TD Bank to buy Banknorth Group

first_imgTD Bank Financial Group to Become Majority Shareholder of Banknorth Group, Inc. Strategic acquisition provides TD with personal and commercial banking growth opportunity in the US Banknorth gains partner to expand its community-based banking model PORTLAND, Maine–Aug. 26, 2004–Banknorth Group, Inc. (NYSE: BNK) and TDBank Financial Group (TDBFG) today announced that they have signed adefinitive agreement for TDBFG to acquire 51% of the outstanding shares ofBanknorth for approximately US$3.8 billion (approximately CDN$5 billion)in cash and TD common shares. This acquisition will provide TD with themajority interest in a growth company that has a proven track record ofmaking strategic acquisitions. “This strategic acquisition provides us with an expanding beachhead inthe Northeastern United States and an outstanding personal and commercialbanking complement to our strong U.S. wealth management franchise,” saidEd Clark, TD Bank Financial Group President and Chief Executive Officer.”The addition of Banknorth to our brand provides us with immediatelyaccretive earnings and a majority interest in a company that has anexcellent management team focused on growing their business bothorganically and through smart and profitable acquisitions.” “Having TDBFG as our majority shareholder offers us the depth tocontinue with our strategy of acquiring high potential banks in strategiclocations and positions us to move to the next level in terms of size andproduct capability,” said William J. Ryan, Banknorth’s Chairman, Presidentand Chief Executive Officer. “Both TD and Banknorth are leaders inemploying a customer-focused approach to their markets and bring proventrack records of successfully integrating acquisitions. I firmly believethat working with TD will be a positive experience for our shareholders,our customers and our employees.” Acquisition Details The agreement between TDBFG and Banknorth provides for the merger ofBanknorth with a TD subsidiary in which each Banknorth shareholder willreceive a package of US$12.24 in cash, 0.2351 of a TD common share and0.49 shares of the new Banknorth stock, which will continue to be listedon the New York Stock Exchange. TD will be permitted to buy additionalBanknorth shares up to a limit of 66 2/3% either in the open market or inspecific circumstances directly from Banknorth, such as if Banknorth werelooking to raise capital. The transaction will be taxable for Banknorth shareholders for U.S.federal income tax purposes with respect to the cash and TD shares theyreceive. The new Banknorth shares will be tax free. The agreement also permits TD to bid for the remaining publicly heldshares in subsequent years, subject to certain limitations in the firsttwo years, approval by a majority of designated independent directors andunaffiliated Banknorth shareholders during the first five years andapproval by a majority of designated independent directors or unaffiliatedBanknorth shareholders after five years. The deal, which is subject toapproval by Banknorth’s shareholders and by U.S. and Canadian regulatoryauthorities, is expected to close in February, 2005 and be immediatelyaccretive to TD’s earnings, without reliance on synergies. “We have structured the deal this way to allow the maximum degree offlexibility for both TD and Banknorth. TD gains an important personal andcommercial footprint in the U.S. while maintaining our strong capitalratios,” said Clark. “From our perspective, we are gaining access to capital and additionalflexibility to allow us to continue to participate in largeracquisitions,” added Ryan. Bill Ryan will remain Chairman, President and CEO of Banknorth and willjoin TD’s Board of Directors upon the conclusion of the deal. He willcontinue to be based at Banknorth’s headquarters in Portland, Maine.Banknorth’s experienced management team was an integral component of thedeal and will remain intact. To maintain the Banknorth board’s effective working size, but at thesame time reflect the interests of the majority shareholder, TD willinitially be adding up to five members to the board in addition to thecurrent 14 Banknorth directors, all of whom are expected to remain on theboard following the closing. A majority of both the full board and thedirectors appointed by TD will be required for any motion put before theBoard to reflect TDBFG’s majority shareholder position. TD will have theright to elect a majority of board members generally as long as it remainsa majority shareholder. Maintaining Community Roots “Banknorth has a long standing reputation of being committed to thecommunities in which it operates and we intend to continue with that sameapproach,” said Ryan. “We are pleased that our two organizations have thesame focus on meeting the needs of our customers in the local markets weserve. We think that there is a good cultural fit between the two banks,”added Clark. TD Bank Financial Group and Banknorth will hold an analyst conferencecall and meeting today, August 26th, 2004 at 8:45 a.m. ET to discuss thedetails of the transaction. The call will feature a presentation by EdClark, President and CEO of TD Bank Financial Group and Bill Ryan,Chairman, President and CEO of Banknorth. A question and answer period forpre-qualified analysts and investors will follow the formal presentation.The call will be webcast live via TD’s website at www.td.com/investor(link is external) aswell as the investor relations section of Banknorth’s website atwww.banknorth.com(link is external). Pre-qualified analysts and investors may access thecall by calling 416-640-1907 or toll free at 1-800-814-4860. Media mayalso access the call at those numbers, but in listen-only mode. Recordingsof the presentation will be archived on TD’s website www.td.com(link is external) followingthe webcast and will be available for replay for a period of at least onemonth. The replay of the webcast will also be accessible from the investorrelations section of Banknorth’s website at www.banknorth.com(link is external). Banknorth Key Facts & Figures A New England-based company recognized by Forbes magazine as the bestmanaged bank in America, Banknorth offers personal and commercial banking,insurance, investment planning and wealth management services. Theoperations of Banknorth include: — 389 branches and 548 Automated Teller Machines (ATMs) in 6 states — 1.3 million households served — US $29.3 billion in assets, as of June 30, 2004 — US $19.3 billion in deposits, as of June 30, 2004 Banknorth is first in combined market share in Maine, New Hampshire andVermont, and 5th in Massachusetts and 6th in Connecticut. About TD Bank Financial Group The Toronto-Dominion Bank and its subsidiaries are collectively known asTD Bank Financial Group. In Canada and around the world, TD Bank FinancialGroup serves more than 13 million customers in three key businesses:personal and commercial banking including TD Canada Trust; wealthmanagement including the global operations of TD Waterhouse; and wholesalebanking, including TD Securities, operating in a number of locations inkey financial centres around the globe. TD Bank Financial Group also ranksamong the world’s leading on-line financial services firms, with more than4.5 million on-line customers. TD Bank Financial Group had CDN$312 billionin assets, as of April 30, 2004. The Toronto-Dominion Bank trades on theToronto and New York Stock Exchanges under the symbol “TD”. About Banknorth At June 30, 2004, Banknorth Group, Inc. headquartered in Portland, Maineand one of the 30 largest publicly-traded commercial banks in the country,had $29.3 billion in assets. Banknorth’s banking subsidiary, Banknorth,N.A., operates banking divisions in Connecticut (Banknorth Connecticut);Maine (Peoples Heritage Bank); Massachusetts (Banknorth Massachusetts);New Hampshire (Bank of New Hampshire); New York (Evergreen Bank); andVermont (Banknorth Vermont). The Company and Banknorth, N.A. also operatesubsidiaries and divisions in insurance, money management, merchantservices, mortgage banking, government banking and other financialservices and offer investment products in association with PrimeVestFinancial Services, Inc. The Company’s website is at www.banknorth.com(link is external). This press release contains “forward-looking statements” within themeaning of the Private Securities Litigation Reform Act of 1995. Suchstatements include, but are not limited to, statements relating toanticipated financial and operating results, the companies’ plans,objectives, expectations and intentions and other statements includingwords such as “anticipate,” “believe,” “plan,” “estimate,” “expect,””intend,” “will,” “should,” “may,” “and other similar expression. Suchstatements are based upon the current beliefs and expectations of TD BankFinancial Group’s and Banknorth Group, Inc.’s management and involve anumber of significant risks and uncertainties. Actual results may differmaterially from the results anticipated in these forward-lookingstatements. The following factors, among others, could cause or contributeto such materially differences: change in general economic conditions; theperformance of financial markets and interest rates; the ability to obtaingovernmental approvals of the transaction on the proposed terms andschedule; the failure of Banknorth Group, Inc.’s shareholders to approvethe transaction; disruption from the transaction making it more difficultto maintain relationships with clients, employees or suppliers; increasedcompetition and its effect on pricing, spending, third-party relationshipsand revenues; the risk of new and changing regulation in the U.S. andCanada; acts of terrorism; and war or political instability. Additionalfactors that could cause TD Bank Financial Group’s and Banknorth Group,Inc.’s results to differ materially from those described in theforward-looking statements can be found in the 2003 Annual Report on Form40-F for TD Bank Financial Group and the 2003 Annual Report on Form 10-Kof Banknorth Group, Inc. filed with the Securities and Exchange Commissionand available at the Securities and Exchange Commission’s Internet site(http://www.sec.gov(link is external) ). This communication is being made in respect of the proposed mergertransactions involving the acquisition by TD Bank Financial Group of 51%of the outstanding common stock of Banknorth Group, Inc. In connectionwith the proposed transactions, a combined registration statement on FormF-4 and S-4 containing a proxy statement/prospectus will be filed with theSecurities and Exchange Commission. Shareholders of Banknorth Group, Inc.are urged to read the proxy statement/prospectus regarding the proposedtransaction when it becomes available, because it will contain importantinformation. Shareholders will be able to obtain a free copy of the proxystatement/prospectus, as well as other filings containing informationabout TD Bank Financial Group and Banknorth Group, Inc., without charge,at the Securities and Exchange Commission’s Internet site(http://www.sec.gov(link is external) ). Copies of the proxystatement/prospectus and the filings with the Securities and ExchangeCommission that will be incorporated by reference in the proxystatement/prospectus can also be obtained, without charge, by directing arequest to TD Bank Financial Group 66 Wellington Street West, Toronto, ONM5K 1A2,Attention: Investor Relations 416-982-5075 or to Banknorth Group, Inc.,Attention: Investor Relations 207-761-8517. TD Bank Financial Group, Banknorth Group, Inc. and their respectivedirectors and executive officers and other persons may be deemed to beparticipants in the solicitation of proxies in respect of the proposedtransaction. Information regarding TD Bank Financial Group’s directors andexecutive officers is available in its Annual Report on Form 40-F for theyear ended October 31, 2003, which was filed with the Securities andExchange Commission on December 15, 2003, and its notice of annual meetingand proxy circular for its 2004 annual meeting, which was filed with theSecurities and Exchange Commission on February 17, 2004, and informationregarding Banknorth Group, Inc.’s directors and executive officers isavailable in Banknorth’s proxy statement, which was filed with theSecurities and Exchange Commission on March 17, 2004. Other informationregarding the participants in the proxy solicitation and a description oftheir direct and indirect interests, by security holdings or otherwise,will be contained in the proxy statement/prospectus and other relevantmaterials to be filed with the Securities and Exchange Commission whenthey become available.last_img read more

Meghan Mathon Named General Manager of EnSave

first_imgMeghan Mathon Named General Manager of EnSaveEnSave Energy Performance, Inc. announces the appointment of Meghan Mathon as its new General Manager. Ms. Mathon assumed the responsibilities of retired EnSave co-founder and General Manager, Paul Ohlson.EnSave is an energy services company that works exclusively in the agricultural sector helping farmers save energy. EnSave works with public benefits corporations, electric cooperatives, investor-owned utilities, and state and federal organizations to design and implement energy conservation programs for farmers across the United States.Ms. Mathon will lead EnSaves growth according to a 5-year Master Plan developed with EnSaves Board of Directors. She will build and maintain budgets and cash flow projections, oversee program development and implementation, and supervise all staff.Ms. Mathon earned her Bachelor of Arts degree from the University of Vermont and taught middle school for five years before joining the EnSave team in the fall of 2000. During her tenure at EnSave, Ms. Mathon has mastered the accountabilities of every position held with the company including Project Administrator and Director of Special Projects.Ms. Mathon lives with her husband, Jake, and two daughters in Williston, Vermont.last_img read more

Vermont Yankee expects to have contract by Friday, House Energy Committee passes clean-up costs bill

first_imgNorthstar Vermont Yankee,Entergy Vice President Jay Thayer told the House Natural Resources Committee last Friday that Entergy will have a proposal for the Vermont utilities by the end of this week. Thayer had previously told the Legislature that a contract proposal would be presented before the break for Town Meeting in early March. Legislative leaders have indicated that lawmakers would not take up a bill to extend the Vermont Yankee contract beyond 2012 until Entergy presented a contract. Even now, the leaders are skeptical that a bill would move forward so late in this year’s session.Also on Friday, the House Natural Resources and Energy Committee passed a bill protecting Vermont taxpayers from Vermont Yankee clean-up costs by requiring the owner of the plant to fully fund the facility s decommissioning.”Vermont taxpayers need to know that they won t have to pick up the tab for cleaning up the Vermont Yankee plant if it doesn’t continue to operate beyond 2012,” said House Speaker Shap Smith. “Entergy needs to live up to its obligation to clean up after itself, which is what this bill ensures.”The bill requires Vermont Yankee s parent company to make installment payments to fill the decommissioning fund if the plant does not continue to operate past 2012. If the plant closes in 2012, the owners will be required to make payments to fill the fund in 2011, 2012, 2018 and 2020.”Now more than ever, given the economic crisis and the instability on Wall Street, we need to ensure Vermonters and Vermont businesses don t have to pay upwards of a billion dollars to clean up the nuclear plant if it ends operation in 2012,” said House Natural Resources and Energy Chair Tony Klein.The committee vote was 8-2-1.last_img read more

Burlington Mayor Kiss fights back, to call special council meeting on BT

first_imgBurlington Telecom,Burlington Mayor Bob Kiss has taken issue with several aspects of the audit of Burlington Telecom. The audit offered a scathing rebuke of the city’s administration and the financials of the ailing municipal cable, voice, Internet company. The mayor said Friday the city was continuing to review the Larkin Report, anticipating a further response this week.The report was initiated by the Vermont Public Service Department in the Fall of 2009 and released December 10, 2010 (STORY). So far, Kiss said the city has identified several gaps and omissions in the report, including but not limited to:· Larkin staff never contacted or interviewed City officials or the City’s consultant Dorman & Fawcett;· Larkin never interviewed the City’s independent auditors, Sullivan, Powers & Co. (’SPC’);· Larkin’s analysis fails to include recent developments with CitiCapital; and· Larkin failed to account for BT’s current financial status and improvements implemented since Dorman & Fawcett took over interim management of BT nearly 4 months agoThe City’s ongoing review of Larkin’s accounting claims about BT also shows that almost every issue cited from the City’s management letters, in section L of the report, had been addressed by the City by the end of FY10, at least six months before Larkin completed its report. In addition, a formal process for monitoring the Certificate of Public Good (’CPG’) was addressed in September 2009 prior to initiation of the Larkin report; however Larkin failed to note this significant development.‘Our review shows that Larkin failed to understand how and when the City addressed issues identified in auditor management letters, causing the report to be misleading,’ said Chief Administrative Officer Jonathan P.A. Leopold.The Larkin Report does not discuss or address in any way recent developments related to the work of Dorman & Fawcett. The City has terminated its lease agreement with CitiCapital and, through Dorman & Fawcett, is in advanced discussions with several interested strategic and financial partners to procure replacement equipment. Dorman & Fawcett assumed interim management of BT in August 2010, implementing several changes, showing revenue levels above last year’s, and reaching a cash flow position well above operational costs. Larkin failed to contact Dorman & Fawcett about these or any other issues.‘The Larkin Report lacks credibility,’ said Mayor Bob Kiss. ‘Larkin praises the Blue Ribbon Committee but fails to observe that the City has been implementing the Committee’s primary recommendations. With the assistance of Dorman & Fawcett, the City has sought to address the CitiCapital lease while improving BT’s cashflow and the efficiency of BT’s operations. BT’s viability is of paramount importance. It is a major mistake to rely on the Larkin report. It is dated, incomplete, and contains numerous omissions.’Mayor Kiss added, ‘This report has been characterized as independent, which is not true. In reality, it was prepared for the Department of Public Service and David O’Brien in the context of an adversarial proceeding.’ Larkin has been involved with the City and Public Service Department in prior proceedings late last year related to a Burlington Electric Department rate increase. Larkin’s analysis in that case was ultimately rejected by the parties in favor of the City’s position.Mayor Kiss said the City will respond in more detail next week, after additional time to review the report. The City will also consider whether to formally respond to the report to the Public Service Board.In related news, Mayor Kiss announced Friday he will call a special City Council meeting on BT sometime in early January.Burlington, VT ‘ December 17, 2010. The City of Burlingtonlast_img read more

VSJF launches new flexible capital fund

first_imgThe Vermont Sustainable Jobs Fund (VSJF) today announced the launch of the VSJF Flexible Capital Fund, L3C. The fund is the first business-lending program in Vermont focused on royalty financing for growth stage businesses ‘ and one of only two such investment-lending programs of its scale in New England.Using investment tools such as royalty financing and subordinated debt, the VSJF Flexible Capital Fund (Flex Fund) provides small businesses in Vermont with access to the flexible risk capital they need to grow – without having to give up their ownership stake in the company.The Flex Fund is also unique in that it is specifically targeted to support Vermont companies in value-added agricultural, forest products, and clean technology sectors.‘Business owners who can’t find the right match of capital to grow their businesses now have one more option available to them ‘ a flexible, higher-risk debt instrument that won’t force an exit strategy in order to pay back the investor,’ said VSJF Flexible Capital Fund President Janice St. Onge. ‘The Flex Fund provides them with the flexible and patient capital they need, and also offers investors a tangible way to support the growth of Vermont’s green business sectors.’The VSJF created the Flex Fund with the help of a $500,000 federal appropriation secured by US Senator Patrick Leahy in 2010. These funds were leveraged to raise $1.2 million from private accredited investors. The fund is seeking to raise another $2.3 million. When fully capitalized, the VSJF Flexible Capital Fund will have $4 million to invest in projects that benefit Vermont.Current accredited investors in the Flex Fund include foundations, Vermont organizations and private individuals who are looking for ways to invest locally in the Vermont community.‘This isn’t your average low-cost loan, but we’re cheaper than equity,’ said St. Onge. ‘Until now, flexible risk capital at a Vermont scale has been out of reach for many of our small businesses ‘ specifically those in our natural resource and clean technology sectors. The Flex Fund is filling a critical gap in their financing options. They need more choices of flexible capital across the risk continuum to grow and prosper, and now they’ll finally have access to it.’Businesses receiving capital through the Flex Fund also have the added advantage of instant access to the networks, expertise, mentoring services and technical assistance programs of the Vermont Sustainable Jobs Fund.‘In that sense, we’re very different from the traditional investment model. We nurture the businesses we lend to every step of the way to ensure a positive outcome – providing the strategic counsel, mentoring and critical infrastructure support that entrepreneurs really need as they grow their businesses.’‘When we were looking for growth capital a few years ago there was nothing like the Flex Fund available,’ said Tom Stearns, founder of High Mowing Seeds in Wolcott. ‘We had to go out ourselves and find the right kind of patient investor that didn’t require us to sell out. It was hard work and took a lot of time and education on our part. The Flex Fund offers another way to link into flexible capital without having to make raising money a full time job!’St. Onge said the VSJF Flexible Capital Fund is now looking for companies in Vermont’s green business sectors who are in need of flexible risk capital, as well as accredited investors who want to see their investments working directly in the Vermont communities they live and work in.About The VSJF Flexible Capital FundThe VSJF Flexible Capital Fund, L3C is a mission-based, low-profit limited liability company, an investment structure that combines the financial advantages of the limited liability company (LLC) with the social advantages of a non-profit entity (501c3) by focusing investment on in socially beneficial, for-profit ventures. It provides near-equity or mezzanine financing to targeted Vermont growth companies in sustainable agriculture and food systems, forest products, renewable energy, waste management and other green economy sectors.The VSJF Flexible Capital Fund is a separate entity created by the Vermont Sustainable Jobs Fund (VSJF), which develops markets for sustainably produced goods and services to create jobs for the next generation of Vermonters. The VSJF provides grants and technical assistance to entrepreneurs, businesses, and farmers, to accelerate the development of Vermont’s green economy.www.vsjf.org/what-we-do/flexible-capital-fund(link is external)last_img read more

Editorial: Wisconsin’s Governor Wants to Waste Taxpayer Money Fighting Clean Energy

first_img FacebookTwitterLinkedInEmailPrint分享From the (Milwaukee) Wisconsin Gazette: There’s a proposed item in Gov. Scott Walker’s budget that would waste $250,000 to have the Public Service Commission study the health effects of wind turbines. His transparent intention is to continue stalling on Wisconsin’s development of this renewable energy source, which is opposed by the real-estate sector and producers of dirty energy, including Koch Industries and Exon Mobil. Those industries have bestowed Walker with beaucoup bucks, and, as he’s proven time and again, he’s not about to let the state do anything counter to their interests on his watch — not even for the best interests of Wisconsinites.If wind energy did indeed present a health hazard for humans, the world would be well aware of it by now. Wind energy is the second fastest-growing source of renewable energy in the world — behind only solar, Wind has contributed to increasing energy independence and job growth throughout Europe and Asia over the past decade. It’s also led to falling energy costs in nations such as Germany, where 31 percent of energy during the first half of last year came from wind, solar and hydro.Neighboring Iowa generated 27.4 of its electricity from wind in 2013. The state continues to expand its wind energy program, with no reports of health problems that we could find.But there’s even stronger evidence that wind energy is harmless, and Walker is well aware of it. Five years ago, 13 Wisconsinites from all sectors were appointed to the state’s Wind Siting Council. The council reviewed over 50 different scientific studies and found no evidence to support the contention of Walker and his shills that wind turbines are hazardous to human health. The only studies used by the council were those that had appeared in peer-reviewed scientific journals. The findings of the Wind Siting Council, presented to the Legislature in October 2014, should have marked the end of the story for wind energy deniers.The $250,000 Walker wants to spend to duplicate a conclusive study on a topic that has long since been settled elsewhere could be used in many other productive ways.  The Wisconsin League of Conservation Voters suggests that the money could go to programs that contribute to conservation, clean energy, or monitoring the pollution and contamination that we know are caused by the forms of energy that Walker favors.The absurdity of Walker throwing away taxpayer money to hold up the production of clean energy due to public health concerns is laughable. Walker has never met a polluter he didn’t like. His environmental policies are extremely hazardous to public safety, including the relaxation of regulations for polluters, construction of the nation’s largest tar sand crude pipeline, which flows under every major waterway in the state, and revamping the permitting process to make it easier for operators of open pit mines to get approval without public input — just for starters.This is not a partisan issue. Renewable energy is essential to keeping Wisconsin in the game, and the hypocrisy Walker shows toward it should offend every citizen who expects our leaders to do what’s best for us over the interests of their benefactors or in the interests of their political aspirations.Of course, the Public Service Commission, which is dominated by Walker appointees, might just come up with findings that conveniently differ from all the scholarly studies on the subject. If that should occur, we hope that Republicans and Democrats alike recognize the sham for what it is.Editorial: Walker wants $250,000 to duplicate wind energy study because he didn’t like the findings Editorial: Wisconsin’s Governor Wants to Waste Taxpayer Money Fighting Clean Energylast_img read more

On the Blogs: New York Grid Update Widens Market for Renewables

first_img FacebookTwitterLinkedInEmailPrint分享Katherine Tweed for Greentech Media:New York has an ambitious goal of getting 50 percent of its electricity from renewable resources by 2030. To get there, the state will need to expand grid infrastructure to deliver renewable power from rural areas to load centers.But the state won’t always have to build new infrastructure — it can do more with what it has.The New York Power Authority and New York State Electric & Gas have just finished the first project that shows what is possible using existing infrastructure.NYPA completed a $120 million transmission upgrade, called the Marcy South Series Compensation Project, that will move up to 440 megawatts of additional capacity from upstate, where there are abundant wind and hydro resources, to downstate cities.“Marcy South is a prime example of how we can do more with existing assets,” Richard Kauffman, chair of energy and finance for New York, said in a statement.Instead of building new transmission, NYPA and NYSEG collaborated to connect portions of their grids with ABB capacitor banks installed in the middle of the state. The project is a part of New York Governor Andrew Cuomo’s energy highway initiative that was established in 2012. The initiative calls for nearly $6 billion to modernize New York’s transmission system in order to enable more clean energy development.“This is a traditional transmission upgrade that utilities are turning to more and more, when additional capacity is needed or when power needs to travel further to get to load centers,” said Ben Kellison, director of grid research at GTM Research.New York Links Power Lines to Bring Renewables From Upstate to Downstate On the Blogs: New York Grid Update Widens Market for Renewableslast_img read more

Macquarie Group Moves Deeper Into Renewables

first_img FacebookTwitterLinkedInEmailPrint分享Australian Financial Review:When shares in Macquarie Group came within a whisker of cracking the $100 mark on Friday it was a sign of the growing market confidence that its 14,000 employees in 27 countries would continue to prove adept at making humungous amounts of money. Macquarie stock hit an intra-day high of $99.75 on Friday, about 50¢ higher than the previous record high set in May 2007.The move toward $100 a share comes soon after Macquarie employees sent a clear message to chief executive Nicholas Moore to direct the bank’s energies toward servicing a low-carbon economy.Employees were asked where the best money-making opportunities would be in the years ahead. They came back with three words – renewables, infrastructure and technology.In calendar 2016, the total amount of new investment in renewable energy projects in the world was $US240 billion, according to Tim Bishop, who heads Macquarie Capital. He said that outstripped the $US180billion invested in all other infrastructure projects in the world including rail, ports and airports.Bishop says the growth rates baked into renewable expansion are hard to comprehend. Macquarie’s own forecasts are for $US1 trillion in investment in renewables infrastructure over the next five years. Bishop says about $US600 billion of this will be in Asia.Earlier this year a Macquarie-led consortium comprising Macquarie Group, Macquarie European Infrastructure Fund 5 and Universities Superannuation Scheme completed the acquisition of the UK Green Investment Bank from the British government for £2.3 billion.Bishop says this acquisition was a turning point for Macquarie in Europe because it not only acquired one of the region’s largest group of bankers with expertise in renewables it got control of a pipeline of renewable projects.If Macquarie plays its cards right it could well become the global leader in financing green infrastructure projects using a combination of debt and equity. This would give it a distinctive differentiation from other investment banks in the United States, Europe and Asia.To be brutally honest these banks are caught up with traditional business models focused on high-risk trading in financial markets and fighting to win the next M&A transaction. Macquarie has an opportunity to dominate the renewable energy space because of its unique business model. That model has evolved rapidly since the global financial crisis.Its specialist alternative asset manager, Macquarie Infrastructure and Real Assets, is a leading renewable energy investor. Since 2010 it has invested or arranged about $15 billion of investment into renewable energy projects.Moore says that the past 12 months has seen a tipping point in the relative attractiveness of renewable energy.“There’s a number of important landmarks that we’ve seen in recent times that really shows that green energy is coming into its own,” he says. “There was an auction for offshore power in Germany in the last 12 months which was significant. This auction was for offshore wind power – wind farms built in the North Sea. We noted that the winner actually was with a zero subsidy from the government.”More ($): Macquarie Group sees big dollars in renewable energy investment Macquarie Group Moves Deeper Into Renewableslast_img read more

Tesla’s Aussie Success Paves Way For More Projects

first_img FacebookTwitterLinkedInEmailPrint分享Australia’s renewable energy sector responds to the success of South Australia’s Tesla lithium ion battery: South Australia will build the world’s largest solar thermal plant, and a Queensland wind farm may be the site of a new record-breaking battery.The Aurora solar plant in Port Augusta, SA, will begin construction this year. The $650 million, 150-megawatt plant uses mirrors and solar power to heat molten salt and generate electricity, and was approved this week by the state government. It will be built by American company SolarReserve, and is expected to create 650 local jobs during construction.In Queensland, French utility Neoen – which partnered with Tesla in SA to create the world’s largest battery – may trump its own creation by building an even larger storage system at the Kaban Green Power Hub, 80 kilometers from Cairns.Garth Heron, Neoen Australia’s head of wind development, told Bloomberg the company was looking to create “a very large battery” up north to deal with “a lot of need for electricity storage up in Queensland.”The South Australian Tesla battery, which is paired with Neoen’s Hornsdale wind farm, has a 100 MW capacity. In December the state government hailed the battery’s effectiveness in dealing with power outages, and Neoen and Tesla have recently announced plans for a second collaboration to build a 20 MW battery in Victoria.More: https://www.theguardian.com/environment/2018/jan/11/big-new-renewable-projects-planned-across-australia-as-tesla-effect-hits Tesla’s Aussie Success Paves Way For More Projectslast_img read more

Swiss Re steps away from coal insurance business

first_imgSwiss Re steps away from coal insurance business FacebookTwitterLinkedInEmailPrint分享Greentech Media:Swiss Re took a step forward this week in its commitment to manage carbon-related sustainability risks and support the transition to a low-carbon economy. As of Monday, the Zurich-based firm no longer provides insurance or reinsurance to businesses with more than 30 percent exposure to thermal coal.The thermal coal policy announced in June 2017 was based on Swiss Re’s pledge to adopt the principles of the Paris climate agreement in 2015, which seeks to keep global warming under 2 degrees Celsius. As part of that commitment, “Swiss Re supports a progressive and structured shift away from fossil fuels,” according to a company statement.The thermal coal policy applies to both new and existing thermal coal mines and power plants, and is implemented across all lines of business and Swiss Re’s global scope of operations. The policy is an integral part of Swiss Re’s Sustainability Risk Framework, which the reinsurer uses for all underwriting and investment activities.The 30 percent threshold on Swiss Re’s insurance practice is in line with the threshold on the firm’s investment practice. As of 2016, Swiss Re stopped investing in companies that generate 30 percent or more of their revenues from thermal coal mining or that use at least 30 percent thermal coal for power generation. The reinsurer also divested from existing holdings.Swiss Re isn’t the only insurance firm to restrict its participation in the coal sector in recent months. In May, Germany’s Allianz stopped insuring single coal-fired power plants and coal mines, in response to criticism from environmental groups. Dai-ichi Life Insurance recently became the first Japanese institution to stop financing coal-fired power plants overseas, and Nippon Life Insurance is considering limits on coal plant financing.More: Swiss Re stops insuring businesses with high exposure to thermal coallast_img read more

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