OMNI Features｜BlackRock, Temasek Raise $1.4 Billion for Decarbonization-Focused Growth Fund．Biden Approves Latest 2.6 GW New England Offshore Wind Farm: Total Approved Capacity Reaches 10 GW．Solar Power Projects in Perak, Malaysia Signed by Shizen International and Majuperak Holdings Berhad

(Source: ESGToday)

｜BlackRock, Temasek Raise $1.4 Billion for Decarbonization-Focused Growth Fund
BlackRock and Temasek's decarbonization-focused fund Decarbonization Partners announced that it has raised $1.4 billion at the final close of its inaugural fund, Decarbonization Partners Fund I, well ahead of the firm's $1 billion fundraising target.

Decarbonization Partners was launched by BlackRock and Temasek in 2022, establishing a late-stage venture capital and growth private equity partnership to invest in companies providing technologies and solutions that help accelerate the transition to a net zero economy by 2050. Since launch, the Decarbonization Team has grown to more than 25 members across offices in New York, San Francisco, Singapore, London, Paris and Houston.

Classified as Article 9 under the EU's SFDR regulation, the fund invests in companies with de-risked technologies that are ready to scale. To date, the fund has invested in 7 companies across a range of decarbonization technologies including sustainable materials for improved performance in li-ion batteries, clean hydrogen, science-based carbon management services, low-emissions battery recycling, and thermal energy storage for industrial applications.

｜Biden Approves Latest 2.6 GW New England Offshore Wind Farm: Total Approved Capacity Reaches 10 GW
An Iberdrola SA unit's plan for a major offshore wind development south of Martha's Vineyard is the latest project to win approval from the Biden administration. It brings the total of offshore wind projects authorized by President Joe Biden to more than 10 GW, according to the Bureau of Ocean Energy Management.

Avangrid Inc.'s New England Wind project is expected to generate as much as 2.6 GW of electricity, enough to power more than 900,000 homes, the Interior Department said. The project will be located about 20 nautical miles south of the holiday destination in Massachusetts.

Despite the flurry of approvals, Biden's target of delivering 30 GW of offshore wind installations by 2030 remains challenging. Some analysts forecast the US will reach little more than half that volume by the end of the decade, with projects facing setbacks such high borrowing costs, supply chain challenges and abrupt power agreement cancellations.

｜Solar Power Projects in Perak, Malaysia Signed by Shizen International and Majuperak Holdings Berhad
Shizen International Inc., a subsidiary of the Shizen Energy Group, inked a memorandum of understanding (MoU) with Majuperak Holdings Berhad (MHB), a prominent State Government-Linked Company (GLC) in Perak, Malaysia. The MoU outlines collaboration in developing ground-mounted solar power projects and assessing potential sites for floating solar projects within Perak.

Under the MoU, the parties will embark on joint ventures to develop ground-mounted solar projects, conduct feasibility studies on floating solar projects, and explore co-funding opportunities. The collaboration aims to bolster renewable energy infrastructure, create job opportunities, and facilitate technology transfer, fostering economic prosperity and sustainable growth in the region.

Source: ESGToday / by Susan Lahey｜Bloomberg｜Energy Box