Enel to construct two Alberta wind farms with 146MW capacity
Enel Green Power North America, the US-based subsidiary of the Italian multinational energy company, has announced that it has secured two contracts to build 146MW of new wind capacity in Alberta.
The contracts have been awarded by the Alberta Electric Systems Operator (AESO) to supply its power output for a period of 20 years.
The new wind facilities will be the 115MW Riverview Wind project and the 30.6MW Phase 2 of the Castle Rock Rise wind farm – two undertakings that will cost approximately $170mn.
“This Canadian award is a major milestone for our company, as it is the first regulated renewables tender we have ever won in the Country,” said Antonio Cammisecra, Enel’s Head of Global Renewable Energies Division Enel Green Power.
“We are thrilled to be investing once again in the Canadian energy economy and to continue our growth here in Alberta. We have experienced unprecedented development in North and Central America from Canada to the USA and Mexico over the last years and this award is yet another example of our success and global competitiveness.”
Once complete, the new contracts will more than double Enel’s energy capacity within Canada, currently standing at 103MW.
CB Insights: US Insurtechs Compete In A Now Global Market
In the first half of the year, insurtech companies around the world have raised US$7.4bn, nearly doubling their funding in Q2. According to Digital Insurance, insurtechs have raised US$4.8bn in Q2—an 89% increase in funding from Q1. But US firms are no longer the sole beneficiaries.
What Are the Stats?
Out of the 15 Q2 mega-rounds—those that top US$100mn—only eight included American firms. Pretty good, you might say. That’s over half! But US companies only made up 38% of the deals, which marks a 10% drop from Q1 and a 12% drop from 2020. Technically, therefore, US insurtechs are less influential than they’ve been in the past. But who says this is a bad development?
Despite my American citizenship, I’d argue that a more globally diverse insurance market is only for the best. Many of the world’s citizens who could most benefit from improved insurance services live outside of the States—and deserve local, tech-savvy services.
Why Does This Matter?
You’re always going to see the typical insurtech contenders from Western countries. For instance:
- German-based wefox: US$650mn Series C
- UK-based Bought By Many: US$350mn Series D
- US-based Collective Health: US$280mn Series F
But it’s critical that we address risk across the world. American insurtechs might be some of the most technologically skilled firms in the industry, but it’s not their first goal to address floods in Southeast Asia, crop destruction in China, and COVID complications in South Africa. That’s why we should celebrate that the recent Q2 round included insurtechs from 35 different countries.
According to CB Insights’ Q2 2021 Quarterly InsurTech Briefing, this was the first time that they’d observed insurtech activity in Botswana, Mali, Romania, Saudi Arabia, and Turkey. And ‘from a product, service, distribution, and underlying risk perspective, we—as a society and as an industry—are moving at an unprecedented speed’, says Dr. Andrew Johnston, Global Head of Willis Re InsurTech.
Just ask CB Insights. InsurTech value propositions have resonated with the world.