May 17, 2020

Evergreen Solar expands its presence within Europe

evergreen-solar-expands-its-presence-within-europe
Admin
2 min
Evergreen Solar, Inc
Evergreen Solar, Inc, a manufactuer of STRING RIBBON® solar power products with its accompanying, low-cost silicon wafer manufacturing technolo...


Evergreen Solar, Inc, a manufactuer of STRING RIBBON® solar power products with its accompanying, low-cost silicon wafer manufacturing technology, will extend its operations throughout Europe. Additionally, the company will create three sales manager positions plus appoint a fourth sales manager, in all key sales regions, including its European base of Germany, in addition to key areas of France, Italy and Spain.

Christian Benöhr (Germany), Antonio Ruta (Italy), Pedro Sanz (Spain) and Fabrice Bicego (France) will be immediately assuming sales manager positions in their respective regions. Benöhr will maintain direct sales activities from Thomas Hofmann, who was named Evergreen Solar’s Director of Sales for Europe in March, while Ruta, Sanz and Bicego join the company in newly-created positions also reporting to Hofmann.

Each of the new sales managers will be responsible for the expansion of Evergreen Solar’s European presence, which currently represents over 70 percent of the company’s overall sales. Managers will also manage current sales relationships by delivering advice and assistance to Evergreen Solar customers in regard to all technical and service issues related to the company’s solar panels.

“With this expansion of the sales network, Evergreen Solar is able to provide professional and customer-oriented service for each of our key European regions,” said Rusch. “Installers and distributors can count on local reliable partners, who have perfect knowledge of their particular region and can respond to all country-specific issues and demands.”

Evergreen Solar will continue to maintain its European sales headquarters in Berlin, led by Peter Rusch, Vice President of Sales for Europe, Africa and the Middle East.



 

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May 17, 2021

USS pension fund buys 50% stake in Bruc Energy

Pensionfunds
Investment
Renewables
spain
Dominic Ellis
3 min
USS will invest €225M in return for a 50% stake in Bruc Energy and 4,000MW pipeline of solar PV farms

The Universities Superannuation Scheme (USS) private pension fund has taken a 50% stake in Bruc Energy, a Spain and Portugal renewables-focussed investment vehicle created by OPTrust and Spanish businessman, Juan Béjar. 

In the transaction arranged by USS Investment Management, the wholly-owned subsidiary and principal investment manager and advisor to the Scheme, USS has invested €225M (c.£200m) in return for the stake in a major pipeline of 4,000MW of PV farms. Bruc Energy has an ambitious growth plan that goes beyond this to invest in other green energies, such as wind power.

USS, which announced two weeks ago its aim to be net zero by 2050, already has a strong relationship with both OPTrust and Juan Bejar through Globalvia, a specialist infrastructure platform focussed on managing rail and highways assets around the world. 

Spain’s sun-drenched climate and national target to reach 100% renewable-based generation by 2050 make it an attractive place to invest in solar energy. In addition, the decades long lifespan of solar PV panels make them well-suited to USS in helping pay members’ pensions long into the future.

USS Investment Management CEO, Simon Pilcher, said: “We are delighted to be committing further finance to renewables and particularly to a major Spanish solar platform like this. We have already invested or committed around £1 billion to renewable energy and demand for this will only increase as more and more countries transition to lower carbon. We know that our members care very much about climate change and ESG and we are convinced that USS playing its part in supporting the transition to a low carbon economy makes good financial sense, too. This announcement closely follows on from our stated ambition to become Net Zero by 2050 so this transaction and others like it will be a key plank of our strategy going forward.”

Gavin Merchant, Co-Head of Direct Equity, said: “We have worked alongside OPTrust and Juan Béjar for many years and are delighted to be making this investment. The long-term nature of solar and the steady returns make renewables attractive to a pension scheme needing to pay pensions for years to come.” 

OPTrust’s Morgan McCormick, Managing Director, Private Markets Group UK said: “We are excited to have USS join Bruc Energy building on our strong existing relationship. Their investment will help Bruc become one of the leading renewable energy platforms in Spain. At OPTrust, we believe that investing in renewable energy helps transitions the world to a more sustainable economy. In doing so, we can continue to deliver on our mission of paying pensions today and preserving pensions for tomorrow.”

Béjar said the partnership is a key step to establishing Bruc as one of the more dynamic players in the renewables industry in Spain, because it ensures access to the funds to develop our current portfolio. "All three shareholders of Bruc Energy share a long-term vision, but also the ambition and the social responsibility to counter the effects of climate change in the short-term," he said.

Following the transaction, which remains subject to conditions, including regulatory approval, Bruc Energy will be owned 50% by USS and BROP, a vehicle owned by OPTrust and Béjar. The transaction was advised by Royal Bank of Canada (RBC), Greenhill and Nomura. Juan Béjar will be the president of Bruc Energy and Luis Venero the CEO.

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