Green Markets - October 24, 2024

Oct 24, 2024

Green Markets is a daily series dedicated to highlighting events of interest that could impact investments within environmental markets.

The USDA has announced a $1.5 billion investment in 92 partner-driven conservation and climate-smart agriculture projects under the Regional Conservation Partnership Program (RCPP). Partners will contribute an additional $968 million. The projects, funded through the Farm Bill and Inflation Reduction Act, aim to help farmers, ranchers, and forest landowners implement conservation strategies, tackle climate challenges, reduce methane emissions, and enhance water conservation.

KKR is acquiring a 25% stake in Enilive, Eni's mobility transformation company, which focuses on biorefining, biomethane, and smart mobility solutions. KKR will leverage its global infrastructure expertise to support Enilive's growth and international expansion.

The European Investment Bank (EIB) has committed €1 billion to support the development of green hydrogen projects in India, partnering with the India Hydrogen Alliance (IH2A).
Voltalia has announced a substantial $3 billion investment in a green hydrogen project in Ceará, Brazil.

Related Stock List(s): Hydrogen Stocks

Exxon Mobil and Qatar Energy's joint venture has received a three-year extension to complete the Golden Pass LNG plant in Texas due to delays from lead contractor Zachry Holdings' bankruptcy. However, it faces significant budget overruns, estimated at $2.4 billion. Negotiations are ongoing to appoint a new lead contractor, with McDermott International being a potential candidate.

Related Stock List(s): LNG Stocks

NextEra Energy is assessing the possibility of reopening the Duane Arnold nuclear plant, with growing interest from data center companies. CEO John Ketchum emphasized that while nuclear may play a role in future energy demand, its contribution will be small, and restarting nuclear plants is economically challenging. Ketchum expressed skepticism about small modular reactors (SMRs), citing their high costs and financial strain on manufacturers.
Slovenian lawmakers have canceled a referendum on the proposed JEK 2 nuclear plant. The decision followed complaints from environmental groups questioning the legality of the referendum. Despite the cancellation, the government plans to continue working on the project, estimated to cost between €9.6 billion and €15.4 billion. Further details on the project will be addressed in a special law.

BP has completed the full acquisition of solar power developer Lightsource BP, after buying the remaining 50.03% stake for £400 million ($518 million). The deal includes £2.1 billion in debt and supports BP's strategy to expand its low-carbon energy and biofuels production.
Blackstone is investing $288 million in Pine Gate Renewables to support six U.S. solar projects with a total capacity of 780 MW.

The U.S. Environmental Protection Agency (EPA) has announced $3.6 billion in new funding under the Bipartisan Infrastructure Law to upgrade water infrastructure, making the total $6.2 billion for FY 2025. These investments will improve wastewater management, safeguard freshwater resources, and ensure safe drinking water for communities.

Related Stock List(s): Water Stocks

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