Plus, Water Sensitive City Partnership launch in Europe | KGAL develops Italy’s largest solar park
British International Investment (BII), the UK’s development finance institution and impact investor, has made a $15m (€14.4m) allocation to Valency International, the global food ingredient company. The funding adds to BII’s previous commitment, bringing the organisation’s total investment to $30m.
The capital will support Valency’s funding requirements for its new cashew processing facility in Attingue, Côte d’Ivoire, as well as for the development of a new bioproducts plant to transform waste cashew shells to biochar and biofuels. The new facility is expected create up to 2,000 direct jobs, and support about 50,000 smallholder farmers through “fair trade practices and improved access to sustainable markets”, according to the DFI.
The Water Sensitive City Partnership launches to address water management
The Urban Agenda for the EU, created by the European Commission in 2016 to improve the quality of life of cities across the European Union, has launched The Water Sensitive City Partnership, bringing together over forty local, regional and national bodies across Europe to address the challenges of water scarcity and floods and sustainable urban development. The organisations will address urban water challenges through collaboration and knowledge exchange.
One of the 22 cities to join the partnership is The Hague, which highlighted the growing need for the city to address water management. Over 90% of the city’s drinking water comes from river sources, which face increasing pollution and more frequent lowering of levels, it says. Because the city is densely populated and lies at a coastal area, it also has to grapple with heavy rainfall, urban heat, and rising sea levels.
“Water is the lifeblood of our city, but it is under increasing strain. To safeguard our future, we must invest in resilient systems that can withstand both scarcity and surplus, ensuring that The Hague remains a safe and sustainable place to live for generations to come. We are looking forward to sharing knowledge and cooperating with other cities,” said Robert van Asten, alderman for Urban Development, Libraries and Europe for the City of The Hague.
KGAL builds solar infrastructure in Italy
Germany investment manager KGAL’s renewable energy fund KGAL ESPF 4 has commissioned a solar park in Italy, in the Lazio region. The park is largest privately financed in the country, and will generate around 240 gigawatt hours of electricity per year, avoiding around 100,000 of CO2 emissions annually, according to the firm.
In total, more than 272,000 solar modules from the manufacturer JA Solar, each with an output of 545–550 watts, were installed over an area equivalent to more than 250 football pitches, it said. The fund’s debt financing partners are Natixis and ING.
“A project of this size always presents major challenges. The biggest of these is the precise coordination between financing and PPA, while at the same time, the construction and connection must proceed according to plan,” said Patrick Villmann, senior transaction manager at KGAL.
