This week on News Flash, Grenergy is selling 23 percent of its Oasis de Atacama project for up to $962M, a consortium led by APG Asset Management NV and Australian Retirement Trust will acquire Riverstone Holdings LLC equity stake in Pattern Energy, Copenhagen Infrastructure Partners has acquired a majority stake in Toqlukuti’k Wind and Hydrogen. Register for Wind Energy O&M Australia! https://www.windaustralia.com Sign up now for Uptime Tech News, our weekly email update on all things wind technology. This episode is sponsored by Weather Guard Lightning Tech. Learn more about Weather Guard's StrikeTape Wind Turbine LPS retrofit. Follow the show on Facebook, YouTube, Twitter, Linkedin and visit Weather Guard on the web. And subscribe to Rosemary Barnes' YouTube channel here. Have a question we can answer on the show? Email us! Pardalote Consulting - https://www.pardaloteconsulting.comWeather Guard Lightning Tech - www.weatherguardwind.comIntelstor - https://www.intelstor.com Allen Hall: Alright, first up, Grenergy is selling 23 percent of its Oasis del Atacama project. To CONT Global A KKR company for up to $962 million. The sale includes three of the seven phases of what would be the world's largest energy storage facility, compromising 451 megawatts of solar and two and a half gigawatt hours of storage capacity. The three phases are already under construction and will generate more than 1.3 terawatt hours of energy annually. Now, Phil, why is Grinergy removing itself from some of these projects? Is it cash constriction? Philip Totaro: This one's kind of fascinating because this isn't just a simple asset rotation. I think this is more that they have to be able to dump some of their pipeline in order to have some cash on hand to cover operations of existing assets as well as eventually reinvest in their pipeline. But this, normally when you do an asset rotation, you either sell off a small percentage minority stake in your asset portfolio, or you take, some of your projects and sell them off. This is a fairly large deal for a good chunk of capacity that, Contour Global is is going to have as part of their portfolio now, bolstering what KKR's doing with their backing as well. KKR wants Contour Global to start expanding more and it's put them On the hunt for, asset acquisitions like this. So, it's a good fit, but it's an interesting move from Greenergy at this point to really start getting some more cash in the door. Joel Saxum: Aside from the sale here, we're talking, M& A here in Newsflash. I want to focus on this Grenergy's asset rotation target. So they're looking at, they have a target for 2026 and ensures funding for a 2. 6 billion euro strategic plan. That strategic plan is to become a world leader in energy storage, which, I mean, if you've been following anything that we talk about on the podcast, in the last few years, energy storage has become a very important part Allen Hall: A consortium led by APG Asset Management NV and Australian Retirement Trust will acquire Riverstone Holdings LLC equity stake in Pattern Energy. Now, Pattern Energy is currently developing over 25 gigawatts of renewable energy and transmission projects for nearly 10, 000 megawatts across North America, either operating or under construction. Phil, Pattern Energy is a privately held company up to this point, but they are seeking a little bit of money to help with these projects that they have going on, Sunzea being one of them. Philip Totaro: Yeah, absolutely. And the fact that Riverstone Holdings is selling out their stake. They were one of the founding partners along with management for Pattern. It's a big signal for Pattern to be able to take a next step in terms of their growth plan. But also a big deal where, these two pension companies are investment and an investment fund is coming in alongside the Canadian pension plan investment board that also owns a stake along with the pattern managemen...
