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GC Asia
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CS appoints global head of renewables
Credit Suisse has promoted Ted Michaels, its head of North America renewables in New York, to a new global position overseeing investment banking in renewables and sustainable energy technology.
15 Jan 2021 -
Renewable energy bid propels EDP block
A €534m block in Energias de Portugal, the Portuguese utility company, flew off the shelves on Thursday night driven by investor demand for stocks exposed to renewable energy.
15 Jan 2021 -
Freier joins Barclays for ESG research
Barclays has hired Marie Freier as global head of ESG research.
14 Jan 2021 -
Nio wins tight pricing for $1.3bn dual-tranche CB
Electric vehicle manufacturer Nio raised $1.3bn from a dual-tranche convertible bond this week, while trimming its existing debt with a concurrent buyback.
14 Jan 2021 -
Solar ABS outlook brightened by tax credit extension
The US solar energy market started off the New Year with a bang, fuelled by the news that solar investment tax credits will be extended for another five years. The extension will help growth in the industry and increase investor comfort in funding renewables.
13 Jan 2021 -
IRFC sets $634m IPO rolling
Indian Railway Finance Corp (IRFC) will hit the market next week with the country’s first IPO of the year. It is on track to raise up to Rp46.33bn ($633.7m).
13 Jan 2021 -
Beijing Clean Energy seeks new $150m loan
Beijing Enterprises Clean Energy Group has made a quick return to the loan market after five months, seeking a $150m deal in general syndication.
13 Jan 2021 -
Bluefield Solar draws and grows revolver for Bradenstoke Solar Park acquisition
Bluefield Solar, the UK solar investment fund, has financed an £89m acquisition of a 70 MW plant using a revolving credit facility, with the borrower also amending terms on the bank debt.
12 Jan 2021 -
Nio adds to funding spree with $1.3bn dual-tranche CB
Chinese electric vehicle manufacturer Nio is tapping the equity-linked market for a jumbo convertible bond, as it looks to add more to its coffers just a month after a multi-billion-dollar share sale.
12 Jan 2021 -
SMEs face reckoning as lenders flee and ECB boosts bigger rivals
Europe’s small and medium sized enterprises fear dark days ahead, as treasurers complain of banks withdrawing support and express concerns that central bank bond buying programmes favour the biggest and best capitalised companies. Mike Turner reports.
07 Jan 2021 -
Mighty ECB is clobbering the little guys
The European Central Bank’s bond buying programme is, for better or worse, the saviour of the corporate bond market, keeping access open for most issuers for all but a few days last year. But the easy money for borrowers big enough to access the bond market is inadvertently twisting the screws on already battered small and medium sized enterprises.
07 Jan 2021 -
Ivanhoe Spac nets $240m, eyes new energy industries
Singapore-based Ivanhoe Capital listed a special purpose acquisition company (Spac) on the New York Stock Exchange this week, raising $240m after increasing the size of the float.
07 Jan 2021 -
Ivanhoe Spac targets US IPO for green energy investments
Singapore-based Ivanhoe Capital, led by mining billionaire Robert Friedland, is floating a special purpose acquisition company (Spac) on the New York Stock Exchange.
06 Jan 2021 -
Renewable energy PE firm looks to float in London
Foresight Group, the infrastructure private equity company, is seeking to list on the London Stock Exchange hoping to capitalise on momentum among investors for renewable energy companies.
05 Jan 2021 -
Citi hires Credit Suisse's equity sales head
Lucy Baldwin is joining Citi in April as head of research and equity advisory within the markets and securities services division (MSS).
05 Jan 2021 -
Renovate bankruptcy 'not reflective' of PACE issues
Renovate America, a residential property assessed clean energy lender, filed for bankruptcy after years of fighting policy changes and class action lawsuits alleging the lender failed to disclose certain fees to homeowners. The economic distress caused by Covid-19 was the spark that instigated the bankruptcy, but the legal issues were what caused the company to go under, sources said.
04 Jan 2021 -
Green bankers confident of Taxonomy U-turn
Sustainable finance specialists are optimistic that the European Commission will make a last minute concession on its proposed rules for green buildings when it publishes its final and binding Taxonomy of Sustainable Economic Activities, expected later this month.
04 Jan 2021 -
V20 climate-vulnerable states prepare MDB derisking scheme
The V20 group of finance ministers from countries especially vulnerable to climate change has prepared a Climate Prosperity Plan — analogous to a green new deal — which it hopes will help member countries devise 10 year investment plans to recover from Covid-19 while becoming more climate-resilient.
23 Dec 2020 -
Debt sustainability and the new social contract
If 2020 was all about piling on the debt as governments around the world rushed to save their economies and societies, 2021 will be all about working out ways to reduce it — or at least sustain it.
22 Dec 2020 -
Everfuel gets EIB backing as green public transport gains speed
Everfuel, the Danish hydrogen fuel company, has signed a quasi-equity loan facility from the European Investment Bank, as lenders say that funding for the green transportation sector is shifting from equity to debt.
22 Dec 2020 -
Mobilising capital for a tough issue — ocean plastic
The problem of ocean plastic is so daunting that it is tempting to despair, believing nothing can be done — or at least, that only the might of governments and international organisations stands a chance. A few entrepreneurs, however, are convinced this fight can become investable for mainstream capital markets.
21 Dec 2020 -
IFC provides Nedbank with $200m for SA green projects
The World Bank’s IFC has provided a $200m loan to Nedbank, which is part of a broader attempt to help South African banks grow their green finance operations.
21 Dec 2020 -
Trig takes the loan leap to Sonia
Trig, the London-listed renewable infrastructure investment firm, has signed a £500m loan with its margin linked to Sonia rather than Libor, as loans bankers try to encourage borrowers look at their loan documents soon to avoid bottlenecks next year.
18 Dec 2020 -
Green equities set for red hot 2021
Having lagged behind bonds in embracing the green agenda, the primary equity capital market came into its own in 2020. With investors more engaged in sustainability and fighting climate change, there are hopes that 2021 will be even greener. Sam Kerr and Aidan Gregory report.
17 Dec 2020 -
Capital markets ready to fund UK’s green ‘revolution’
The UK government has said it is committed to turning the country into a renewable energy powerhouse in a comprehensive overhaul of its energy infrastructure in what prime minister Boris Johnson calls a “green industrial revolution”. As the government pushes for change, the capital markets are ready to fund this endeavour.
17 Dec 2020 -
Be boldly green, Boris: investors will back you
As Boris Johnson embarks on a green industrial revolution, he has happened upon one of those rare moments when government policy seems completely aligned with investor appetite. The UK must use this capital markets sweet spot to transform its energy infrastructure next year and beyond.
17 Dec 2020 -
UK impact investing trust prices £75m IPO
Schroders, the UK asset management company, and Big Society Capital have completed the listing of a new fund on the London Stock Exchange to invest in assets that have a positive social impact on the UK.
17 Dec 2020 -
Xinyi Solar shines via $503m bumper share sale
Xinyi Solar Holdings has raised HK$3.9bn ($503.1m) after more than doubling the size of an overnight placement of primary shares.
17 Dec 2020 -
Credit Suisse: we are 'well positioned' for post-Covid
Credit Suisse's investment bank is well placed for where the market is heading after the coronavirus pandemic, it said on Tuesday at an investor day. Its new global trading solutions (GTS) business unit may be key to future revenue streams.
15 Dec 2020 -
Banks and govvie funding for £2.5bn UK gigaplant
Britishvolt, a start-up UK battery technology company, is looking at a range of funding options for a £2.6bn battery gigaplant site in the UK. A company spokesperson said that bank lending would make up just part of the financing.
14 Dec 2020 -
Energy storage fund completes ‘oversubscribed’ cap raise
Gore Street Energy Storage Fund, a UK energy storage infrastructure investor, has completed a £60m capital raise, to buy new energy storage projects.
14 Dec 2020 -
Green deal streak continues with €224m Acciona block
The strong run of green equity capital markets deals in Europe continued on Thursday night with a €224m sale of stock in Spanish infrastructure and renewable energy company Acciona.
11 Dec 2020 -
Nio follows peers with $2.7bn ADS offer
Nio has launched a US follow-on offering that could raise up to $2.71bn, becoming the third Chinese electric vehicle (EV) maker to tap the equity market in less than two weeks.
11 Dec 2020 -
EU leaps rule of law hurdle; proceeds with recovery fund
Hungary and Poland will not veto the EU’s budget, ending the threat to the bloc’s €750bn coronavirus recovery fund, after the parties agreed to a compromise at Thursday’s European Summit.
10 Dec 2020 -
Panamanian renewable company catches EM tailwinds
UEP Penonomé, the company behind Panama’s first wind farm, turned to bond markets for the first time on Wednesday for a $262.664m senior secured amortising bond.
10 Dec 2020 -
Deutsche links executive pay to sustainability
Deutsche Bank is joining the ranks of banks that tie their top managers’ bonuses to sustainability targets, highlighting the fact that there is great variety in how this is done among leading investment banks.
09 Dec 2020 -
Tianqi meets loan repayment with stake sale in Australian mine
China's Tianqi Lithium is set to sell a minority stake in a lithium mine in Australia to reduce some of its debt burden.
09 Dec 2020 -
North Star Housing raises £80m as HAs a bright light in PPs
North Star Housing, a housing association in the northeast of England, has sold £80m of 40 year debt to Pension Insurance Corp, as housing associations prove the saving grace of an otherwise muted year for private placements.
08 Dec 2020 -
Xpeng charges up $2bn ADS follow-on
Chinese electric vehicle manufacturer Xpeng is selling a chunk of new American Depository Shares (ADS) to fund research and development and further expansion.
08 Dec 2020 -
Loanpal returns to booming solar ABS market
Residential solar finance company Loanpal is preparing another securitization, which will make 2020 the highest volume year for the issuer. While the solar ABS market should be boosted by the support for sustainability shown by the incoming Biden administration, skeptics say it will take years for political change in the US to fuel a meaningful increase in supply.
07 Dec 2020 -
Xavier Niel’s new Spac IPO a 'resounding success'
Three of France’s most famous entrepreneurs won acclaim from investors on Monday as they closed books on the IPO of 2MX Organic, a new €300m special purpose acquisition vehicle (Spac) that is seeking to shake up the European organic food sector.
07 Dec 2020 -
Green ECM rides wave of momentum into year-end
In an extraordinary year for equity capital markets, the rising popularity of renewable energy stocks has been a prevailing theme and this momentum is continuing into year-end.
07 Dec 2020 -
Alstom reveals huge demand for rights issue
Alstom, the French manufacturer of trains, trams and buses, has completed its €2bn rights issue to fund the acquisition of Bombardier's train division.
04 Dec 2020 -
Houses, hydrogen and HGVs: priorities for the new UK infra bank
The UK's national infrastructure bank set to be launched by the government could focus on a range of green investment opportunities, including setting up a scheme like the US's Property Assessed Clean Energy (PACE) model.
03 Dec 2020 -
Wind turbine developer prices €200m capital raise
Nordex, the German wind-turbine developer, has raised €200m from the sale of 10.7m new shares to fund growth.
02 Dec 2020 -
Biden administration ‘far more favorable’ to CRT market
The incoming Biden administration is likely to be more conducive to the development of the credit risk transfer market for the government-sponsored enterprises, according to panelists speaking at ABS East Virtual 2020.
01 Dec 2020 -
Virus, wildfires to intensify solar ABS supply
Solar ABS is advancing as a reliable, economical funding source for homeowners as the time they spend at home increases due to Covid-19 and intensifying natural disasters, speakers said in a Tuesday panel at ABS East Virtual 2020.
01 Dec 2020 -
SSE Renewables and Equinor sign largest ever offshore wind loan for Dogger Bank
The UK’s SSE Renewables and Norway’s Equinor, two energy companies, have signed what lenders say is the largest ever offshore wind project financing, a £5.5bn package for a wind farm off the UK coast.
01 Dec 2020 -
Gore Street Energy launches capital raise
Gore Street Energy Storage Fund, is seeking to raise up to £60m, to buy new energy storage projects, following on from fellow battery fund Gresham House that priced a deal last week.
30 Nov 2020 -
Fletcher joins Investec power and infra group
Felix Fletcher has joined Investec’s power and infrastructure finance team as a senior coverage banker, originating for lending and advisory business across the group.
30 Nov 2020
