US ROUND-UP: EDF signs second PPA for Texas project, Exelon separates utility & competitive energy business
Exelon separates utility & competitive energy business
24 February, 2021: Chicago-based energy company Exelon’s board of directors have agreed to separate its power generation business from its utility interests, creating two publicly-listed companies.
The split, which will be structured as a tax-free spinoff, will provide each new company with the financial independence to focus on their “specific customer needs”, Exelon said in a statement last week.
As part of the deal Exelon Utilities, known as RemainCo, will become the parent company for its six electricity and natural gas utilities Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco. Exelon Generation, meanwhile, will launch SpinCo, a business that Exelon claims is the largest supplier of clean energy across the US. SpinCo has a 31GW capacity portfolio of nuclear, wind, solar, natural gas and
By Sam Kerr
12 Feb 2021
London’s investment trusts have been tapping a deep pool of equity capital earmarked for green-linked deals. On Friday, SDCL Energy Efficiency Income Trust (SEEIT), the UK-listed energy efficiency investor, closed a £160m raise, £60m more than its original target and on the same day Greencoat UK Wind, the investment trust focused on UK wind farms, launched a £197.6m follow-on.
Both SEEIT and Greencoat are frequent issuers of new shares demonstrating that green companies can keep coming back to equity markets for capital as long as there is a clear use of proceeds and a strategy to achieve growth.The deals follow-on from a record start to the
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UK investor SDCL Energy Efficiency Income Trust (SEEIT) is to acquire a portfolio of solar and energy storage projects in the US with combined capacity over 175MW from Blackstone Group and take a 50% stake in Onyx Renewable Partners follow-on pipeline totalling more than 500MW.
Blackstone will remain a 50% partner in Onyx, which created the solar portfolios.
The total price of the consideration is $150m and initially covers over 200 operational, construction and development stage rooftop, carport and ‘private wire’ ground mounted solar PV projects in 18 US states.
Clients include municipalities, universities, schools, hospitals, military housing providers, utilities and corporates.
The operational projects are contracted under long-term power purchase agreements with predominantly investment grade C&I counterparties.