Cenovus Energy to Sell Tucker Thermal Assets for $626 Million

Cenovus Energy Inc. on Dec. 16 agreed to sell its Tucker thermal assets in northeastern Alberta for CA$800 million (US$626.13 million), as the Canadian oil and gas producer looks to shed assets to repay debt.

Cenovus, which acquired Husky Energy earlier this year, has set an interim net debt target of $10 billion.

The company, which did not disclose the buyer, said it expects almost CA$2 billion in total proceeds from asset sales announced in 2021, including the latest transaction.

Cenovus also said it expects 2022 average production of between 18,000 and 21,000 bbl/d day at Tucker.

The Calgary, Alberta-based firm last month agreed to sell its retail fuels network and assets in Wembley, Alberta, in two separate deals worth about $660 million. (US$1 = 1.2777 Canadian dollars). /Source: HARTENERGY/

Dec. 17, 2021

Brazilian Digital Bank Nubank Raises $2.6 Billion in U.S. IPO

Selling nearly 290 million shares priced at $9 in its initial public offering on the New York Stock Exchange this week, Brazilian digital bank Nubank has raised $2.6 billion, reaching a market value of $41 billion. An alumni of Finovate’s developer’s conference FinDEVr in 2016, Nubank is now the most valuable financial institution in Latin America in addition to being the world’s biggest digital bank. CEO David Vélez, who co-founded the company in 2013 with an initial investment of $2 million from Sequoia Capital and Kaszek Ventures, now owns a stake in the company worth $8.9 billion at the IPO price.

“We don’t think the banking branch will survive the way it is,” Vélez said to CNBC this week. “It is too costly to serve the majority of users, especially in emerging markets where you have a very high cost of operations, so a lot of that physical infrastructure will probably ...

Dec. 13, 2021

BlackRock, Saudi asset manager Hassana sign deal for Aramco's gas pipelines

Saudi Aramco said it has signed a $15.5 billion lease-and-leaseback deal for its gas pipeline network with a consortium led by BlackRock Real Assets and state-backed Hassana Investment Co.

Gulf oil producers are looking at sales of stakes in energy assets and raising cash through long-term leases, capitalising on a rebound in crude prices to attract foreign investors.

Earlier this year Aramco sold a 49% stake in its oil pipelines to a consortium led by U.S.-based EIG under a similar structure for $12.4 billion.

As part of the latest transaction, a newly formed subsidiary, Aramco Gas Pipelines Co, will lease usage rights in the state energy firm's gas pipelines network and lease them back to Aramco for a 20-year period, it said.

In return, Aramco Gas Pipelines Co will receive a tariff payable by Aramco for the gas products that will flow through the network, backed by minimum commitments on throughput.

Aramco will hold a ...

Dec. 8, 2021

Voltus Reportedly Going Public In SPAC Deal With $1.3 Billion Valuation

Voltus Inc., an electricity-market technology startup that helps manage small, decentralized electricity systems, is going public by combining with a special-purpose acquisition company in a merger that values the company at about $1.3 billion.

The Wall Street Journal reported that Voltus is merging with the SPAC Broadscale Acquisition Corp., one of numerous so-called ‘blank-check’ firms focused on environmental, social and governance -- or ESG -- efforts.

Voltus differs from other ESG-focused companies in that it partners with existing grid operators in the U.S. and Canada to connect what it calls distributed energy resources, or DERs, to larger markets – similar to how Airbnb connects homeowners looking to rent their properties with people looking for a short-term place to stay.

San Francisco-based Voltus also makes each DER a financial asset, allowing customers to sell their excess electricity back to the grid, according to the Journal. Voltus counts Coca Cola  (KO) - Get Coca-Cola Company ...

Dec. 3, 2021

Legendary investor Ray Dalio is launching his biggest-ever China fund

Ray Dalio's Bridgewater Associates LP is set to launch its third investment fund in China and has already raised about $1.25 billion, according to the Wall Street Journal. 

The move signals Dalio's continued China bullishness and lands his hedge fund among the largest foreign managers of private funds in China. 

The new fund allows investors to buy into a trust product overseen by state-owned China Resources Trust. Bridgewater's China branch serves as the investment advisor. Money from investors is then channeled into its "All Weather Plus" fund. 

Bridgewater, the world's largest hedge fund with $150 billion is assets under management, has surpassed most other private-fund managers in China with its 8 billion-yuan fund. 

Today, only one of the 35 wholly foreign-owned private funds in China manages over 5 billion yuan, according to records with the domestic asset-management association. Winton Investment Management is the largest firm in China, with total assets ranging between 5 billion ...

Nov. 29, 2021

Lancium Closes $150 Million in Financing to Grow Clean Energy Business

Lancium Technologies Corp., a technology company focused on the energy transition, has closed $150 million in financing from leading energy companies and investors on Nov. 24.

Hanwha Solutions, one of the world's prominent providers of clean energy solutions and owner and operator of Q CELLS, leads this financing round. Lancium also received support from Novawulf and other strategic energy investors, as well as participation from SBI Holdings and other existing, early-stage investors.

"This financing allows us to embark on the next high-growth phase of our business, and we are encouraged by the support of a broad range of investors from the energy and cryptocurrency sectors," Michael McNamara, co-founder and CEO of Lancium, said. "We have an ambitious growth strategy with over 2,000 MW of capacity in development across our Clean Campuses, and significant capacity expected to come online in the year ahead."

Lancium Clean Campuses are built at critical points on the transmission ...

Nov. 24, 2021

EU invests over €1 billion in innovative projects to decarbonise the economy

The European Union is investing over €1.1 billion into seven large-scale innovative projects under the Innovation Fund. The grants will support projects aiming to bring breakthrough technologies to the market in energy-intensive industries, hydrogen, carbon capture, use and storage, and renewable energy. The projects are located in Belgium, Italy, Finland, France, the Netherlands, Norway, Spain and Sweden.

The seven projects were selected for funding under the first Innovation Fund call for large-scale projects, i.e. projects with total capital costs above €7.5 million. They were evaluated by independent experts for their ability to reduce greenhouse gas emissions compared to conventional technologies and to innovate beyond the state-of-the-art while being sufficiently mature to enable their quick deployment. Other selection criteria included the projects' potential for scalability and cost effectiveness.

The selected projects cover a wide range of relevant sectors to decarbonise different parts of Europe's industry and energy sectors, such as chemicals, steel, cement, ...

Nov. 19, 2021

Germany's largest power producer RWE to spend $57 billion through 2030 in green power push

RWE plans to invest 50 billion euros ($57 billion) through 2030 to raise its renewable energy capacity to 50 gigawatts, Germany's largest power producer said on Monday in a strategy update ahead of its capital markets day.

Adjusted earnings before interest, tax, depreciation and amortisation in its core business, which excludes nuclear and coal, is expected to more than double as a result to 5 billion euros by 2030, the company said.

"Our comprehensive strategic transformation has been successfully completed. We are in a great position to actively shape the key decade of the energy transition,"  Markus Krebber, who took over as RWE CEO in May, said in a statement.


Nov. 15, 2021

Ford Offering $2.5B Green Bonds to Help Finance EV Effort

Get Ford Motor Company Report offered a $2.5 billion unsecured green bond to investors, days after the American car maker launched its sustainable-financing framework and said it would buy back higher-priced debt.

The move comes as President Joe Biden is set to sign the administration's $1.2 trillion infrastructure bill, which includes major funding for electric-vehicle and other clean-energy projects. 

Ford said that it would allocate proceeds from the bond offering to fund investment in its battery-powered electric vehicle portfolio. 

“We’re again putting our money where our mouth is, prioritizing and allocating capital to environmental and social initiatives that are good for people, good for the planet, and good for Ford,” said John Lawler, Ford's chief financial officer.

Corporate green bonds have become more popular in recent years, with the debt instruments in the U.S. having raised nearly $59 billion in proceeds in 90 offerings so far this year, according to The Wall Street Journal. 

That ...

Nov. 10, 2021

Electric truck maker Rivian raises almost $12bn from share sale

Shares in electric vehicle firm Rivian are set to start trading in New York on Wednesday, after raising more than $11.9bn (£8.8bn) from investors.

That's as the shares were priced at $78 each, well above the company's target range.

That flotation ranks among the top 10 initial public offerings (IPOs) of all time in the US.

Yet Rivian only started delivering its first electric pick-up trucks to customers in September.

And the California-based start-up has made losses of over $2bn over the last two years.

But the van and truck maker has drawn significant investor interest, in part because it already has the backing of online giant Amazon.

And it is has beaten rivals include Ford and General Motors to a segment of the market - small trucks, pick-ups and SUVs - which is popular with American drivers.

The shares were priced at $78 each, which is above the target range of $72 to $74.

Rivian is already ...

Nov. 5, 2021