Nortegas Inaugurates Bond Markets with Successful €550m 10yr Bond Issuance

WSC is pleased to announce that NorteGas has successfully issued a €550m 10-year bond, which was launched in parallel to a tender offer for the outstanding 2022 bonds.

NorteGas was one of the first corporates to inaugurate the bond market in 2021 and demand was strong. The bonds ended up almost 6x oversubscribed, with a final coupon of 0.905%.

This a clear sign that the market is very supportive of Nortegas’ credit, which underpins the investor community’s belief in the strategic role of gas infrastructure within energy transition.

This refinancing will allow NorteGas to continue pursuing its strategic plan, which has as its key pillars to promote decarbonisation and sustainability.

NorteGas is the second largest gas distribution company in Spain with 8,241 km of gas networks and over one million end-users, which it supplies with natural gas and LPG, in the Basque Country, as well as in Cantabria and Asturias.

White Summit Capital Solar Plant Structures Pioneering Mechanism to Export 280,000 Green Guarantees of Origin

La Isla, one of the largest solar photovoltaic installations in Europe at grid connection date, has structured a pioneering mechanism with ACT Commodities, the global leader in environmental commodity trading, to export 280,000 green guarantees of origin (green certificates).

Through this transaction la Isla affirms its commitment to the energy transition movement and becomes one of the leading renewable energy installations in Spain in terms of exported green guarantees of origin in 2020.

La Isla is part of White Summit Capital’s portfolio and has been operating since September 2019.

BENORHT2

White Summit Capital Launches a Pioneering Green Hydrogen Project (BENORHT2) in Collaboration with Castleton Commodities International, Bizkaia Energía, Nortegas and SENER

White Summit Capital, Castleton Commodities International LLC (CCI), Bizkaia Energía S.L., Nortegas and SENER are delighted to unveil the launch of BENORTH2, an ambitious 20MW green hydrogen project in the Basque Country, Spain.

The project – the first of its kind in Spain – will take advantage of the existing gas and electricity infrastructure adjacent to the Amorebieta CCGT power plant site, to develop a green hydrogen plant that will avoid over 12,000 tonnes of CO2 p.a. and help drive employment in the region by giving the Boroa site a future beyond conventional generation.

The utilization of existing infrastructure will be a key driver of the speed and cost competitiveness of the project.

Electricity from 100% renewable sources, through certificates of origin and green Power Purchase Agreements (PPAs), will be used to power an electrolyser and generate 1,500 tons of green hydrogen (H2)per year. One of the most exciting uses for the H2 will be blending it with natural gas and injecting it into Nortegas’ distribution network, which will allow gas-users to participate in the energy transition by reducing their CO2 footprint.

Other applications include using the green H2 to power the Amorebieta gas-fired Combined Cycle Gas Turbine (CCGT) plant to reduce its CO2 emissions, a H2 refuelling station on site for local fleets of hydrogen-powered heavy vehicles and supplying local industry needs, optional liquid H2 storage through chemical carrier, among others. Additionally, considering the site’s strategic location and competitive advantage in sourcing low-cost renewable energy, part of the excess H2 production could be exported or monetized through private green certificates in other European countries.

The project, which will commit an initial investment of €50 million, and developed through a digital twin model, is expected to reach a prompt start of operations by the end of 2022 due to the utilization of existing infrastructure. The intention is to scale-up the project to 200MW by 2030 with a total investment of €300 million.

The project is being developed and is expected to be majority owned by White Summit Capital (an infrastructure investor specialised in energy transition), and CCI (a global energy commodities firm and the majority owner of Bizkaia Energía), in collaboration with three industrial partners as shareholders: Nortegas (the 2nd largest gas distribution company in Spain), Bizkaia Energía (direct owner of the Amorebieta CCGT plant) and SENER (a leading Spanish engineering and technology group). The investment reflects the partners’ commitment to reducing emissions and promoting sustainability.

H2 Spain

White Summit Capital Joins the Spanish Hydrogen Association (Asociación Española del Hidrógeno)

White Summit Capital is proud to announce that it has joined the Asociación Española del Hidrógeno to support and contribute to the development of the Spanish hydrogen industry. We feel very strongly about the universal benefits of hydrogen and are looking forward to collaborating with like-minded partners to turn the H2 dream into reality!

Sale of I-77 Express Lanes

We are delighted to announce that Cintra / Ferrovial and John Laing have agreed to acquire an additional 22.5% in I-77 Mobility Partners, the company developing and operating the I-77 Express Lanes project in Charlotte (NC), at an implied valuation of US$536m for 100% of the equity.

This transaction reinforces WSC’s strong track record in the infrastructure space since our initial investment in 2015 and validates our strategy of sourcing bilateral deals in sectors where we have in-depth knowledge and actively managing them to generate above-market returns.

WSC’s world-class transportation team will continue to seek superior risk/return capital deployment opportunities alongside large industrials in a sector which currently offers a unique investment proposition, primarily in the Americas and Europe.

Cintra / Ferrovial Press Release

John Laing Press Release

WSC COVID-19 Charitable Actions

At WSC, we have always been engaged with and supported our local communities. This is part of our ethical and social principles, which we try and exemplify every day. This year, as the COVID-19 pandemic continues to cause severe social and financial difficulties for families and businesses across the world, we have directed our charitable efforts to supporting those facing food insecurities. The economic impact of the crisis has left many people around the world on the breadline, having decreased or eliminated their income.

Angels & Sparrows is a soup kitchen in Huntersville, NC (USA), that has served over 72,508 meals since the start of the pandemic to anyone in need, without requiring proof of need.

Energía Solar San Ignacio, our renewable energy subsidiary in Mexico, donated basic food supplies to support 385 families within the Campestre Flamboyanes Community (Yucatan). The food pantries included rice, oil, sugar, toilet paper, soap, cookies, wheat flour, beans, pasta, and milk.

We are proud to be helping some of those who need it most and humbled by the effort and dedication of those behind these two benevolent causes.

Attached PDF

White River Renewables completes the acquisition of two solar photovoltaic plants in Mexico totaling 155MWp from Jinko Solar

White River Renewables (“White River”) has completed the acquisition of two solar photovoltaic (“PV”) plants in Mexico from JinkoSolar, one of the world’s largest and most innovative solar panel manufacturers in the world (NYSE: JKS): 

– Las Viborillas, a 130MWp PV plant located in the State of Jalisco – San Ignacio, a 25MWp PV plant located in the Yucatán Peninsula 

Both plants are fully operational, having reached commercial operations under their PPAs in September 2018 and May 2019, respectively. 

White River is a Mexican renewable energy company jointly sponsored by Riverstone Holdings (“Riverstone”), a leading energy and power private equity firm, and White Summit Capital (“WSC”), a Switzerland-based firm specializing in infrastructure investments and asset management. 

* * * * * 

About JinkoSolar Holding Co., Ltd. 

JinkoSolar (NYSE: JKS) is one of the largest and most innovative solar module manufacturers in the world. JinkoSolar distributes its solar products and sells its solutions and services to diversified international utility, commercial, and residential customers globally. 

JinkoSolar has built a vertically integrated solar product value chain, an annual capacity of 11.5 GW for mono wafers, 10.6 GW for solar cells, and 16 GW for solar modules, as of December 31, 2019. 

JinkoSolar has over 15,000 employees across its 7 production facilities and 14 overseas subsidiaries globally.

https://www.jinkosolar.com/ 

About Riverstone 

Riverstone is an energy and power-focused private investment firm founded in 2000 by David M. Leuschen and Pierre F. Lapeyre, Jr. with over US$39 billion of equity capital raised to date. Riverstone conducts private equity and credit investments in the exploration & production, midstream, oilfield services, power and renewable sectors of the energy industry. 

With offices in New York, London, Houston and Mexico City, the firm has committed approximately $40 billion to more than 180 investments in North America, South America, Europe, Africa, Asia, and Australia. 

https://www.riverstonellc.com/ 

About White Summit Capital 

WSC is an investor and asset manager specialized in the infrastructure and energy sectors, with over €1.3 billion of managed infrastructure investments to date. 

Headquartered in Zug, Switzerland, WSC has offices in Madrid, London, and Mexico City with a total of 10 operational and transactional professionals. 

With this transaction, WSC becomes manager of 335 MWp of utility-scale operating renewable assets across Mexico and Spain. 

https://www.whitesummitcap.com/

Attached PDF

Final Section of I-77 Express Opens November 16

Entire I-77 Express Corridor Now Available to Save Drivers Time.

I-77 Mobility Partners announced today that the southern section of I-77 Express from I485 to I-277 in uptown Charlotte opened on November 16 With Saturday’s opening, drivers will now be able to use all 26-miles of I-77 Express. “Since I-77 Express opened on June 1 in the Lake Norman area, more than 2.7 million trips have been taken on the express lanes by over 515,000 different vehicles,” said Javier Tamargo, CEO of I-77 Mobility Partners. “We are proud to make this private investment to develop the first managed lanes in North Carolina. Through partnership with NCDOT and Sugar Creek Construction, we are able to deliver this project and other infrastructure improvements along the existing portion of I-77 sooner than traditional funding would have allowed for the State of North Carolina and motorists. I-77 Express adds a travel option to a key interstate corridor and a new component to the Charlotte region’s comprehensive transportation network.” I-77 Express is already improving travel in the corridor in both the express lanes and general purpose lanes. In October, average speeds during the morning rush hour increased by 15%, and speeds during the afternoon rush hour increased by 17% when compared to pre-opening speeds in October of 2018. I-77 Express runs adjacent to the existing general purpose lanes. Drivers have the option of using the express lanes for more reliable travel times, the general purpose lanes or a combination of both. The number of free general purpose lanes remains the same.

The express lanes have signage one-quarter mile ahead of each segment that clearly displays the transponder toll rate applicable to drive that segment. The toll rate displayed when entering I-77 Express is the price motorists will be charged for that segment. With the full opening of I-77 Express, regular scheduled rates apply, and the current 25 percent discount will expire. Customers can learn more about toll rates here. Dynamic pricing will begin December 1, 180 days from the opening of I-77 Express on June 1. During dynamic mode, toll rates may change as often as every five minutes to accommodate changes in demand for I-77 Express. Toll rates will be based on segment length, time of day, and demand for I-77 Express. Using a NC Quick Pass transponder is the fastest, easiest way to pay for tolls in North Carolina and other states that accept SunPass, Peach Pass and E-ZPass transponders.

 

Attached PDF

Castleton Commodities International LL and White Summit Capital AG have reached an agreement with Arclight Capital Partners LLC to acquire 100% of a 786MW natural gas-fired combined cycle plant located in Amorebieta, in the Basque Country, in Spain. 

Castleton Commodities International LL and White Summit Capital AG have reached an agreement with Arclight Capital Partners LLC to acquire 100% of a 786MW natural gas-fired combined cycle plant located in Amorebieta, in the Basque Country, in Spain. 

London, United Kingdom – November 13, 2019 Castleton Commodities International LLC (“CCI”) and White Summit Capital AG (“WSC”), today announced an agreement to acquire a combined cycle power plant (CCGT) located in the industrial hub of Bilbao, in the Basque Country, in Spain, from Arclight Capital Partners LLC (“Arclight”). Following the acquisition, CCI will own or operate approximately 4,700 megawatts of power generation globally.

The Amorebieta plant is a 786 megawatt state of the art natural gas-fired CCGT that uses two General Electric 9FA gas turbines and one Alstom steam turbine, making it one of the most efficient gas-fired power plants in the Iberian Peninsula. The plant operates under a tolling agreement with Shell España. 

The acquisition is subject to customary closing conditions.

“The Amorebieta acquisition builds on our strategy to increase exposure to the European energy markets and marks our entry into the rapidly changing Iberian hub where we see enormous potential,” said Arie Pilo, Head of CCI’s European Power Investments business.  “We are also impressed by the market and economic fundamentals within the Basque region and by the investor friendly environment”.

Pablo Pallás, partner at WSC said: “We are delighted to partner with CCI and to build on our track-record of teaming-up with world-class institutions. This deal demonstrates our commitment to continue channeling foreign direct investment into the Spanish energy transition”.

 

About Castleton Commodities International LLC

CCI is a global energy commodity merchant with integrated businesses focused on marketing, merchandising, and trading commodities, and the ownership, operation and development of commodities-related infrastructure and upstream assets.  Please visit our website for more information. http://www.cci.com


About White Summit Capital

WSC is an investor and asset manager specialized in the infrastructure and energy sectors and focused on originating, executing and investing in off-market transactions with superior risk/return profiles. We co-invest with our partners, having deployed over EUR 1.3 billion of equity in 5 different assets, and we manage the investments for the long term. WSC is headquartered in Zug, Switzerland with offices in Madrid, London and Mexico City and a total of 10 investment professionals. www.whitesummitcap.com