Iberdrola's US subsidiary New York State Electricand Gas Company (NYSEG) has successfully issued a USD 525 mn 10-year green bond, according to a statement published last week. The issuance attracted over EUR 2 bn in demand from more than 60 American accounts, allowing the company to reduce the spread over the benchmark interest rate to 135 basis points, reaching a price of 5.332%. The company will use the funds to expand further in the US.

Iberdrola is already active in the US: Iberdrola placed a USD 2.5 bn bid on Thursday to acquire the remaining 18.4% stake in its American sustainable energy subsidiary Avangrid for USD 2.49 bn in March.

REMEMBER- Iberdrola + Masdar have big plans: Masdar signed a strategic partnership agreement with Spain’s Iberdrola to co-invest up to EUR 15 bn in exploring development projects in the offshore wind and green hydrogen in key markets including Germany, the UK, and the US during COP28.

Indonesia eases local content rules to attract foreign investment in renewables: In efforts to unlock concessional loans from international development banks for renewables projects, Indonesia has relaxed its rules requiring foreign-funded projects to use locally-made components, Reuters reported on Wednesday, citing comments made by Deputy Minister of Maritime Affairs and Investment Rachmat Kaimuddin. The new regulation exempts projects receiving at least 50% foreign funding from these rules, aiming to boost renewable energy investments under the Just Energy Transition Partnership. Solar power projects can use imported panels if they meet specific conditions, such as obtaining ministerial approval committing to local production investment, signing a power purchase agreement before the end of 2024, or beginning operations by the first half of 2026.

UAE ?Indonesian renewables: UAE state-owned renewables giant Masdar inked two strategic agreements and received an approval to establish renewable energy projects in Indonesia back in May. The UAE also broke ground on the Mohamed bin Zayed-Joko Widodo International Mangrove Research Centre in Bali in May and has committed to investing USD 10 mn into the project.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • J-Power partners with Australian firms on carbon capture: Japanese utility Electric Power Development (J-Power) has inked a joint study agreement with Australian developers deepC Store and Azuli to commercialize a carbon capture and storage project. The project aims to capture CO2 from Japan, Australia, and the region, storing it in Australia’s offshore areas for greenhouse gas storage, which could hold up to 1 bn metric tons of CO2. (Reuters)
  • US’s Sunrun seizes market opportunity after SunPower's bankruptcy: US solar firm Sunrun's stock jumped 11% after competitor SunPower filed for bankruptcy last week. The company is bringing on former SunPower dealers and executives, to gain market share. Sunrun posted a surprise profit in Q2 and introduced cash generation guidance for 2025. Goldman Sachs also raised its stock price target for Sunrun, reflecting optimism about its continued growth. (CNBC)
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