Sunrise brief: Money flows as multiple investments are announced


Montréal-based Power Sustainable Capital Inc. launched its Power Sustainable Energy Infrastructure Partnership, an investment platform with an initial CAN$1 billion ($790 million) dedicated to the renewable energy sector.

Investors include Power Sustainable, Desjardins Group, Great-West Lifeco, National Bank of Canada, and Après-demain SA.

Through Potentia Renewables and Nautilus Solar Energy, two Power Sustainable business units, the partnership will invest in the development, construction, financing, and operation of renewable energy assets across North America.

The venture marks the first of what the company said would be several projects that it plans to bring to the sustainable investment marketplace in the coming years.

The partnership will be led by co-managing partners Pierre Larochelle and Pierre-Olivier Perras. Before joining Power Sustainable, Larochelle was president and CEO of Power Energy Corp., a unit of Power Sustainable. Perras joined Power Energy in 2019 after more than 20 years at BMO Capital Markets.

Power Sustainable is a global asset manager focused on sustainable strategies. It has offices in Montréal, Toronto, Shanghai, Beijing, and New Jersey.

Macquarie invests in esVolta

Macquarie’s Green Investment Group said it will make an investment in esVolta, a developer and owner of utility-scale energy storage projects across North America. The size of the investment was not disclosed.

The investment is intended to support the continued expansion of esVolta and finance its portfolio of more than 600 MWh of  contracted energy storage projects, primarily in California, and an additional development pipeline of more than 2 GWh.

The investment will consist of a bridge loan that will convert to equity upon receipt of regulatory approvals, including the approval of The Committee on Foreign Investment in the United States and the Federal Energy Regulatory Commission.

The investment group said that the expected addition of more solar on California’s grid will “lead to overproduction and curtailment during the day, while requiring ramping and peaking capacity in the evening” when solar power is not available. The investment in esVolta and its energy storage projects is intended to help add flexibility to help California achieve its renewable energy targets.

Green Investment Group is part of Macquarie Group, a financial group providing clients with asset management and finance, banking, advisory and risk and capital solutions across debt, equity and commodities.

EDPR expands into C&I project services

Houston-based EDPR Renewables North America said it acquired a majority interest in C2 Omega, the distributed solar platform of C2 Energy Capital LLC. The new company, EDPR NA Distributed Generation LLC, will provide small-scale downstream generation and energy efficiency services in the United States for EDPR NA.

With around 200 projects across 16 states, the acquisition is intended to establish EDPR NA’s presence in the downstream solar energy market as an owner-operator of commercial and industrial distributed generation assets. Under terms of the deal, EDPR will acquire an 85% equity stake in C2’s solar portfolio. That portfolio includes 89 MW of operating and near-completion capacity across multiple sites, and a near-term pipeline of more than 120 MW.

Guggenheim Securities, LLC acted as financial advisor to EDPR. Completion of the transaction is subject to customary conditions precedent, and closing is expected to occur in the first quarter of 2021.

EDP Renewables North America LLC develops, constructs, owns, and operates wind farms and solar facilities across North America. Assets include 54 wind farms and eight solar parks.

Pattern fund backs Japan’s solar and wind

San Francisco-based Pattern Energy Group LP closed financing of a $515 million fund, Green Power Renewable No. 1 Investment LP, which will focus on solar energy and wind investments in Japan. Pattern Energy’s affiliate in Japan, Green Power Investment Corp., will manage the fund and is also one of its largest investors. The Development Bank of Japan will serve as the anchor investor.

The fund will invest in five renewable energy facilities that were developed, constructed, and are now owned and operated by GPI, including Futtsu Solar, Kanagi Solar, Ohorayama Wind, Otsuki Wind, and Tsugaru Wind.

Pattern and its Green Power Investment unit have a development pipeline of 2.4 gigawatts of renewable energy projects in Japan.

KBR to support Korean hydrogen venture

Houston-based KBR was awarded a contract to provide technical advisory solutions to SK E&S for its hydrogen development business in South Korea. SK Group announced late last year that it would invest in assets that will provide hydrogen as a next-generation eco-friendly energy source.

Under terms of the contract, KBR will provide technical solutions to support SK’s plan to build a 30,000 metric-ton-per-annum liquefied hydrogen facility and supply liquefied hydrogen to various metropolitan areas in South Korea. The initial phase of the project includes KBR reviewing key licensor technologies.

The Clean Energy for America Inaugural Ball virtually celebrates Biden’s inauguration

Tomorrow, Clean Energy for Biden and the Cleantech Leaders Roundtable, will virtually host the Clean Energy for America Inaugural Ball to celebrate the inauguration of Joe Biden and Kamala Harris as President and Vice President of the United States.

Clean energy, climate and environmental justice campaign volunteers, business leaders and policy advocates who supported the Biden-Harris campaign will gather to celebrate what is possible for the future of clean energy, with a lineup of speakers and performers that includes Senate Majority Leader Chuck Schumer, Senator Raphael Warnock, Governor Michelle Lujan Grisham, Governor Jay Inslee, Senator John Hickenlooper, Jeff Bridges, Tom Steyer, Akon, Bob Weir and Wolf Bros, Train, Dan Shugar and more.

See the lineup and find tickets for the Clean Energy for America Inaugural Ball, here.

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