A global benchmark of clean energy stocks is outperforming major equity indexes and even gold, as investors respond to soaring demand for renewables needed to power the AI boom https://t.co/DqxWhLWYj3 ...

Core Viewpoint - Brookfield Renewable and Clearway Energy have entered into a strategic deal that enhances their growth profiles and dividend strategies, benefiting both companies and appealing to income-focused investors [2][11]. Deal Details - Deriva Energy, a Brookfield portfolio company, is selling a portfolio of 613 megawatts (MW) of solar energy assets to Clearway Energy, covering eight states, with the transaction expected to close in the second quarter of next year [3]. - Clearway will partner with Fengate Asset Management for 12 of the assets (227 MW) located in the Western U.S. as a 50-50 joint venture [4]. Benefits to Brookfield - Brookfield Renewable's acquisition strategy focuses on large-scale renewable energy platforms, having recently acquired Duke Energy's commercial renewable energy platform, which included 5.9 gigawatts (GW) of operating and under-construction assets and a 6.1 GW development pipeline [5]. - The deal is projected to boost Brookfield's funds from operations (FFO) by 3% per share in 2024, enhancing cash flow and growth visibility [5][6]. - The capital from the sale will be reinvested into higher-returning projects, supporting Brookfield's goal of over 10% FFO per share growth and enabling annual dividend increases of 5% to 9% [6]. Benefits to Clearway Energy - Clearway Energy is acquiring cash-flowing solar assets backed by long-term contracts, planning to invest between $210 million and $230 million, which is expected to generate an average of $27 million in annual cash available for distribution (CAFD) starting in 2027 [7]. - This acquisition positions Clearway to achieve a CAFD of at least $2.50 per share by 2027, nearly 30% above its 2025 guidance midpoint of $2.08 per share [8]. - Clearway anticipates increasing its dividend to approximately $1.98 per share by 2027, representing an over 11% increase from about $1.78 per share this year, while maintaining a payout ratio within the target range of 70% to 80% [9][10]. Conclusion - The transaction between Brookfield's Deriva Energy and Clearway Energy is a win-win, allowing Brookfield to free up capital for new investments while Clearway strengthens its earnings growth and dividend sustainability, making both companies more attractive to income-focused investors [11].

Report Overview - The report is a fixed income daily market update by CMBI, covering trading desk comments, macro news, and analysis of various bonds and new issues [1][2] Trading Desk Comments - On Monday, trading flows were light due to holidays in mainland China, Taiwan, and Korea [2] - Asian institutions sold French names like BNP, ACAFP, and SOCGEN, as well as Japanese and Yankee AT1s and insurance hybrids [2] - In Greater China, ZHOSHK 28 tightened 2bps, and EHICAR 26 - 27s were unchanged to 1.1pts higher [2] - In properties, FAEACO 12.814 Perp rose 14.7pts after the coupon deferral notice deadline passed [2] - NWDEVL Perps were unchanged to 0.2pt higher, and NWDEVL 27 - 31s were 0.2pt lower to 0.3pt higher [2] - HYSAN 4.85 Perp was up 0.3pt, and VNKRLE 27 - 29s lowered 0.2 - 0.4pt [2] - FUTLAN 28/FTLNHD 26/LNGFOR 27 - 32s were 0.2pt lower to 0.2pt higher [2] - In Southeast Asia, GARUDA 31s rose 0.9pt, and VLLPM were down 0.2 - 1.0pt [2] - VEDLN 28 - 33s were unchanged to 0.1pt lower [2] - In LGFV space, TAIANH 6.9 07/16/28 and FZSZJJ 7 12/27/27 leaked 0.9 - 1.7pts [2] - This morning, flows remained light with mainland China still on holiday [3] - GARUDA 31s rose 3.1 - 3.9pts, and LASUDE 26 was 2.9pts higher [3] - CHGDNU 48/EHICAR 26 were 0.9 - 2.1pts lower [3] - VEDLN 28 - 33s were 0.1 - 0.3pt lower [3] - IHFLIN 27 - 28 were 0.5 - 0.6pt lower after Moody's placed Sammaan Capital's B2 rating on review for upgrade [3] Top Performers and Underperformers | Security | Price | Change | | --- | --- | --- | | FAEACO 12.814 PERP | 56.7 | 14.7 | | HCELEC 4.65 12/29/26 | 67.9 | 1.4 | | EHICAR 7 09/21/26 | 81.3 | 1.1 | | GARUDA 6 1/2 12/28/31 | 88.8 | 0.9 | | CFAMCI 5 1/2 04/27/47 | 98.0 | 0.8 | | CCAMCL 4 3/4 12/04/37 | 93.3 | -1.7 | | TAIANH 6.9 07/16/28 | 94.3 | -1.7 | | VLLPM 9 3/8 07/29/29 | 49.5 | -1.0 | | FZSZJJ 7 12/27/27 | 99.3 | -0.9 | | TENCNT 3.68 04/22/41 | 85.1 | -0.9 | [4] Macro News Recap - On Tuesday, S&P (-0.38%), Dow (-0.20%), and Nasdaq (-0.67%) were lower [6] - The release of US Aug'25 trade balance was delayed due to the federal government shutdown [6] - 2/5yr UST yield was lower, while 10/30yr UST yield was higher on Tuesday [6] - 2/5/10/30 yield was at 3.57%/3.71%/4.14%/4.73% [6] Desk Analyst Comments - Vedanta Resources (VRL) priced USD500mn VEDLN 9.125 10/15/32 with an orderbook of over USD1.6bn [7] - Net proceeds are for prepaying the 18% private credit facility due Apr'26 [7] - Over 14 months, VRL has raised USD3.6bn in USD bonds, smoothing its maturity profile and lowering funding costs [7] - Analysts prefer VEDLN 9.475 07/24/30 for a better risk - adjusted profile [7] - The new VEDLN 32s trade in line with VEDLN 31s at 9.0% YTW [7] - VEDLN 9.475 07/24/30 trades at 102.2 with 8.8% YTW, offering 46bps pickup over NICAU 9 09/30/30 [7] VRL's Outstanding USD Bonds | Security name | ISIN | Amt o/s (USD mn) | Ask px | YTW | Issue rating (M/S/F) | | --- | --- | --- | --- | --- | --- | | VEDLN 10.25 06/03/28 | USG9T27HAH76 | 300 | 103.7 | 7.8% | -/B/B+ | | VEDLN 10.875 09/17/29 | USG9T27HAG93 | 1,200 | 105.4 | 8.7% | -/B/- | | VEDLN 9.475 07/24/30 | USG9T27HAL88 | 550 | 102.2 | 8.8% | B2/B/- | | VEDLN 11.25 12/03/31 | USG9T27HAJ33 | 500 | 107.7 | 9.0% | -/B/B+ | | VEDLN 9.125 10/15/32 | USG9T27HAN45 | 500 | 100.3 | 9.0% | B2/-/B+ | | VEDLN 9.85 04/24/33 | USG9T27HAK06 | 550 | 102.5 | 9.1% | B2/B/- | [8] Offshore Asia New Issues Priced - Muthoot Finance (tap) issued 150mn USD, 5 - year bonds with a coupon of 101.75 and an issue rating of Ba1/BB+/- [11] Pipeline - There are no offshore Asia new issues in the pipeline today [12] News and Market Color - Onshore primary issuances are suspended during the National Day Holiday [19] - Macau logged over 1mn visitors in the first 7 days of Oct'25 Golden Week [19] - Adani Green inked a USD250mn loan from four global banks for refinancing [19] - Garuda Indonesia asked for a USD600 - 800mn injection from Danantara to maintain 51 aircraft [19] - GLP received interest from Middle East institutions for a strategic investment of about USD1bn [19] - LG Electronics India's USD1.3bn IPO sold out on the first day [19] - Canara Robeco AMC, ORIX's Indian JV, plans an IPO of INR13.3bn (about USD149.4mn) [19] - Sinopec is adding at least 169mn barrels of oil reserves [19] - San Miguel was fined for a'misstatement' in its 1H25 earnings report [19]

AB “Ignitis grupė” (hereinafter – the Group) announces the decision to participate in the Lithuanian offshore wind tender with the State support for the rights to develop at least 700 MW of offshore wind capacity in the Baltic Sea. The Group participated in the tender through UAB “Ignitis renewables projektai 5”, whose sole shareholder is UAB “Ignitis renewables”. Under the tender regulations, the potential developer can submit either the development fee or request support in the form of a two-way contract ...

Trump is making coal versus renewables personal, @johnauthers writes. For AI's electricity-guzzling data centers, it's business (via @opinion) https://t.co/Ld0nE8PQ6v ...

Core Insights - Birch Risk Advisors facilitated the sale of $125 million in §45Z clean fuel production tax credits for Darling Ingredients Inc. [1] - The tax credits were generated through Darling Ingredients' Diamond Green Diesel joint venture [1] - This transaction is noted as one of the first §45Z transfers of such magnitude, highlighting Darling's leadership in renewable diesel [1]

Since the beginning of April, First Solar, Inc. (NASDAQ: FSLR ) stock has seen a single-session move of at least 7% a whopping 13 different times. Only one of those moves — an 8%-plus decline after a disappointing first-quarterI've been contributing to Seeking Alpha and other investment websites since 2011, with a general (though far from rigid) focus on value over growth. I got my Series 7 and 63 back in 1999, and watched the dot-com bubble peak and then burst in real time at a small, tech-focused retail b ...

Since the beginning of April, First Solar (NASDAQ: FSLR ) stock has seen a single-session move of at least 7% a whopping 13 different times. Only one of those moves — an 8%-plus decline after a disappointing first-quarter resultI've been contributing to Seeking Alpha and other investment websites since 2011, with a general (though far from rigid) focus on value over growth. I got my Series 7 and 63 back in 1999, and watched the dot-com bubble peak and then burst in real time at a small, tech-focused retail ...

STAMFORD, Conn.--(BUSINESS WIRE)--Altus Power, a nationwide leading provider of commercial-scale power, today announced the acquisition of three ground-mounted solar projects in Florida, totaling 8.6 MWs. The projects were purchased from Origis Energy and are already generating and delivering reliable power to a local utility through long-term power purchase agreements (PPAs). "We've built a strong reputation for execution and responsible stewardship of the projects we acquire. This acquisition. ...

Core Insights - Ares Management Corporation has acquired a 49% ownership stake in a portfolio of assets from EDP Renováveis, with an estimated enterprise value of approximately $2.9 billion [1] - The portfolio consists of ten assets with a total capacity of 1,632 MW, including 1,030 MW of solar, 402 MW of wind, and 200 MW of storage capacity across four US power markets [1] Investment Details - All projects within the portfolio have long-term power purchase agreements, averaging a remaining contract period of 18 years [2] - The investment enhances Ares' presence in key domestic power markets and diversifies its interests in growing energy subsectors [3] Strategic Implications - The total capacity of power generation assets in which the Ares fund holds interests has increased to approximately 5.7 GW across 11 US states and five power markets since September 2024 [4] - EDP Renováveis is recognized as a renewable energy developer with operations in Europe, the Americas, and Asia-Pacific regions [4] Recent Transactions - In June, Ares Management's Alternative Credit funds agreed to acquire a 20% interest in Eni's subsidiary, Plenitude, for €2 billion (approximately $2.3 billion) [5]