Page 10 - AfrElec Week 06 2021

AfrElec NEWS IN BRIEF AfrElec

(MIRA) has reached final close of the
Macquarie Green Investment Group
Renewable Energy Fund 2 exceeding its initial
minimum fundraising target of €1bn.
More than €1.6bn has been raised for
investment in renewable energy across a
diversified portfolio of assets including
platforms and construction and operational
stage wind and solar projects in Western
Europe, US, Canada, Mexico, Japan, Taiwan,
Australia and New Zealand.
The 25-year closed-end fund is managed
by MIRA and will draw on the technical
expertise in Macquarie’s Green Investment
Group (GIG) when investing in and managing
construction stage projects.
More than 500 households and businesses on Thursday as falling power prices and an Opportunities for co-investment will also
are expected to participate. The aim is to outage at a coal-fired plant in New South be explored by the fund and GIG.
demonstrate how large numbers of rooftop Wales wiped more than a quarter of its half- The fund attracted commitments from
solar panels, batteries and large appliances yearly profit. 32 investors including pension funds, local
such as air conditioners and electric hot water Traditional power retailers in Australia, government pension schemes, insurers and
systems can be coordinated into a virtual such as AGL and Origin Energy ORG.AX, sovereign wealth funds.
power plant (VPP). have come under pressure due to a slump in Europe was the largest source of capital,
“Project Symphony will pave the way for wholesale power prices and government plans with other commitments received from
Western Australians to access more energy to underwrite new power plants, Reuters investors in Asia-Pacific and North America.
options,” said Energy Minister Bill Johnston at reported. The fund has made two investments to
the launch. Syndey-based AGL said it expects date, having acquired a 10% stake in the
“Using virtual power plants means there is annual core underlying earnings of between 576MW Gwynt y Mor offshore wind farm
less of a need for traditional generation assets, A$1.59bn and A$1.85bn ($1.23bn-$1.43bn), (pictured) in the UK and a 50% stake in a
such as coal or gas, which is a step towards a compared with A$2.07bn a year earlier. 268MW portfolio of operating residential
more sustainable power system. It will lay the Its underlying profit, which omits one-off rooftop solar projects across the US.
groundwork for a future where household items, came in at A$317mn for the six months MIRA EMEA head Leigh Harrison said:
energy devices help keep the power system to Dec. 31, compared with A$432mn a year “Our changing climate presents profound
stable, enabling more and more renewable ago. RBC had estimated a figure of A$275mn. challenges to our environment, economy and
energy on the grid.” “Our 1H21 result reflects the sharp decline way of life.
The project is being developed by the in wholesale prices for electricity and large- “It is vital we take action to accelerate
state energy companies Western Power and scale renewable certificates over recent times,” the shift to clean energy, building on
Synergy together with the Australian Energy Chief Executive Officer Brett Redman said in the opportunities presented by rapid
Market Operator (AEMO) and the state a statement. technological change, falling technology costs
government’s policy advisor Energy Policy AGL, Australia’s top power producer, and strong political and regulatory support.
WA. booked a statutory loss after tax of A$2.29bn, “As custodians of the world’s first dedicated
Project Symphony is expected to provide hurt by a one-off charge of A$2.69 due to operational offshore wind fund, we’ve been
immediate benefits for Western Power’s writedowns of previously signed wind energy committed to developing a successor to
network and pave the way for more innovative contracts and the dour outlook for power harness deep institutional capital pools to help
use of VPPs across the region’s main electricity prices. achieve net zero.
grid. It declared an ordinary interim dividend “(The fund) is the next step in this journey
The state government has committed of 31 Australian cents per share and a special and we are delighted with the strong support
A$27mn to the two-stage project, with federal dividend of 10 Australian cents. the fund has received from our investors.”
funding being sought for the balance. The company left its fiscal 2021 underlying
profit outlook unchanged at A$500mn to
A$580mn, having slashed it in December after
the outage at its coal-fired Liddell plant. POWER
PERFORMANCE
Australia’s AGL forecasts FINANCE La Nina event that caused
chaos in Japan’s power
lower annual core earnings Macquarie raises €1.6bn markets likely to end in

on weak power prices

Australia’s AGL Energy Ltd AGL.AX renewables war chest spring
forecast lower core earnings for fiscal 2021 Macquarie Infrastructure and Real Assets There is an 80% chance that the La Nina

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