Good Morning. This is the Sunya Scoop. The newsletter that takes energy transition news and turns it into an easy-to-read email for you.
Here’s what we have for you today:
The almost headlines
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Brookfield is in exclusive negotiations with Impala and other shareholders to acquire approximately 53.32% of Neoen's outstanding shares at a price of 39.85 euros per share, representing a premium.
Neoen is a leading global renewables developer with an 8,000 megawatt portfolio of wind, solar, and storage assets in operation or under construction alongside a significant 20,000 megawatts advanced pipeline of development projects, located in strategic markets, particularly in Australia, France, and the Nordics.
The acquisition price values 100% of Neoen's shares at 6.1 billion euros, with plans for a mandatory tender offer for the remaining shares and outstanding convertible bonds after the block acquisition.
Neoen's Board of Directors has unanimously welcomed Brookfield's proposal and appointed Finexsi as an independent expert.
The transaction is part of Brookfield's strategy to invest in and facilitate the global transition to a net-zero economy, with Brookfield Renewable expected to invest up to 500 million euros in the acquisition.
Duke Energy, Amazon, Google, Microsoft, and Nucor have executed agreements to accelerate clean energy options.
The agreements allow for tailored customer solutions to meet large-scale energy needs through innovative multi-industry risk-sharing for new carbon-free energy generation.
The proposed Accelerating Clean Energy (ACE) tariffs would lower the long-term costs of investing in clean energy technologies.
ACE tariffs would facilitate beneficial on-site generation, load flexibility programs, and investments in clean energy assets.
The ACE framework includes a Clean Transition Tariff (CTT) to match clean-energy generation and customer load, accelerating overall grid decarbonization.
Cemex US partners with Clean Energy to fuel 39 trucks in Southern California with renewable natural gas (RNG)
Expected to provide around 300,000 gallons of RNG annually, significantly reducing greenhouse gas emissions
Clean Energy will set up a private fueling station in Rialto, CA, exclusively for Cemex's RNG fleet, with completion expected by year-end
Transitioning to RNG is part of Cemex's sustainability program, aiming to be net-zero CO2 by 2050 and reduce fleet emissions by 8,822 metric tons of CO2e per year
Clean Energy, with over 600 fueling stations, supports commercial fleets' transition to cleaner fuels
WM opens a $55 million renewable natural gas (RNG) facility in Lewisville, Texas, serving the Dallas area
The facility is expected to generate 1.2 million MMBtu per year of RNG, equivalent to powering nearly 55,000 households annually or fueling up to 1,100 heavy-duty vehicles daily
This is WM's second RNG facility in the DFW area, following the Skyline RNG facility in Ferris opened in 2020
WM plans to invest over $1 billion in renewable energy from 2022 through 2026, with 22 RNG facilities converting landfill gas into RNG
The RNG is injected into natural gas pipelines, providing a lower-emission energy source for communities across North America
Clean Energy Ventures (CEV) closes an oversubscribed second flagship fund of $305 million.
The fund aims to scale climate tech startups capable of mitigating gigaton-scale greenhouse gas emissions by 2050.
CEV opens a London office, expanding its reach into Europe and Israel to support local climate innovation ecosystems.
The CEV team emphasizes a technology-first approach, with over 60% of its members starting as scientists and engineers.
The fund has already invested in companies like Noon Energy, Evari, Nitrofix, and OXCCU, with a focus on novel hardware-oriented climate-saving technologies.
J.P. Morgan invests $680 million in tax equity financing for Ørsted's solar and storage projects
Ørsted's portfolio includes the Eleven Mile Solar Center (300 MW solar + 300 MW / 1200 MWh storage in Arizona) and Sparta Solar (250 MW solar in Texas)
This is one of the largest solar and storage tax equity transactions post-Inflation Reduction Act (IRA)
Eleven Mile Solar Center gets a one-time investment tax credit for its battery storage, while the solar farm earns production tax credits over 10 years
The partnership allows tax credit transferability, creating a new market for corporate buyers to support clean energy projects
Ørsted aims to generate 2 GW of solar power in the US by the end of 2024, contributing $125 million in tax revenue to local communities
ConocoPhillips is acquiring Marathon Oil Corporation in an all-stock transaction valued at $22.5 billion.
The acquisition is expected to be immediately accretive to ConocoPhillips in terms of earnings, cash flows, and return of capital per share.
ConocoPhillips expects to achieve at least $500 million of run rate cost and capital savings within the first full year following the closing of the transaction.
Didn’t think COP would take this one but feels accretive. Curious when the Oklahoma assets will hit the market. (Asking for a friend)
Aethon Energy Management LLC is acquiring Tellurian’s integrated upstream assets for $260 million.
The agreement includes a Heads of Agreement for Aethon to purchase two million tons per annum (mtpa) of liquefied natural gas (LNG) from Tellurian’s Driftwood LNG plant.
The assets being acquired expand Aethon’s presence in the Louisiana Haynesville and Bossier shale basins, adding approximately 31,000 net acres and gathering/treating systems with a capacity of up to 100 million cubic feet per day (MMcf/d).
Aethon’s pro forma gathering and treating capacity across its assets will exceed 3 Bcf/d.
The Heads of Agreement also involves negotiating a 20-year offtake agreement indexed to Henry Hub plus a liquefaction fee, aimed at facilitating project financing for Driftwood LNG.
Not on my bingo card. Aethon scores a deal on the upstream while Tellurian lives to fight another day. Not sure this is better than restructuring but above my pay grade to know.
Li-Cycle partners with Daimler Truck North America (DTNA) to recycle lithium-ion batteries from DTNA electric vehicles
The partnership supports DTNA's goal of integrating a circular economy approach to reduce its carbon footprint
DTNA's strategy includes maximizing battery lifespans and reducing material waste through recycling and other methods
Li-Cycle's recycling technologies recover critical materials for a domestic closed-loop battery supply chain
Gradient Geothermal receives funding from Colorado Energy Office's Geothermal Energy Grant Program
The grant supports a feasibility study in Pierce, Colorado, to test the viability of a thermal energy network powered by heat from local inactive oil wells
Gradient plans to analyze using hot water (120°-150°F) from inactive oil wells for a direct-use thermal network in Pierce
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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.