Record year pushes total Enel Green Power renewable capacity to 46GW

first_img FacebookTwitterLinkedInEmailPrint分享Smart Energy International:Enel Green Power set a new record in 2019 within the renewable energy industry by building more than 3GW of capacity.Enel built around 190MW more renewable energy capacity in 2019 than in 2018, a 6.5% increase. The milestone makes Enel the largest private renewable energy player at global level Enel built 47 facilities of which the majority were wind (1,813 MW) and then solar (1,193 MW).Around 1,072MW was built in Europe, mainly in Spain, 997MW in Latin America, mainly in Mexico, 867MW in North America, mainly in the US and around 94MW in Africa, Asia and Oceania, mainly in South Africa.Renewable energy built by Enel in 2019 will generate 9.3TWh and avoid 5.85 million tons of carbon emissions per annum.The 2019 milestone increases Enel’s total renewable energy capacity to 46GW.The utility has set a goal of generating around 57% of its production from renewable sources in 2022. By adding 14.1 GW of renewable capacity to Enel will reach around 60GW renewable generation by 2022. The utility plans on being fully decarbonised by 2050.[Nicholas Nhede]More: Enel reached a new renewable energy milestone in 2019 Record year pushes total Enel Green Power renewable capacity to 46GWlast_img read more

PGB ramps up allocation to real estate loans

first_imgThe €24bn multi-sectoral pension fund PGB increased its mortgage allocation eightfold to €1.2bn last year, representing 5.4% of its entire investment portfolio.In its annual report for 2016, it said residential mortgages offered better returns than government bonds with a similar duration, while also having limited credit risk. Its mortgage allocation returned 7.6% over the year.It added that European credit, which returned 4%, had a similar advantage. The profit from both asset classes far offset the higher management costs the scheme incurred, PGB said.The pension fund, which has 304,000 workers and pensioners in total, posted an overall yield of 10.9%. Euro-denominated government bonds were the best returning asset class, generating 13.4% due to falling interest rates.The equity portfolio (40% of total assets) generated 9.9%. The pension fund said it had refocused on passive investments and intended to increase its worldwide factor-based and quantitative mandates.PGB added that it had further diversified its holdings by investing in alternative credit through corporate loans. Its portfolio (4.2% of total assets) delivered 11.4% during the year.Infrastructure also performed strongly, gaining 12.2%, while its inflation-linked bonds returned 9.2%. PGB has 3.9% invested in infrastructure and 4.7% in inflation-linked bonds.The multi-sectoral fund said it would set up a new IT system for administration and communication in an effort to improve its client relations. Its affiliated employers will be offered a new pensions portal, including a dashboard with self-service options.Last year, PGB spent €163 per participant on administration and paid 0.29% of its assets for asset management.It attributed the doubling of its transaction costs to 0.12% to an increased number of transactions in the wake of its dynamic policy for hedging its interest rate risk.Its hedge ranges from 20% when the 30-years swap rate is less than 0.5% to 80% when the swap rate is higher.According to the pension fund, the surplus return of its dynamic hedge far outstripped the rise in transaction costs. Its interest hedge – largely comprising government bonds – remained less than 40% over the year.In 2016, PGB also absorbed the pensions of the maritime fishing industry (Zeevisserij), the wholesale sector for flowers and plants (Groothandel Bloemen en Planten), and paper and glass (Papier en Glas). It now serves eight sectors.At the end of April, the pension fund’s coverage ratio stood at 104.8%.last_img read more