MEAG buys 27MW UK wind farm
MEAG, the asset management arm of Munich Re, has bought a 27MW solar farm in the UK from BayWa r.e.
Munich-based BayWa r.e. constructed Lynt Farm, some 40KM to the southeast of Oxford, last year, allowing it qualify for the Renewables Obligation support from the UK government. It has a power purchase agreement with the McDonald's fast food chain.
The transaction closed on 31 December. The financial details were not disclosed.
Iberdrola plans return to green bond market
Spain's Iberdrola is "highly likely" return to the green bond market, as its funding programme returns to normal in 2016, Environmental Finance has learnt.
Although no date has been set for the bond, it is understood that the renewables developer may issue under its mid-term notes programme.
Iberdrola, the world's largest wind developer, last tapped the market in April 2014 when it issued a €750 million ($1 billion) green bond.
London pension fund divests from coal and invests in low carbon
Haringey Council's pension fund has pledged to divest from any investments it has in coal and invest £200 million ($285.1 million) in a low-carbon fund.
The pledge would mean that Haringey, in London, invests one third of its assets into a low-carbon fund, following lobbying by Friends of the Earth, Muswell Hill Sustainability Group and others.
Other UK pension funds that have made similar divestment commitments include the Environment Agency and South Yorkshire pension fund.
Canada gets first solar ABS
An online platform for financing and investing in distributed solar, is set to issue Canada's first retail solar asset backed security (ABS).
CoPower will issue up to $300,000 of green bonds, with a five year tenor and a 5% coupon.
The bond is set to go on sale on 2 February and will be purchased through the platform, with larger isses expected to follow throughout 2016.
Swiss Re and Veolia collaborate on resilient cities initiative
Swiss Re Corporate Solutions and resource management company Veolia have joined forces to help improve cities' resilience to climate change and to speed their recovery from catastrophic events.
The collaboration was brokered by 100 Resilient Cities, an initiative funded by the Rockefeller Foundation, and will involve the companies in helping cities to understand the exposure of critical assets under current and future climate scenarios.
"Cities rarely have financial plans in place to protect critical assets against shocks before they occur and, in the aftermath of such events, cities must determine what is damaged, how it will be fixed, who can fix it and how to fund these repairs," said Swiss Re in a statement. "This unique initiative will dramatically improve and streamline the existing process," it added.
No financial details of the arrangement have been disclosed.