ReneSola Ltd | October 25, 2021
ReneSola Ltd, a leading fully integrated solar project developer, announced the signing of a strategic partnership agreement with Terra Aurea Gela S.r.l, an Italian, based project developer specialized in the development of renewable energy power plants in Italy, to co-develop ground-mounted solar projects in Italy, with a pipeline of several transactions scheduled for 2022.
As part of the agreement, ReneSola Power and Terra Aurea Gela will develop projects in a broad range of sizes across the country. The two companies expect the collaboration to further strengthen their presence in the Italian market.
"We are excited to work together with Terra Aurea Gela S.r.l. ReneSola Power is committed to accelerating solar development in Europe, and together with Terra Aurea Gela, we expect to bring a range of high-quality projects to the Italian market, driving further growth in the region."
Mr. Josef Kastner, CEO of ReneSola Power European Region
Mr. Yumin Liu, ReneSola Power Chief Executive Officer, added, "The co-development agreement with Terra Aurea Gela aligns with our growth strategy, enabling us to expand our project development activities in Italy. We look forward to pursuing other opportunities to co-develop projects across Europe."
About ReneSola Power
ReneSola Power is a leading global solar project developer and operator. The Company focuses on solar power project development, construction management and project financing services. With local professional teams in more than 10 countries around the world, the business is spread across a number of regions where the solar power project markets are growing rapidly, and can sustain that growth due to improved clarity around government policies. The Company's strategy is to pursue high-margin project development opportunities in these profitable and growing markets; specifically, in the U.S. and Europe, where the Company has a market-leading position in several geographies, including Poland, Hungary, Minnesota and New York.
About MP Sicily Developments S.r.l
Terra Aurea Gela S.r.l is represented by Imbergamo Salvatore who has developed many solar sites in the Italian market over the past 10 years. The company works closely with MP Sicily Development S.r.l, which is co-owned by Imbergamo Salvatore and Manfred Messner. MP Sicily Development deals with the design and construction of electrical systems from renewable sources, mainly photovoltaic and agrivoltaic parks. MP Sicily Developments operates in Sicily with a team of technical experts, designers and installers. At the moment the company is developing solar assets on behalf of a number of international standing companies.
Altius Renewable Royalties | October 01, 2021
Altius Renewable Royalties reports that its joint venture subsidiary Great Bay Renewables (“GBR”) has closed a US$52.5 million royalty investment with Northleaf Capital Partners (“Northleaf”) related to three operating-stage wind and solar renewable energy projects located in Texas. GBR is a joint venture company of ARR and funds managed by affiliates of Apollo Global Management, Inc. (NYSE: APO) (“Apollo Funds”).
Cotton Plains Portfolio Royalty Acquisition
The newly acquired revenue-based royalty portfolio includes: (1) the 151 MW Old Settler wind project, (2) the 50 MW Cotton Plains wind project, and (3) the 15 MW Phantom Solar project (collectively, the “Projects”). The output from Cotton Plains and Phantom Solar is sold at a fixed price under long-term contracts with the US Department of Defense through January 2045, while the output from Old Settler will be sold into the ERCOT market. The three projects have been in commercial operation since 2017.
The royalty investment has been structured using royalty rates that vary over time and provide GBR with US$ 4-7 million per year over the first 10 years of the investment. The structure also allows ARR to achieve its investment hurdle targets while optimizing Northleaf’s project level cash flow profile. The royalty funding will be used to repay existing debt financing and provide additional working capital.
“We are pleased to be partnering with GBR to implement an innovative financing solution that will create value for our investors. As long-term assets producing stable cash flows from the generation of clean energy, the Projects will benefit from the long-term financing afforded by this new royalty structure.”
Jared Waldron, Managing Director at Northleaf
ARR and Apollo Funds have agreed to fund the Northleaf investment with approximately 80% of the capital provided by Apollo Funds and the balance of US$11.6 million to be funded directly by ARR. Apollo Funds have now met their commitment to earn a full 50% ownership interest in GBR. Going forward, ARR and Apollo Funds are expected to fund new opportunities on an equal basis.
Additional information concerning the Northleaf transaction can be found at arr.energy and in a SEDAR-filed Material Change Report.
New Developer Royalty
ARR is also pleased to announce that it has been notified of the sale of a 500 MW renewable energy project in Texas from one of its funded developer partners to a confidential buyer and the creation of a 2.5% royalty in favour of GBR. GBR has been informed that the project is currently slated to issue notice-to-proceed in early 2022.
Brian Dalton, CEO of ARR, commented, “Our GBR joint venture subsidiary expects to become cash flow positive in 2022. This milestone has been reached sooner than expected and is a tremendous credit to the team. Moreover, the recent completion of investments related to four operational stage assets has implications for the potential scope of future capital deployment and the larger role we can play in enabling the clean energy transition. This new funding avenue, combined with the continuing strong demand for the new projects being created by our developer partners, has resulted in the rapid growth of our royalty portfolio to now cover more than 3 GW of renewable energy projects.”
This press release contains forward-looking information. Such information includes but is not limited to statements concerning use of proceeds, expected annual revenue and cash flow expectations, achievement of investment hurdle rates, and future investment potential. The use of forward-looking information in this press release is based on reasonable assumptions and beliefs of management in light of the information available to them at the time such statements are made. The forward-looking information contained in the press release is presented for the purpose of assisting ARR shareholders in understanding this transaction and the expected impact on ARR. By its nature, forward-looking information requires ARR to make assumptions and is subject to inherent risks and uncertainties that give rise to the possibility that actual results could differ materially from such statements Although the Company believes that the predictions, forecasts, expectations or conclusions reflected in the forward-looking information are reasonable, it can give no assurance that such matters will prove to have been correct. This forward-looking information is subject to uncertainties and other factors that could cause actual results to differ materially from such statements. These factors include but are not limited to: changes in general industry, market and economic conditions, equipment performance, power price changes, seasonality, weather events, outcomes from litigation and other variables. The forward-looking information included in this press release is expressly qualified by this cautionary statement and is made as of the date of this press release. ARR does not undertake any obligation to publicly update or revise any forward-looking information except as required by Canadian securities laws.
About Northleaf Capital Partners
Northleaf Capital Partners is a global private markets investment firm with US$17 billion in private equity, private credit, and infrastructure commitments under management on behalf of public, corporate, and multi-employer pension plans, endowments, foundations, financial institutions, and family offices. Northleaf’s 150-person team, located in Toronto, Montreal, London, New York, Chicago, Menlo Park, and Melbourne, is focused exclusively on sourcing, evaluating, and managing private market investments globally. Northleaf’s portfolio includes more than 400 active investments in 35 countries, with a focus on mid-market companies and assets.
ARR is a recently formed renewable energy company whose business is to provide long-term, royalty level investment capital to renewable power developers, operators, and originators through its joint venture Great Bay Renewables. The Company combines industry expertise with innovative, partner-focused solutions to further the growth of the renewable energy sector as it fulfills its critical role in enabling the global energy transition.
BioLogiQ | May 05, 2022
On May 3, BioLogiQ, Inc., a global innovator and manufacturer of plant-based biopolymers for use in the manufacture of plastic products, and CMD, the global leader in embossed drawtape bag manufacturing technology, announced that CMD's model 1270GDSE machine, which utilizes NuPlastiQ in BioBlend® XP, can produce embossed drawtape trash bags with one of the strongest environmental profiles available. These bags are not only cost effective, but also assist reduce fossil-fuel-based content by up to 35%, greenhouse gas emissions by 15%–30%, and provide strength to completed films, resulting in a 20–30% reduction in gauge.
"NuPlastiQ is the best drop-in plant-based resin available for polyolefins, and CMD's machines have shown that it provides the performance profile required by bag manufacturers and the environmental profile desired by consumers." Sherman continued, "we're committed to showing the world that NuPlastiQ is the natural solution to the man-made problem of plastics pollution".
-Steven Sherman, BioLogiQ's CEO
BioLogiQ's BioBlend XP resins contain up to 50% NuPlastiQ and are meant to improve the sustainability metrics of other thermoplastics such as PE, PP, and PS. Here, you can see how CMD's machine converts BioBlend XP into class-leading drawtape bags.
What is NuPlastiQ?
NuPlastiQ is a plant-based, 100 percent renewable biopolymer that can be used as an ingredient in plastic goods that are now generated mostly from non-renewable resources such as fossil fuels. NuPlastiQ was developed to aid in the reduction of our carbon footprint and greenhouse gas emissions, as well as to aid in the reduction of plastic pollution in our environment and oceans.
NuPlastiQ is attractive to microscopic organisms found in nature (microbes), and they consume it rapidly. When NuPlastiQ is combined with conventional plastics, it still stimulates the appetites of those microorganisms, but they also feed on the conventional plastics as well. NuPlastiQ functions as an appetite trigger for Nature's bio-toolbox, causing plastic items containing even a trace amount of NuPlastiQ to degrade far more swiftly and completely in the environment than products without NuPlastiQ, making them more environmentally friendly.