8/8/2019 "Banking with a green conscience" - for IET's Engineering & Technology (UK)
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bk ccc
M a s t e r f i l e
Finance alternative energy
8/8/2019 "Banking with a green conscience" - for IET's Engineering & Technology (UK)
http://slidepdf.com/reader/full/banking-with-a-green-conscience-for-iets-engineering-technology 2/3
21
Manhattan’s ardour Cpil
Iveme reide i e
ldmrk Empire se Buildig,
o i’ o urprie i’ ome
for imilrly uique iveme
bk. For, wile i broker re
commied o elpig
iiuiol iveor fid
rog-performig ock, e
focu i olely gree or ‘cle’.
I’ imple cocep, d ye
by ll ccou ew oio for
M, if o e wole
Us bkig d iveme
commuiy wic ril Lodo
i e rge of eicl ive-
me fud vilble o pro
wi cociece.
Bu e ide i urig d
americ’ poliicl leder re
cmpioig e oio of
eergy idepedece. te Us
Goverme, for exmple, i
offerig x iceive for
idividul uig olr wer
eer or eergy efficie
widow. terefore, iveigi eviromelly friedly
buiee could prove o be
iflueil red ffecig e
regie of Us ecology
compie
spekig from e bk’
30 floor office, ardour’
reerc direcor, Wler
ndeo, y lerive
eergy lwy reoed
wi im. Bu ardour, fouded
i Midow M i 2002
by prer Kerry Duke d
Bri Greeei, did o begi
wi gree ieio i mid.
“tey were’ quie old o ibecue if you go bck o 2002,
e lerive eergy mrke
w ju mble, rig? We
d 9/11, wic mde e wole
mrke crzy. te lerive
eergy ock d ju crered,”
ndeo expli.
hi reckoig w if
e em “pu ogeer ome
relly mr guy wi ciece
bckgroud d Wll sree
uderdig, we could relly
pl our flg ere”.
sice new York edured wo
mjor blckou (i 2003 d
2006), e ciy ould be ier-
eed i le iveigig
lerive eergy ource, or
uc w ndeo’ eory. te
be pid off – ody ardour ou
21 ffer i new York d wo
i i Boo office, d
ked i clim from Europe o
Ci o e americ,
poorig ul eergy
coferece d publiig i
ow idex.
I ock mrke ripplig like
ludry i widorm, i’
impreive ardour o
oly urvived, bu rived.
Ye, weer e model i
uible deped o
ukow fcor – uc ew
poliicl regime, e dopio of
gree lerive i americ
d eve e ficklee of fe.
so e compy i o kig
cce, d e PD
obord o prove i.
in the beginningte proce r wi e
corpore fice exper wo
fid lerive eergy
compie my eed o
rie moey or do merger d
cquiiio work, proxy
oliciio or wrrcoverio.
te reerc em, led by
ndeo, llowed ardour o
pi o uique premie for
Wll sree. “Iveor like i
becue we c look ig
lile bi differely d give
em differe gle due o our
uderdig of ee ecol-
ogie,” ndeo y of e del
ey coduc.
te em prepre reerc
d po rge o e comp-
ie. “te iiuiol ive-
or will red our reerc, d
if ey like i d gree wiw we’re yig, ey’ll buy
e ock,” y ndeo.
ardour lo ix-pero
broker em ked wi
coducig muli-millio-dollr
rcio ec dy o
ecologie uc fuel cell,
wid power, micro urbie,
cle col, geoerml olu-
io, ulrcpcior d more.
Bu w led o ll of i?
to er ndeo ell i, e
augu 14, 2003 power ouge
o e Eer ebord
ouded lrm o loud
iveor flocked o lerive
eergy ock.
“toe ouge, blckou,
relly igliged ow oe ig
could led o oer d
biclly kock ou e wole
eer ebord io Cd,”
y ndeo, ddig: “ti ig
ould ve bee ruced
y poi log e wy.
somebody ould ve id e
wic eed o be flipped.”
Ideed, e 2003 or-e
ouge – wic ffeced millio
rougou o oly new York
bu up roug pr of Cd
– elucided wekee of e
grid. ti mde e poliici
ervou. Preide George W
Bu upded e coury’
Criicl Ifrrucure
Iiiive, meure eced
durig e Clio admii-
rio, o brode e defii-
io of ‘ifrrucure’
repoe o e cocer.
all of i i idicive of
red, perp epecilly i e
Us, y Grer’ simo
Migy, wo cover It mge-
me: “americ’ focu i prim-
rily o vig eergy co d,
of coure, eergy idepedece.
t’ muc more of iue clime cge, for e
mo pr.”
Migy lye e eed for
cppig GhG emiio d
reerce oer eviromel
meure. hi em believe e
curre red i bo medi
coverge d poliicl circle
cere o eviromel
uibiliy d greee
for good reo – e clime
i cgig.
“a log e ciece
beid clime cge doe’
ge dicredied – d of coure
i’ likely, or cieiuddely ge lo more
opimiic bou e impc d
peed of clime cge, e I
ik e broder iue roud
eviromel uibiliy
re goig o be opic of
icreig wree,” y
Migy.
ad oe wo will become
icreigly more cocered,
e y, iclude “broder e
of keolder” oe
wo’ve previouly bee
cocered – iveor,
coumer, execuive d
employee. tee keolder
re goig o ve iere i
i, o vryig degree.
he poi ou americ’
people d orgiio re
beig muc more progreive
eir goverme,E
eMpoweringthe statesBP Alternative Energy broke groundin Texas on its first wind-poweredsite, Silver Star 1, last September.Located 80 miles south-west of theDallas/Forth Worth metropolitanarea, the project runs on 60MW.Clipper Windpower of Carpinteria,California has a 15 per cent stakein the $100m project and hasloaned two dozen of its 2.5MW
wind turbine generators.According to BP, this is the first
application at scale of Clipper’snew C-96 wind turbine technology for BP. The energy producer spunoff its alternative offshoot from BPAmerica in 2005. With this project,BP expects to generate enoughcarbon-free electricity to powerapproximately 24,000 homes.
“Wind power is domestic, cost-competitive and offers ruralcommunities a fresh revenuestream without impact to tradi-tional farming practices,” says BobMalone, chairman and president of BP America. “BP believes thatsustainable energy alternatives andthe development of the windindustry are in the best interests of the nation.”
BP is one of many US companiescashing in on wind power. Forexample, Larry Miles, president of Bellevue, a Washington based Wind
Turbine Company, focuses on
designing, manufacturing andselling wind turbines. They’veoperated from this premise since1989, investing $15m in developingthe machines. The company hasfocused on downwind turbinetechnology, claiming that their750kW turbine will feature a 60mrotor and reach a rated capacity in11.5m/second winds.
“The electricity generated issold, generally speaking, to utility companies. So, among the earliestcustomers for wind energy in thiscountry was Pacific Gas and Electric
and Southern California Edison,”explains Miles.He says that neither company
owns a wind turbine themselves,so they must partner with onesuch as his to tap theappropriate technology.
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i 2003, n yk xcd mj f dc f md c. B d bk f , Lur Wglr .
8/8/2019 "Banking with a green conscience" - for IET's Engineering & Technology (UK)
http://slidepdf.com/reader/full/banking-with-a-green-conscience-for-iets-engineering-technology 3/3
Finance alternative energy22
F geerlly pekig. to
ed, e propoe key o
furerig i progre i
cklig clime cge wiiformio d commuic-
io ecology werever
poible.
optimistic view ti ce i exemplified i e
Us i my wy: by edy
rie i e umber of ybrid
veicle old; rie i e
umber of eergy-efficie
bulb illed; d i
M, for exmple, effor
o e pr of i myor o
uppor public rporio
roug cogeio pricig
ceme, modelled fer Lodo.
so fr, effor ve bee fuile.
Bu i volile mrke, i
would eem problemic o be
d ive evily i w e
yer go would ve bee mere
poppycock. afer decde of
relice o e blue cip, could
i relly be ll wie for Wll
sree’ iveor o ur o w
could be clled ‘gree’ cip?Jo Ewe, eior vice prei-
de i crge of corpore
fice, Ms i geopyic
d Bs i eviromel
yem ecology. he poi
ou mo of e compie
ardour look ve ome ype
of ecology ribue.
ardour ell repor i e
field of lerive eergy
reource, diribued geer-
io, eblig ecologie d
eergy efficiecy. suc repor
bck up e compy’ ce o
ee publicly rded ock.
Ewe, for exmple, believe
pure eergy ecologie will
drive e lerive mrke.
“Everyoe w ppy wi
$26 oil for wile,” y Ewe,
bu ow “ybody wi
ecology ve eergy
d offer pybck period of
wo yer or le c mke
irod i e mrke”.
Ye, w i ll foreellfor e overll e of e
ecoomy remi ucler.
Migy i opimiic: “We
ik i i red ’ goig
o be roud for ome ime. ad
i’ quie coceivble wile
e focu ody i o GhG d
crbo, ere i o reo o
ik e debe roud ui-
biliy i goig o op ere.”
Mewile, ardour i ryig
o y ep ed – dicreely.
ndeo y ey do e leg work
for iveor wo ofe my o
w compy o kow i i
poeil iveme rge.
ad we re ge exciig,
ardour will dedice ly
werever pproprie.
“Few iveor re olly
ivolved i ju oe ecor,”
y ndeo.L
regeneratingConneCtiCutConnecticut’s Governor Jodi Rellhas taken a bold stand towardinstituting green practices.
In January, Rell institutedConnecticut’s Vision for a Cleaner,Green State with the goal of beingin full swing by 2020. One of thebeneficiaries of this scheme isFuelCell Energy, which has beenbrokered by Ardour many times.
The company makes its livingthrough a virtually non-pollutingmodel of providing energy electrochemically transmitted.
FuelCell received $4m from thestate at the bequest of Rell, amove designed to bring more jobsthat are focused around Rell’sgoal that 20 per cent of all energy used and sold comes from clean,
renewable resources.FuelCell’s VP of investor
relations and corporate communi-cation, Lisa Lettieri, says that fuelcells are gaining traction becauseof their connection to alternativeenergies more than as a singlealternative. She adds that they describe themselves as toutingultra-clean technology.
“You’re either going back to thegrid [the rest of the time] or youcould have fuel cells there comp-lementing that clean installation
with ultra-clean power, generatinga lot less carbon dioxide than the
grid but still more than solar or wind,” says Lettieri.
However, fuel cells may beriding the crest of a downwardmarket, according to a source withanother fuel cell company, TarasWankewycz, co-founder of Horizon Fuel Cell in Singapore.
“Certainly financial marketconditions will continue to deteri-orate in 2008, which meanscompanies heavily reliant onexternal capital for operations
will not be able to keep thepace. Over the next months, it
will be interesting to keep a closeeye on fuel cell companies thathave decreased reliance onexternal capital for growth, assome new players with newmodels could emerge asleaders,” he writes.
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