Sara Sulaiman

Earlier today, Cordiant announced the acquisition of HydrogenOne LLP: a specialist hydrogen infrastructure fund manager. This adds expertise to Cordiant's energy transition infrastructure team, and brings management of a second investment trust (a listed permanent capital vehicle) to the Cordiant family of funds. Hydrogen has had mixed news of late linked to uncertainty around the direction of certain government policies, but this $170 billion industrial market offers strong growth potential for both 'blue' and 'green' hydrogen. Europe has significant ambitions to reduce carbon emissions, and an equally strong imperative to increase energy security: hydrogen plays a role in both. JJ Traynor and Richard Hulf, the founders of Hydrogen One (now Cordiant HydrogenOne), and their colleagues will be strong addition to the Cordiant team. They will be based in our London office.

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Constant change in key areas across the energy transition is being driven by rapid innovation and a continuing influx of capital. M&A activity continues in the renewables and distributed energy sector, driven by trends such as energy storage at the forefront, increasing power demand, repowering initiatives, and more. Our Q3 brief discusses these trends and other M&A insights, including select transactions and public market observations.

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The wheel turns a full circle. We started investing our global renewables fund MGREF2 with a stake in UK offshore wind farm Gwynt Y Mor back in 2020 and we have now invested in Lynn and Inner Dowsing UK offshore wind farms as the 9th and final investment in MGREF2. In both cases we were able to leverage our long standing position in UK offshore wind to enable MGREF2 investors to benefit from a bilateral opportunity. We anticipate investing the final remaining funds in further supporting existing investments. Very happy to have finalised fund deployment across a diversified set of investments across different geographies and technologies which, I believe, will perform strongly for our investors over the coming years. This investment was made in partnership with our new semi-liquid wealth fund Macquarie Energy Transition Infrastructure (METI) and we are already investing MGREF2's open-ended successor fund Macquarie Green Energy and Climate Opportunities fund (MGECO). The new funds will enable us to continue Macquarie's leading investment position in a sector we view as being one of the premier investment opportunities globally.

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A series of ambitious projects in the NY area pipeline. Interesting to see all winners looking to maximize the generation capacity of their area, beyond making economic sense, it shows confidence in the US market capacity to deliver and absorb massive quantities of Offshore Wind Fundamentals support this view: strong coastal demand, wide areas of shallow water, a stable environment for investment, plenty of experience to deliver mega projects and an available supply chain. US remains one of the most promising and favorable areas for offshore wind, with NYB one of its jewels One difficulty looming remains onshore grid reinforcement which can surely be delivered with the right level of willingness and support. #Novaporte #acpoffshore24

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Multiple themes are generating growth and M&A opportunities within the energy management sector. Our latest article discusses key factors driving investor interest in energy efficiency and how recent Harris Williams client CLEAResult embodies growth potential across the landscape.

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Constant change in key areas across the energy transition is being driven by rapid innovation and a continuing influx of capital. M&A activity continues in the renewables and distributed energy sector, driven by trends such as storage at the forefront, increasing power demand, reshoring initiatives, and more. Our Q2 brief discusses these trends and other M&A insights, including select transactions and the market landscape. https://lnkd.in/eQjEBTkK

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Constant change in key areas across the energy transition is being driven by rapid innovation and a continuing influx of capital. M&A activity continues in the renewables and distributed energy sector, driven by trends such as storage at the forefront, increasing power demand, reshoring initiatives, and more. Our Q2 brief discusses these trends and other M&A insights, including select transactions and the market landscape. https://lnkd.in/eSZw3Dhm

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Macquarie Group today announced the offer of a new Additional Tier 1 capital instrument, Macquarie Group Capital Notes 7 (ASX:MQGPG), to raise $1 billion with the ability to raise more or less (Offer). The Offer includes a Reinvestment Offer for Eligible Macquarie Group Capital Notes 3 Holders (ASX:MQGPC). Shaw and Partners is pleased to be appointed as Joint Lead Manager to the Offer. The Margin is expected to be between 2.65% and 2.85% per annum and will be determined through the bookbuild. Distributions are non-cumulative and are expected to be paid quarterly in arrears, subject to the satisfaction of the Distribution Payment Conditions, which include that payment of Distributions are within the absolute discretion of Macquarie. The Distribution Payment Dates are 15 March, 15 June, 15 September and 15 December. The first Distribution is scheduled to be paid on 16 December 2024. Macquarie Capital Notes are Callable at MQG’s option on 15 December 2031, 15 June 2032 or 15 December 2032 (first approximately 7.25 years), or following a Tax or Regulatory Event. Macquarie Capital Notes 7 will Mandatorily Convert into Ordinary Shares on 15 December 2034 (subject to certain conditions), unless they are converted, Redeemed or Resold earlier. This offer is restricted to Australian Resident Wholesale clients (Sophisticated or Professional) and clients that receive personal financial product advice from a financial adviser to acquire Macquarie Group Capital Notes 7. For more information, please contact your Shaw and Partners adviser. The issuer of the securities is Macquarie Group Limited ABN 94 122 169 279. Offers of the securities will be made in (or accompanied by) a copy of the disclosure document, available at Macquarie Group Capital Notes 7 Prospectus - 19 Aug 2024 and you should consider the disclosure document carefully before deciding whether to acquire the securities. To acquire securities under the offer investors will need to complete an application form accompanying the disclosure document. For more information, please contact your Shaw and Partners Adviser.

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We close 2024 with exciting anticipation for what 2025 brings for many of our investments. The highlight of this year being The CoreTec Group(CRTG) and the start of their expansion plans. This small company has recently managed to acquire a solid power company in KiB Plug Energy Co(KIB) with current revenues of $100m USD!! The acquisition of this company and the ‘changing of the guard’ with respect to the management of KIB enables KIB to re emerge as a stronger, more efficient, more funded Power Company and with stronger pricing in the market. Setting KIB along with CRTG in a strong position to soar in the markets through 2025. This KIB acquisition will also assist Core Optics LLC(CORE), another recent subsidiary of CRTG. The KIB Credit facilities and capabilities should enable CORE to obtain even larger customer Contracts and increase its hold over the automotive industry. We believe that this is just the start for small start up that we first backed 10 years ago. We see further growth in 2025 through larger contracts, increased efficiency, additional acquisition and the commercialisation of The Endurion Battery Project. It’s going to be an exciting 2025 for this company That’s for sure. You never know we could be sat on a future Unicorn. Merry Christmas everyone and here’s to a Happy New Year.

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Amid dynamic changes in the energy sector and the unpredictable nature of commodity prices, we spoke with Chris Duncan to understand the complexities of investing in oil and gas companies. Read more in the latest edition of Brandes’ Investment Team Corner: #ValueInvesting

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Ithaca Energy highlights UK oil and gas growth opportunities UK-focused oil and gas firm Ithaca Energy has seen its shares surge around 10% as investors signalled approval for a growth plan that is expected to support generous payouts to shareholders Read More: https://lnkd.in/geG-sv9X 🔽 Find more info in comments below 🔽 #IthacaEnergy #UKOilandGas #Grwoth #OilandGasNews #OilandGasJobs ⤵️ Click Follow on our page to keep up to date with energy news ⤵️

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Hello everyone. Hope your week has started well. I just wanted to highlight some excellent reporting from Jamie Colvin in Citywire - see article in first link below. Tom Poynton has also had the ingenious idea to create a "forum" to garner an understanding of retail investors' understanding of the many issues facing the investment companies sector (the link is in the article). Our campaign has often highlighted how new well-intended Consumer Duty regulations have turbo-charged the negative impact of IC "cost" disclosures. Recent attention has rightly been given to one aspect of this turbo-charging: retail platforms wrongly interpreting "value" and "cost" and not only misinforming consumers, but now banning them from investing in investment companies based on utterly floored logic. Do these platforms have the expertise to be making these judgements? Where they do not and they outsource, has there been proper due diligence on third parties used to make assessments of value? https://lnkd.in/eA4SHXjW We will not rest. Have a good week. Ben https://lnkd.in/eh9G9NWM

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On October 23, Moelis’s Arash Nazhad, who co-leads the Clean Technology Group, will speak at FT Live’s Energy Transition Summit 2024. He will join a panel to discuss the critical role of energy storage in supporting renewable energy growth, highlighting the need for significant investment and government policies to scale up long-duration storage. The panel will also explore strategies for co-locating storage with generation and the approaches developers are taking to meet future energy demands. #FTEnergy #CleanTech #EnergyTransition Click here to learn more: https://bit.ly/3NpMzHO

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A must watch (or transcript read) for anyone interested in the role of #commodities in a #MultiAsset portfolio. Jeff Currie sets everything in a clear long term context. We’re heading into a rerun of the Revenge of the Old Economy from 2000 onwards. Underinvestment in capacity faces a multi year surge in demand driven by de-carbonisation, geopolitics and the sheer amount of physical stuff needed to build out #AI. In the meantime, fossil fuel prices will become more volatile as it’s impossible to phase out capacity at the right speed for the real economy. Energy price surges are a key mechanism behind this new era of #Spikeflation, making inflation hedges more critical. Both stocks and bonds suffer when inflation spikes, as we saw in the 1970s and again in 2022.

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I often refer to select specific investment options as “assets and earnings” plays where one gains exposure to tangible assets and growing profits at the same time. Whitbread (in the FTSE 100) ticks this box for me. The shares have retreated significantly from previous highs and thus have not been part of the increased buoyancy we have witnessed in the blue chip index in the recent past. This is Premier Inns in disguise with most of the business in the UK. Capital growth potential with a growing dividend not to mention always a possibly of takeover interest, an interesting opportunity perhaps. This is not investment advice and everyone must do their own research in determining suitability.

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