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Bloomberg New Energy Finance
Week in Review
A weekly selection from our research and news teams
World’s biggest wind turbine maker waves oil industry goodbye
In another sign that the petroleum era is drawing to a close, Denmark is selling off its last oil company with barely a peep. Once considered a strategic asset, on a par with national carriers or shipyards, the oil and gas division of A.P. Moller-Maersk A/S is being bought by French giant Total SA. The $7.45 billion deal is expected to be completed by 2018, pending regulatory approval. Read more.
From our partners

Ending nuclear means Germany likely to miss emissions goal
  • Decision after Fukushima disaster has helped coal plants
  • Chance of more government action grows as 2020 target looms
German nuclear, coal generation and emissions
Source: Bloomberg New Energy Finance
Germany’s nuclear phaseout, brought about by Chancellor Angela Merkel in 2011 after the Fukushima disaster in Japan, has left the country unable to wean itself off of the dirty coal and lignite power produced by the likes of RWE, Uniper and EnBW. With the anticipated nuclear closings through 2023, the country needs to keep the firm capacity provided by coal to guarantee security of supply. As a result, Bloomberg New Energy Finance expects it will not meet its 2020 emissions target, despite nearly 50% of generating capacity being wind and solar. As it becomes more apparent the target will be missed, and given the precedent of the lignite reserve, the risk of further intervention grows. View on web and share with a colleague.
From our partners

Lower debt ratios likely for unsubsidized green energy
The new era of unsubsidized wind and solar projects will mean developers facing a smaller pool of potential lenders, resulting in “a squeeze” on the debt ratios that they have enjoyed up to now, according to BNP Paribas. The French bank, which is one of the largest providers of project finance debt for renewable energy plants, with a target to double cumulative lending to 15 billion euros between 2015 and 2020, predicted that projects would be subject to more conservative financing structures in the unsubsidized future. Mark Muldowney, managing director, energy and infrastructure for BNP Paribas, told BNEF in an interview: “There would be a squeeze on the average ratios that the banks have used in the past.” He added: “On the debt-equity ratio, this could fall from 80:20 to two-thirds-one-third, but it would be case by case.” Read more.
From our partners

New Energy Pioneers: Envirofit
Each year, we identify 10 game-changing companies globally in the field of clean energy technology and innovation. In this series, we will introduce the 2017 winners. One of the winners, Envirofit, is a social enterprise that innovates smart energy products and services to improve lives on a global scale. Learn more about them and the competition.
Also meet BNEF at the following events:
CanWEA Annual Conference & Exhibition
3-5 October - Montreal, Quebec, Canada

ACORE Finance West
12 October - San Francisco, CA, US

Autonomy & Urban Mobility Summit
19-21 October - Paris, France

Solar & Off-Grid Renewables, Southeast Asia
20-21 November - Bangkok, Thailand
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