The almost headlines
In case you missed
Land Lease: Partnered with Reliant Carbon Capture for underground carbon storage in Alabama.
Infrastructure Growth: Reliant to develop a large-scale sequestration hub for industrial decarbonization.
Sustainable Focus: Builds on Rayonier’s 2.7M-acre timberland portfolio across the U.S. and New Zealand.
Big exit: Northleaf Capital Partners divests its majority stake in NCP Mula Solar, a 494 MWp photovoltaic giant in Murcia, Spain.
The buyer: Sold in partnership with minority investor Qualitas Energy to China Three Gorges, a leader in clean energy.
High-performance asset: Mula ranks among Europe’s largest operational solar plants, backed by a long-term PPA and top-tier bank financing.
Timeline: Northleaf acquired its stake in 2018, optimized the plant’s operations, and initiated the sale in late 2023.
Global footprint: Northleaf, managing $27B in private market commitments, operates with a 275-person team in multiple cities.
195 MW Boost: Boralex is co-developing the Clashindarroch Wind Farm Extension and a 50 MW Battery Energy Storage System in Scotland.
Strategic Location: The project, near Dufftown, leverages experience from the nearby Dorenell Wind Farm.
Decarbonization Push: Supports the UK’s goal to double onshore wind capacity to 27 GW by 2030.
In the Pipeline: A Section 36 application for 22 wind turbines and battery storage is under review by the Scottish Government.
Renewable Growth: Boralex now has over 3.1 GW in installed capacity globally.
67 MW Online: Solar project in Hunt County, Texas, generates 120 GWh/year, powering 12,500 homes.
Corporate Sustainability: Supports a Fortune 50 company's renewable goals.
Economic Impact: Over 150 jobs created and $77M injected into the local economy.
Polish Power: Solar farm in Silesia to generate 14,958 MWh/year, cutting 16,150 metric tons of CO2 emissions.
Local Jobs: Construction created 80 jobs, including for Ukrainian workers.
Economic Growth: Will contribute over 250,000 PLN annually in local taxes.
LNG Expansion: Pluto Train 2, part of the Scarborough Energy Project, nears completion with 56,000 tonnes of modules delivered.
Massive Capacity: The train will process 5 million tonnes of LNG/year and supply 225 terajoules/day to Western Australia.
Massive Capacity: Contract covers gas technology for two liquefaction plants totaling 11 MTPA of capacity.
Tech Specs: Includes 8 LM6000PF+ turbines and expander-compressors to align with Woodside’s permitted 27.6 MTPA.
Timeline: Woodside targets final investment decision readiness by Q1 2025.
LNG Milestone: Train 1 is operational, with completion expected by Q1 2025, six months early.
Massive Capacity: Stage 3 adds 10+ MTPA capacity; full Corpus Christi site to exceed 25 MTPA.
Global Reach: Cheniere operates 45 MTPA, with expansions underway, solidifying its status as the U.S.'s largest LNG exporter.
Big Texas Battery: Aypa Power locks in $190M for its 200 MW/400 MWh Bypass Battery Energy Storage System (BESS) in Fort Bend County near Houston.
Financial Breakdown:
$68M Construction-to-Term Loan.
$91M Tax Equity Bridge Loan.
$31M in Letters of Credit, with $26M project-specific.
$94M in tax equity from Morgan Stanley Renewables Inc. via a hybrid structure.
Backers: SMBC as Administrative Agent & Green Loan Coordinator, Santander as Coordinating Lead Arranger, and Siemens Financial Services as Joint Lead Arranger.
Market Support: Project secured by a long-term offtake agreement, bolstering its revenue profile.
Aypa’s Footprint: Manages 30+ utility-scale storage and hybrid renewable energy projects across North America.
Powering PJM: Ormat’s new Montague facility delivers 20MW/120MWh of energy storage capacity, enhancing grid reliability in the PJM market.
Tax boost: The project is set to qualify for a 30% Investment Tax Credit, aligning with Ormat’s strategic growth in energy storage.
Capacity milestones: This addition brings Ormat's total in the PJM area to 120MW/120MWh and expands its global storage portfolio to 290MW/658MWh.
Future goals: Ormat targets 950MW-1050MW/2.5GWh-2.9GWh of energy storage by 2028, bolstering its clean energy ambitions.
Seasoned player: With 50+ years of geothermal expertise and a global 1,520MW portfolio, Ormat is growing its footprint in energy storage markets.
$3.5B Cash: EQT monetized a non-controlling interest in its midstream assets with Blackstone Credit & Insurance.
Debt Cleared: Proceeds were used to pay down term loans and revolving credit facilities.
Strategic Ownership: Ecopetrol becomes sole owner of block CPO-09 in Meta, Colombia.
Production Boost: Adds 41 million barrels to reserves and 7,000 barrels/day of production.
Energy Transition: Reinforces its leadership in the Llanos Orientales basin while advancing decarbonization efforts.
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.
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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.