacity of 220,000 barrels of oil per day.
First oil production is anticipated from the Krabdagu and Sapakara fields in 2028.
Total investment for the project is estimated at $10.5 billion.

Chesapeake Energy Corporation and Southwestern Energy Company have completed their merger.
The new company is now called Expand Energy Corporation.
Expand Energy's common stock will start trading on NASDAQ under the ticker "EXE" from October 2, 2024.

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.