CIP Canadian Wind & Hydro, Riverstone Sells Stake in Pattern

This week on News Flash, Grenergy is selling 23 percent of its
Oasis de Atacama project for up to $962M, a consortium led by APG
Asset Management NV and Australian Retirement Trust will acquire
Riverstone Holdings LLC equity stake in Pattern Energy, Copenhagen
Infrastructure Partners has acquired a majority stake in
Toqlukuti’k Wind and Hydrogen. Register for Wind Energy O&M
Australia! https://www.windaustralia.com Sign up now for Uptime
Tech News, our weekly email update on all things wind technology.
This episode is sponsored by Weather Guard Lightning Tech.
Learn more about Weather Guard's StrikeTape Wind Turbine LPS
retrofit. Follow the show
on Facebook, YouTube, Twitter, Linkedin and visit
Weather Guard on the web. And subscribe to Rosemary Barnes'
YouTube channel here. Have a question we can answer on the
show? Email us! Pardalote Consulting -
https://www.pardaloteconsulting.comWeather Guard Lightning Tech -
www.weatherguardwind.comIntelstor - https://www.intelstor.com Allen
Hall: Alright, first up, Grenergy is selling 23 percent of its
Oasis del Atacama project. To CONT Global A KKR company for up to
$962 million. The sale includes three of the seven phases of what
would be the world's largest energy storage facility, compromising
451 megawatts of solar and two and a half gigawatt hours of storage
capacity. The three phases are already under construction and will
generate more than 1.3 terawatt hours of energy annually. Now,
Phil, why is Grinergy removing itself from some of these projects?
Is it cash constriction? Philip Totaro: This one's kind of
fascinating because this isn't just a simple asset rotation. I
think this is more that they have to be able to dump some of their
pipeline in order to have some cash on hand to cover operations of
existing assets as well as eventually reinvest in their pipeline.
But this, normally when you do an asset rotation, you either sell
off a small percentage minority stake in your asset portfolio, or
you take, some of your projects and sell them off. This is a fairly
large deal for a good chunk of capacity that, Contour Global is is
going to have as part of their portfolio now, bolstering what KKR's
doing with their backing as well. KKR wants Contour Global to start
expanding more and it's put them On the hunt for, asset
acquisitions like this. So, it's a good fit, but it's an
interesting move from Greenergy at this point to really start
getting some more cash in the door. Joel Saxum: Aside from the sale
here, we're talking, M& A here in Newsflash. I want to focus on
this Grenergy's asset rotation target. So they're looking at, they
have a target for 2026 and ensures funding for a 2. 6 billion euro
strategic plan. That strategic plan is to become a world leader in
energy storage, which, I mean, if you've been following anything
that we talk about on the podcast, in the last few years, energy
storage has become a very important part Allen Hall: A consortium
led by APG Asset Management NV and Australian Retirement Trust will
acquire Riverstone Holdings LLC equity stake in Pattern Energy.
Now, Pattern Energy is currently developing over 25 gigawatts of
renewable energy and transmission projects for nearly 10, 000
megawatts across North America, either operating or under
construction. Phil, Pattern Energy is a privately held company up
to this point, but they are seeking a little bit of money to help
with these projects that they have going on, Sunzea being one of
them. Philip Totaro: Yeah, absolutely. And the fact that Riverstone
Holdings is selling out their stake. They were one of the founding
partners along with management for Pattern. It's a big signal for
Pattern to be able to take a next step in terms of their growth
plan. But also a big deal where, these two pension companies are
investment and an investment fund is coming in alongside the
Canadian pension plan investment board that also owns a stake along
with the pattern management. So, all of that combined means a lot
more. kind of, retirement money and pension money going into,
renewable project development, which whether it's been through
direct investment or in this case, like this deal, the equity stake
in pattern you're seeing, we've talked about. On the show before,
there's a lot more investments coming in from insurance companies,
pension plan companies and those type of management companies and
investment vehicles. So this is kind of furthering that through, in
this case, again, an equity stake as opposed to direct investment
in projects, but it's a, really good deal for Pattern, who, has
continued to kind of outperform a lot of their industry peers
especially when it comes to being able to raise capital. Joel
Saxum: When you talk about an Australian retirement trust getting
involved in this, what I see is long term investment being excited
about. wind and renewable projects, but short term we want to make
money type of investments not being as interested. So you can see
that like the black rocks are involved in the Canadian pension
funds are involved. These are very long term stable investments in
these infrastructure projects, but the people that want to make
money quick are getting out of renewables. So see that as a trend.
Allen Hall: Copenhagen Infrastructure Partners has acquired a
majority stake in Toqlukuti’k Wind and Hydrogen, a large scale
project in Newfoundland and Labrador, Canada, from ABO Energy. The
project is expected to produce competitive green hydrogen and
ammonia, leveraging exceptional wind resources and existing
infrastructure. Now that project will create over 4, 000
construction jobs and 400, 000 jobs. And Phil, is this the first
Green Hydrogen and Ammonia project for CIP? Philip Totaro: It is
for CIP which is kind of an interesting move. We've talked before
on both the Uptime Wind Energy podcast and Newsflash here about
Whether or not we need, tons and tons of hydrogen, this project has
the potential to be upwards of five gigawatts of wind or other
power generation that would feed into, this hydrogen and ammonia
production. Whether or not they're going to actually build it that
big, we don't know yet because this is still in a fairly early
stage of development, so it gives CIP a good opportunity to get in
on the ground floor or something. We'll see how this goes. Canada
does seem very enthusiastic about the hydrogen projects though,
because they have Well, except for the locals, I guess, but Canada
in general, the Canadian government certainly And the provincial
governments are a lot more excited about getting some of these
projects built. So I think they will welcome CIP's acquisition and
we'll see where projects like this go in the future. Joel Saxum:
Newfoundland and Labrador have some of the best wind resources in
North America. So that's a thing, right? But the other side of it
is the energy mix in Newfoundland and Labrador is very heavily
renewables already. There's a lot of hydro. They're flush with
renewable generation. So adding these on is of course going to go
secondary market, hydrogen, ammonia. But the big thing here for the
locals is 4, 000 construction jobs, 400 long term operational
positions. Jobs and good paying jobs are scarce in that corner of
the world, so this will be a great boom for the economy up in the
Maritimes in Canada.