Latest news with #sustainableInfrastructure
Associated Press
5 days ago
- Business
- Associated Press
Polar Supports Crusoe's AI Growth With New High-Performance Data Center
Strategic partnership reinforces Polar's commitment to sustainable infrastructure and advanced digital capacity 'This collaboration with Crusoe reflects what Polar does best, delivering world-class sustainable infrastructure'— Andy Hayes, CEO LONDON, UNITED KINGDOM, June 16, 2025 / / -- Polar, a leader in high-density, sustainable data center infrastructure, today announced the latest milestone in its ambitious European expansion plans: a strategic partnership with Crusoe to deliver next-generation AI infrastructure at a new 12MW facility (DRA01) in Norway. The state-of-the-art facility, powered entirely by hydroelectric energy represents a new standard in performance and minimizing environmental impact. DRA01 will host Crusoe's scalable platform for advanced AI workloads, serving customers across Europe and beyond. The partnership marks a significant step forward in Polar's mission to build a new generation of sustainable data centers. With development efforts already underway in several key European markets, Polar is rapidly growing its footprint to meet surging demand from AI and high-performance computing. 'This collaboration with Crusoe reflects what Polar does best, delivering world-class sustainable infrastructure,' said Andy Hayes, CEO of Polar. 'We are proud to power Crusoe's expansion in Europe and look forward to supporting their continual growth with efficient, resilient and renewable-powered data centers.' Polar's Norwegian facility is optimized for GPU workloads, offering high-density rack configurations, robust energy efficiency and cutting-edge cooling technology. The 12MW deployment will be ready for service later this year and has the option to scale up to 52MW. 'Partnering with Polar brings Crusoe Cloud's cutting-edge AI infrastructure directly to abundant, clean hydroelectric power. This allows our European customers to run their AI workloads with unparalleled performance without sacrificing their commitments to environmental responsibility,' said Chris Dolan, chief data center officer, Crusoe. Engineered specifically for next-generation AI applications, the Polar facility features advanced liquid cooling systems and high-density rack configurations supporting up to 115kW per rack. These cutting-edge capabilities will enable Crusoe to deploy and scale its cloud platform efficiently in an environmentally responsible way. About Polar Polar develops and operates sustainable, high-performance data centers designed for AI and high-density computing. Powered entirely by renewable energy, Polar's facilities combine advanced engineering with environmental responsibility to meet the evolving needs of hyperscale, enterprise, and cloud-native clients across Europe. About Crusoe Crusoe is on a mission to align the future of computing with the future of the climate. Crusoe provides a reliable, scalable, cost-effective, and environmentally friendly solution for AI infrastructure by harnessing large-scale clean energy, building AI-optimized data centers, and empowering builders to reach their AI potential. Crusoe is empowering the AI revolution. Nigel Stevens Polar DC +44 7968 585590 email us here Visit us on social media: LinkedIn Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Arab News
6 days ago
- Business
- Arab News
ACWA Power advances $1.8bn capital increase plan to boost global expansion, says CFO
RIYADH: Saudi utility giant ACWA Power is moving forward with its SR7 billion ($1.8 billion) capital increase as part of a broader strategy to expand its footprint in energy transformation, water desalination, and green hydrogen production, according to its chief financial officer. In an interview with Al-Ekhbariya, Abdulhameed Al-Muhaidib described the capital raise as a critical step to reinforce the company's leadership both domestically and internationally in sustainable infrastructure. ACWA Power's investment portfolio currently stands at around SR400 billion, encompassing over 78 gigawatts of production capacity and more than 9.5 million cubic meters per day in water desalination capacity. In line with long-term objectives, the company's board approved a plan two years ago to triple assets under management to over SR937.5 billion by 2030. The initiative also aligns with Saudi Arabia's national goal of achieving a balanced energy mix by 2030, targeting an equal split between gas and renewable sources for electricity generation. 'The company decided to increase its capital through a rights issue rather than expanding into debt markets, with the aim of strengthening its financial position and enhancing credit flexibility. A large portion of the proceeds will be used to expand its project portfolio both inside and outside the Kingdom,' said Al-Muhaidib. He noted that 60 percent of ACWA Power's current investments are located in the Kingdom, with the remaining 40 percent spread across international markets. Between 75 percent and 85 percent of the new capital will be allocated to greenfield projects, while acquisitions will account for no more than 20 percent. 'ACWA Power's infrastructure projects rely primarily on debt, with shareholders' equity covering 20 percent to 25 percent of the financing structure. The company will continue this financing strategy while maintaining net debt at approximately SR20 billion, despite the significant growth expected through 2030,' he added. Highlighting the company's geographical expansion, Al-Muhaidib said ACWA Power added new projects worth SR34 billion in 2024 across Saudi Arabia, Egypt, Azerbaijan, Uzbekistan, and China. He also pointed out the firm's active presence in China, with more than 90 employees based in its Shanghai office to support growth in that market. ACWA Power successfully achieved nine financial closings in 2024, amounting to SR34.6 billion. The CFO said a dedicated internal team has been established to streamline project execution from inception to operation. He confirmed that the Capital Market Authority has approved the capital increase, with the final offering price set to be announced during the company's general assembly on June 30. 'Seventy-seven percent of shareholders have submitted their subscription pledges,' Al-Muhaidib noted, adding that the high participation rate underscores investor confidence in the company's long-term strategy. ACWA Power reported a net profit of SR1.75 billion in 2024, a 5.74 percent increase year on year, according to a Tadawul filing issued in February. The gain was attributed to higher revenues from operations and maintenance, increased electricity sales, and improved earnings from equity-accounted investees, capital recycling, and net finance income.
Associated Press
12-06-2025
- Business
- Associated Press
HASI Announces Cash Tender Offer for up to $500 Million Aggregate Principal Amount of 3.375% Senior Notes Due 2026 and 8.00% Green Senior Unsecured Notes Due 2027
ANNAPOLIS, Md.--(BUSINESS WIRE)--Jun 12, 2025-- HA Sustainable Infrastructure Capital, Inc. ('HASI') (NYSE: HASI), a leading investor in sustainable infrastructure assets, today announced that its wholly-owned subsidiaries HAT Holdings I LLC, a Maryland limited liability company ('HAT I') and HAT Holdings II LLC, a Maryland limited liability company ('HAT II,' and together with HAT I, the 'Company') commenced a cash tender offer (the 'Tender Offer') to purchase the outstanding notes listed in the table below (collectively, the 'Notes' and each a 'Series' of Notes) having an aggregate principal amount of up to $500,000,000 (as it may be increased or decreased by the Company in accordance with applicable law, the 'Maximum Aggregate Principal Amount'), in the order of priority, and subject to the Series Cap shown in the table below. The terms and conditions of the Tender Offer are described in an Offer to Purchase dated June 12, 2025 (as it may be amended or supplemented, the 'Offer to Purchase'). The Tender Offer is subject to the satisfaction of certain conditions as set forth in the Offer to Purchase, including the receipt of aggregate gross proceeds in an amount sufficient to effect the repurchase of the Notes validly tendered and accepted for purchase pursuant to the Offer to Purchase on or prior to the Early Settlement Date on terms acceptable to the Company from the concurrent public offering of senior debt securities issued by HASI and guaranteed on a senior basis by the Company and certain other of HASI's subsidiaries (the 'Guarantors'). Subject to applicable law, the Company may waive any and all of these conditions or extend, terminate or withdraw the Tender Offer with respect to one or more Series of Notes including increase or decrease the Maximum Aggregate Principal Amount and/or increase, decrease or eliminate the Series Cap at any time, including on or after the Price Determination Date. The Tender Offer is not conditioned upon any minimum amount of Notes being tendered. Capitalized terms used in this news release and not defined herein have the meanings given to them in the Offer to Purchase. The amounts of each Series of Notes that are purchased in the Tender Offer will be determined in accordance with the priorities identified in the column 'Acceptance Priority Level' in the table above and will be subject to the Series Cap. The Tender Offer will expire at 5:00 p.m., New York City time, on July 14, 2025, unless extended (such date and time, as the same may be extended, the 'Expiration Date') or earlier terminated. In order to receive the applicable Total Tender Offer Consideration, holders of Notes subject to the Tender Offer must validly tender and not validly withdraw their Notes before the Early Tender Deadline, which is 5:00 p.m., New York City time, on June 26, 2025, unless extended. Holders of Notes subject to the Tender Offer who validly tender their Notes after the Early Tender Deadline and before the Expiration Date and whose Notes are accepted for purchase will receive the applicable Late Tender Offer Consideration. The applicable Total Tender Offer Consideration for each $1,000 in principal amount of Notes tendered and not withdrawn before the Early Tender Deadline and accepted for payment pursuant to the Tender Offer on the Early Settlement Date (as defined below) will be determined in the manner described in the Offer to Purchase. The consideration will be determined by reference to a fixed spread specified for each Series of Notes over the yield based on the bid-side price of the applicable Reference U.S. Treasury Security specified in the table above, as fully described in the Offer to Purchase. The consideration will be calculated by the Dealer Managers for the Tender Offer at 9:00 a.m., New York City time, on the business day immediately following the Early Tender Deadline, unless extended (such date and time, as the same may be extended, the 'Price Determination Date'). The Price Determination Date is expected to be June 27, 2025. The Early Tender Premium for each Series of Notes is $30 per $1,000 principal amount of Notes. The Late Tender Offer Consideration for the Notes purchased pursuant to the Tender Offer will be calculated by taking the Total Tender Offer Consideration for the applicable Series of Notes and subtracting from it the Early Tender Premium of $30 per $1,000 principal amount of Notes. In addition to the applicable Total Tender Offer Consideration or applicable Late Tender Offer Consideration, as the case may be, accrued and unpaid interest up to, but not including, the applicable Settlement Date will be paid in cash on all validly tendered Notes accepted for purchase in the Tender Offer. The purchase price plus accrued and unpaid interest for Notes that are validly tendered and not validly withdrawn on or before the Early Tender Deadline and accepted for purchase will be paid by the Company in same day funds promptly following the Early Tender Deadline (the 'Early Settlement Date'). The Company expects that the Early Settlement Date will be June 30, 2025, the second business day after the Early Tender Deadline. The purchase price plus accrued and unpaid interest for Notes that are validly tendered after the Early Tender Deadline and on or before the Expiration Date and accepted for purchase will be paid by the Company in same day funds promptly following the Expiration Date (the 'Final Settlement Date'). The Company expects that the Final Settlement Date will be July 16, 2025, the second business day after the Expiration Date, assuming Notes representing an aggregate principal amount equal to the Maximum Aggregate Principal Amount are not purchased on the Early Settlement Date. No tenders will be valid if submitted after the Expiration Date. If Notes are validly tendered and not validly withdrawn having an aggregate principal amount equal to or greater than the Maximum Aggregate Principal Amount as of the Early Tender Deadline, Holders who validly tender Notes after the Early Tender Deadline but on or before the Expiration Date will not have any of their Notes accepted for purchase, subject to the Series Cap. Holders of Notes subject to the Tender Offer who validly tender their Notes on or before the Early Tender Deadline may not withdraw their Notes after 5:00 p.m., New York City time, on June 26, 2025, unless extended (such date and time, as the same may be extended, the 'Withdrawal Deadline'), except in the limited circumstances described in the Offer to Purchase. Holders of Notes subject to the Tender Offer who validly tender their Notes after the Withdrawal Deadline but on or before the Expiration Date may not withdraw their Notes except in the limited circumstances described in the Offer to Purchase. Subject to the Maximum Aggregate Principal Amount and the Series Cap, all Notes validly tendered and not validly withdrawn at or before the Early Tender Deadline having a higher Acceptance Priority Level will be accepted before any validly tendered and not validly withdrawn Notes having a lower Acceptance Priority Level, and all Notes validly tendered after the Early Tender Deadline having a higher Acceptance Priority Level will be accepted before any Notes tendered after the Early Tender Deadline having a lower Acceptance Priority Level. However, if Notes are validly tendered and not validly withdrawn having an aggregate principal amount less than the Maximum Aggregate Principal Amount as of the Early Tender Deadline, Notes validly tendered and not validly withdrawn at or before the Early Tender Deadline, subject to the Series Cap, will be accepted for purchase in priority to Notes tendered after the Early Tender Deadline, even if such Notes tendered after the Early Tender Deadline have a higher Acceptance Priority Level than Notes validly tendered and not validly withdrawn at or before the Early Tender Deadline. Notes of the Series in the last Acceptance Priority Level accepted for purchase in accordance with the terms and conditions of the Tender Offer may be subject to proration so that the Company will only accept for purchase Notes having an aggregate principal amount of up to the Maximum Aggregate Principal Amount. From time to time, the Company may purchase additional Notes in the open market, in privately negotiated transactions, through tender offers or otherwise, or may redeem Notes pursuant to the terms of the applicable indenture governing the applicable Series of Notes. Any future purchases or redemptions may be on the same terms or on terms that are more or less favorable to Holders of Notes than the terms of the Tender Offer. Any future purchases by the Company will depend on various factors existing at that time. There can be no assurance as to which, if any, of these alternatives (or combinations thereof) the Company may choose to pursue in the future. The effect of any of these actions may directly or indirectly affect the price of any Notes that remain outstanding after the consummation or termination of the Tender Offer. Notwithstanding any other provision of the Tender Offer, the Company's obligation to accept for purchase, and to pay for, Notes validly tendered and not validly withdrawn, if applicable, pursuant to the Tender Offer (up to the Maximum Aggregate Principal Amount, the Series Cap and subject to proration) is subject to, and conditioned upon, the satisfaction of or, where applicable, its waiver of, the General Conditions (as defined below) and the condition that the Company receive aggregate gross proceeds from the Concurrent Notes Offering on or prior to the Early Settlement Date in an amount that is sufficient to effect the repurchase of the Notes validly tendered and accepted for purchase pursuant to this Offer to Purchase, on terms satisfactory to the Company in its sole discretion (the 'Financing Condition'). J.P. Morgan Securities LLC and Citigroup Global Markets Inc. are the Dealer Managers for the Tender Offer. D.F. King & Co., Inc. is the Tender Agent and Information Agent. Persons with questions regarding the Tender Offer should contact J.P. Morgan Securities LLC at +1 (866) 834-4666 (toll free) or +1 (212) 834-3554 (collect) or Citigroup Global Markets Inc. (toll-free) at +1 (800) 558-3745 or +1 (212) 723-6106 (collect). Questions regarding the tendering of Notes and requests for copies of the Offer to Purchase and related materials should be directed to D.F. King & Co., Inc. at (212) 269-5550 (for banks and brokers) or (866) 416-0577 (all others, toll-free) or email [email protected]. This news release is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The Tender Offer is made only by the Offer to Purchase and the information in this news release is qualified by reference to the Offer to Purchase dated June 12, 2025. There is no separate letter of transmittal in connection with the Offer to Purchase. None of the Company, HASI, the HASI Board of Directors, the Dealer Managers, the Tender Agent and Information Agent or the trustees with respect to any Notes is making any recommendation as to whether holders should tender any Notes in response to the Tender Offer, and neither Company nor any such other person has authorized any person to make any such recommendation. Holders must make their own decision as to whether to tender any of their Notes, and, if so, the principal amount of Notes to tender. About HASI HASI is an investor in sustainable infrastructure assets advancing the energy transition. With more than $14 billion in managed assets, HASI's investments are diversified across multiple asset classes, including utility-scale solar, onshore wind, and storage; distributed solar and storage; RNG; and energy efficiency. HASI combines deep expertise in energy markets and financial structuring with long-standing programmatic client partnerships to deliver superior risk-adjusted returns and measurable environmental benefits. Forward-Looking Statements:View source version on CONTACT: Investors: Aaron Chew [email protected] 240-343-7526Media: Gil Jenkins [email protected] 443-321-5753 KEYWORD: UNITED STATES NORTH AMERICA MARYLAND INDUSTRY KEYWORD: ENVIRONMENT UTILITIES SUSTAINABILITY ALTERNATIVE ENERGY GREEN TECHNOLOGY ENERGY SOURCE: HA Sustainable Infrastructure Capital, Inc. Copyright Business Wire 2025. PUB: 06/12/2025 09:22 AM/DISC: 06/12/2025 09:20 AM
Zawya
09-05-2025
- Business
- Zawya
Ministry of Energy & Infrastructure and Dar Alwd Construction strengthen partnership for sustainable infrastructure
Dubai, UAE – The Ministry of Energy & Infrastructure (MOEI) and Dar Alwd Construction (DAW) reaffirmed their commitment to sustainable and high-performance infrastructure solutions during a strategic visit to a PRC manufacturing facility in Qatar. The visit provided valuable insights into material innovation, quality assurance processes, and advancements in sustainable manufacturing practices. It also reinforced DAW's role in bringing high-performance PRC solutions to the UAE's infrastructure sector. As a key player in the UAE construction industry, DAW showcased how PRC (Polymer Resin Concrete) technologies — known for their extended service life, corrosion resistance, and environmental efficiency — are transforming the standards of infrastructure development. Ministry of Energy & Infrastructure stated: 'We are committed to integrating innovative, sustainable technologies into our infrastructure projects. Our engagement with advanced materials like PRC reflects our strategic focus o building resilient, future-ready assets that meet the UAE's long-term development vision'. Tarek Musbah Abdulrahman, General Manager of Dar Alwd Construction (DAW), added: 'At Dar Alwd Construction, we remain deeply committed to supporting the UAE's vision for sustainable infrastructure by delivering innovative, high-performance solutions. We are proud to contribute our expertise toward building resilient, future-ready developments that align with the nation's growth objectives'. During the visit in the QGPC facility, the delegation reviewed advanced production processes, quality assurance protocols, and environmental initiatives, all of which align with the highest UAE regulatory and sustainability standards." The collaboration between the Ministry of Energy & Infrastructure and Dar Alwd Construction reflects a shared vision of enhancing infrastructure resilience and operational excellence across the UAE and beyond. About Dar Alwd Construction Company: Dar Alwd Construction LLC (DAW) is an authorized and experienced provider of a comprehensive range of construction and infrastructure services, including road construction, urban infrastructure development, sewerage networks, culvert construction, and building projects. Established in Sharjah, UAE, in 2007, DAW has earned the prestigious status of an Unlimited A contractor. DAW's diverse multinational team brings extensive engineering expertise and has a proven track record of delivering projects to the highest quality control and safety standards. DAW remains committed to excellence, ensuring that each project is executed precisely and adheres to the industry's highest standards.
