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GIG Progress Report 2018

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GIG Progress Report 2018 About this report The purpose of this report is to provide an overview of GIG activity covering the period since the privatisation of the UK Green Investment Bank Limited and the creation of the Green Investment Group, in August 2017� The report covers activity up to the end of August 2018, unless otherwise stated� GIG provides real-time progress updates via their website and social media channels� greeninvestmentgroup.com Green Investment Group @GreenInvGroup Progress report Performance highlights ��������������������������������������������������������������������������������������� 01 Who we are ���������������������������������������������������������������������������������������������������������� 03 Our strategy ��������������������������������������������������������������������������������������������������������� 04 Business review and outlook ������������������������������������������������������������������������������� 05 Our investment milestones ���������������������������������������������������������������������������������� 07 Our approach to assessing, monitoring and reporting green impact ���������������� 09 Our green impact ������������������������������������������������������������������������������������������������ 10 Developing our approach to green impact reporting ����������������������������������������� 11 Our wider contribution to the growth of the green economy ������������������������������ 12 Macquarie: Green energy and the environment ������������������������������������������������� 13 Our investment track record �������������������������������������������������������������������������������� 15 Case studies �������������������������������������������������������������������������������������������������������� 18 Governance over our green mission ������������������������������������������������������������������� 33 Letter from the Green Purposes Company ��������������������������������������������������������� 34 Appendix: Green impact statements ������������������������������������������������������������������� 36 Independent Assurance Report ��������������������������������������������������������������������������� 45 Performance highlights Last year1 at a glance Over £1.6bn 10 new green Going global arranged or invested transactions supported From the UK to Europe, North America and Asia Arranged one of the Extended scope into Launch of new world’s largest and development Energy Solutions and longest green power stage investing advisory services purchase agreements Our green impact Additional lifetime green impact from investments made in 2017/182 85,000 GWh 17,000 kt CO2e 16,000 kt Renewable energy generated GHG emissions avoided Waste to landfill avoided Equivalent to the energy Equivalent to Equivalent to the consumption of removing domestic waste produced by 864,000 300,000 640,000 homes3 cars from the road3 homes3 1� 17 August 2017 to 31 August 2018 2� 1 April 2017 to 31 March 2018 3� For 25 years, calculation based on UK benchmark numbers 1 Green Investment Group Progress Report 2017-18 GIG at a glance 200+ including GIG and £15bn+ invested or 8 GW of operational Macquarie staff operating arranged in green projects4 renewable energy under the GIG brand capacity supported4 7 GW of renewable energy Projects in development have Working across capacity in development potential to avoid up to established and 5 or construction 8.3 Mt CO2e annually emerging technologies Lifetime green impact from cumulative investments to date6 461,000 GWh 174,000 kt CO2e 101,000 kt Renewable energy generated GHG emissions avoided Waste to landfill avoided Equivalent to the energy Equivalent to Equivalent to the consumption of removing domestic waste produced by 4.65m 3.02m 4.17m homes3 cars from the road3 homes3 4� Combining historic activity by UK Green Investment Bank, GIG and Macquarie Capital 5� GIG and Macquarie Capital only 6� UK GIB and GIG projects to 31 March 2018� These figures relate to investments that may no longer be held by GIG� Assets are spread globally, not necessarily in the location listed� Green Investment Group Progress Report 2017-18 2 Who we are Green Investment Group Limited (GIG) is a leading global green investor specialising in green infrastructure principal investment, project delivery and the management of portfolio assets, and related services� GIG is dedicated to supporting the growth of the global green economy� In 2012 the UK Green Investment Our focus What we offer Bank plc (GIB) was launched by GIG targets investments in green In addition to our main focus of the UK Government – the first infrastructure projects across: principal investment, we offer related institution of its type in the world� advisory services: GIB was acquired by Macquarie ● Established technologies including Group Limited (Macquarie) in 2017 offshore and onshore wind, solar, Project delivery and portfolio services and now operates under the name hydro, inter-connectors, and waste ● Providing third parties with Green Investment Group (GIG)� GIG and bioenergy� technical, project delivery and brings together the GIB business with operations management services Macquarie Capital’s renewable team ● Emerging technologies including tidal, biofuels, energy efficiency, for green infrastructure projects� to create one of the world’s largest The team is already managing teams of specialist green investors� storage, low-carbon transport, smart grids and district heating� assets on behalf of investors Macquarie is a diversified financial across a broad range of green group, providing clients with asset ● All stages of the project lifecycle: energy technologies� development, construction and management and finance, banking, Green impact reporting services advisory, risk and capital solutions operations� ● Providing third parties with across debt, equity and commodities� The entire capital structure, from ● green impact reporting services Founded in 1969, it employs more equity to debt� than 14,400 people across including Green Impact Reporting 25 countries� for specific projects, green bonds or portfolios of assets� Macquarie, together with its managed funds, is also one of the world’s Green bank advisory largest investors in green energy, ● Drawing on our experience in having invested or arranged more setting up the world’s first green than $A20 billion of investment into bank, we offer consultancy green energy projects since 2010� services and advice to government and multilateral institutions on how to set up effective green finance institutions� M&A and debt advisory ● Working closely with colleagues in Macquarie’s regulated M&A and Corporate Finance business we offer a specialist M&A service to businesses operating in the low carbon economy� 3 Green Investment Group Progress Report 2017-18 Our strategy Over the past year, GIG’s mission and purpose has remained firmly in line with that held under public ownership; with a mission to accelerate the global energy transition and a purpose of making new green energy investments� Nonetheless, our investment approach has evolved significantly to meet the rapid and fundamental changes underway in the marketplace� These changes to our investment approach are summarised under six key themes: 01 02 03 Development capital Investing beyond subsidy Partnership platforms With maturing technologies, a As costs of renewables fall, many With the aim of amplifying their growing number of investors show an governments are aiming to maintain impact, GIG continues to seek appetite for low-carbon assets and growth without employing traditional ways to complement its existing a greater willingness to invest at the subsidies� With a growing track record expertise and access to capital with construction stage� GIG is responding of investment in projects with limited the capabilities of leading partners� to this demand by moving earlier into dependence on subsidy revenue, GIG Increasingly, GIG is working closely the project lifecycle, investing globally is building the financing experience with leading international original in development projects, platforms needed to attract long-term capital equipment manufacturers and expert and businesses� Building in-house into this expanding market segment developers, leveraging our respective development capability and working and is investing in the capability strengths and global reach� With a for our partners, GIG is delivering a to source and structure the power flexible approach to partnership, we sustainable pipeline of high-quality purchase agreements that provide are opening up new opportunities, investment opportunities for later- the commercial underpinning for delivering competitive and efficient stage investors� these assets� investment in emerging and established markets� 04 05 06 Geographical expansion Market transformation New technologies Bringing GIB’s expert focus on GIG’s Green Ratings and Sustainable A dynamic energy market, green infrastructure together with Finance advisory businesses build on increasingly dominated by Macquarie’s global footprint was the pioneering capability in assessing, renewables, has become a driving central to the rationale for the monitoring and reporting green force for technological innovation� formation of GIG� While the business impact and offer a unique institutional With the disruption of established will continue to be led from the experience to a growing international value chains comes the scope for UK and remain highly active in this market� GIG is also bringing early new business
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