Impax Private markets case study film: Solar PV site

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  • 05 mins 58 secs

Learning: Unstructured

This film – a 4 minute watch - showcases Impax’s investment in a place called Vlagtwedde - a 110-megawatt peak solar PV site, one of the largest in the Netherlands. This initiative is a great example of how Impax have taken a site that was previously undeveloped and managed a project working with the local community. It demonstrates Impax’s capability of getting a project into and through construction with the outcome of generating clean energy for decades to come. The film offers an insight into the technicalities of the project, highlighting the motives, the investment thesis and the environmental impact.
Channel: Sustainable Investing Hub

Speaker 0:
I'm Ian Sim. I'm the founder and chief executive of Impacts Asset Management. So today we're going to learn a little bit more about impacts. Asset management in particular, our private markets business and also our project. Our investment that we've made in the Netherlands at a place called

Speaker 0:
our private markets business New energy funds really epitomises impacts is authenticity. Our strength particularly our strength in relationships and and understanding how Corporates in which we invest are planning their futures, our understanding of regulations and changing technology and our ability, I think, to turn that into attractive investment portfolios and build long term track record.

Speaker 0:
I'm Casey Forrester, and I'm responsible for institutional fundraising here at impacts across our new energy strategy. Since inception, we've invested into over 30 assets in 11 countries, which amounts to over €2 billion invested into nearly two gigawatts of renewable energy projects. We are a dedicated investor in the renewable energy sector in Europe. Due to our long term experience over 15 years, we're pursuing a value add strategy which sets us apart from many of the other

Speaker 0:
renewable energy investors. We are really focused on targeting late stage projects as well as construction assets, bringing them into and through construction and then selling aggregated portfolios on to operating buyers. Investors also really like the environmental impacts of our investment, so we're not simply buying operating assets. We're actually bringing new projects into and through construction, which is really helping to decarbonise the European energy system.

Speaker 0:
My name is Hector Boyce. I'm an associate director within the private equity team. At Impact Black is a 110 megawatt peak solar PV site.

Speaker 0:
Situated in the north east of the Netherlands. The site is now in the final stages of construction and once operational will be one of the largest solar PV sites in the Netherlands. It's 100 hectares, an equivalent of 140 football fields. It consists of 350,000 solar modules. It produces energy roughly about 105,000 gigawatt hours per year, an equivalent of 30,000 households in the Netherlands.

Speaker 0:
This is the same as abatement of 40,000 tonnes of CO two per annum.

Speaker 0:
This project was particularly attractive to us as there were a few issues that needed to be solved before the project could start construction this meant we could enter at attractive terms

Speaker 0:
and with the right structuring, we were able to mitigate any downside risks. So the way we de risked the plant and created the maximum value on the project was doing strong due diligence up front. It was well defined, well understood, so that when we went into construction, we could build it in a flexible but yet disciplined way. One of the key things that's been helpful here is we've got a strong impacts team

Speaker 0:
that can work with the construction crew so that all aspects are well taken care of so that we can deliver a high value, reliable plan. We have learned over many years of experience how to mitigate this risk both through structuring of transaction as well as a portfolio approach to spread the risk over many projects across several countries in Europe.

Speaker 0:
When came on board, I was impressed by the technical level and their direct approach of project management. They were able to speed up processes due to their technical skills and got things rolling quicker and maybe easier than we could have done ourselves. We had identified the Netherlands as a potentially very attractive market for solar investments with 110 megawatts provided a critical mass as a stand alone project

Speaker 0:
and also the fact that the developer and E PC contractor were looking for a partner which was prepared to take on what we call late stage development risk due to the missing certainty on the grid connection. This provided us with a unique opportunity to get in at a stage where we felt we can add sufficient value to the partner on the ground and and value upside for our investors.

Speaker 1:
My name is Rian Grey and I'm head of the Commercial Asset Management and E S G for the private equity infrastructure team at Impacts. This project is a great example of how we have taken a site that was previously undeveloped. We've created a project working with the local community that they are a part of, and we are generating clean energy for decades to come.

Speaker 0:
We did a full environmental impact assessment before starting the build. Ultimately, the project delivers 100% clean energy that we feed into the grid, reducing the carbon footprint and allowing the community to reach their carbon neutral goal for 2050. The success of this project demonstrated impacts its capability of understanding

Speaker 0:
complex projects, delivering on complex projects in a reliable and efficient way, and provide maximum value not only for the environment but for investors. This project shows impacts capability of getting a project into construction and through construction. Impact was a great company to work with, and I would love to do another project with them.

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