Pascale Labrecque

🔋 Strong regulatory frameworks will be pivotal in unlocking the capital required for the energy transition. As the #FTEnergy Transition Summit kicked off in London on Tuesday, Domenico Franceschino, Axpo Group’s Head of Origination West & East Europe, joined other thought leaders on a panel to discuss the most pressing questions around #financing requirements, #investment trends, and obstacles in the #renewables market as energy providers and customers embark on their journey to achieve ambitious #decarbonisation targets. Among his key messages: 💡 There is good appetite for financing renewable energy assets in European countries and little need for subsidies. However, more support is required to upgrade and expand the grid to tackle intermittency issues and allow for a stable renewable energy supply. ⭐ Stability in the regulatory framework, especially to obtain licenses and permits, stimulates long-term investment. 🗨 “We do need to have a strong legal and regulatory framework to be able to understand, hedge and manage the risk stemming from the situation where the grid is under too much stress, which leads to reduced power production.” 💬 “For me, what is required is not per se the financing of a renewable energy plant, it is more upgrading of the grid, expediting regulatory aspects, the licenses and providing further stability.” 🤝 Thank you for a great discussion Emiliya Mychasuk.

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If you are curious about the future impact of infrastructure investment, here's a significant update from the recent 2024 G7 Summit in Fasano, Italy: G7 Leaders have reinforced their dedication to the Partnership for Global Infrastructure and Investment (PGI). The United States is leading the way with over $60 billion already mobilized towards PGI investments, aiming for $200 billion by 2027, part of the G7's $600 billion target. The Lobito Economic Corridor, a flagship PGI project, will revolutionize transportation infrastructure in Angola, DRC, and Zambia with Africa's first open-access transcontinental rail network. Major industry players like Microsoft and BlackRock are making substantial commitments to support PGI's goals. Their investments will focus on digital infrastructure, cybersecurity, and climate infrastructure. For more details on the commitments and advancements made at the 2024 G7 Summit, check out the link: https://lnkd.in/gSNdxEgx #infrastructure #pgi #ᴍɪᴋᴇᴅᴜɴᴄᴀɴ #ᴍᴀᴋᴇitʜᴀᴩᴩᴇɴ #LBFalumni #SkyHighTower🚀

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BNP Paribas Asset Management launches €750 million low carbon transition infrastructure fund Rodolphe Brumm Karen Azoulay BNP Paribas #infrastructure #energytransition #circulareconomy #sustainableinvesting #lowcarbontransition

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We are on fire ! Another important bond issuance where Intesa Sanpaolo acted as Active Joint Bookrunner. It is always a pleasure to support Cellnex Telecom when they tap the DCM but in this particular case even more as this one represented the return of Cellnex Telecom to the European bond market with a senior unsecured offering after more than two years of absence. Additionally it represents the first visit of the company to the bond market as a pure IG credit after being upgraded to BBB- by S&P's on March 3rd, 2024. The book was heavily oversubscribed and that allowed Cellnex Telecom to tightening pricing conditions, and still ended up with a large oversubscription which, in my opinion, represents the current market sentiment, i.e. the capital markets have started to reactivate even more due to the combination of two factors: the general consensus that rates are going to fall, which means entering a new cycle, and the need for many investors to invest in such good names after years of managing uncertainty. Congrats to Cellnex Telecom and the IMI-Intesa team ! Let's improve even more last years' DCM league tables in Spain !!! 💪 💪 💪 https://lnkd.in/dkPB-Sqx

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Intesa Sanpaolo announces its 2030 targets for the progressive decarbonization of financing in the Residential Real Estate, Agribusiness-Primary Farming, Cement, and Aluminium sectors. With these additional targets, Intesa Sanpaolo completes the definition of its 2030 decarbonization targets for the highest-emitting and most material sectors for the Group, as indicated by the guidelines of the Net Zero Banking Alliance, which the Group joined in October 2021. Find out more: https://ow.ly/wNnY30sIoHj #IntesaSanpaolo #ESG

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💡 Europe, including Luxembourg, has witnessed the emergence of a new type of investment products called ‘carbon funds’. The carbon credits generated and distributed by carbon funds allow investors to align their investment with sustainability goals or their carbon reduction targets, ensuring them a positive environmental impact and a guaranteed financial return. ➡️ Find out more about the subject by reading the latest contribution of our expert, Julie Pelcé and don't hesitate to contact her in case of any questions. #CMSlaw #CMSluxembourg #ESG #investmentfunds #responsibleinvestmentfunds #sustainability #environmentalimpact

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The Cellnex Austria announcement a few days ago made me think once again about valuations in the context of potential future consolidation. The multiple was 20.5x EBITDAaL vs previously 24x for Cellnex Ireland. The Ireland multiple reflects in-market synergies and the longer time to closing/higher regulatory risk. Assuming in that case the buyer and the seller split the value of the synergies roughly 50-50, the underlying pre-synergies multiple would have been around 27-28x. This implies a c.6-8x premium for in-market synergies, before considering their split between the buyer and the seller. Undoubtedly other factors impacted the multiples (e.g. there is a meaningful difference in the average credit rating of key telco tenants in the two markets) - nevertheless it is a useful indication. Given potential synergies, it seems likely that an in-market merger could be a next step at some point in the future.

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Last Friday Euronext hosted its Investor Day, a moment to take stock and to look forward to the next three years. The Group has integrated and strengthened the Italian businesses ahead of targets, consolidated its matching engines in a state-of-the-art, green data centre, diversified top line and established a material presence across listing, trading, clearing and settlement. Under the new plan, ‘Innovate for Growth 2027’, Euronext will: - Embark upon an ambitious project to reduce the post trade fragmentation that has long held back European growth. - Become a global champion in listing and corporate services. - Expand the FICC trading and clearing franchise, particularly in repos and energy. - Consolidate its position in cash equity trading. Find out more here: https://lnkd.in/ez32fht5 #ReduceFragmentation #CapitalMarketsUnion #SavingsandInvestmentUnion

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As the Fed cuts interest rate to deliver a soft landing and China unveils its most aggressive stimulus package in years, we do think Emerging markets is well positioned for a comeback. Uncertainties remain, for instance those related to the implications of the U.S. election, China’s economic policy reversal, geopolitics, oil prices… thus a position should be built progressively.

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"We build long-term partnerships with courageous, intelligent, and integrity-driven entrepreneurs to create long-lasting companies." At Initiative Equity Partners, we firmly believe that our purpose as an organization is to identify extraordinary businesses led by management teams that demonstrate integrity, discipline, excellence, and exceptional capital allocation skills. All of this is to say that ultimately, what we do is nothing but an effort to put our capital to work in companies that exemplify change and positively impact the world. Our newly established partnership with ArtIn Energy is a promise and a commitment to help thousands of businesses with their energy transition needs while creating work opportunities, sustainable initiatives, cleaner energy solutions, and reducing costs for our clients. We are proud to be part of this tech and energy revolution, and we will work relentlessly to make this a success. #Partnerships #Entrepreneurs #BusinessImpact #EnergyTransition #SustainableInitiatives #TechRevolution #EnergyRevolution #ChangeMakers #InitiativeEquityPartners #ArtInEnergy

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We are delighted to share Ardian’s 2024 𝗨𝗡𝗣𝗥𝗜 𝘀𝗰𝗼𝗿𝗲𝘀. 📊   Ardian has once again achieved outstanding scores, surpassing industry medians in all modules. This underscores the robustness of our ESG practices and reaffirms our leading market position.   The UNPRI reporting is the largest global reporting project on responsible investment and stands as a robust market standard on ESG. As an early signatory of the PRI since 2009, we actively contribute to the PRI community and its initiatives. Our commitment to responsible investment is rooted in our purpose: to invest in building companies that last. This dedication drives our strategies, integrating sustainability as a core value for creating long-term value and financial performance.   📄 Read the report to learn more about Ardian’s UNPRI scoring → 2024-Public-Full-Transparency-Report-Ardian.pdf And discover our Summary Scorecard → 2024-Summary-Scorecard-Ardian.pdf   Principles for Responsible Investment #ESG #Sustainability #PrivateEquity #ValueCreation #ArchitectsofLastingChange

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The latest monthly report from Phenix Capital Group shows growth of more than 10% in both the number of infrastructure impact funds on its database and the amount of capital raised by them over the last year, writes Ian Lewis. #impactinvesting #infrastructure #realassets https://lnkd.in/ewzizs_U

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Intesa Sanpaolo's IMI Corporate & Investment Banking Division brought together institutions, associations, businesses and finance in Madrid to examine the economic outlook of Italy and Spain.The discussion focused on the two countries’ role within the European context, the energy transition and the importance of investing in strategic infrastructure. Gregorio De Felice, Chief Economist of Intesa Sanpaolo, showed an overview of the infrastructure system in Italy and Spain that needs for large investments, closer public-private collaboration, and greater cooperation between states. Mauro Micillo, Chief of the IMI CIB Division of Intesa Sanpaolo, commented positively on the strong relations between Italy and Spain: “We firmly believe that investments in strategic sectors such as energy and infrastructure are key factors for sustainable economic development and for boosting Europe's competitiveness”. Find out more: https://ow.ly/nkLe30sGLF7

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when it comes to #energytransition, people often tend to forget about the potential of green gases. ENGIE we believe green gases are key for the energy transition and we set ambitious objectives for 2030 & beyond! Do you want to understand why? 👇 https://lnkd.in/epU9eEih #energy #biomethane #greengases

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The 18 May 2024 opinion of the three European Supervisory Authorities (ESAs) on SFDR is very welcomed, particularly in recognising – what other industry commentaries and I have been asserting – the need to “focus on clear, simple and concise consumer-facing information’ for financial products, including ‘sustainable’ and ‘transition’.” “Post-Brexit EU and UK regulators must learn from each other – and aim to achieve sustainability label and disclosure coherence between SDR and the reformed SFDR”…..“There is a pressing need to rectify the SFDR shortcomings. Hopefully, the European Commission will speedily progress reforms that implement the ESAs’ recommendations, and not be inhibited by a populist greenlash.” Thanks to Richard Lowe IPE Real Assets for this coverage and quoting me as well as Lonneke Lowik Aleksandra Njagulj. AREF (The Association of Real Estate Funds) British Property Federation INREV Investment Property Forum Apex Group Ltd

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During the 20th edition of the Spain-Italy Dialogue Forum in Barcelona, Mauro Micillo, Chief of Intesa Sanpaolo's IMI Corporate & Investment Banking Division, highlighted the importance of attracting resources to finance strategic investments and implementing the structural reforms necessary to enhance Europe's competitiveness and growth, which are essential to support the transition. https://ow.ly/S8J530sIICg

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