Industry News Bridging the climate funding gap


Industry veterans launch first dedicated global renewable energy multi-manager platform to help tackle $300 billion per annum climate financing gap


M


anager research and alternatives expert David Hunter has teamed up with renowned institutional CIO


Wendy Mayall to co-found Renewity, the world’s first multi-manager platform devoted solely to investing in renewable energy on a global basis. Annual investment of around $300


billion in renewable energy is needed to meet the Paris Agreement target of limiting global temperature rises to 1.5°C by 2051. Hunter and Mayall believe that an absence of ‘scale and speed’ in accessing renewable energy opportunities is creating a capacity challenge that could impede efforts to address this shortfall. In providing investors with access to


a range of the best specialist renewable energy managers, deals and related opportunities, Renewity believes it can put more capital to work faster, diversify drawdowns, optimise liquidity/yield and reduce risk for investors more efficiently than a single manager proposition. Through a specialised multi- manager structure and whole of


market approach, Renewity will focus on distributing and deploying assets at scale in order to accelerate the closing of the renewables funding gap. By addressing investors’ desires to make a difference with their savings, Renewity aims to help drive the global transition to clean energy; at the same time, safeguarding ‘Global Commons’ resources today and for future generations. David Hunter, co-founder and CIO of


Renewity, commented: “As investors we’re not moving fast enough, nor at sufficient scale, to address the urgent climate challenge. The growing complexity and number of renewables managers across countries, strategies and technologies requires focused manager research to deliver effective solutions for investors. “No sole-focused firm exists that


delivers product, distribution and deployment at both scale and speed across the full, increasingly complex and varied range of technologies and countries. Even if such a single investment firm existed, it would be


highly unlikely to deliver consistent excellence everywhere.” Hunter has over 30 years’ experience within the industry and previously worked within the manager research and consultant teams of Mercer and AON, in the latter as Head of its Global Research Unit. In the past 15 years, he has focused on advising and distributing infrastructure, private credit and renewables managers. Mayall has built and led a number


of multi-manager businesses and platforms and has extensive experience as an investment CIO for institutional investors. Most notably, holding the role of Unilever Chief Investment Officer between 1995-2011 as well as Group Chief Investment Officer at LV between 2012-2015. Commenting on the launch, Mayall


said: “At the heart of this renewable investment shortfall lies an absence of scale and speed in developing institutional investment capacity. The demand is there, but even the largest and most credible single managers don’t have the ability to deploy the


necessary levels of assets effectively or in a timely manner. Nor can investors wait for them to develop the capability to do so when the pace of change has been too slow to date. “A multi-manager approach, itself


driven mainly by scale dynamics and offering greater speed in deployment than a single manager approach, is not only vital to helping plug the renewable energy investment gap; it can also deliver the largest, widest and quickest social and environmental impact for investors and stakeholders.” Also part of the core team launching the business are, Stephan Breban, who, as Head of Research, brings 30 years’ experience in advising pension plans on fund and manager selection. He also has extensive expertise in renewables, having advised one of the earliest UK institutional renewable energy allocations in 2005. Also on the team is Ravi Nevile, whose role as COO brings to the business deep real assets operational experience from his days at Aztec, ADIA and running Mercer’s Sentinel business across APAC.


Two biogas upgrading plants from Wärtsilä to support Denmark’s fossil-free ambitions


The technology group Wärtsilä will supply two large-scale biogas upgrading plants to different locations in Denmark. The order was placed by Nature Energy, the world’s leading biomethane company. By injecting biomethane, the end product of upgraded biogas, to the gas grid, Denmark will be taking an important step towards its stated ambition of becoming a climate neutral and fossil-free nation. The agreement with Wärtsilä dates back to early 2019, but the project was delayed because of permit applications. Production of the upgrading unit was initiated in the fourth quarter of 2020, when the orders were also included in Wärtsilä’s order book. Biogas is produced primarily from waste products, such as manure


6 Forest Bioenergy Review Spring 2021


and food waste. When upgraded to biomethane, it can be utilised in the same way as natural gas for heat, powering industrial processes, and as transport fuel. It is a renewable energy solution since the remaining digestate can be sold as bio-fertiliser. Currently biomethane accounts for approximately 20% of Denmark’s gas consumption, and the aim is for the grid to become totally green by 2035. “Wärtsilä Biogas Solutions is a


market leader offering innovative systems and lifecycle solutions to the gas value chain. Our biogas upgrading plants are based on Wärtsilä’s Puregas CA technology, an amine scrubber process featuring the lowest operating costs. We have enjoyed a long and constructive relationship with Nature Energy and are proud to have once


again been chosen for these latest projects,” commented Arne Jakobsen, general manager, biogas solutions at Wärtsilä Gas Solutions. “The amine scrubber technology is


both robust and reliable, providing very low methane slip and cost-effective operating performance. We have worked often with Wärtsilä and are confident, therefore, that both plants will be completed on time and will operate with the usual efficiency,” said Jesper Bundgaard, executive vice president at Nature Energy. The two plants are to be installed


in the towns of Kvaers and Kong, with each plant upgrading more than 40 million Nm3 of biogas each year. This will deliver some 470GWh of green gas energy, equivalent to providing the fuel for more than 45,000 cars. It


is expected that the plants will begin injecting biomethane to the Danish gas grid in, 2022. Wärtsilä Gas Solutions is a market


leader with innovative systems and lifecycle solutions for the gas value chain. Our main focus areas are handling of gas in seaborne transport (storage, fuel, transfer and BOG management), gas to power, liquefaction and biogas solutions. We help our customers on the journey towards a sustainable future through focus on lifecycle, innovation and digitalisation. More information: Mrs Elin Saure Hasund, Sales & Marketing Coordinator, Gas Solutions, Wärtsilä Marine Systems t: +47 81548500 elin.saurehasund@wartsila.com


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