Wednesday 12th September 2018

Mainstream mulls sale in 2020 rather than IPO

The owners of emerging markets developer Mainstream Renewable Power are mulling a sale of the firm in 2020 rather than listing on the stock market.

The Irish Times has reported that Mainstream chief executive Andy Kinsella said the owners were more likely to seek a trade buyer, because the range of markets that the company is involved with may make it difficult for stock market investors to understand its model. He added such a sale would be in 2020 at the earliest. Mainstream is also looking to sell joint ventures in Chile and Africa in 2019 and 2020 respectively; and seeking an equity partner in its 1.3GW Chilean platform.

Google signs 190MW PPA trio in Finland

Google has bolstered its renewables capacity in Europe by signing three power purchase agreements at three wind projects totalling 190MW in Finland.

The US tech giant said yesterday that it has agreed deals with CPC, Neoen and WPD at the 50.4MW Lakiakangas, 81MW Hedet and 58.8MW Kuuronkallio wind projects respectively. Neoen is developing Hedet with Prokon in an 80:20 joint venture. Google has signed 14 wind and solar PPAs in Europe totalling 900MW.

Greencoat wins race for €136m Irish assets

Greencoat Renewables has won the race to buy stakes in four wind farms in Ireland from the Irish state-owned forestry company Coillte for €136m.

Coillte confirmed yesterday that it has agreed to sell its stakes in four wind farms for an equity price of €136m, reflecting an enterprise value of €281m. The assets are 50% stakes in joint ventures at Castlepook, Cloosh Valley and Raheenleagh wind farms; and its 25% stake in Sliabh Bawn. In total, the assets represent net operating capacity of 105.1MW, and Coillte will retain ownership of the land.

NBT picks Nordex for 250MW Ukraine scheme

Norwegian wind developer NBT has picked German manufacturer Nordex for its planned €370m 250MW wind farm in Ukraine.

The companies confirmed the deal at a ceremony in Ukrainian capital Kiev last week. Nordex is set to supply 64 of its machines for the scheme, which NBT is due to complete near Syvash Lake in southern Ukraine by the end of 2019. The Norwegian firm has also linked up with construction partner PowerChina. NBT is looking to build an extra 860MW of wind farms in Ukraine in the next three years.

Health giant signs 181MW wind and solar deals

US healthcare giant Kaiser Permanente has agreed a 50MW wind deal as part of a 181MW wind and solar package to power 27 of its 39 hospitals.

The company said on Monday that it has signed the power purchase agreements with NextEra for electricity from 131MW of solar farms and 50MW of wind farms. The deal also supports construction of 110MW of battery storage capacity, and all of the developments are due to come online in 2020 and 2021.

California commits to 100% renewables by 2045

California governor Jerry Brown has signed legislation that commits the state to source all of its energy from renewables by 2045.

Brown has ratified legislation that was passed by California state legislature last month and aims to power all businesses and homes in the state with renewable energy instead of fossil fuels. Forty-four percent of California's electricity need comes from renewables at present, including wind, solar and hydro.