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Energy and Climate

900,000

In energy and climate,
Triodos Investment
Management was
responsible for a
reduction of over
900,000 tonnes of CO2
and generating 740 MW
of sustainable energy.

It is essential to reduce energy demand, to use energy as efficiently as possible, and to invest massively in renewable energy systems in order to deliver a transition from a carbon-based economy to a more sustainable economy. Triodos Investment Management has over 25 years’ experience of investing in renewable energy, making it a preferred partner for many investors and renewable energy entrepreneurs.

Assets under management for the Energy and Climate sector were EUR 880 million by the year end (2014: EUR 787 million). 1 The total renewable energy equity and loan portfolio in Europe consisted of over 102 projects, 90 of which had a total sustainable power generation capacity of approximately 740 MW. Figures for the remaining projects was not available at the time of going to press. Together this contributed to the avoidance of over 0.9 million tonnes of CO2 emissions in 2015, equivalent to the electricity consumption of 490,000 European households.

These projects are comprised of 64 wind power projects, 17 solar photovoltaic projects, 3 biomass projects, 6 heat/cold storage projects, 1 small hydro project and 11 projects in a construction phase.

1 This figure includes the investments made by Triodos Groenfonds in the organic agriculture sector. As this fund is managed from this business-line this figure is included in this report.

Developments in 2015

In 2015, Triodos Groenfonds further diversified its portfolio by investing up to a maximum of 10% of the assets under management in renewable energy projects in emerging markets. The fund approved one new loan for a renewable energy project in emerging markets in 2015: Cohessa, a solar project in Honduras. This made a significantly contribution to improving access to energy for local people. The total volume of assets under management of the fund at the end of 2015 was EUR 676.6 million.

Triodos Renewables Europe Fund has invested in roof-mounted solar plants for Dutch brewing company, Heineken. This joint investment with Solar Access, a Dutch-based international developer and operator of solar power projects, involves the installation of solar panels on the roofs of eight locations. The installed capacity of the solar plants is 3.0 MW. The expected production equals the average electricity demand of approximately 800 households. The volume of assets under management of the fund at the end of 2015 was EUR 64.6 million.

In 2015, Triodos Renewables plc celebrated its 20th anniversary with another year of growth. Its community of investors grew by 15% to over 5,700 shareholders. The company also successfully closed a share issue in January raising over £4m.

The construction of three new onshore wind projects was completed, two of which are based in Scotland, and the third in East Anglia, England. Additionally Triodos Renewables has provided a mezzanine loan to a 6.9MW wind farm in Scotland, which is now under construction. The operational portfolio generated 25 more green electricity than ever before, generating power equivalent to more than 48,000 homes in the United Kingdom. The volume of assets under management of Triodos Renewables at the end of 2015 was EUR 138.3 million.

Prospects

Triodos Renewables plc will become independent from Triodos Bank and Triodos Investment Management in 2016. This strategic repositioning was accepted by the company’s shareholders on 26 February 2016. With a strong record of generating clean electricity, profits and bringing a large number of investors together, Triodos Renewables is now at a size where it is able to successfully stand alone as a fully independent company. Independence means Triodos Renewables can be more flexible and agile capitalising on opportunities in the sustainable energy market, in ways that are no longer possible if the company remains legally part of a regulated financial institution. Triodos Renewables will operate under the name Thrive Renewables.