July 13 (Reuters) – Singapore’s Keppel Corp (KPLM.SI) will expand its wind energy portfolio by co-investing 480 million euros ($481.34 million) alongside Keppel Infrastructure Trust (KIT) (KEPL.SI), a Norwegian insurer and a German asset manager in Europe.
Conglomerate Keppel and KIT said on Wednesday they jointly committed 160 million euros for a combined 33.3% stake in a fund, which will invest in a portfolio of existing and future onshore wind energy assets across Norway, Sweden and the UK.
The projects are owned by Fred. Olsen Renewables AS (FORAS), a Norwegian renewable energy developer controlled by Bonheur ASA (BONHR.OL). (https://bit.ly/3yyfYrv)
Register now for FREE unlimited access to Reuters.com
The remaining 66% stake in the fund will be split between Norway’s Kommunal Landspensjonskasse (KLP) and Germany’s MEAG MUNICH ERGO Asset Management (MEAG), each committing to invest 160 million euros.
The fund will make an initial investment of 176 million euros to buy 49% interest in FORAS’ three operating wind farms in Sweden and Norway.
It will also have a “five-year exclusive right and obligation” to co-invest in 49% of all future onshore wind farms in the UK and Sweden that FORAS will take to a final investment decision stage, Keppel Corp said in a joint statement with KIT. (https://bit.ly/3PFkPOH)
The investment expands Keppel’s existing wind energy portfolio and KIT’s maiden investment into renewable energy sector as both companies look to increase their sustainable energy portfolio by the end of the decade, the companies added.
KIT will fund about 131 million euros in FundCo, obtaining a 27.3% stake in it, while the conglomerate Keppel will own about 6% in the entity.
($1 = 0.9972 euros)
Register now for FREE unlimited access to Reuters.com
Reporting by Sameer Manekar in Bengaluru; Editing by Rashmi Aich
Our Standards: The Thomson Reuters Trust Principles.
COPENHAGEN, June 15 (Reuters) – Toymaker Lego on Wednesday said it will invest more than $1 billion in a factory in the United States to shorten supply chains and keep up with growing demand for its coloured plastic bricks in one of its biggest markets.
The factory in Chesterfield County, Virginia, will be the Danish company’s second in North America and seventh worldwide, after it announced a new factory in Vietnam last year. read more
The investment is in line with a decade-old strategy of placing production close to its key markets, which the company says has been beneficial as the global retail industry faces pandemic-related supply chain issues. The plant will also be carbon neutral.
Register now for FREE unlimited access to Reuters.com
“Our strategy to be close to our core markets has only been confirmed recently,” Chief Operations Officer Carsten Rasmussen told Reuters.
The toy market is characterized by large seasonal fluctuations, while more than half of the company’s products in stores are new items, he said.
“It’s difficult to predict what children and adults want to buy for a birthday or for Christmas. So the reaction time is very worthwhile to make sure we have the right products on the shelves,” said Rasmussen.
The factory will be powered by renewable energy produced at an onsite solar park, the company said.
Lego has pledged to replace oil-based plastic bricks with ones made from sustainable materials by the end of the decade.
The 160,000-square-meter factory is scheduled to be operational in the second half of 2025 and will employ more than 1,760 people. Lego closed a smaller factory in Connecticut in 2006, and the U.S. market is currently supplied from a factory in Mexico.
“The U.S. market has done really well in recent years. We see huge potential in the United States and throughout the Americas,” said Rasmussen.
The company now employs around 2,600 people in the United States, where it operates 100 stores.
The family-owned company outpaced growth in the toy industry last year, with sales growing 27% to 55.3 billion Danish crowns ($7.8 billion). The company is also investing in increasing capacity at existing factories in Europe and China. read more
Lego produces roughly 100 billion bricks each year and employs around 24,000 people worldwide.
($1 = 7.0998 Danish crowns)
Register now for FREE unlimited access to Reuters.com
Reporting by Jacob Gronholt-Pedersen; Editing by Bernadette Baum and Mark Porter
Our Standards: The Thomson Reuters Trust Principles.
OSLO, May 27 (Reuters) – Norway’s oil and gas companies have raised their investment forecasts for 2022 as they take advantage of high petroleum prices and tax incentives to boost activity, a national statistics office (SSB) survey showed on Friday.
The biggest business sector in Norway now expects to invest 167.2 billion Norwegian crowns ($17.57 billion) in 2022, up from a forecast of 159.5 billion crowns made in February, SSB said. read more
“The upward adjustment for 2022 is driven by higher estimates within the categories field development, onshore activity and exploration and concept studies,” the agency said in a statement.
Register now for FREE unlimited access to Reuters.com
Preliminary predictions for 2023 project investment of 130.6 billion crowns, down from 131.4 billion crowns forecast three months ago. The forecasts, however, remain subject to large revisions as more plans are prepared in coming quarters.
“New developments will significantly increase the estimate for 2023,” SSB said.
($1 = 9.5144 Norwegian crowns)
Register now for FREE unlimited access to Reuters.com
Reporting by Terje Solsvik
Editing by Jan Harvey and David Goodman
Our Standards: The Thomson Reuters Trust Principles.