it & BPM i FOOD I HEALTHCARE i TEXTILES i INFRASTRUCTURE i ENGINEERING i tourism
06- 11 November 2017
THE DEFINITIVE SOURCE FOR INVESTMENT PROMOTION EXECUTIVES
Torrent to acquire Unichem's India & Nepal businesses for US$ 540 mn
Ford and Zotye to establish Zotye Ford Automobile Co. in China
Cargill to invest US$240 million in India over the next 5 years
Rotana set to open 14 new hotels by 2018
China Energy and West Virginia to invest
US$ 83 billion in shale gas and chemical projects
Broadcom proposes to acquire Qualcomm for US$ 105 billion
The West Virginia Department of Commerce announced China Energy Investment Corporation Limited’s plan to invest $83.7 billion in shale gas development and chemical manufacturing projects in West Virginia.
President Donald J. Trump and Chinese President Xi Jinping witnessed West Virginia Secretary of Commerce H. Wood Thrasher and China Energy representative Ling Wen sign a Memorandum of Understanding (MOU) between China Energy and the state of West Virginia as part of the US-China Business Exchange trade mission to enhance relations between the two countries. The China Energy announcement in West Virginia was the largest investment in a series of projects in US corporations and other states totaling a reported $250 billion of investment in the United States.
The company has made several trips to West Virginia, and the MOU marks the first step in a series of commitments China Energy plans to make in the Mountain State.
Planning for the projects is underway and will proceed in phases over the course of 20 years. The projects will focus on power generation, chemical manufacturing, and underground storage of natural gas liquids and derivatives. The plans clearly demonstrate a total value chain approach, integrated from raw materials through the production of useful chemical intermediates locally.
“This is a great day for the state of West Virginia,” said West Virginia Gov. Jim Justice. “I’ve been saying for the last couple months that the tides are turning in West Virginia and this is proof. Today is another sign as we joined with my good friend President Trump to announce the largest investment in our state’s history.”
“West Virginia has actively sought direct foreign investment to strengthen and diversify our economy,” said WV Commerce Secretary Thrasher. “Toyota Motor Manufacturing, Hino Motors, Gestamp, Sogefi and other solid corporate citizens with international parent companies create jobs, generate incomes and support communities in West Virginia. In that same spirit, we welcome China Energy and the mutual benefits our energy collaboration will bring.”
China Energy selected West Virginia for this project because of the State’s position as a key energy-producing state and home to one of the world’s largest shale gas reserves, underpinned by a longstanding relationship between the two entities.
China Energy and West Virginia to invest $83 billion in shale gas and chemical manufacturing projects
Read article on globalfdi.net
Broadcom proposes to acquire Qualcomm
for US$105 Billion
Broadcom Limited, a leading semiconductor device supplier to the wired, wireless, enterprise storage, and industrial end markets, announced a proposal to acquire all of the outstanding shares of Qualcomm Incorporated .
Under Broadcom's proposal, the $70.00 per share to be received by Qualcomm stockholders would consist of $60.00 in cash and $10.00 per share in Broadcom shares. Broadcom's proposal represents a 28% premium over the closing price of Qualcomm common stock on November 2, 2017, the last unaffected trading day prior to media speculation regarding a potential transaction, and a premium of 33% to Qualcomm's unaffected 30-day volume-weighted average price.
The Broadcom proposal stands whether Qualcomm's pending acquisition of NXP Semiconductors N.V. ("NXP") is consummated on the currently disclosed terms of $110 per NXP share or the transaction is terminated. The proposed transaction is valued at approximately $130 billion on a pro forma basis, including $25 billion of net debt, giving effect to Qualcomm's pending acquisition of NXP on its currently disclosed terms.
"Broadcom's proposal is compelling for stockholders and stakeholders in both companies. Our proposal provides Qualcomm stockholders with a substantial and immediate premium in cash for their shares, as well as the opportunity to participate in the upside potential of the combined company," said Hock Tan, President and Chief Executive Officer of Broadcom. "This complementary transaction will position the combined company as a global communications leader with an impressive portfolio of technologies and products. We would not make this offer if we were not confident that our common global customers would embrace the proposed combination. With greater scale and broader product diversification, the combined company will be positioned to deliver more advanced semiconductor solutions for our global customers and drive enhanced stockholder value."
Tan continued, "We have great respect for the company founded 32 years ago by Irwin Jacobs, Andrew Viterbi and their colleagues, and the revolutionary technologies they developed. Following the combination, Qualcomm will be best positioned to build on its legacy of innovation and invention. Given the common strengths of our businesses and our shared heritage of, and continued focus on, technology innovation, we are confident we can quickly realize the benefits of this compelling transaction for all stakeholders. Importantly, we believe that Qualcommand Broadcom employees will benefit from substantial opportunities for growth and development as part of a larger company."
Total acquires Engie’s upstream LNG business for US$ 1.49 billion.
Total has signed an agreement with Engie to acquire its portfolio of upstream liquefied natural gas (LNG) assets for an overall enterprise value of $1.49 billion. This portfolio includes participating interests in liquefaction plants, notably the interest in the Cameron LNG project in the US, long term LNG sales and purchase agreements, an LNG tanker fleet as well as access to regasification capacities in Europe. Additional payments of up to $ 550 million could be payable by Total in case of an improvement in the oil markets in the coming years.
“The acquisition of Engie’s upstream LNG business enables Total to accelerate the implementation of its strategy to integrate along the full gas value chain, in an LNG market growing strongly at 5% to 6% per year. The combination of these two complementary portfolios will allow the Group to manage an overall volume of around 40 million tonnes of LNG per year by 2020, making Total the second largest global player among the majors with a worldwide market share of 10%”, commented Patrick Pouyanné, Chairman & Chief Executive Officer of Total. “With the equity stake in the Cameron LNG project, Total will also become an integrated player in the US LNG market, where the Group is already a gas producer”.
The proposed transaction is subject to the applicable legally required consultation and notification processes with employee representatives as well as approvals by the relevant regulatory authorities and partners on certain contracts. The transaction is expected to close by mid 2018 and will have an effective date of 1st January 2018.
Following the transaction, Total will take over the teams in charge of the LNG activities at Engie, which represents around 180 employees.
Secretary of Agriculture Sonny Perdue announced that USDA is investing $2.5 billion in rural electric infrastructure improvements to help create jobs and support economic development in 27 states.
“These significant investments will help develop and maintain modern, reliable electric infrastructure that businesses and rural communities need in a 21st Century economy,” Perdue said. “The loans I am announcing today will help utilities and cooperatives build new transmission and distribution lines, upgrade networks and facilities, and better manage the power grid.”
The funding will support infrastructure improvements in Alaska, Alabama, Arkansas, California, Florida, Georgia, Hawaii, Idaho, Kentucky, Louisiana, Maine, Minnesota, Missouri, Mississippi, North Carolina, North Dakota, New Mexico, New York, Oklahoma, Oregon, Pennsylvania, South Dakota, Tennessee, Texas, Virginia, Wisconsin and Wyoming. The loans are being provided through USDA Rural Development’s Electric Program, which is the successor to the Rural Electrification Administration.
One of the USDA awards is an $18.3 million loan to the Jemez Mountains Electric Cooperative (Espanola, N.M.) to build 58 miles, improve 28 miles of line and make other system improvements. Jemez will use $7 million for smart grid improvements.
In Oregon, the Harney Electric Cooperative is receiving an $11.7 million USDA loan to build 53 miles of line and make other system improvements. The Plumas-Sierra Rural Electric Cooperative in Portola, Calif., will receive a $14.2 million loan to improve 44 miles of transmission and distribution line, build one mile and make other system improvements.
USDA invests $2.5 billion in Rural Electric Infrastructure
HSBC to help combat climate change with a $100 billion boost for sustainable financing
Pledge one of five new commitments to support the transition to a low-carbon economy
HSBC pledges to provide $100 billion in sustainable financing and investment by 2025. The goal is one of five new commitments that HSBC is making to tackle climate change and support sustainable growth in the communities it serves.
The bank will intensify its support for clean energy and lower-carbon technologies, as well as projects that support the implementation of the United Nation's Sustainable Development Goals.
HSBC also pledges to:
Source 100 per cent of its electricity from renewable sources by 2030, with an interim target of 90 per cent by 2025. By signing long-term agreements with suppliers, HSBC aims to support the development of new renewable power facilities
Reduce its exposure to thermal coal and actively manage the transition path for other high-carbon sectors. This includes discontinuing financing of new coal-fired power plants in developed markets and of thermal coal mines worldwide
Adopt the recommendations of the Task Force on Climate-related Financial Disclosures to improve transparency. In its next two Group annual reports, HSBC will give more details on its approach to climate-related risks and opportunities
Lead and shape the debate about sustainable finance and investment. This includes promoting the development of industry-wide definitions and standards
Group Chief Executive Stuart Gulliver said: “For more than a decade, HSBC has helped clients break new ground in the green bond markets in Europe and Asia, and to finance some of the biggest climate-friendly
infrastructure projects in the world. The $100bn commitment that we are announcing today acknowledges the scale of the challenge in making a transition to a low-carbon future. We are committed to being a leading global partner to the public and private sectors as they make that transition.”
The pledges build on HSBC’s long-standing involvement in green and sustainable finance. Over recent years, it has: played a leading role in developing voluntary standards for issuers of green bonds and social bonds; issued its own €500 million green bond; and won recognition for the quality of its research into climate change.
HSBC announced the new commitments in an update on the action it is taking to meet its social, environmental and governance (ESG) responsibilities.
Indorama Ventures Public Company Limited, a global chemical producer, will acquire the assets of Artlant PTA, S.A.’s (Artlant), including all equipment, surface rights and employment contracts. Artlant, a Purified Terephthalic Acid (PTA) plant in the Sines Industrial Complex in Portugal is a large PTA producer in Europe with a production capacity of 700,000 tonnes per annum adding substantial scale and enhancing IVL's PTA leadership in Europe.
IVL will also acquire the assets of adjacent utilities provider, Artelia Ambiente, S.A. (Artelia), which has a capacity of 40.390 MW of electricity, steam, demineralized water, wastewater treatment and hydrogen. This acquisition will benefit the company by securing energy supply to Artlant and sell excess power to the grid.
PTA is used as raw material for PET (Polyester) production. With the Company’s plan to grow its core businesses in the future, this feedstock security will be a solid basis for portfolio expansion. IVL expects to reduce cost and increase operational synergies via internal supply of feedstock and replace imports in Europe.
Indorama Ventures to acquire Artlant PTA in Portugal
Ford and Zotye signed a JV agreement to establish Zotye Ford Automobile Co. in China
Ford Motor Companyand Zotye reached a definitive agreement to establish Zotye Ford Automobile Co., Ltd., a new 50:50 joint venture that will offer a range of stylish and affordable all-electric vehicles for consumers in China under a new indigenous brand.
The agreement was signed in Beijing today by Peter Fleet, Ford group vice president and president, Ford Asia Pacific, and Ying Jianren, chairman of Tech-New Group Ltd. and board director of Zotye Auto.
Pending regulatory approval, the new JV will design, build, market and distribute all-electric passenger vehicles for China, the world’s leading electric vehicle market. The establishment of the JV is a key step by Ford towards realizing its vision of a cleaner, more environmentally -sustainable future.
The new JV will leverage a combined investment of 5 billion RMB (approximately U.S. $756 million).
The new JV builds upon Ford’s ambitious China electrification strategy. Ford announced earlier this year that at least 70 percent of Ford-branded vehicles sold in the country will offer electrified powertrain options by 2025.
Zotye Ford plans to build a dedicated product research and development center as well as its own sales and services network. A new manufacturing plant for the JV will be constructed in Zhejiang Province. The all-electric vehicles produced by the JV will be sold under a new Chinese brand designed to meet Chinese consumers’ aspirations for electric vehicles.
“We are delighted to have signed this joint venture agreement with Zotye to form our third joint venture automotive company in China. Subject to regulatory approval, Zotye Ford will introduce a new brand family of small all-electric vehicles," Fleet said. "We will be exploring innovative vehicle connectivity and mobility service solutions for a new generation of young city-dwelling Chinese customers."
In addition to the new JV, Ford and Zotye will explore offering mobility services to consumers in China as local demand for such solutions continues to grow.
Through this new JV, Ford commits to actively support the advancement of a more environmentally sustainable auto industry in China through local research and development as well as domestic production of all-electric vehicles.
Graphic Packaging Agrees to Acquire Seydaco Packaging Corp. and its Affiliates
Graphic Packaging Holding Company, announced that its wholly-owned subsidiaries, Graphic Packaging International, Inc. and Graphic Packaging International Canada, ULC, have agreed to acquire the assets of Seydaco Packaging Corp.and its affiliates National Carton and Coating Co., and Groupe Ecco Boites Pliantes Ltée.
Seydaco is a folding carton producer with a leading position in Canada focused on the foodservice, food, personal care, and household goods markets. Seydaco converts approximately 20,000 tons of paperboard annually and operates three converting plants located in Mississauga, Ontario, St.-Hyacinthe, Québec, and Xenia, Ohio.
The business generated revenues of approximately $40 million and low double digit EBITDA margins on an LTM basis. Synergies from the acquisition will be driven by the integration of additional paperboard tons and cost efficiencies. On a post-synergy basis, the EV/EBITDA multiple for this transaction is expected to be below 6.0X.
"The announced transaction is consistent with our strategy to pursue acquisitions that allow us to grow our folding carton volume in attractive geographies and end-markets, improve our cost position, increase our mill to converting plant integration levels over time, and that we can close at compelling post-synergy EV/EBITDA multiples," said President and CEO Michael Doss.
UPMC announces $2 Bn Investment to Build 3 Digitally Based Specialty Hospitals
UPMC announced a bold plan to transform patient care with three leading-edge, new specialty hospitals that will offer next-generation treatments in patient-focused, technology-enhanced settings unique to health care. Backed by a $2 billion investment from UPMC, the all-new UPMC Heart and Transplant Hospital, UPMC Hillman Cancer Hospital and UPMC Vision and Rehabilitation Hospital will add to UPMC’s complement of advanced specialty care at Magee-Womens Hospital, Western Psychiatric Institute and Clinic, and Children’s Hospital of Pittsburgh.
“UPMC is recognized around the world for pioneering treatments that are backed by groundbreaking research in an unparalleled care network,” said Jeffrey A. Romoff, president and chief executive officer, UPMC. “Our transformative vision will make available the most innovative treatments for cancer, heart disease, transplantation, diseases of aging, vision restoration and rehabilitation, among many others. Working in partnership with the University of Pittsburgh Schools of the Health Sciences, we will radically change health care as we know it to provide personalized, effective and compassionate care. At core, these digitally based specialty hospitals are the expression of our cutting-edge translational science creating treatments and cures for the most devastating diseases
The all-new hospitals will be situated on the campuses of UPMC’s Mercy, Presbyterian and Shadyside hospitals. Designs for the UPMC Heart and Transplant Hospital and the UPMC Hillman Cancer Hospital will be selected in an international design competition.
The UPMC Vision and Rehabilitation Hospital, on the UPMC Mercy campus, is expected to open in 2020 to offer advanced clinical vision care. Clinicians and researchers at the new hospital will pursue promising new research for vision restoration and diseases of the eye, and offer technology-assisted rehabilitation services that restore mobility for patients with wide-ranging physical and cognitive challenges.
Hollister Incorporated begins construction on new Manufacturing Plant in Lithuania
Hollister Incorporated,a global medical device manufacturer, held a groundbreaking ceremony signifying the start of construction on a manufacturing plant in the Kaunas FEZ (Free Economic Zone) region of Lithuania. The multi-stage project represents a company investment of over $58 million (€50 million) and is expected to create more than 300 jobs over the next several years. Upon opening in mid-2019, the new plant will produce ostomy-care products with plans to expand production to include continence-care products.
The groundbreaking ceremony and reception were attended by: Hollister Incorporated President and CEO George Maliekel; Senior VP of Research & Development and Global Operations James Humphries; VP Human Resources Suzanne Erickson; VP and CFO Rob Keeley; VP of Global Operations Brendan Sugrue; and Senior Director Global Manufacturing William Ciehanski.
"Our decision to invest in this major expansion project in Lithuania was made after very thoughtful consideration," said Hollister Incorporated President and Chief Executive Officer George Maliekel. "This is a key strategic initiative for the continued growth of our company and for our customers around the world who depend on medical products of the highest quality. I want to personally thank our partners here in Lithuania who have helped us to plan and prepare for this very special day."
Representing the Kaunas FEZ at the groundbreaking ceremony were Kaunas City Mayor Visvaldas Matijosaitis, and Director General of Invest Lithuania Mantas Katinas, and other partners. According to Mr. Katinas, "Hollister Incorporated selected this country, region and city not only for the ideal geographical considerations and investment environment, but also for the strong skills and values of our local workforce."
"Very early in the site selection process, our team realized that the Kaunas region of Lithuania offered an ideal European location, a welcoming business environment, strong community support, and an ideal combination of infrastructure and talent to meet our manufacturing needs," Mr. Maliekel stated. "Our new manufacturing plant here in Kaunas will not only help us to meet the growing needs of our customers – particularly our customers in Europe – but will also help us to meet the global healthcare challenges of the 21st Century."
Torrent Pharmaceuticals Limited, and Unichem Laboratories Limited, announced that Torrent has entered into a definitive binding agreement with Unichem to acquire its branded business of India and Nepal (“India business”) for a consideration of US$ 540 million.
Unichem’s India business comprises of a portfolio of more than 120 brands in India and Nepal, manufacturing plant at Sikkim catering to these markets and all the employees engaged in the said business.
The transaction is ongoing concern basis by way of Slump sale.
Torrent will fund the acquisition through a mix of internal accruals and bank borrowings.
Unichem will continue to have greater focus on international business comprising of manufacturing, selling and marketing of fixed dosage formulation and API. It will also continue to build a sustainable revenue stream by investing in R&D to develop its future product pipeline.
This will be Torrent’s fifth acquisition in India after acquiring the selected brands of Elder and Novartis, as well as Manufacturing Plants from ZygPharma and Glochem Industries Ltd. in the last four years.
With this deal, Torrent will enter the list of top pharma firms in the Indian Pharma market (IPM) and will be ranked No 5 in the IMS. The acquisition helps Torrent to consolidate its market share in terms of sales which will increase from current 2.4% to 3.4% in the IPM.
As per the SMSRC prescription audit database, Torrent rank in terms of overall prescription in the Indian Pharma market will move from 14 to 7. Torrent will now be amongst the top 10 players in 15 out of the 20 specialties and amongst the top 5 in 7 key specialties respectively, further consolidating and improving its specialist focus.
The acquisition will add a brand of Rs. 200 Crores and three brands of more than Rs. 50 Crores, to its existing portfolio. The top brands include Losar, Unienzyme, Ampoxin, Telsar, Vizylac. In its existing key therapies, the market share in Cardiology, Central Nervous system, Gastro-Intestinal therapies will increase from 5.6% to 8.6%; 6.4% to 8.4% and 3.1% to 3.9% respectively. (AIOCD dataset)
Torrent to acquire Unichem's India & Nepal businesses for US$ 540mn
Neurimmune, a global leader in the discovery and development of human-derived monoclonal antibodies, announced that it has entered into a collaboration with Ono Pharmaceutical Co., Ltd. focused on the development of human antibodies against a novel therapeutic target for neurodegenerative diseases.
Under the terms of the collaboration agreement Neurimmune will conduct research to generate and validate human-derived monoclonal antibodies using its proprietary Reverse Translational Medicine™ (RTM™) technology platform.
Ono will be exclusively responsible for worldwide development and marketing of products. Neurimmune will receive an upfront payment, research fees, success-based milestones on the research and development progress, as well as royalties on product sales.
"We are excited to partner with Ono, a global pioneer of innovative medicines," said Jan Grimm, Chief Scientific Officer and co-founder of Neurimmune. "This new collaboration serves our commitment to patients to fully leverage our RTM™ technology for the discovery and development of breakthrough medicines in areas of high unmet medical need."
Neurimmune Collaborate with Ono Pharmaceutical in Neurodegenerative Diseases Field
Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, announced that it has signed three non-binding memoranda of understanding (MoU) wherein Xiaomi Communications Co., Ltd., Guangdong OPPO Mobile Telecommunications Corp., Ltd. and vivo Communication Technology Co., Ltd. each expresses a nonbinding interest in the purchase of components with an aggregate value of no less than $12 billion over the next three years.
The MoUs were signed at a ceremony at the Great Hall of the People in Beijing led by President of the People’s Republic of China Xi Jinping and President of the United States Donald Trump. Qualcomm CEO Steve Mollenkopf was part of President Trump’s Department of Commerce Trade Delegation to China, that included executives of leading American companies.
Xiaomi CEO Lei Jun, OPPO CEO Chen Mingyong and vivo CEO Shen Wei attended and signed for their respective companies.
“I’m honored to represent Qualcomm as part of this important Trade delegation, which showcases the importance of win-win business relationships between the U.S. and China,” said Steve Mollenkopf, chief executive officer, Qualcomm Incorporated. “Qualcomm has longstanding relationships with Xiaomi, OPPO and vivo and we are continuing our commitment to investing and helping advance China’s mobile and semiconductor industries.”
Qualcomm Technologies signs US$ 12 billion deals with Xiaomi, Oppo and Vivo
Proofpoint to acquire Cloudmark, Inc.
Proofpoint Inc., a leading next-generation cybersecurity company, has entered into a definitive agreement to acquire Cloudmark, Inc., a leader in messaging security and threat intelligence for Internet Service Providers (ISPs) and mobile carriers worldwide. The transaction is expected to close in the fourth quarter of 2017 and is subject to customary closing conditions, including Hart-Scott-Rodino merger review and any other required regulatory approvals.
With visibility spanning ISPs and mobile carriers, Cloudmark correlates email threat telemetry data into its Global Threat Network, including intelligence derived from malware campaigns and targeted attacks like spear phishing and business email compromise (BEC). As part of the acquisition, Cloudmark’s Global Threat Network will be incorporated into Proofpoint’s Nexus platform, which powers Proofpoint’s product effectiveness across the portfolio covering email, social media, mobile and SaaS products.
“We are excited to welcome Cloudmark’s ISP and mobile carrier customers to Proofpoint,” said Gary Steele, Chief Executive Officer of Proofpoint. “By combining the threat intelligence from Cloudmark with the Proofpoint Nexus platform, we can better protect all of our customers – both enterprises and ISPs – from today’s rapidly evolving threats.”
Cloudmark’s Global Threat Network data will be incorporated into Proofpoint Nexus including:
Messaging threat telemetry from billions of daily emails.
Threat intelligence around malicious domains that will complement Proofpoint’s Email Fraud Defense (EFD) and Domain Discover products.
Visibility into fraudulent and malicious SMS messages directed to mobile carriers worldwide.
Cloudmark and Proofpoint customers will benefit from increased effectiveness across the product suite. Proofpoint plans to continue Cloudmark’s service provider products with an ongoing roadmap leveraging the combined capabilities of both companies.
“Messaging has been the number one threat vector for years, but with ransomware and BEC, it’s never been a more urgent issue,” said Jason Donahue, Chief Executive Officer of Cloudmark. “We’re thrilled to be continuing our work to fight advanced threats in messaging as part of Proofpoint.”
Symantec announces Acquisition of SurfEasy, Inc.
Symantec Corp., the world’s leading cyber security company, announced that it has acquired SurfEasy, Inc., a leading Virtual Private Network (VPN) provider that delivers easy-to-use solutions for online privacy and security on smartphones, tablets and computers.
SurfEasy will become part of Symantec’s Consumer Business Unit, which includes the Norton and LifeLock brands, bringing VPN to the portfolio of Consumer Digital Safety solutions, which help consumers to protect their information, privacy and identities.
SurfEasy is an existing OEM technology provider to Symantec, powering Symantec’s Norton WiFi Privacy product with VPN technology. VPN technology encrypts consumers’ communications online, which can include sensitive information such as passwords and credit card information, and helps to protect that information from being intercepted by cybercriminals.
By using a secure VPN, consumers can be better armed against vulnerabilities, like the recently discovered KRACKs, while they use public Wi-Fi in cafes and other public locations. In addition to the cyber risk associated with Wi-Fi, there is an increased demand for VPN technology after the modification to the net neutrality legislation. Privacy-conscious consumers are turning to VPN technology to protect their personal data.
“SurfEasy has been a great partner to Symantec and we look forward to bringing their expertise and leading technology inside the company,” said Greg Clark, SymantecCEO. “The addition of SurfEasy to our Consumer business will benefit our customers as we continue to strengthen our Norton WiFi Privacy solution so consumers can use public Wi-Fi without fear of exposing their information to cyber criminals.”
Nestlé USA continues to diversify its coffee portfolio with the acquisition of Chameleon Cold-Brew, a leading provider of premium crafted coffee sourced consciously and grown sustainably. Founded in 2010, Austin-based Chameleon has become the number one organic cold brew brand in the US, and one of the top three refrigerated cold brew brands in the US. Its current portfolio consists of multi-serve concentrates and single-serve RTD products, two segments that account for 18 percent of the $2.5 billion in-home coffee category.
“Chameleon has been extremely fortunate to grow from our hometown base of cold-brew lovers in Austin to a national brand in just a few short years,” said Chris Campbell, co-founder and CEO. “Partnering with a world-class company like Nestlé will give us the opportunity to do so on a bigger platform. Our shared values around product integrity and commitment to sustainability made Nestlé the best choice to enable Chameleon Cold-Brew to accomplish our goals for the future.”
Chameleon’s products are available in a wide variety of formats: ready-to-drink cold-brew, cold-brew concentrate, kegs, cold brew kits and whole bean coffee. Retailers carrying these products include Whole Foods, Target, Safeway, Albertson’s and Bed, Bath and Beyond -- among many others.
“We believe the Chameleon brand is perfectly positioned to support Nestlé’s strategy for coffee, which is to have a variety of offerings in terms of format, taste and price points,” said Paul Grimwood, Chairman and CEO of Nestlé USA. “We believe this relationship will benefit both of us as we expand our access to the emerging cold brew category while helping Chameleon grow so that more people can enjoy its delicious, premium crafted coffee.”
Nestlé USA welcomes Chameleon Cold-Brew to its Growing Coffee Portfolio
Cargill to invest US$240m in India over the next 5 years
Cargill,a leading food and agriculture company, announced that it is investing US$240m in India over the next 5 years. These new investments will add to the food safety and economic development of the country and benefit the food processing and agriculture industries.
The announcement was made at the World Food India Conference by Peter Van Deursen, Chief Executive Officer, Cargill Asia Pacific at a signing ceremony of a Memorandum of Understanding (MOU) with India Ministry of Food Processing Industries in the presence of Honorable Union Minister of Food Processing Industries, Smt. Harsimrat Kaur Badal.
The added investment will be in Cargill’s core businesses including, edible oil, cocoa and chocolates, starches and sweeteners and animal nutrition in India. In addition, it will provide employment to 1,300 people and help farmers in the country.
Van Deursen, said, “India is an important market for us and this increased investment demonstrates our commitment to the country and the development of its agriculture and food processing industry. With the growing population and changing consumer trends, Cargill is committed to nourishing the people of India in a safe, sustainable and responsible manner. The Ministry for Food Processing Industries is to be complimented for organizing an event the scale of World Food India as it lets us collaborate with partners in the public and private sectors to deliver to our customers what consumers want.”
Eritrea: AfDB supports inclusive growth through agriculture and infrastructure development
The Board of Directors of the African Development Bank Group (AfDB) has approved the institution’s intervention strategy in Eritrea for 2017-2019.
The Interim Country Strategy Paper (I-CSP) supports the Government’s National Development Plan (2014-2018) for the country’s economic and social development through agricultural transformation.
Focusing on transforming the agricultural sector as the pathway to promoting inclusive and sustainable economic growth, the I-CSP provides for investments to improve access to inputs and agricultural technology. It will also put in place enablers for job creation, skills development and entrepreneurship in agriculture, particularly for the youth and regions (zobas and sub-zobas) that are considered to be below national service delivery indicators.
Interventions in the agricultural sector will aim at transforming the sector to unlock its full inclusive and sustainable growth and development potential by enhancing production, productivity, value-addition, and marketing fruits and vegetables, horticulture, and dairy products within the region. They will also promote greater inclusivity by increasing incomes and employment, with a focus on underserved women, youths and regions.
Secondly, technical assistance, advisory services, and advocacy informed by appropriate knowledge works, will be provided to build public sector institutional and human capacities to enhance the Government’s delivery of basic social services.
JD.com, China's largest retailer, participated in a signing ceremony held at the Great Hall of the People, with the company entering agreements to purchase in excess of $1.2 billion of beef from The Montana Stock Growers Association (MSGA) and pork from Smithfield Foods, Inc. over the next three years. The agreements are part of an overall commitment by JD to purchase $2 billion of U.S. goods across a wide range of categories over three years. U.S. Secretary of Commerce Wilbur Ross, Jr. and Chinese Vice Premier Wang Yang were in attendance to witness the signing ceremony.
Meat products are a fast-growing category for JD. In the first half of 2017, volume from direct sales of meat on JD increased more than 780 percent year-over-year, with imported meat accounting for more than 30 percent of those sales. Online orders for fresh and frozen meat come chiefly from first and second-tier cities, leaving huge potential for growth in online sales from the rest of the country.
“These groundbreaking agreements bring together two of America’s most trusted and in-demand meat suppliers with China’s leading e-commerce platform, to the benefit of both U.S. producers and Chinese consumers,” said Richard Liu, JD.com Chairman and CEO, who participated in the signing ceremony.
“China’s shoppers will rest assured knowing that they are able to purchase safe, high-quality meat products imported from the U.S., with the fast delivery and ironclad assurance of authenticity that they have come to expect from JD. We look forward to expanding our long-term cooperation with high-quality U.S. meat producers like Smithfield and MSGA.”
JD will import Montana-sourced beef from Cross Four Ranch and MSGA members to China for direct sale to the 258 million Chinese consumers on its e-commerce platform. The procurement agreement is for an initial three years, with a minimum commitment of $200 million in beef to be imported by JD from Cross Four Ranch and MSGA members at fair market value during the term. It is estimated that JD’s purchase of Cross Four Ranch and MSGA beef will increase Montana beef export sales by as much as 40% in 2018.
JD.com commits to purchasing more than
$2 Billion of U.S. goods over next three years
Fonterra invests in Rokiskio
Fonterra Co-operative Group from New Zealand has extended a long-term commercial agreement with Lithuania's largest dairy producer, AB Rokiskio Suris, through a 10 percent stake in the company's shares.
Fonterra, through Rabobank's turnover in 2017 classified as sixth dairy company worldwide, has invested € 7.1 million in Rokiskio. By doing so, they have secured a supply line of high quality whey products, while at the same time making product options for all of Europe and the Middle East. This also offers opportunities for sources of further dairy products in the Baltic milk segment in order to meet the growing demand from the nearby markets.
President John Wilson of Fonterra said that the investment closely matches Fonterra's strategy to expand the global sources of milk in strategic locations such as Europe, so that the cooperative group can meet customer demand near these sources.
"Our New Zealand farmers will always be our first source of milk, but we must increasingly adapt to our growth and the associated returns through strategic partnerships in Europe, Latin America, Australia and China . These partnerships enable us to to produce the products that are demanding closer to the market and offer more opportunities for the milk and milk products we make elsewhere."
The CEO of Fonterra , Theo Spierings , stated that this development is based on the current, long-term relationship between Fonterra and Rokiskio as a supplier and will be beneficial for both companies.
"Our ability to access high quality whey ingredients is becoming more and more important as demand grows, especially in the markets in Eastern and Western Europe, the Middle East and North Africa. Rokiskio is also a highly respected cheese producer and that also offers us further opportunities to meet customer demand in these markets. This is a new step in our strategy to develop a sustainable European network of resources that provide a reliable and efficient supply chain and a complement to the ingredients from New Zealand. "
Carlson Rezidor Hotel Group,one of the world’s largest and most dynamic hotel groups, announced the signing of a management agreement for Radisson Blu Resort Maldives with Chang Hua Holdings. Scheduled to open in the first quarter of 2019, the property is one of the most anticipated new developments in Maldives in addition to being the first Radisson Blu resort in the market.
Located on the southern part of Maldives’ Alifu Dhaalu Atoll, Radisson Blu Resort Maldives is situated 105 kilometers from Male International Airport. The hotel is accessible within a 30-minute seaplane journey or by a domestic flight from the Maamigili Airport, followed by a 15-minute speedboat ride to the resort. Featuring 128 exclusive villas including family villas, and a premium overwater villa, the resort is set to strike a balance between stylish contemporary design and a truly Maldivian resort experience with breathtaking views of the Indian Ocean.
Set amidst some of the most amazing coral reefs, the resort’s first-class sea sports and dive center will offer guests an array of activities, set for adrenaline pumping action. For those seeking to rejuvenate and restore, the yoga pavilion and spa will be the ethos of wellness as moves are practiced in the tranquil surrounds of the island. Dining at the restaurants and bar on the island promise to tantalize even the most discerning palate with unique cuisines and experiences.
“As a global brand, Radisson Blu Resort Maldives will provide the international leisure market with a full range of innovative design-led products and services, delivering genuine and relevant guest experiences with Radisson Blu’s distinctive Yes I Can!SM service philosophy,” said Thomas Hagemann, vice president, Future Openings and Special Projects, Asia Pacific, Carlson Rezidor Hotel Group. “Carlson Rezidor Hotel Group continues our growth trajectory in Asia Pacific, we are pleased to expand our footprint into the Maldives with an iconic Radisson Blu resort on the island.”
“We are excited with our first hotel project in the Maldives and believe that it will be a success.Our partnership with Carlson Rezidor stems from their proven expertise and management capabilities. We are confident that the Radisson Blu brand will position us for solid performance, setting inspiring and authentic experiences for our guests,” said Li Fei Chang, managing director, Chang Hua Holdings.
Carlson Rezidor Hotel Group enters the Maldives with Radisson Blu Resort Maldives
IFC, a member of the World Bank Group, and the Ministry of Culture and Tourism signed a memorandum of understanding. The MoU aims for a broader tourism program in the country to boost tourist arrivals, generate tourism-related revenue, draw investments, and create jobs.
As part of this tourism program, the Tourism Investment Pre-Feasibility Study for Western Province will identify investment opportunities in the Solomon Islands’ Western Province to help the government, donor community, and private sector develop the region as a tourism destination. The findings of the study will be released in early 2018.
“With close to 8,000 visitors recorded last year, Solomon Islands has the potential to significantly increase its holiday arrivals,” said Neal Donahue, IFC’s Head of SME and Value Chain Advisory. “Through our project, we will help the destination to maximize its natural, cultural, and historical assets to attract more visitors, subsequently, creating jobs and business opportunities for local communities.”
The study will identify the province’s future market potential and investment opportunities necessary to develop the destination. It will also provide partners with detailed information about the type, direction, sequencing, costs and benefits of those investments.
“Western Province has been chosen as the preferred region for tourism development due its burgeoning tourism status for air and cruise ship tourists,” said Bartholomew Parapolo, Minister for Culture and Tourism. “This analysis will help us identify and attract the necessary public and private investment in order to realize its potential.”
IFC, Ministry of Tourism partner to identify investment opportunities, spur tourism in Solomon Islands
Well on course to meet its target of operating 100 hotels by 2020, Rotana, one of the leading hotel management companies in the region with hotels across the Middle East, Africa and Turkey, showcased its 14 properties set to open by the end of 2018 during its participation at the World Travel Market London 2017.
At the global event for the travel industry, Rotana, which is celebrating its 25th anniversary this year, also highlighted the significant growth it achieved in terms of UK room nights at its properties in the UAE market.
At Rotana hotels in Abu Dhabi, UK room nights grew by 6.9% between 2016 and 2017. During the same period Rotana also increased its percentage share of UK visitor room nights compared to the city from 20.9% to 21.4%. Similarly, in Dubai, UK room nights at Rotana properties witnessed a year-on-year increase of 4.6%.
The figures are expected to rise further as the cities welcome four new hotels before the end of this year in the UAE. The five-star Saadiyat Rotana Resort & Villas, Pearl Rotana in Abu Dhabi, Al Bandar Rotana, and Al Bandar by Arjaan Rotana Dubai will join the company’s 34 hotels. In addition, the group will open new hotels in Saudi Arabia, Turkey, Iraq and Tanzania by the end of the next year as part of its efforts to increase its global footprint.
Saudi Arabia, thanks to its renewed passion to drive transforming changes to its economy and industries, also tops Rotana’s list of markets for expansion. Three properties are scheduled to open in different cities of the Kingdom by 2018 with an emphasis on its affordable lifestyle hotels brand “Centro by Rotana”
Omer Kaddouri, President & CEO of Rotana commented: “2017 has been a tremendous year as we celebrated our 25th anniversary, along with great successes in the UAE and across the globe. Drawing on our past has enabled us to map out our future and lay the groundwork for our forthcoming investments; the opening of 14 new properties.
“Saudi Arabia is heading for a phenomenal growth with massive scale up in investments and infrastructure projects. The recent announcements of new ambitious tourism projects have made it a more attractive market. The Kingdom will continue to be one of our key markets going forward,” Kaddouri continued.
“Turkey, which continues to attract tourists from across the world with its diverse offerings, is other major focus market for Rotana in the coming years.”
In addition, Rotana has an incredible hotel pipeline for the untapped markets in Africa. “Our additional focus areas include Tanzania, where we will be opening our first five star hotel in Dar Es Salaam. We’re looking forward to welcoming visitors to our elevated hospitality offering in this destination,” Kaddouri added.
Rotana set to open 14 new hotels by 2018
Dusit International signs to manage new luxury hotel in Zhouzhuang, China
Dusit Thani Hotel Zhouzhuang to bring Thai-inspired hospitality to the renowned ancient water town in 2018.
Dusit International, one of Thailand’s foremost hotel and property development companies, has signed a hotel management agreement with Kunshan Yuanwanggu IOT Industrial Park Company Limited to manage Dusit Thani Zhouzhuang, a luxury hotel in Zhouzhuang, one of the most famous water towns in China. Phase one is anticipated to open in 2018, with phase two following in 2022.
Located in the coastal province of Jiangsu, Zhouzhuang is often referred to as ‘Venice of the East’ due to its distinctive network of canals, rivers and lakes, well-preserved ancient houses and bridges, and splendid water views.
Set within the Yungu Pastoral Valley, approximately 50 minutes by car from Shanghai and 40 minutes from Suzhou, the five-star Dusit Thani Zhouzhuang will comprise 30 rooms in traditional houses and 160 hotel guest rooms. The traditional houses will open next year in phase one of the development alongside an all-day-dining restaurant. The main hotel building will open in phase two and will include a main dining restaurant; a Chinese restaurant with private dining rooms; a well-equipped gym; an indoor swimming pool; and conference facilities.
The family-friendly property will also have its own Mini Golf Range, Canoe Club, Kid’s Club, and Children’s Farm. Zhouzhuang’s main scenic spots and historical attractions that date back to the Ming and Qing dynasties are all within walking distance. Guests can also travel between the various sights aboard a traditional gondola.
Marriott International Strengthens Kenya Presence with Second Four Points by Sheraton Hotel
POINT 1:,Marriot International, Inc. announced the opening of its second hotel in the “World’s Wildlife Capital”, Four Points by Sheraton Nairobi Airport, further consolidating its presence in Kenya. Strategically situated within the main complex of the Jomo Kenyatta International Airport, the hotel is within easy reach from major highways and overlooks the famous Nairobi National Park. It perfectly complements the Four Points by Sheraton Nairobi Hurlingham, located in the city’s central business district which opened earlier this year.
POINT 2: “Four Points by Sheraton Nairobi Airport is a great addition to our East Africa portfolio and strengthens our rapidly growing presence in the region,” said Alex Kyriakidis, President and Managing Director, Middle East and Africa, Marriott International. “As a gateway city into the continent, Nairobi is a natural travel hub. We are confident that with its blend of stylish comfort and genuine service at an honest value, the hotel will meet the rising demand for high-caliber lodging in this fast-growing market and soon emerge as a leading choice among business and leisure travelers.”
POINT 3:Designed for the modern traveler with an emphasis on approachable design, the all-new 172 room Four Points by Sheraton Nairobi Airport, features spacious and modern rooms including suites. It also offers exciting dining options including an all-day dining, a lobby café and a rooftop bar and grill, Tazama. With spectacular views of the Nairobi National Park on one side and the airport runway on the other, Tazama offers guests a sense of authentic locale through food, music and art. An imposing artwork by renowned Kenyan graffiti artist, Bankslave, reflecting the pulse of Nairobi takes centre stage. Guests can also experience the brand’s signature Best Brews™ program featuring a local craft pilsner created especially for the hotel in collaboration with the well-known Big Five Breweries, making it the ideal spot to enjoy a favorite sport and unwind with friends and colleagues.
Reflecting the brand’s promise to provide what matters most to today’s independent travelers, the hotel offers the brand’s defining touches, including the Four Points by Sheraton Four Comfort Bed, complimentary bottled water in all rooms, fast and free Wi-Fi throughout the hotel and an energizing breakfast with fresh coffee that helps guests start the day right.
Other facilities include a rooftop pool, a state of the art fitness center and a modest spa. With 3500 square feet of flexible indoor and outdoor meeting space, the hotel is an ideal venue for meetings and events. Additionally, it also provides a complimentary shuttle into the airport terminal throughout the day.
VF Corporation, a global leader in branded lifestyle apparel, footwear and accessories, and Icebreaker Holdings, Ltd., a privately held company based in Auckland, New Zealand, announced that they have signed a definitive purchase agreement. Terms of the agreement were not disclosed.
On a trailing 12-month basis, Icebreaker Holdings generated approximately $150 million of revenue. The transaction is expected to be completed early in 2018 and the addition of the Icebreaker brand to VF’s portfolio is expected to be immediately accretive to earnings per share.
The Icebreaker brand was founded in 1995 on the belief that “nature always has a better solution,” and its entire product assortment is based on Merino wool, plant-based fibers and recycled fibers. Its “farm to garment” approach uses Merino wool sourced from the most sustainable and ethical Merino farms in New Zealand. Icebreaker® has 340 full-time employees and its products are sold in 47 countries through wholesale channels and branded retail and e-commerce platforms.
“Bringing the Icebreaker® brand into the VF portfolio is a special opportunity,” said Steve Rendle, Chairman, President and Chief Executive Officer of VF Corporation. “Its natural fiber focus is an ideal complement to our SmartWool® brand, which also features Merino in its clothing and accessories. Together, the SmartWool® and Icebreaker® brands create an advantaged position for VF as a leader in the growing and underpenetrated natural fiber category. We will have unmatched capabilities that will strengthen our ability to create innovative and sustainable natural fiber products across our brand portfolio, especially in VF’s Outdoor and Workwear brands.”
VF Corporation agreement to acquire Icebreaker, a New Zealand-based apparel brand
Cole Haan unveils new Interior Design Concept at Dubai Mall Flagship Store
Cole Haan, the iconic American lifestyle accessories brand and retailer of premium men's and women's footwear and accessories, is excited to announce the unveiling of their newly refurbished flagship store at Dubai Mall, a premier shopping mall in the United Arab Emirates. At approximately 2,283 square feet, this location is the second largest Cole Haan store worldwide.
The innovative interior features a series of rooms, which are inspired by a residential layout that showcases the brand's new innovative lifestyle products. The new design also allows for a wider range of footwear and accessories to be elegantly displayed.
Coinciding with the unveiling of the new store at Dubai Mall, Cole Haan is also delighted to announce its Fall 2017 Extraordinary Women, Extraordinary Stories campaign featuring fashion icons Christy Turlington Burns and Karlie Kloss, shot by acclaimed photographer Cass Bird. Kloss is featured in the GrandEvølution Modern Monk, which is designed with dual density Grand.ØS foam for ultimate cushioning and energy return within a sleek, modern silhouette. Performance and tradition are integrated in the footwear, offering supreme comfort without sacrificing style. This GrandEvølution collection is available now in Cole Haan stores.
Cole Haan Executive Vice President and General Manager, International, Greg Dinges, said, "The new aesthetic of the store reflects the brand's innovative spirit in crafting and enriching customer experience through a more interactive way of product display and navigation. Dubai continues to reinvent itself as the retail mecca of the region and as a brand, it is imperative that we offer our astute customers with the best when it comes to in-store experience."
Asil Attar, Chief Executive Officer at Alyasra Fashion commented, "We are delighted to enhance our customers' shopping experience with the new flagship store at Dubai Mall. We are confident that our customers will love the new store and the exciting layout of stylish collections for men and women. Cole Haan is continually at the forefront of innovation and Alyasra Fashion is a firm believer in the evolution of great brands and the experiences that they provide. The dynamic new flagship store at Dubai Mall is the fruition of this strong partnership and corporate ethos. The extraordinary comes to life in this new store!"
Economies in Central Asia Continue Reform Agenda
Economies in Central Asia continued improving their business climate, to create jobs and spur growth, according to the 15th anniversary edition of the World Bank Group’s annual Doing Business 2018: Reforming to Create Jobs report, released on October 31st, 2017.
Kazakhstan, the Kyrgyz Republic, Tajikistan and Uzbekistan implemented a total of 11 reforms across ten business regulatory areas during the past year, with Uzbekistan featured among the global top 10 improvers in Doing Business 2018.
According to the report, Uzbekistan carried out five reforms – the most among Central Asian countries, Kazakhstan implemented three reforms, Tajikistan – two reforms, and the Kyrgyz Republic – one such reform in the past year.
The reforms were carried out mainly in the areas of starting a business, registering property and protecting small investors, with two reforms in each area. For example, Uzbekistan strengthened investor protections by increasing corporate transparency requirements, while Kazakhstan made enforcing contracts easier by introducing additional time standards for key court events that are respected in the majority of cases.
Tajikistan made starting a business easier by raising the revenue threshold for mandatory value added tax registration and eliminated a procedure to make registering property easier.
“The economies of Central Asia are demonstrating steady progress on doing business indictors,” said Lilia Buruncuic, the World Bank Regional Director for Central Asia. “With continued commitments to improving the business climate , we hope to see a more dynamic private sector which is critical for boosting economic growth in the region.”
The report was launched on November 1st in Tashkent, Uzbekistan, with live video-conference connection with five Central Asian capitals. The results of the report were discussed widely with representatives from the government, civil society, the media and business communities.
Business reforms continued at speed in East Asia and Pacific, with regional economies adopting 45 reforms during the past year, bringing to 371 the total number of private sector reforms enacted in the region over the past 15 years, says the World Bank Group’s latest Doing Business 2018: Reforming to Create Jobs report, which monitors the ease of doing business for small and medium enterprises around the world.
East Asia and Pacific Economies Continue to Improve Business Climates: Doing Business Report
In its annual ease of doing business rankings, New Zealand, Singapore and Denmark retained their first, second and third spots, respectively, followed by Republic of Korea; Hong Kong SAR, China; United States; United Kingdom; Norway; Georgia; and Sweden.
“Job creation is one of the transformational gains that countries and communities can achieve when the private sector is allowed to flourish. Fair, efficient and transparent rules, which Doing Business promotes, improve governance and tackle corruption,” said World Bank Chief Executive Officer Kristalina Georgieva.
The Asian Development Bank’s (ADB) Board of Directors has approved $170 million in loans to help the Government of Viet Nam upgrade urban infrastructure and address climate change, benefiting about 116,000 households in Hue, Vinh Yen, and Ha Giang.
“Urbanization has had a positive impact on Viet Nam’s growth. But many cities, even as they continue to be the center of economic activities, lack key urban infrastructure services and remain vulnerable to climate change, particularly flooding,” said Satoshi Ishii, a Principal Urban Development Specialist at ADB. “We look forward to working with Provincial People’s Committees of Thua Thien Hue, Vinh Phuc, and Ha Giang—administrative authorities of the capital cities of Hue, Vinh Yen, and Ha Giang—to make sure that their provincial capitals are green and climate-resilient, while enhancing their economic competitiveness.”
More than 30 million people live in urban centers in Viet Nam, but the impact of urbanization is uneven across the country. Unlike the capital Ha Noi and other highly developed urban centers, secondary cities—with populations between 50,000 to 300,000—such as Hue in central Viet Nam and Vinh Yen and Ha Giang in the northern part of the country are lagging behind. For instance, less than 60% of households in secondary cities have access to clean water and only 10% of wastewater is treated properly.
The Secondary Green Cities Development Project will help make these urban centers become more livable, environmentally friendly, and climate-resilient. For Vinh Yen, the project will construct a new wastewater treatment system, upgrade 66.1 kilometers (km) of drainage control, dredge the Dam Vac lake, and develop 44.5 hectares (ha) of new public green space. In Hue, the project will upgrade 21.9 km of drainage pipelines, rehabilitate 15.9 km of road surface and drainage, and develop 17.2 ha of green spaces, among others. In Ha Giang, the project will upgrade about 7 km of urban drainage, protect 5.6 km of river embankments, and enhance the road urban network through a 6.2 km road and a 150-meter bridge to divert increasing traffic.
ADB to support development of Green, Resilient Urban Infrastructure in Viet Nam's Secondary Cities
The EIB has signed a EUR 180m financing agreement with a project company sponsored by GE and Green Investment Group Limited. The agreement supports the construction and operation of the largest onshore wind farm on European territory so far. 179 wind turbines will be built near the Northern Swedish city of Piteå, close to the Arctic Circle.
Of the EIB financing EUR 100m are backed by the European Fund for Strategic Investments (EFSI). EFSI is the central pillar of the Investment Plan for Europe, which was launched by the EIB Group and the European Commission to boost the competitiveness of the European economy. EUR 80m of the EIB financing is covered by a guarantee provided by the German Export Credit Agency, Euler Hermes.
GE Renewable Energy will supply 179 of its 3.6 MW turbines with 137 meter rotors, a turbine ideally suited for the project site’s wind speeds and climate. Additionally the turbines will be equipped with de-icing technology.
“This fascinating project supported by the EIB is taking the use of wind energy to a new level,” said Alexander Stubb, EIB Vice-President responsible for EIB operations in Northern European countries. “It will help Sweden to expand its renewable energy sector even beyond the objective set by the EU and makes the continent more sustainable and greener.”
The Project is part of the first phase of “Markbygden 1101”, the largest single site onshore wind farm in Europe, and is expected to be completed by 2020.
EIB supports largest European onshore wind farm in Northern Sweden
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