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...US private capital group Global Infrastructure Partners and Canada’s largest pension fund are nearing a deal to buy Allete, a regulated utility with sizeable clean energy operations, for about $5bn, said...
...It is also the biggest fund ever raised by Brookfield, which manages $850bn across sectors spanning real estate, credit and insurance, renewable energy and corporate buyouts....
...Prized energy business faces upheaval When Berkshire announced the acquisition of MidAmerican Energy in 1999, Buffett hailed the Iowa gas and electric utility as squarely in the conglomerate’s “sweet spot...
...It comes as North Sea producers are seeking scale to help fund investment and decommissioning costs....
...The deal would make Ithaca one of the biggest independent oil producers in the North Sea and could spur further consolidation, as companies seek scale to fund investment and the cost of decommissioning legacy...
...The obvious candidate is the energy business, which is facing some serious structural headwinds, as Myles McCormick and Eric Platt recently explained in the FT....
...One of the received tenets of the energy transition was that there was no trade-off between green investing and making money....
...“CVR Energy is a cash cow,” said Nick Moglia, a credit analyst with CreditSights....
...To nudge banks away from fossil-fuel financing, one of the most vocal pension funds on climate change has wrangled two Wall Street banks into disclosing a ratio comparing their respective levels of financing...
...More than half of BlackRock’s $10tn in assets under management are retirement savings, including institutional pension funds, corporate defined contribution plans known as 401(k)s and individual accounts...
...Scott Nuttall, co-chief executive of KKR, recently highlighted the private equity group’s infrastructure business, including new funds dedicated to the energy transition, as a major source of growth....
...He’s played a central role in some of Berkshire’s biggest takeovers, including PacifiCorp and Dominion Energy’s pipeline business....
...In October last year, the fund announced a A$300mn partnership with energy storage and renewables developer Birdwood Energy....
...Among them were Canadian pension fund Ontario Municipal Employees Retirement System, as well as the Abu Dhabi and Chinese sovereign wealth funds....
...First Solar, an Arizona-based clean energy equipment maker, has $1.8bn in overall balance sheet cash....
...The third part of our Berkshire after Buffett series is on the prized energy business, which began with a little noticed deal in 1999....
...The really big question in global macro this year is around who will buy the huge wave of extra issuance from governments trying to make ends meet and finance the green energy transition....
...Our energy team colleagues explain what’s behind the hold-up....
...After a spell at PwC, Abel was hired by one of the Big Four firm’s clients, CalEnergy, a small geothermal energy group....
...“I don’t want to denigrate anybody, but I think [Paramount] needs a little bit of new energy. I think he will bring that,” Emanuel said....
...They said Origin should be able to fund its energy transition as an independent company....
...Even as global temperatures smash through record highs, the oil industry is claiming the world can’t afford the rapid transition from fossil fuels to cleaner energy....
...AustralianSuper, the country’s largest pension fund and owner of 17 per cent of Origin, thought it undervalued the company....
...A second reason for sustainable funds doing relatively well is that energy stocks have not outperformed this year, unlike in 2022....
...The exclusions will also apply to fixed income funds, potentially precipitating a sell-off in the bonds of energy companies....
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