GERMANY: HSBC AM plotting renewables JV with regional utility
HSBC Asset Management has agreed to establish a joint venture to progress a pipeline of renewable energy investment opportunities in Germany with Halle-based utility EVH, it is understood.
The pair have reached an accord on the new partnership and will now move to close out the deal, according to regulatory filings, which is subject to customary approvals by authorities in the country.
EVH is a subsidiary of Stadtwerke Halle and both supplies electricity, gas and heat to customers in the local area but is also pursuing the development of a swathe of renewables generation assets.
The group is known to be aiming to achieved around 200 MW of installed PV capacity by 2030, up from a current figure of 45 MW.
EVH has also assembled more than 30 partners in an energy transition initiative, including residential real estate operators, hospitals, public institutions, science, business and other groups, which will be supplied by the new renewables assets.
HSBC Asset Management and EVH were contacted for comment.
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