EF BRIEFS: Canadian Solar, Dong Energy, Jinko Solar, Masdar, Japan, California, India

04 January 2016

Canadian Solar's share price drops as it announces $100m equity raise

Canadian Solar's share price is down some 5% since it announced plans to sell up to $100 million of equity.

The renewables firm will sell the common shares as part of an "at-the-market" programme. Sales will be made "from time to time", at the company's discretion, and proceeds will be used for general corporate purposes. Credit Suisse will act as the sales agent.

Canadian Solar trades on NASDAQ and has seen its share price fall around 4.7% on the back of the announcement, at the time of writing. At the time of publication it is trading at $27.55.

Dong Energy to pump £6bn into UK by end of decade

Dong Energy plans to invest £6 billion ($8.8 billion) into its UK operations between now and 2020, according to an interview with the Guardian.

Brent Cheshire, chairman of the Danish firm's UK division – which is already the biggest operator of offshore wind assets in the country – told the newspaper he was optimistic about the sector despite recent cuts to subsidies and tax breaks.

Last year, the UK's secretary of state for energy and climate change, Amber Rudd, said the government would support offshore wind if the industry could reduce the cost of projects.

According to the Guardian, Cheshire said: "It was a concern that it took as long as it did [for ministers to recommit to offshore wind], but we have now got it. I think there is the clarity we need to commitment to new investment".

 

Californian municipal issuer set launch $8.9m renewables bond

California's Imperial Irrigation District Electric System is set to launch an $8.875 million "renewable energy bond".

Proceeds from the bond will be used exclusively to refinance an earlier bond that was used in the construction of a hydroelectric dam.

Jinko Solar chief strategy officer steps down

China's Jinko Solar has lost its chief strategy officer, who has resigned "for personal reasons".

Arturo Herrero, who held the position for two years, having worked at Jinko Solar for six years in total, stepped down on January 1. The company did not say whether it was seeking, or had already secured, a replacement for the position.

JinkoSolar manufactures solar products such as modules, cells and mounting systems, which is distributed globally. It also sells electricity within China.

Masdar to double renewables portfolio as it eyes new markets

Masdar – the renewable energy firm owned by the government of Abu Dhabi – has told regional media that it plans to double its portfolio over the next ten years, and is eyeing projects in Morocco, Egypt and Jordan.

Speaking to Gulf News, Masdar's CEO, Ahmad Belhoul described the three countries as "key markets" in the Middle East and North Africa, for both solar and wind.

"Demand for energy is expected to double in the region by 2030. The majority will come from renewable energy. It makes sense for us to double our portfolio in the next ten years. We will be a big player in the market," Belhoul told the publication.

The company is also looking at opportunities in India, which has ambitious renewable energy targets.

 

Development Bank of Japan recognised for green bond activity

The Development Bank of Japan (DBJ) has won first prize in the country's Sustainable Finance Awards for its activities in the green bond market.

The awards, run by the Tokyo-based NGO Research Institute for Environmental Finance, praised the bank for its issuance of bonds that adhere to the Green Bond Principles, describing it as a "green bond leader in Japan".

Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank and Daiwa Securities were all named runners up in the awards. Goldman Sachs Japan received a prize for its work formulating project bonds for renewable energy ventures in the country.

California State Treasurer to meet green bond investors

California's State Treasurer, John Chiang, is to hold a series of meetings with potential investors across the US in a bid to promote its green bonds.

Chiang will meet with municipal bond retailers, environmental-friendly investors and large investment funds in San Francisco, New York City, Boston and Chicago.

The state's institutions issued $307 million of green bonds in 2015 – a year which saw US municipal issuance become a significant part of the global green bond market.

Hindustan Powerprojects pushes back IPO of renewables arm

India's Hindustan Powerprojects has reportedly made changes to a plan to float its renewables subsidiary.

The firm said in 2014 it would list its solar unit, Hindustan Cleanenergy, in India. However, it is yet to make the move and – according to media reports – will now float Hindustan Powerprojects itself, by the second half of 2016.

US private equity firm Blackstone group invested $300 million in the company in 2010 and currently owns a 30% stake.

The date of the IPO is not confirmed, but is expected in the second or third quarter of the year, according to a spokesperson cited in the reports.