Patrick Bydume

Check out these insights from David Clark of ArkMalibu on the health and pace of M&A within the electrical distribution industry. We continue to see strong interest from strategic and private equity acquirors seeking inorganic growth into new geographic footprints and product lines. https://lnkd.in/gfu4xEgz

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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 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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Thrilled to see two of our partners in VegTech Invest and Blue Horizon Capital come together for this great conversation about the future! So many parallels between the new energy economy and food systems transformation. ➡ Both segments of the economy are being actively disrupted by innovation on declining cost curves ➡ Both existing paradigms must change to address public health issues and climate change ➡ Both are benefitting from changing consumer preferences and public policy Investment themes that complement one another. Thanks for sharing your perspectives Elysabeth Alfano and Tony Fusco! #climatechange #newenergy #foodsystems #ESG #sustainability Gwendolyn Brown Sasha Goodman John Mitchell

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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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Entering the PJM retail energy market presents significant hurdles, with registration and setup times ranging from 18 to 24 months. This extended timeline incurs substantial soft costs and leads to missed market opportunities. Because of these challenges, there’s a notable surge in buy-side interest for PJM retailers, particularly those valued between $2 million and $10 million. This trend underscores the market’s potential and the strategic value of established entities. The PJM region is experiencing a significant increase in data center development, with projections indicating a substantial rise in energy demand. For instance, PJM’s 2024 Load Forecast Report anticipates that total annual energy use throughout the PJM footprint will increase nearly 40% by 2039, from 800,000 gigawatt-hours (GWh) to about 1.1 million GWh. For investors and energy companies aiming to expand their footprint, acquiring existing PJM retailers offers a strategic advantage, providing immediate market access and circumventing the lengthy registration process. As the energy landscape evolves, staying informed and agile is crucial. Engaging with industry experts and exploring acquisition opportunities can position stakeholders for success in this dynamic market. #EnergyMarket #PJM #RetailEnergy #MergersAndAcquisitions #EnergyInvestment

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In case you haven't seen it, re-posting my latest blog on the role of flexibility and storage toward integrating increasing renewables. #energytransition #energystorage #renewables #netzero #futureofenergy #batteries Alexa Capital

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Energy Industry Insight Constellation, one of the biggest retail energy providers in the U.S., just unveiled their latest earnings report with an intriguing breakdown of their load served by region. The details shed light on regional power dynamics and trends that are shaping the future of energy distribution in America. The data revealed surprising insights—challenging assumptions and showcasing where demand is surging and shifting. What region in their breakdown surprised you the most? What do you think this means for the retail energy market going forward? Let’s discuss. #EnergyInsights #RetailEnergy #MarketTrends #ConstellationEnergy https://lnkd.in/gKmnGWWt

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My colleague, Raj Agrawal, is out with his latest #Infrastructure Market Review for KKR. “Digitalization, the energy transition, and the digital power problem are massive challenges that require scaled capital and deep sector expertise to solve, but also present a tremendous investment opportunity to those with the ability to solve them,” he writes. He dives into these investment themes, areas of opportunity and our risk-based approach to investing 👉 https://go.kkr.com/4hXEDM3

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There is no easy fix - a holistic approach to energy security.

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“The IRA, specifically the Production Tax Credit, the Investment Tax Credit, and, increasingly, Transferability, have a direct and critical impact on the economics of wind, solar, and batteries," said Samuel J. Scroggins, Power, Energy & Infrastructure Managing Director at Lazard, to David Gaffen at the Reuters Global Energy Transition yesterday. "There is forming, and has formed, a real marketplace, where Transferability is being underwritten and financed. Further, there is an increasing interest and focus on the utilization of the Energy Community credits allowed by the IRA.”     Drawing from key findings in Lazard’s 2024 Levelized Cost of Energy+ report, Sam highlighted several critical factors shaping the current energy landscape. These include, among others, the increasing use of artificial intelligence, potential supply chain complexities, including related to onshoring, and the impact of increasing power demand.   In closing, Sam emphasized the evolving dynamics of power demand, supply, delivery, onshoring, and reindustrialization. “All of these [factors] are impacting the energy landscape in a significant way and are changing rapidly. [The energy transition], while important, will be complex, costly and is going to take a long time. The result is that we will need a diverse generation fleet for the foreseeable future.”   #GT2024

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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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Our Chief ESG Officer, John Adler, appeared on the ZENERGY Podcast to discuss the evolving role of ESG in managing New York City's pension fund investments. In this episode, John shares how his experience in the labor movement and as Director of the Mayor’s Office of Pensions and Investments shaped his approach to investing. Make sure to catch his take on how ESG is becoming essential in assessing business risks regarding climate change, corporate governance, and workers' rights https://lnkd.in/e_vCaeYx

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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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For large scale climate resiliency infrastructure, "higher for longer" interest rates are a drag. However, there are investors and companies out there still getting it done. Please see our weekly 1 minute decarb read to see some examples, and subscribe.

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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 https://lnkd.in/grkEgpDk 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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Funding News: Brookfield Asset Management announced an initial closing of $2.4 billion for the Catalytic Transition Fund (CTF), with a target of raising $5 billion. The fund aims to support clean energy and transition assets in emerging markets. ALTÉRRA provided up to $1 billion in catalytic capital, improving returns for other investors. Brookfield has committed 10% of the fund's target, with additional support from institutional investors like Caisse de dépôt et placement du Québec (CDPQ), GIC, Prudential, and Temasek. 🗣 Mark Carney, Chair and Head of Transition Investing at Brookfield Asset Management, said, “These anchor commitments from CDPQ, GIC, Prudential and Temasek demonstrate significant momentum for the Catalytic Transition Fund. The support from the world’s most sophisticated investors for the CTF strategy underscores the unique combination of the major commercial opportunity and the climate imperative. We look forward to working with other like-minded investment partners to accelerate the transition in these critical and vastly underserved markets.” 🗣 Marc-Andre Blanchard, Executive Vice-President and Head of CDPQ Global and Global Head of Sustainability, said, “Globally, around $6.5 trillion will be needed yearly for the energy transition over the next 15 years. It’s a staggering figure, and various partnerships and investments are necessary to accelerate the path forward. For CDPQ, the energy transition is key to creating lasting value. By investing in Brookfield’s Catalytic Transition Fund, we are supporting innovative approaches to mobilize capital for climate solutions in emerging markets, where investments are critical to tackle the global environmental challenge.” #CleanEnergy #EmergingMarkets #ClimateFinance #SustainableInvestment #EnergyTransition #BrookfieldAssetManagement #CatalyticCapital #NetZero #ClimateSolutions #InstitutionalInvesting #GlobalPartnerships #RenewableEnergy

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My colleague, Raj Agrawal, is out with his latest #Infrastructure Market Review for KKR. “Digitalization, the energy transition, and the digital power problem are massive challenges that require scaled capital and deep sector expertise to solve, but also present a tremendous investment opportunity to those with the ability to solve them,” he writes. He dives into these investment themes, areas of opportunity and our risk-based approach to investing 👉 https://go.kkr.com/4fRcvbA

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