Page 12 - AsiaElec Week 49

AsiaElec
NEWS IN BRIEF
AsiaElec
BlackRock hits a record
$1bn first close for its third
global renewables fund
BlackRock Real Assets has achieved a $1bn first close for its Global Renewable Power III fund (GRP III) with commitments from over 35 institutional investors in North America, Europe and Asia. The record first close reflects strong investor demand for renewable power assets that can potentially generate attractive risk adjusted returns with low correlation to the economic cycle, and that align with their long-term sustainability goals.
GRP III is the third vintage of BlackRock’s global renewable power fund series. The Fund seeks to invest across the spectrum of climate infrastructure assets, with a focus
on renewable power generation, and energy storage and distribution.
BlackRock manages one of the largest global renewable power platforms with $5.5bn in equity assets under management. Since 2011, BlackRock’s Global Renewable Power platform has invested in more than 250 wind and solar projects globally on behalf of 150 investors. These projects would provide enough clean energy to power 19mn homes over their lifetimes, equivalent to a country the size of Spain.
“As global power generation shifts
from two-thirds fossil fuels to two-thirds renewables over the next few decades, renewables are increasingly becoming a standalone allocation for investors and one of the most active sectors in infrastructure,” said David Giordano, Global Head of BlackRock Renewable Power. “Led by an experienced team of renewable power sector specialists, we are well positioned to source the best investment opportunities presented by the energy transition for our clients.”
WIND
Siemens Gamesa installs 1000th wind turbine
When Siemens Gamesa Renewable Energy recently installed turbine 51 in the British 714MW East Anglia One project, it reached a significant milestone: the installation of offshore Direct Drive wind turbine number 1000, eight years on from the first.
Since being launched in 2011, the 1000 units of the Siemens Gamesa Offshore Direct Drive wind turbine platform combined have avoided approximately 29mn tonnes of CO2
compared to fossil fuel power generation. According to performance data collected
by Siemens Gamesa, its Direct Drive offshore wind turbine fleet has produced approximately 34.6mn MWh of electricity since the first unit was installed in 2011.
SOLAR
AEMO chief says 25% of
Australia’s power will be
rooftop solar by 2040
As Sydney sits coughing in a bushfire
haze that has the city looking more like
the smoking area of a Beijing bar than the sapphire of the South Pacific, the Smart Energy Council’s (SEC) long-awaited National Smart Energy Summit (Summit) got underway at the Hilton Hotel.
The Summit, featuring speakers of repute from former Prime Minister Malcolm Turnbull to Atlassian billionaire and large- scale solar investor Mike Canon-Brookes, started a bang which cannot be blamed for the smoke.
The bang was provided by Australian Energy Market Operator (AEMO) CEO Audrey Zibelman who said that by 2040, about 25% of Australia’s electricity will be produced by Australians with their own rooftop solar PV. “We are leading the world in per capita growth of rooftop solar,” said Zibelman.
In the recently released 2019 Emissions Projections report released by the Department of Environment and Energy, it was suggested that between now and 2030 an additional 15 GW of small-scale solar PV will be installed in Australia.
Interestingly, that figure of 15 GW closely mirrors the amount of coal-fired generation set to retire in the next 15 years, equivalent
to approximately two-thirds of the current coal fleet. Clearly, residential, commercial and utility solar PV, along with other renewable sources, is the most inexpensive and economically self-evident path forward.
“This is not political play,” said Zibelman, “this is economic play.”
CLIMATE CHANGE
UN Adaptation Fund
launches new grants to
foster innovation
The Adaptation Fund has announced the launch of a new $10mn pilot innovation programme during the UN Climate Change Conference (COP25) in Madrid. The new programme will foster innovation for adaptation in developing countries, while targeting a broad range of potential finance recipients, including non-governmental organizations, community groups, young innovators and the private sector.
Two of the Adaptation Fund’s accredited multilateral implementing entities, the UN Development Programme (UNDP) and
the UN Environment Programme (UNEP), will each receive $5mn to administer and aggregate about 45 small grants (up to $250,000 each). UNEP will also work in conjunction with the Climate Technology Centre and Network (CTCN), which is the operational arm of the UNFCCC Technology Mechanism.
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Week 49 11 •December•2019