Clean Energy Pipeline

Societe Generale stands as the most influential lead arranger in clean energy financing, leading Clean Energy Pipeline’s ranking system with an Influence Factor (IF) score of 17.32, according to the latest Top Clean Energy Lead Arrangers report. The bank has established a dominant presence in Europe, particularly in France, Germany, and the UK, while also making significant strides in emerging markets across Africa and Asia. Societe Generale has played a pivotal role in financing a broad spectrum of clean energy projects, including large-scale offshore and onshore wind farms, solar photovoltaic (PV) plants, and advanced energy storage solutions. Societe Generale ranked as the Second Most Active Lead Arranger after its participation on 39 deals and was positioned as the Third Highest Lead Arranger by Total Deal Value ($3.7 billion). The European Investment Bank (EIB) secured an IF score of 15.81 and continues to be a powerhouse in clean energy financing across Europe. The EIB ranked as the Top Lead Arranger by Deal Value after being featured on over $13 billion of deals and was the Third Most Active Lead Arranger by total number of deals (38). The EIB has been instrumental in financing a wide array of clean energy projects, including large-scale offshore wind farms in the North Sea and extensive solar PV portfolios in Europe, as well as in more international markets. As a result, the EIB has been named as the Second Most Influential Lead Arranger in Clean Energy. Santander achieved an IF score of 11.18 in Clean Energy Pipeline’s ranking system due to its participation across a diverse set of renewable financing deals, coming in as the Third Most Influential Lead Arranger in Clean Energy. Santander is a significant force in the clean energy sector, particularly in Europe and the Americas, and carries an impressive deal sheet of financing transactions across broad array of renewable energy projects, including wind, large-scale solar PV installations, energy storage, EV charging infrastructure projects, and more. Santander was the Fourth Highest Ranked Lead Arranger by Clean Energy Pipeline in terms of Total Deal Value, with a cumulative value of $3.7 billion, and the Fourth Most Active by Total Number of Deals (33). With an IF score of 9.91, Sumitomo Mitsui Banking Corporation – SMBC Group has established a strong position in the global clean energy financing market through its support on several high-ticket deals. SMBC is a key player not just in the Asian clean energy market but across various international markets in Europe and the Americas, where it has put together an impressive resume of renewable financing deals. SMBC placed Fifth in Clean Energy Pipeline’s List of Top Clean Energy Lead Arrangers by both Deal Value ($3.6 billion) and Number of Deals (28) in 2023. SMBC ranks as the Fourth Most Influential Lead Arranger in Clean Energy. Please visit Clean Energy Pipeline to download the report in full today. #cleanenergy

Atlas Renewable Energy has an agreement to supply Brazil-based hospital and healthcare operator REDE PRIMAVERA SAÚDE with clean electricity. Under the agreement, beginning in 2026, Rede Primavera Saúde, which operates two hospitals and six polyclinics in Sergipe, Brazil, will receive clean electricity from renewable sources under a 10-year self-production contract with Atlas. “Atlas’ purpose is to accelerate the energy transition in a sustainable way and assist consumers in their decarbonisation journey,” said Fábio Bortoluzo, Atlas’ Country Manager for Brazil. “This new contract showcases Atlas’ leadership in offering tailored solutions for customers with specific needs across all sectors, providing savings and predictability.” The agreement with Atlas is expected to result in an estimated 40% reduction in electricity costs compared to current market rates for Rede Primavera Saúde, while cutting the hospital network’s CO₂ emissions by 260 tonnes annually. #cleanenergy

US company Oxylus Energy has raised $4.5 million in a seed funding round to support the deployment of its carbon utilisation technology for e-fuel production. The funding round was co-led by Toyota Ventures and Azolla Ventures, with participation from Earth Foundry and Connecticut Innovations. Oxylus’ technology enables low-temperature and low-pressure conversion of carbon dioxide into green methanol, a liquid fuel, using a catalyst developed at Yale University by Professor Hailiang Wang. The company’s reactors, similar to green hydrogen electrolysers, create methanol using captured carbon dioxide, water, and electricity, offering a cost-effective and scalable solution for carbon conversion into alternative fuels. Perry Bakas, co-founder and CEO of Oxylus, said: “Oxylus’ technology is critical to meeting growing demand for methanol in the net-zero transition, offering a solution at a price that works for industry.” “Direct electrochemical conversion of carbon dioxide at low temperatures and pressures is the only way to decrease the cost of green methanol,” added Conor Rooney, co-Founder and CTO of Oxylus. The fresh funding will accelerate the development, prototype testing, and pilot deployment of Oxylus’ technology. Harrison Meyer, co-Founder and COO of Oxlyus, noted: “Decarbonising sectors like aviation, shipping, and petrochemicals—responsible for 11% of global emissions—requires lowering methanol prices.” “Eliminating the need for hydrogen as an input is a significant breakthrough in green energy, reducing production costs and unlocking numerous decarbonisation pathways,” commented Lisa Coca, Climate Fund partner at Toyota Ventures. Amy Duffuor, General Partner at Azolla Ventures, stated: “Oxylus Energy’s modular CO2 electrolyser reduces costs and can scale green methanol production. This, combined with the team’s expertise and market potential, makes it an optimal investment for Azolla.” #cleanenergy

Ignitis Renewables (Ignitis Group) has announced plans to invest €106 million in the development of the 174 MW Tume solar farm in Latvia. “We see immense growth potential in Latvia for renewable energy,” said Thierry Aelens, CEO of Ignitis Renewables. “Expanding our solar energy portfolio brings benefits to households, businesses, and the local community, aligning with Ignitis Group’s strategy to achieve 4–5 GW of installed green capacity by 2030.” The Tume solar farm, located in the Tume parish of Tukums municipality, will be capable of supplying clean electricity to up to 85,000 households per annum. Construction is scheduled to start later this year, with commercial operation planned for 2026. In addition to the Tume project, Ignitis Renewables is also developing two other solar projects in Latvia: the 94 MW Vārme solar project in Kuldīga and the 145 MW Stelpe solar project in Bauska. Both are expected to be operational by 2025. Ignitis Renewables’ total investment in Latvian solar projects currently stands at approximately €284 million, with a broader plan to invest around €700 million in the country over the next few years. Baiba Lace, Head of Ignitis Renewables in Latvia, added: “Cooperation with local communities is the foundation of our sustainable development. Our projects are designed to add value to both the local population and the region.” #cleanenergy

Kona Energy UK has been granted consent by The Scottish Government for the construction and operation of the Smeaton Battery Energy Storage System. The Smeaton BESS project will be located near near Dalkeith, East Lothian, featuring a capacity of 228MW / 456MWh. “This project represents a significant step forward in decarbonising the UK’s electricity grid while providing tangible benefits in terms of cost reduction and energy security,” said Andrew Willis, Founder of Kona Energy. “Tackling constraint costs is vital not only for reducing consumer bills but also for retaining public trust in reaching Net Zero.” Kona Energy is now seeking investment to bring the Smeaton BESS to market, with Dr Lu Zhang, formerly of Hithium, joining as Technical Director to oversee the project’s technical implementation. Once online, the Smeaton BESS project will be capable of displacing approximately 15,368 tonnes of CO2 equivalent per annum. The project will also bolster local energy stability, particularly following the planned shutdown of the nearby Torness nuclear power station in 2028. #cleanenergy

UK developer Balance Power has secured planning approval for a new 49.5MW / 99MWh battery energy storage system project in Hinckley, South-West Leicestershire. “We’re absolutely thrilled to have secured planning permission for this battery storage facility,” said Charlotte Vick, Design Lead at Balance Power. “It’s set to make a considerable impact on Hinckley and the surrounding area, creating local construction and operation jobs and bolstering energy security and reliability. Battery storage is essential for the UK’s transition to net zero, balancing clean power supply and demand and reducing reliance on fossil fuels.” The BESS project was approved by Rugby Borough Council and received no public objections following Balance Power’s comprehensive community engagement efforts. The Hinckley BESS project will comprise 28 battery units and will be capable of displacing around 9,000 tonnes of CO2 emissions annually, equivalent to removing 6,500 cars from the road. The Hinckley storage facility is expected to become operational by October 2025, and after its 40-year lifespan, the site will be restored to its original state. #cleanenergy

Low Carbon has been awarded 178 MW of new solar capacity in the UK’s latest Contracts for Difference (CfD) Allocation Round 6 (AR6). “We’re delighted to have been awarded 178 MW of capacity in the CfD Allocation Round 6, which opens the door for new solar development and investment in the supply chain, while reinforcing Low Carbon’s track record of originating, developing, and operating renewable energy assets in the UK,” said Steve Mack, Chief Investment Officer at Low Carbon. “Today’s news also builds on our success in the previous two auctions, which will play a crucial role supporting Labour’s 2030 clean power mission and tackling climate change.” As a result of the latest AR6, Low Carbon has secured a total of nearly 900 MW of solar capacity in the last three CfD auctions. #cleanenergy

Enfinity Global Inc. has secured €189.6 million in financing for the construction of eight utility-scale solar power plants totalling 157.1 MW in Italy. The solar projects are located across the regions of Lazio and Emilia Romagna and are expected to become operational in 2025. The financing was arranged through a club deal structure with Bayerische Landesbank, ING, and Rabobank acting as mandated lead arrangers. The funding package includes €127.4 million in non-recourse senior debt, €17.1 million in VAT financing, and €45.1 million in LC facilities for PPAs, photovoltaic modules, and dismantling. “We are grateful to BayernLB, ING, and Rabobank for their partnership in Italy,” said Carlos Domenech, CEO of Enfinity Global. “We appreciate BayernLB’s support in financing 400 MW in Italy to date." Karin Schramm, Sector Head Renewable Energies at BayernLB, commented: “BayernLB’s mission is to finance progress, and we are pleased to have supported Enfinity once again with their latest Italian projects. Italian renewables remain a key market for us, and we strive to continue supporting Enfinity in their expansion across Europe and the US.” Enfinity currently has a permitted project pipeline totalling 805 MW and also boasts 388 MW of PPA-tied projects under contract and under construction with investment-grade utilities and corporate customers. Enfinity further owns 4.8 GW of solar PV and storage projects in Italy. The energy generated by the new solar plants will be commercialised through long-term PPAs recently signed with A2A, Nova Aeg, and another major Italian industrial customer. Once operational, the portfolio will produce 271 GWh of clean electricity annually, sufficient to power 100,000 Italian homes and offset 122,000 tons of CO2 emissions. “ING is extremely proud and grateful to have been selected by Enfinity Global for this important financing in Italy,” stated Diederik van den Berg, Managing Director, Global Lead Renewables & Power at ING. “This operation contributes to increasing ING’s commitment to renewables, aiming to triple the financing of renewable power generation to €7.5 billion annually by 2025.” Marc Schmitz, Head of Project Finance Europe at Rabobank, added: “Rabobank is very happy to have supported Enfinity by providing financing alongside Bayern LB and ING for this portfolio of eight solar PV projects. We look forward to supporting Enfinity’s growth strategy as they continue to build out their renewable energy portfolio.” #cleanenergy

RWE has been awarded Contracts for Difference (CfD) for three solar PV and two onshore wind projects in the latest Allocation Round 6 (AR6). RWE said the inflation-indexed strike price for its onshore projects was £50.9 per MWh and for solar £50.07 per MWh, based on 2012 prices. The Laynes Wood and Fraddon solar projects each have a capacity of 49.9 MWac, while the Copse Lodge solar project has a capacity of 9.98 MWac, with the three developments slated to come online in 2025. The Golticlay wind project will have a capacity of 64.6 MWac and the Lorg wind project will total 44 MW, with an operational date of 2026 and 2027, respectively. “As the UK’s leading power generator and a key partner in delivering the UK Government’s ambition of clean power by 2030, we are delighted to have secured contracts for five projects, representing a combined potential installed capacity of 218 MW,” said Tom Glover, RWE UK Country Chair. “Today’s auction success underlines RWE’s position as one of the UK’s leading onshore wind and solar developers. In addition to our 32 onshore wind projects in operation, we’re progressing with the construction of seven new solar and three onshore wind projects and look forward to enhancing our portfolio even further with the contracts announced today.” Glover added: “Whilst we are delighted with the success of onshore and solar in this year’s auction, we would note that at 3.4 GW, today’s round only procured 35% of the total eligible pipeline of new offshore wind projects. “If the Government wants to deliver on its target to quadruple offshore wind to 60 GW by 2030, it will need to significantly ramp up procurement. It is therefore important that the Government urgently review and confirm the parameters for next year’s auction, and ensure it takes place as planned next summer.” #cleanenergy

Mirova, part of Natixis Investment Managers, has reached a final close of its first impact private equity fund, Mirova Environment Acceleration Capital (MEAC). MEAC raised €211 million in commitments and has already deployed over €80 million in 10 companies across Europe and North America, focusing on clean energy, circular economy, natural resources, agri-agro technologies, and smart cities, since launching two years ago. “With this first private equity fund, we are proud to have delivered on our ambitions to invest in unlisted companies displaying a high environmental impact,” said Marc Romano, Head of Impact Private Equity at Mirova. “We already completed ten investments in key sectors of the ecological transition, with the aim of achieving attractive financial returns. We remain convinced that positive impact and profitability go hand in hand, particularly when it comes to companies that are driven by fundamental trends designed to meet specific sustainable development objectives.” Mirova noted that the fund attracted significant interest, with 30% of its commitments coming from private clients drawn to its multi-thematic approach under the SFDR Article 9 framework. MEAC’s investments include: Ombrea (recently acquired by TotalEnergies), Tallano Technologies, Agronutris, Vestack, Naïo Technologies, Norsepower, nuventura, Waste Robotics, NLine Energy, Inc., and GridBeyond. Building on the success of MEAC, Mirova has launched a second private equity fund, Mirova Impact Life Essentials (MILE), focused on societal impact. MILE will invest in French and European companies around themes such as knowledge & know-how, well-being & health, responsible consumption, and diversity & inclusion. Mirova aims to position MILE under SFDR Article 9. #cleanenergy