Capital Dynamics Clean Energy and Infrastructure Fund raises $1.4bn
European asset management company Capital Dynamics has closed its most recent clean energy funding round at a total of $1.39bn (€1.2bn).
The Clean Energy Infrastructure (CEI) Fund (of which version VII closed this week) focuses on ‘proven’ clean energy technologies including solar, wind, biomass/landfill gas, geothermal, gas-fired and hydro.
Investors in the fund had also invested in Capital Dynamics’ previous rounds, and key organisations included APG Asset Management, the California State Teachers’ Retirement System and a subsidiary of the Abu Dhabi Investment Authority.
Capital Dynamics says it wants funds to focus on clean energy for a number of reasons: rising electricity prices; increased cost competitiveness of proven technologies; increasing economic, political and social demand; increased retirement of ageing power infrastructure in developed markets; and a range of legally binding regulatory and market-based investment incentives.
The CEI fund program, according to the company, “invests directly in commercial and utility-scale, clean and low-carbon power generation assets or related infrastructure employing proven technologies, primarily in North America and Europe”.
John Breckenridge, Managing Director and Head of Clean Energy Infrastructure at Capital Dynamics, said: “With the close of CEI VII, we will continue to execute our proven investment strategy of investing in high-quality renewable energy generation projects.
“We greatly appreciate the continued confidence of our major investors and are committed to helping them achieve both their investment and ESG goals.”
Toyota unveils electric van and Volvo opens fuel cell lab
Toyota is launching its first zero emission battery electric vehicle, the Proace Electric medium-duty panel van, across Europe.
The model, which offers a choice of 50 or 75kWh lithium-ion batteries with range of up to 205 miles, is being rolled out in the UK, Denmark, Finland, France, Germany, Italy, Spain and Sweden.
At present, alternative fuel vehicles (AFVs, including battery electric vehicles) account for only a fraction – around 1.8 per cent – of new light commercial van sales in the UK, but a number of factors are accelerating demand for practical alternatives to vans with conventional internal combustion engines.
Low and zero emission zones are coming into force to reduce local pollution and improve air quality in urban centres, at the same time as rapid growth in ecommerce is generating more day-to-day delivery traffic.
Meanwhile the opening of Volvo's first dedicated fuel cell test lab in Volvo Group, marks a significant milestone in the manufacturer’s ambition to be fossil-free by 2040.
Fuel cells work by combining hydrogen with oxygen, with the resulting chemical reaction producing electricity. The process is completely emission-free, with water vapour being the only by-product.
Toni Hagelberg, Head of Sustainable Power at Volvo CE, says fuel cell technology is a key enabler of sustainable solutions for heavier construction machines, and this investment provides another vital tool in its work to reach targets.
"The lab will also serve Volvo Group globally, as it’s the first to offer this kind of advanced testing," he said.
The Fuel Cell Test Lab is a demonstration of the same dedication to hydrogen fuel cell technology, as the recent launch of cell centric, a joint venture by Volvo Group and Daimler Truck to accelerate the development, production and commercialization of fuel cell solutions within long-haul trucking and beyond. Both form a key part of the Group’s overall ambition to be 100% fossil free by 2040.