The Future of Renewables
All insightsWe consider continued renewables expansion in developed markets and explore the themes of repowering, overpowering, co-location and grid capacity constraints
According to the IEA, in 2023 Global annual renewable capacity additions increased by almost 50% to nearly 510 gigawatts (GW), the fastest growth rate in the past two decades and the 22nd year in a row that renewable capacity additions set a new record. The increases in renewable capacity in both Europe and the United States hit all-time highs, with over 22% of European energy demand now being met by renewable sources and over 305 GW of renewable power capacity today installed in the USA.
In this latest episode of Keeping it Real Assets we consider continued renewables expansion in developed markets and explore the themes of repowering, overpowering, co-location and grid capacity constraints. John Di Marco, Managing Director of Igneo, USA leads the discussion of these themes with Hamish Lea-Wilson, Partner, Igneo Europe and explores the realities of the practical challenges of implementing continued growth with Guilherme Portugal, Business Development Director of Finerge and Gus Luna, Chief Development Offier at Terra-Gen. These two portfolio companies owned by Igneo today operate over 4GW of wind and solar operations across Iberia and the US.
Our Renewable energy assets
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Terra-Gen
Terra-Gen develops, constructs, owns, and operates utility-scale wind, solar and battery storage throughout the United States, with the majority of its operations located in California. Terra-Gen’s portfolio spans across 28 generating facilities and operates ~2,500 MW of facilities and has more than 6,000 MW of projects under advanced development or construction.
- Location: North America
- Sector: Renewable energy
- Risk Classification: contracted
- Initial Acquisition date: Dec 2020
- Governance: joint
- Website: www.terra-gen.com/
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Soltage
Soltage is a renewable power producer that develops, owns, operates and manages solar and storage assets across 18 states in the US. Established in 2005 and headquartered in Jersey City, NJ. Soltage is a vertically integrated distributed generation platform with in-house project development, design and engineering, finance and asset management / reporting functions. Soltage has a 17-year history of growth, having developed 511MW of solar assets, with a current owner/manager interest in 393MW.
- Location: North America
- Sector: Renewable energy
- Risk Classification: contracted
- Initial Acquisition date: Aug 2023
- Governance: sole
- Website: www.soltage.com/
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Rialto Bioenergy Facility
Based in Carlsbad, California, Rialto Bioenergy Facility is an organic waste-to-energy plant developed by Anaergia Services, a global leader in the production of clean energy, fertiliser and recycled water from waste streams. It is the largest food waste diversion and energy recovery facility in North America and has the capacity to convert 700 tons per day of organic waste and 300 tons per day of biosolids into renewable natural gas.
- Location: North America
- Sector: Renewable energy
- Risk Classification: contracted
- Initial Acquisition date: Apr 2020
- Governance: joint
- Website: www.anaergia.com/
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Parkia
Parkia is the largest pure off-street car park operator in Spain, with 71 car parks in prime city locations spanning 43 cities across both Spain and the Principality of Andorra and capacity of almost 39,000 spaces. The car parks operate on a 24/7 basis under concession contracts with local municipalities and enjoy the strongest EBITDA margins in the sector.
- Location: Europe
- Sector: Car parks
- Risk Classification: volume
- Initial Acquisition date: Jun 2016
- Governance: sole
- Website: parkia.es/
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International Parking Group
International Parking Group owns and operates hospital car parks across Australia. With locations at nine sites across Sydney, Brisbane and Perth, the company provides over 14,000 parking bays. Its largest site, the Queen Elizabeth II Medical Car Park in Perth, has over 5,000 parking spaces.
- Location: Australia
- Sector: Car parks
- Risk Classification: volume
- Initial Acquisition date: Feb 2003
- Governance: joint
- Website: internationalparkinggroup.com.au/
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Finerge
Finerge is Portugal’s second-largest renewable energy producer and for over 20 years has worked to provide access to more sustainable energy sources to the world. Finerge operates 69 Wind Farms and 17 PV solar plants located in more than 46 municipalities across Portugal and 3 provinces in Spain. Day and night, more than 770 turbines harness the energy of the wind, and thousands of photovoltaic modules that collect energy from the sun, transforming it into clean electricity at a rate of 3.200Gwh. All this means that more than 1,661 k tons of CO2 emissions are avoided.
- Location: Europe
- Sector: Renewable energy
- Risk Classification: contracted
- Initial Acquisition date: Nov 2015
- Governance: sole
- Website: www.finerge.pt/en/
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DAH Group
The DAH Group is an integrated energy company that generates gas, electricity and heat from renewable energy sources. DAH operates 22 biogas plants located primarily in Eastern Germany making it one of the largest plant operators in the country.
- Location: Europe
- Sector: Renewable energy
- Risk Classification: contracted
- Initial Acquisition date: Nov 2023
- Governance: sole
- Website: www.dah-gruppe.de/start/
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CPE Renewable Investment Unit Trust
CPE Renewable Investment Unit Trust (CPERI) develop, own and operate multi-utility behind-the-meter assets. The CPERI portfolio includes three operational multi-utility sites as well as 30 operational, or under construction, rooftop solar and battery assets for commercial and industrial clients. Once construction is completed, the portfolio will have 29.5MW of solar capacity, 33.4MWh of battery capacity and 79.8MW of thermal capacity.
- Location: Australia
- Sector: Renewable energy
- Risk Classification: contracted
- Initial Acquisition date: Apr 2019
- Governance: joint
- Website: cleanpeakenergy.com.au/
Latest insights
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DAH Group acquisition
19 Dec 2023DAH Group was announced as Igneo’s most recent European acquisition in November 2023. Listen to Moritz Lindhorst provide an overview of how Biogas and Biomethane development can support Germany’s transition to energy independence as he describes the company and its sector.
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Spotlight - Investing in the energy transition using a non-specific mandate
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Australia’s journey from coal to renewables
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