CORRECTED-Beyond B-loans? The development banks are looking for private money to fight climate change
Rob Drijkoningen, an investment manager from the Netherlands, is someone they hope will be able to help them reach their goal. Drijkoningen, who is the head of emerging markets debt at U.S. asset management firm Neuberger Berman (which holds $27 billion worth of sovereign and corporate bonds from developing countries), is a natural partner for multilateral development banks (MDBs) looking to find private sector investors for projects that slow climate change or cope with its effects.
French and Benelux stocks - Factors to watch in November
Here are some company news and stories that could impact the markets in France and Benelux or even individual stocks. The Delen family and Belgian holding company extended their historic shareholder agreements by 25 years. French cybersecurity company CD&R said that Permira and CD&R had received all the regulatory clearances needed for the proposed acquisition of the majority stake in the firm. French semiconductor materials provider reported a 16 percent drop in sales for the first half of the year…
FinecoBank predicts record revenue in 2024 on the back of rising commissions
FinecoBank, an online bank and brokerage in Italy, forecast record revenues this year. The company also pledged a higher dividend for its 2024 results. As interest rates decline, banks are turning to brokerage and net fee products to generate revenue and compensate for the falling contribution of their lending business. Fineco expects to see a small double-digit increase in annual investing revenues. It also expects stable banking fees, and strong brokerage revenue, which will support an improved sales mix.
Budgets for UK mid-caps are boosted by pubs, builders and bookies
The UK midcap stocks rose on Wednesday, as investors deemed that the first UK budget of the new Labour government was less punitive than they had feared. Mid-cap shares outperformed blue-chip stocks, even though UK Finance Minister Rachel Reeves had announced a number of new tax increases to the tune 40 billion pounds per year. These would mostly impact businesses. "UK Chancellor Rachel Reeves delivered a fair but tough budget. Much of it was expected because the leaks to the market were already known," said Adrian Gosden.
CorPower Ocean, a wave energy technology company, has secured 32 million Euros.
The firm announced on Wednesday that it had secured funding of 32 million euros ($35 millions) to help commercialise wave energy technology. Wind and tidal projects are being developed in some countries to reduce emissions and achieve climate goals. The wave power industry is still in its early stages of commercialisation and costs are high. It is also more predictable than the wind power. The firm stated that the investment in CorPower…
Macquarie will take a minority stake in D.E. Shaw's green power arm could be worth up to $1.73 billion
Macquarie Group’s asset management division has acquired a minority stake of the green energy arm of U.S.-based investor D.E. The Australian company announced on Tuesday that it would invest up to $1.73 billion in equity into D.E. Macquarie Asset Management, a fund managed by Macquarie Asset Management, and D.E. Shaw Renewable Investments, or DESRI (Development Energy Services and Renewable Investments), has a pipeline of more than 25 gigawatts according to Macquarie.
Maryland Cove Point LNG Export Plant of Berkshire Hathaway shut down for maintenance
According to a notice sent to customers, U.S. energy company Berkshire Hathaway Energy closed its Cove Point LNG export plant in Maryland during the annual autumn maintenance period of about three weeks. According to data from the financial firm LSEG, the amount of natural gases flowing into the plant has dropped to almost zero since August 1, when it averaged around 0.7 billion cubic feet per day (bcfd). Since mid-October 2023, when it was returned to service from its previous autumn maintenance outage…
Brookfield raises $2.4 Billion for Climate Fund backed by UAE
Brookfield Asset Management announced on Monday that it had raised $2.4 billion to support the Catalytic Transition Fund, which is supported by the United Arab Emirates. The fund aims at scaling up climate finance for emerging markets. CTF was launched last December at the COP28 Climate Talks in Dubai, and was anchored with a commitment of $1 billion from ALTERRA - a $30 billion UAE climate fund. ALTERRA was announced at the climate summit last year and aims to attract $250 Billion in investment by the end the decade.
Sources: Eni is in discussions with funds about another Plenitude stake sales
Two sources familiar with the matter confirmed on Friday that the Italian energy group Eni was in discussions with several funds about the possible sale of a minor stake in its renewables and retail businesses Plenitude. This possible sale would be a further step in Eni’s strategy to tap specialized investors to fund the energy transition of the group. Eni sold 7.6% of Plenitude in March to Energy Infrastructure Partners. Sources said that talks between Eni…
China's Sinopec Starts Hiring for New Risk Management Unit
China Petrochemical Corp, or Sinopec Group, has started hiring for six top management positions for a new commodities risk management unit, according to a statement posted on the state energy company's official wechat account on Sunday.Formally known as Sinopec Chaoyang Risk Management Co and with a registered capital of 300 million yuan ($42.40 million), the new firm will provide financial services for the oil and chemical sector including hedging and inventory management…
Innogy Picks Most Powerful Wind Turbine for Its Largest Offshore Wind Project
Offshore wind developer Innogy has chosen giant 14 megawatt (MW) offshore wind turbines for its flagship 1.4 gigawatt (GW) Sofia Offshore Wind Farm, located 195 kilometers from the UK coast on Dogger Bank in the shallow area of the central North Sea.Subject to a final investment decision - expected in 1Q 2021 - Innogy will order 100 units of the recently launched new Siemens Gamesa SG 14-222 DD offshore wind turbines, for the Sofia OWF,…
USA: Twelve Offshore Wind R&D Projects Selected for Funding
The U.S. National Offshore Wind Research and Development Consortium (NOWRDC) has selected twelve projects for contract negotiation, completing its first solicitation for offshore wind research and development technology projects. The twelve awards totaling $10.3 million will support a variety of research areas, including comprehensive U.S. supply chain analyses, studying the impacts of offshore wind on the electric grid system, and innovations in anchoring structures.The Consortium…
ODE Selected as Duty Holder at Babbage Platform
Offshore service provider ODE, part of DORIS Group, has won a duty holder contract from NEO Energy (NEO) for the Babbage field in the Southern North Sea."This is a significant ODE milestone as the first installation and pipeline operator (duty holder) appointment in the UK Continental Shelf (UKCS)," ODE said Monday. The company has said it has previously acted as an operations and maintenance provider since the project phase and transitioned…
Innogy Sells Offshore Wind Installation Vessel
Germany-based energy firm innogy has sold its offshore installation vessel ‘Seabreeze II’ to Hong Kong-based firm SPIC Ronghe International Financial Leasing Co. Ltd. Richard Sandford, Director of Offshore Investment & Asset Management at innogy SE explained that ten years ago innogy had decided to acquire and operate its own installation vessels so to eliminate an important bottleneck in the construction of offshore wind farms."However…
ROVCO Completes Galloper Offshore Wind Farm Project
Rovco completed a ROV inspection contract, a $1 million contract that resulted in completion of the baseline asset integrity survey at the newly constructed Galloper Offshore Wind Farm, a 353MW installed capacity wind farm which lies 30km off the coast of Suffolk, UK.“This project demonstrates the future of offshore inspection,” said Brian Allen, CEO and founder of Rovco. “innogy is the first of our customers to complete a whole field 3D inspection…
Saudi Aramco Pursues IPO Planning Despite Attack
Saudi Aramco is pressing ahead with its listing plans this week, although some investors and analysts doubt it can now meet its timeline as it has not said when oil output will be restored after attacks on its facilitiesReuters has reported it could take months for Aramco, the world's biggest oil firm, to restore output after Saturday's attacks, which cut production by 5.7 million barrels per day, some 5% of world oil supply.The state-owned oil group will meet local Saudi banks to discuss the initial public offering (IPO) plans…
Wood Promotes Leonard in Americas Role
Engineering firm Wood said it has appointed Paul Leonard as President of Operations Services in its Americas business to succeed Tim O’Leary, who is retiring from the company after a 20-year tenure.Wood’s Operations Services business complements the company’s capital projects businesses through the provision of operations, maintenance, modifications, asset management, shale facilities and pipeline construction services to clients in the upstream and midstream energy sectors, notably the US shale markets.
Kogas, EVC Pact for Vietnam LNG Terminal
South Korean public natural gas company Korea Gas Corporation (Kogas) and Vietnam-focused development and asset management company Energy Capital Vietnam (ECV) have entered into a memorandum of understanding (MOU) for the development of a privately-funded LNG regasification terminal in Vietnam.The MOU also covers the development of a storage facility, gas supply system, and a 3,200 MW gas-fired power project near Mui Ke Ga, Binh Thuan Province…
Airborne Oil & Gas Hires New Director
Manufacturer of thermoplastic composite pipelines (TCP), Airborne Oil & Gas (AOG) announced new operations director Mark Stokes has joined its management team.The appointment is part of the company’s continued investment strategy to increase productivity and capability at its Netherlands based plant in order to deliver larger quantities of TCP to its customers in both onshore and offshore applications, it said.Stokes joins the firm from the executive team at BHGE (formerly Wellstream).
Mainstream Names Asia-Pacific Head
Irish wind and solar projects developer Mainstream Renewable Power has appointed Raghuram Natarajan chief executive of its Asia-Pacific business."This key appointment to the Group’s Leadership Team, based out of its newly opened regional headquarters in Singapore, comes ahead of significant expansion plans for the region," said a press release.Natarajan brings a decade and a half of senior leadership experience in the wind and solar industry across India…
