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Energy and climate

430,000

In energy and climate,
Triodos Investment
Management was
responsible for a
reduction of over
430,000 tonnes of CO2
and generating 630.7 MW
of sustainable energy.

Triodos Investment Management has over 25 years’ experience of investing in renewable energy, making it a preferred partner for many investors and renewable energy entrepreneurs.

The assets under management for the Energy and Climate sector were EUR 787 million by the year end (2013: EUR 1,035 million). 1 The transfer of the Ampere Equity Fund on 1 January 2014 has reduced the total assets under management in Energy & Climate by EUR 221 million. Without this, funds under management in the sector Energy and Climate would have been stable.

At the end of 2014, the total renewable energy equity and loan portfolio in Europe consisted of over 101 projects, with a total sustainable power generation capacity of approximately 630.7 MW. Together this contributed to the avoidance of over 430,000 tonnes of CO2 emissions in 2014, equivalent to the electricity consumption of 323,000 European households.

These projects are comprised of 48 wind power projects, 17 solar photovoltaic projects, 11 biomass projects, 10 heat/cold storage projects and one small hydro project and eight projects in a construction phase.

The activities of Triodos Groenfonds and Triodos SICAV II – Triodos Renewables Europe Fund were managed from the Triodos Investment Management offices in The Netherlands. Triodos Renewables plc was managed from the United Kingdom.

1 This figure includes the investments made by Triodos Groenfonds in the organic agriculture sector. As this fund is managed from this business-line this figure is included in this report.

Case Study

In 2014, Triodos Groenfonds was one of the consortium members involved in the funding of the Westermeerwind project in The Netherlands, a landmark near-lakeshore wind project in Noordoostpolder that will consist of 48 turbines of 3 MW each. The wind farm will produce over 500 GWh of sustainable electricity, or enough to supply the equivalent of 160,000 households. As a result, the wind farm will contribute substantially to energy-saving targets set by the Dutch government.

Developments in 2014

In 2014, Triodos Groenfonds further diversified its portfolio by investing up to a maximum of 10% of the assets under management in renewable energy projects in emerging markets. The fund approved two loans in 2014: Lake Turkana Wind Park in Kenya and Essel-Clean Solu, a run-of-the-river hydropower project in Nepal. Both projects significantly contribute to improving the access to energy for the countries’ inhabitants. The total volume of assets under management of the fund at the end of 2014 was EUR 620 million.

In line with the fund’s strategy of supporting experienced developers in increasing Europe’s renewable energy generation capacity, Triodos Renewables Europe Fund made a follow-on investment in Silvius Sun, a company owned by Solar Access, which has a portfolio of 20 roof-mounted solar projects in Belgium totalling 20.4MW. These solar plants are located on the roofs of commercial buildings. The volume of assets under management of the fund at the end of 2014 was EUR 63 million.

Triodos Renewables plc added two new projects to its portfolio. The projects acquired in 2014 which are now in construction, will add 13% to Triodos Renewables generating capacity over the course of 2015. Triodos Renewables plc generated a record total of 134 million kWh in 2014. The total volume of assets under management of the UK based portfolio was EUR 104 million at the year end.

Prospects

In order to deliver a transition from a carbon-based economy to a more sustainable economy it is essential to reduce energy demand, to use energy as efficiently as possible, and to invest massively in renewable energy systems. Triodos Investment Management believes renewable energy remains the best solution to mitigate the emission of greenhouse gases. It will continue to use its longstanding expertise in financing renewable energy projects to catalyze the transition to a sustainable economy. It is convinced that it will continue to be able to grow the assets under management in its Energy and Climate funds.