"Banking with a green conscience" - for IET's Engineering & Technology (UK)

8/8/2019 "Banking with a green conscience" - for IET's Engineering & Technology (UK)

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M a s t e r f i l e

Finance alternative energy



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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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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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"Banking with a green conscience" - for IET's Engineering & Technology (UK)

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