Australia caught up in a renewables trade rush

The week in clean energy saw deals aplenty, including Mitsui in Australia, ahead of 2013's close while EU carbon softened ahead of December policy news.

As the countdown to year-end and the holiday period begins, the last-minute rush of deal announcements has started. Just November 28 saw several: China Ming Yang Wind Power agreed to build a 200MW wind farm in Romania for Speranta and Succesul. The Asian company will provide engineering, procurement and construction services for the local renewable energy developer. Ming Yang will also supply the 2MW turbines and hopes to leverage this opportunity as a base of expansion.

On the same day, Suzlon Group subsidiary REpower Systems announced it had won an order from Mitsui for 52 turbines for a 107MW wind farm in Australia. This is REpower Systems' first contract with the Japanese company. Suzlon Energy shares gained up to 9.4 per cent on the Bombay Stock Exchange on the morning of the announcement.

In addition, Ireland's Gaelectric Holdings won over €90m ($US123 million*) of pension-backed funding to expand and finance a 42MW wind farm in Londonderry. BlueBay Ireland Corporate Credit, set up by London-based BlueBay Asset Management with investment from the National Pensions Reserve Fund of Ireland, will contribute €30 million ($US41 million) to expand Gaelectric’s business and Proventus Capital Partners gave €6 million ($US8 million).

Long-term institutions like pension funds and insurance companies are showing greater appetite for investing in European renewables projects, according to recent Bloomberg New Energy Finance research. Such investment (not including commitments via worldwide infrastructure funds or capital injected into companies involved in project development) has risen from just over $US1 billion in 2008 to $US2.7 billion in 2012 and $US3 billion-plus in 2013, thanks to project yields of some 6 per cent and a high level of predictability over cash flows.

Also on November 28, Aeon Delight, a building maintenance company, and Recycle One, an environmental research and consulting company, announced it will build two solar power stations in central Japan. Construction will begin this month on the 9.4MW and 7.5MW plants, which are expected to come online in February 2015. Research One has developed two solar plants in the Asian country, with a combined capacity of 54MW.

Other notable deals over the last week came from Suriname where Canadian mining company Iamgold said on November 27 it will build the Latin American country's first solar plant. The 5MW project will cost $US15 million and begin operations in Q3 2014, said the developer. Also that day, the World Bank's International Finance Corporation announced $US221 million of financing for a wind farm in Jordan. The 117MW project will be built by Jordan Wind Project and will benefit from $US69 million from the IFC, with contributions from the European Investment Bank and Denmark's export credit agency. Jordan has been facing an increasingly high energy-import bill after repeated attacks on Egypt's gas pipelines. This appears to be a clear-cut case of renewable power undercutting the alternative, fossil-fuel option, in a developing economy with pressing need for extra energy.

Energy smart technologies


{{ twilioFailed ? 'SMS Code Failed to Send…' : 'Enter your SMS code' }}

A text message with your verification code was just sent to {{user.DayPhone}}

We cannot send you a code via SMS to {{user.DayPhone}}

Hi {{ user.FirstName }}, please provide your mobile number.

{{ content.trialHeading.replace('{0}', user.FirstName) }}

We'll send you a text message with a verification code to start your free trial.

Log in

{{ content.upgradeHeading.replace('{0}', user.FirstName) }}

The email address you entered is registered with InvestSMART.

Login or to reset your password, select Forgotten password

Thank you

We have sent you an email with the details of your registration.

Email is required.
Email must be a valid email.
Password is required.
First name is required.
Last name is required.
Mobile phone number is required.
Mobile phone number is invalid.
You must accept the terms and conditions.

Already an InvestSMART member? Log in

SMS code cannot be sent due to: {{ twilioStatus }}

Please select one of the options below:


Looks you are already a member. Please enter your password to proceed

You have entered an incorrect email or password

Email is required.
Email must be a valid email.
Password is required.

Please untick this box when using a public or shared device

Not a member? Sign up

Forgotten password? Click here

Your membership to InvestSMART Group recently failed to renew.

Please make sure your payment details are up to date to continue your membership.

Having trouble renewing?

Please contact Member Services on or 1300 880 160

You've recently updated your payment details.

It may take a few minutes to update your subscription details, during this time you will not be able to view locked content.

If you are still having trouble viewing content after 10 minutes, try logging out of your account and logging back in.

Still having trouble viewing content?

Please contact Member Services on or 1300 880 160

{{ upgradeCTAText }}

Updating information

Please wait ...


{{ productPrice }} / day
( GST included )
Price $0
Discount -{{productDiscount}}
GST {{productGST}}
TOTAL   (inc. GST) {{productPrice}}
  • Mastercard
  • Visa

Please click on the ACTIVATE button to finalise your membership

You have entered an incorrect email or password

Email is required.
Email must be a valid email.
Password is required.

Please untick this box when using a public or shared device

Not a member? Sign up

Forgotten password? Click here

Unsuccessful registration

Registration for this event is available only to members. View our payment options for more information.

{{ t.Cost === 0 ? "FREE" : "$" + t.Cost.toFixed(2) }}

Related Articles