Page 12 - AsiaElec Week 06 2021

AsiaElec NEWS IN BRIEF AsiaElec

warmer than normal in the southern version,
according to the U.S. National Oceanic and
Atmospheric Administration.
The el Nino phenomenon tends to have the
opposite effect from la Nina, according to the
administration. El Nino means little boy or
Christ child in Spanish.
Both events typically last for around nine
to 12 months at different times but can last for
years.

NUCLEAR

Tepco ordered to pay

JPY600mn over 2011 nuclear
disaster

Macquarie raises €1.6bn the shift to clean energy, building on A court has ordered Tokyo Electric Power
Company Holdings Inc. to pay a total of some
the opportunities presented by rapid
renewables war chest technological change, falling technology costs JPY600mn to 271 plaintiffs over an evacuation
and strong political and regulatory support.
caused by the 2011 nuclear disaster.
Macquarie Infrastructure and Real Assets “As custodians of the world’s first dedicated The Iwaki branch of Fukushima District
(MIRA) has reached final close of the operational offshore wind fund, we’ve been Court reached its conclusion Tuesday in
Macquarie Green Investment Group committed to developing a successor to a lawsuit filed by 297 plaintiffs — which
Renewable Energy Fund 2 exceeding its initial harness deep institutional capital pools to help included residents of the heavily affected
minimum fundraising target of €1bn. achieve net zero. Yamakiya district in the town of Kawamata
More than €1.6bn has been raised for “(The fund) is the next step in this journey who were ordered to evacuate — seeking
investment in renewable energy across a and we are delighted with the strong support JPY14.7bn in damages from Tepco.
diversified portfolio of assets including the fund has received from our investors.” The plaintiff side expressed its intention to
platforms and construction and operational appeal to a higher court.
stage wind and solar projects in Western The suit is the second in a series filed by
Europe, US, Canada, Mexico, Japan, Taiwan, evacuees who left their homes due to the triple
Australia and New Zealand. POWER meltdown at Tepco’s Fukushima No. 1 nuclear
The 25-year closed-end fund is managed power plant triggered by the March 2011
by MIRA and will draw on the technical La Nina event that caused earthquake and tsunami.
expertise in Macquarie’s Green Investment The plaintiffs excluded the state from the
Group (GIG) when investing in and managing chaos in Japan’s power suit as it hoped to achieve an early resolution.
construction stage projects. In the first suit, Sendai High Court last
Opportunities for co-investment will also markets likely to end in year ordered Tepco to pay a total of over
be explored by the fund and GIG. JPY700mn to evacuees.
The fund attracted commitments from spring In the latest ruling, presiding Judge
32 investors including pension funds, local Yukitaka Najima said the amount of
government pension schemes, insurers and There is an 80% chance that the La Nina consolation money already paid to evacuees
sovereign wealth funds. weather phenomenon that has been ongoing based on the government’s interim guidelines
Europe was the largest source of capital, since late last year will end in the northern was reasonable. Najima thus stopped short of
with other commitments received from hemisphere spring, Japan’s weather bureau ordering additional payments.
investors in Asia-Pacific and North America. said on its website, Reuters reported. The payments were made under the law
The fund has made two investments to Characterised by unusually cold ocean on compensation for nuclear damage, which
date, having acquired a 10% stake in the temperatures in parts of the Pacific Ocean, the obliges the operator of a nuclear facility
576MW Gwynt y Mor offshore wind farm La Nina event sparked chaos in the Japanese to compensate for damage arising from it
(pictured) in the UK and a 50% stake in a power markets last month when a cold snap regardless whether there was negligence.
268MW portfolio of operating residential boosted demand for heating and heavy snow Meanwhile, the Iwaki branch ordered
rooftop solar projects across the US. knocked out solar supplies pushing Japan’s Tepco to pay consolation money worth
MIRA EMEA head Leigh Harrison said: electricity grid to the brink. JPY2mn per person for their loss of
“Our changing climate presents profound The phenomenon often brings heavier hometown.
challenges to our environment, economy and snow to Japan and la Nina, Spanish for little At the same time, the court rejected the
way of life. girl, tends to make temperatures cooler plaintiffs’ claim that Tepco is liable under the
“It is vital we take action to accelerate than normal in the northern winter and Civil Code for failing to prevent the accident,

P12 www. NEWSBASE .com Week 06 10•February•2021