17 February 2022
Statkraft publishes strong 4Q21 results and updates progress on renewables strategy
Statkraft reported strong results in 2021, with underlying operating profit of NOK 9.3 billion, an improvement of NOK 7.8 billion compared with 4Q20. The improvement was driven by significantly higher Nordic power prices and high Norwegian hydropower production.
Statkraft also reported that it had purchased 43 wind farms in Germany and France with a capacity of 346MW and made an investment decision for the 80 MW Morro do Cruzeiro wind project in Brazil. In addition, its electric car charging business Mer has bought Elmtronics Group Ltd, a British car charging company.
Folksam invests almost SEK 4 billion in green bonds from the World Bank
Folksamgruppen, a Swedish insurer, has completed an investment of approximately SEK 3.8 billion in a green bond from the International Bank for Reconstruction and Development (IBRD) which aims to finance sustainable development around the world. Folksamgruppen is the sole investor in the bond that will, among other things, contribute to supporting projects in renewable energy, energy efficiency and biodiversity.
Inzile receives order from Pinero Group
Inzile, a manufacturer of intelligent EVs, has received an order, worth SEK 5 million, from the Spanish Pinero Group's subsidiary Turiscar, for the installation of a turnkey assembly plant with a capacity of 2,000 vehicles per year. The factory will assemble the new generation of hotel and resort vehicles for the Caribbean market for Inziles and Grupo Pinero's joint venture, EMOS Caribbean. The order will be delivered during the second quarter of 2022 to the Dominican Republic.
Arise establishes a Green Financing Framework and investigates the issuing green senior unsecured bonds
Arise AB, which prospects, builds, sells and manages renewable electricity production, has publishes its new green financing framework, which contains criteria for investments in renewable energy. To ensure that the framework follows the 2021 version of ICMA Green Bond Principles, Arise has received an external validation of the framework from Cicero Shades of Green, which has assigned the framework a "dark green shade". In connection with the establishment of the green financing framework, Arise has mandated DNB Markets to arrange investor meetings with bond investors to issue a green senior unsecured bond with a variable interest rate and an expected maturity of 4 years, up to EUR 50 million.
H2 Green Steel receives SEK 30 million in support from the Swedish Energy Agency
H2 Green Steel plans to build a production plant with low carbon dioxide emissions in Boden. The plant is planned to be put into operation in 2024. The company will now receive SEK 30 million in support from the Swedish Energy Agency to develop its process for the production of fossil-free steel. H2 Green Steel estimates that the new production process will reduce 95 percent of carbon dioxide emissions compared with traditional blast furnace-produced steel.
Ecoclime on growth path
Ecoclime Group AB, a growth company which offers advanced solutions in real estate technology for recycling, charging, storage, extraction and distribution of recycled and renewable thermal energy, reported a positive 4Q21. EBITDA was SEK 4 million, on sales of SEK 51 million, up around 20%.
Niam Infrastructure raises SEK 500 million for infrastructure investments
Niam Infrastructure, which was launched in 2021, has closed on a debut fund with more than SEK 500 million from several Swedish investors. The fund will focus on small to medium-sized investments in Nordic sustainable infrastructure. Sverker Åkerblom, CEO of Niam Infrastructure, said that “The confidence of investors in the first external closure enables us to maintain our focus on investments as we continue to raise funds towards our target of SEK 2 billion for the fund. We have an extensive pipeline with investment opportunities in renewable energy, transport and connection and are focused on delivering solutions that enable a sustainable energy transition.”
Fortum signs PPA for new wind farms with Borealis
Borealis, an Austrian manufacturer of advanced and circular polyolefin solutions, basic chemicals and fertilisers has signed a Power Purchase Agreement with Fortum extending over eight years and 800 GWh. The agreement begins in 2024 when Fortum’s wind farms Pjelax-Böle and Kristinestad Norr are completed.
The two wind farms Pjelax-Böle and Kristinestad Norr will consist of a total of 56 wind turbines with a capacity to generate approximately 1.1 terawatt hours per year. Both parks will be run by the majority owner Fortum. Construction will begin in January 2022 and planned commissioning is by mid-2024 at the latest. The agreement between Fortum and Borealis covers ten percent of production.
What we’re reading
- The White House Is Going After One of Climate Change’s Thorniest Problems - It requires building new factories. Lots of them. (The Atlantic)
- Australia’s biggest coal-fired power plant to shut years ahead of schedule (Financial Times)
- Climate ETF on brink of failure months after UN summit launch (Financial Times)
- Japan aims to use 10% sustainable aviation fuel for airlines by 2030 (Seneca ESG)
- India seeks to replace diesel in agriculture with renewable energy (Seneca ESG)
About Nordic Green News
The Nordic countries are some of the most dynamic and successful economies in the world. They are also leaders in sustainability, from renewable energy, biofuels, carbon capture and storage and the hydrogen economy, circular economy business models and battery development, the Nordics are pioneers in policy design, technology development and consumer uptake. Mundus Nordic Green News is covering this transition for the international community. Every day we curate the stories of most relevance to international businesspeople and policy experts from the flow of news. Mundus Nordic Green Indices summarise the meta-data from our daily coverage to enable easy tracking of trends. We supplement these with our own opinion pieces and commentary.
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