Monthly Market Thoughts – April is the cruelest month

April is the cruelest month, a famous American poet once wrote. And perhaps his bleak outlook on life is, to an extent, applicable to what us at inspiratia will be going through over the next month, our eyes glued to that submission portal, eagerly counting submissions as they come through.

However, I am – somewhat – more optimistic than said American poet, and I am certain that the industry will come together to turn April into the sweetest of months instead, by the end of which the inspiratia team will be spoilt with choice and faced with the dilemma of who will make the shortlist.

This poetic roundabout was essentially just to say that – as you may have heard – submissions have opened for the Europe Energy Transition Awards 2024, and you may now – and are very much encouraged to do so – throw your hat into the ring!

What you need to know

First things first, make sure you send us your submissions by 4 May.

The period for transaction completion in order to be eligible is 1 April 2023 – 31 March 2024, aka the financial year.

In view of the rebrand that we unveiled to the industry in November last year [2023], inspiratia's awards had already been refocused on the energy transition space in Europe. So, no big surprises there.

However, a quick reminder won't hurt. At inspiratia, we categorise the industry's efforts to achieve the energy transition to a net zero future by splitting sectors between traditional renewables – i.e. solar, wind, water, utilities, energy efficiency – and new technologies – i.e. energy storage, hydrogen and CCUS, EV, floating wind.

With that in mind, we split the advisers and lender categories into exactly that – renewables and new technologies. So, if you are an adviser or a lender who has been active across both traditional and new technologies, you have the chance to qualify for a specific recognition for both.

We also split our awards into three main umbrella categories: Company; Deal; Individuals. AND, in order to thoroughly represent the energy transition industry, this year we have some new entries. See below.

Developers

Arguably a glaring absentee from last year's edition, two categories have been added to the list this year to recognise developers' work both in the new technologies and traditional renewables space. So may I present to you, in all their glory, the Best Developer – Renewables and the Best Developer – New Technologies categories.

Pivotal to the rollout of greenfield projects, developers are still very much on both the traditional renewables side – where the bulk of the financial activity continues to be – and even more so on the emerging technologies side, where the industry is starting from scratch.

To give an idea of the sectors that have kept developers – and industry players across the board – busy over the past 12 months, some examples below, which by no mean constitute a shortlist.

Baltic Power in Poland was certainly one of them, where Northland Power and Oren put together a €4.5 billion package to build the first large-scale offshore wind farm in Poland.

More recently, Lithuania saw the 264MW Pagegiai Wind Farm reach financial close in what is one of the country's largest onshore wind projects.

On the new technologies side, we have seen some significant progress being made in hydrogen as well as in hard-to-abate sectors. A good example is H2 Green Steel raising €1.5 billion in equity from investors to finance the world's first large-scale green steel plant and Europe's first giga-scale electrolyser.

Funds

The Funds category is another that we have decided to expand. While a Best Energy Transition Fund category was present in last year's edition, this year, fund managers can enter for equity funds and debt funds separately.

Equity and debt vehicles are by nature two very different animals, acting in different market segments, so they deserve to be awarded, and evaluated, separately.

While fundraising has seen some challenging times since the Covid-19 pandemic, funds have a pivotal role to play in the transition to a net zero future, and to some extent, they already are.

US multibillion fund manager KKR leading UK's energy storage and EV developer Zenobe's capital raise last year is definitely a good example.

Deals

We also plugged some holes in the deal categories, where we added an Outstanding Bioenergy Deal and an Outstanding Gigafactory Deal.

The role that bioenergy has to play, not just on its own, but in relation to biomethane and in turn hydrogen production, is one that should not go unrecognised.

The likes of Hy24 and Mirova getting behind French industrial SME Elyse Energy to support the rollout of e-fuel projects in France and Spain is testament to that.

The sheer number of gigafactory deals was the obvious lever for the other addition. Again, a few examples.

At the beginning of the year, Swedish EV battery specialist Northvolt announced that it raised €5 billion to refinance an existing debt package and fund planned expansion.

Towards the end of last year, AESC's French gigafactory project reached financial close with a total CapEx of €1.3 billion between equity and debt.

AESC also obtained the UK Infrastructure Bank's backing for the expansion of its facility in Sunderland at the beginning of the year.

Advisers

The Best Optimiser category was added to the adviser lot in recognition of the role that these players have in the battery storage sector.

This award will seek to recognise a company that has contributed to revenue stacking and made innovative use of software for optimal management of battery energy storage assets.

And finally 

And last but not least, we have made two more additions in the company and individual categories.

A net zero future cannot be sustainable if it isn't also equal and inclusive. For that reason, we have created the Equality, Diversity and Inclusion (ED&I) to recognise a company that can demonstrate having implemented a strategy that incorporates ED&I across the board.

While the energy transition requires a multifaceted approach and is a team effort, individuals will often make the difference. It is therefore only appropriate to wrap up the evening by giving a Lifetime Achievement accolade to someone whose hard work and accomplishments have made them stand out and emerge as an industry leader and an example for younger generations to follow.

That's all for now folks! Remember, you have until 4 May to send your submissions so make sure you make the deadline.

Other than that, we look forward to seeing you at the Mariott Hotel Grosvenor Square on 21 November!

Viola Caon,

Head of Content