"Comissão Executiva" program broadcasted by Económico TV on last 28th of March were topics like Inovation, R&D, Entrepreneurship and Competitiveness of Portuguese companies were discussed by Luís Martinez from Nova Business School, Tawfiq ...
Enbridge buys Tri Global Energy for cash and debt
Calgary based Enbridge Inc. acquired renewable project developer Tri Global Energy for $270 million in cash and assumed debt.
Another $50 million could be paid out contingent on successful execution of Tri Global’s project portfolio. That portfolio includes onshore wind and solar projects representing more than 7 GW of capacity.
Tri Global has wind, solar and energy storage projects in Texas, Nebraska, Illinois, Indiana, Pennsylvania and Virginia.
Enbridge is a player in oil and natural transportation and delivery. It moves about 30% of the crude oil produced in North America, as well as nearly 20% of the natural gas consumed in the U.S. It also operates North America’s third-largest natural gas utility by consumer count.
It said it expects North American renewable power fundamentals to remain robust. Rising targets for state renewable portfolio standards and growing private sector demand for zero-carbon electricity are set to drive investment in wind and solar power generation “significantly higher in the next decade.”
The deal is expected to generate immediate cash flow through the 3.9 GW of renewable generation projects Tri Global previously sold to operators, which will generate development fees and accretion.
In addition, 3 GW of late-stage development of wholly owned projects are expected to be placed into service between 2024 and 2028, providing an expected ramp up in cash flows along with a slate of further projects in earlier stage development.
Enbridge said that Dallas-based Tri Global’s development team will remain in place following closing.
Tri Global was founded in 2009 by John B. Billingsley. His business model was called The Wind Force Plan that led the company to lease around 670,000 acres in West Texas. The approach provided payments to landowners and investors upon project development, whether or not wind turbines were placed on their land. The land was developed into multiple wind farms, and more recently, solar farms.
In August, the American Clean Power Association released data showing that Tri Global ranked No. 10 in the U.S. for overall renewable energy development nationwide; No. 3 for onshore wind development; and No. 1 for onshore wind development in Texas.LINK
Former Ørsted execs form early-stage development capital firm
A group of former Ørsted executives has launched an early-stage development capital firm with an initial pool of $100 million.
Declan Flanagan, the former CEO of Ørsted's onshore wind business, founded Bluestar Energy Capital to target early-stage development and provide a capital stream for new development platforms and projects.
Flanagan is Bluestar's controlling shareholder and will serve as CEO. He was joined by S2G Ventures and Great Bay Renewables in establishing the fund.
“A huge amount of capital is seeking a role in the energy transition, but a scarcity remains of the right kind of capital for new development platforms and new projects," Flanagan said.
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Bluestar launched with two regional platforms.
Nova Clean Energy will focus on the North American market and pursue greenfield project development, as well as M&A opportunities across wind, solar, and energy storage.
Bluestar Energy Australia is already building a pipeline of primarily wind power assets with plans to expand into solar and energy storage.
Dennis Meany, the former president of Lincoln Clean Energy, which sold to Ørsted, was named Bluestar's president and appointed to the company's board. Courtney Zaret will lead Bluestar's accounting and administration operations after previously working as the financial controller at Ørsted Onshore. Joe Condo, the former general council at Ørsted Onshore and Lincoln Clean Energy, will take on a similar role. And Dylan Reeves, formerly chief commercial & product officer of Onshore Wind Services at GE Renewable Energy, was named head of project delivery.
Prior to joining Ørsted, Flanagan was founder and CEO of Lincoln Clean Energy (LCE), from 2009 until its sale to Ørsted in 2018. By the time of its acquisition by Ørsted, LCE had developed and financed wind and solar power projects representing more than $3 billion in capital investment and 2 GW of capacity. He also was CEO of the North American business of German utility E.ON and earlier as CEO of Airtricity North America.LINK
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