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The deal marks the first time a stake in TransGrid has been sold since it was privatised in 2015 on a 99-year lease for A$10.3bn.
As the world shifts away from carbon-heavy energy sources, the networks being built today for natural gas could one day support hydrogen, according to panellists at the Global Offsite.
The firm’s latest energy fund is targeting $4bn and is a continuation of a strategy focused on building platform companies managing energy-related infrastructure assets.
The AIM-listed fund manager has made eight investments to date from its British Strategic Investment Fund in renewable energy, vertical farming, waste recycling and social housing.
Wind farm Western Australia
The A$52 billion industry superfund has set a target to achieve net zero emissions in its portfolio by 2050, with renewables set to play a major role in the transition.
The UAE pipelines purchase – one of the largest deals of the year – brings GIP III close to full deployment, as the fund suffers the effects of the coronavirus pandemic.
It’s not just the 10% drop in renewables investment the IEA expects this year, but the double-digit drop in energy efficiency and the cumulative decline in capex spend on electricity grids in the past four years.
The Australian fund manager agreed to a joint bid after a JV between ICG and OMERS built up a 17.61% stake in Zenith Energy and was likely to block PEP's solo bid.
The fund has a target of €465m, while a vehicle open to a larger pool of investors is being prepared for launch next year.
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