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The world’s wind power capacity has grown rapidly since the beginning of the century with the US and China driving it representing almost two thirds of the global growth of wind power. In addition, the cost of wind energy has dropped nearly 70% in the last decade, and technological advancements in the sector continue to make wind a fierce competitor in the energy mix.

In Canada, wind power is the fastest growing energy source – growing by over 20% per year for the past 10 years and becoming the lowest-cost source of renewable energy in 2018 with a total installed capacity of 12,817 MW. In 2019 alone, over $1 billion of capital financed five new wind energy projects in the country.  And even some of Canada’s largest fossil fuel companies have approved investments in this sector with Suncor committing to build a $300 million wind farm and Enbridge funding an offshore wind farm with a capital cost over $2.2 billion.

Deekten Impact has recently made its first wind energy investment, through RE Royalties a publicly traded renewable energy financing company, in Scotian Windfields, a locally owned renewable energy company based in Halifax with a 20% ownership interest in a portfolio of 12 wind energy projects across the province of Nova Scotia. The projects have a generating capacity of 39.6 MW and a 20-year power purchase agreement with fixed rates of revenues from Nova Scotia Power.

The Nova Scotian Wind projects generate approximately 131,000 MWh of clean energy per year, which is equivalent to a reduction of 105,000 tonnes of CO2 emissions. The National Renewable Energy Laboratory considers wind energy to be one of the most environmentally-sustainable forms of energy generation – even when considering the life-cycle basis. The development of these 12 wind energy projects is pivotal to the success of Nova Scotia achieving its goal of 40% renewable energy sources by 2022 and we are excited to help them reach their target.

Along with the positive environmental benefits of these projects, Deetken Impact is equally interested in the associated social benefits of developing the Scotian Windfields projects. The portfolio of 12 wind energy projects is a joint venture of WEB Wind Energy, Scotian Windfields and Scotian Wind (SWFI). SWFI is a community owned corporation encompassing eight Nova Scotian community-owned wind energy companies formed under the Community Economic Development Investment Fund (CEDIF) program. The program is supported by the provincial Department of Economic Development with the main purpose of developing investment opportunities in renewable energy for locally raised funds, thus allowing local residents to contribute to their community development while enjoying financial returns. Nova Scotia further supports the CEDIF program through the Equity Tax Credit that provides investor participants with a personal tax credit of 35%. More than 800 Nova Scotian families are part owners.

The development of the community fund strengthens the local economy while increasing local engagement. The Government of Nova Scotia estimates that only 2% of CAD $600M Registered Retirement Savings Plan (RRSPs) contributions are reinvested in the province, which is a huge, missed opportunity since “each investment dollar spent in a community circulates through the economy creating a beneficial ripple effect.” The power to create a positive change through investing locally is an inspiring concept. The participation of locals also demonstrates communal endorsement– a social authentication of the legitimacy of the project. A Community Liaison Committee (CLC) was set up where local community members volunteered as representatives to the community views, concerns and ideas on project plans and activities. The two-way flow of communication between the joint venture and the community ensures Nova Scotians have a say in the success of the projects. Throughout the development phase, Scotian Wind hosted several open houses to share findings of the Environmental Assessment and promote public feedback. Continuing local engagement, each year, Scotian Winds donates 1% (>CA$50k) of the gross revenue as a Community Dividend to local communities including school programs, scholarships, and community recreation programs. The CLC continually plays an important role by administering the Community Dividend donation.

Thanks in part to these projects, Nova Scotia is not only better positioned to meet its goal of 40% renewable energy by 2022 but also have access to affordable and locally produced clean energy. Wind energy is projected to generate over 27% of the electricity demand that Canada will require between now and 2040. While globally, the International Renewable Energy Agency (IRENA) predicts that wind energy will account for 35% of global energy needs and deliver one-quarter of the annual CO2 emission reductions needed by 2050. Deetken Impact will continue to look for opportunities to advance the transition to renewable energy both in Canada and in the other regions where we work.

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Magali Lamyin, Director of Communications and Development for Deetken Impact

MAGALI LAMYIN

Director of Communications and Development

 

Magali brings extensive market intelligence, business development and marketing experience from her work at the Central Bank of Mexico, the Canadian Institute for Market Intelligence, and the IESE-PWC e-Business Centre in Barcelona. She also co-led national marketing campaigns for businesses in the hospitality and early childhood education sectors for almost a decade before joining Deetken. In her current role, she is responsible for leading Deetken Impact’s communications, marketing and branding strategy. She is also involved in the due diligence process for project selection with an emphasis in Mexico.

Magali holds a BA in Economics from Mexico's ITAM and a Master's degree in Economics from the University of British Columbia.

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Jose Lamyin, Managing Partner Deetken Impact

JOSE LAMYIN

Managing Partner

 

José has extensive experience as a business advisor for clients throughout Canada, Europe and Latin America in mining, telecommunications, and finance. Prior to co-founding The Deetken Group, José worked for Teck Cominco in Peru and Canada and Deutsche Bank in London (UK). José has spearheaded much of the strategic growth of Deetken Asset Management since inception and is currently focused on investment selection.

José received his BS in Engineering from the University of British Columbia and MBA from IESE School of Business (Barcelona). Born in Peru, José is fluent in English and Spanish.

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Alexa Blain, Managing Partner Deetken Impact

ALEXA BLAIN

Managing Partner

 

Alexa is responsible for finance, operations and investor relations at Deetken Impact. She brings over 10 years of experience in financial consulting and asset management, with specific expertise in company and investment analysis, business valuation and securities/corporate finance. Prior to joining Deetken, she spent three years with African Alliance, a pan-African financial services group, where she focused on expanding the firm’s retail financial services operations as well as on the origination and negotiation of new capital. In addition, Alexa has six years of asset management experience with the Canada Pension Plan Investment Board, the Macquarie Group and the Ontario Teachers’ Pension Plan.

Alexa is a CFA Charterholder. She has also completed an MA in Financial Economics and an Honours BA in Economics, both at the University of Toronto.

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Fernando Alvarado, Head of Deetken Impact Sustainable Energy

FERNANDO ALVARADO

CEO

Honduras Renewable Energy Managers (HREM) and Caribbean Renewable Energy Managers (CAREM)

 

Fernando Alvarado leads the General Partner and Investment Advisor of two clean energy and energy efficiency project finance and venture capital funds: Honduras Renewable Energy Financing Facility (H-REFF) and Caribbean Basin Sustainable Energy Fund (CABEF), which he structured and runs with a combined target capitalization of $100m.

Development Investment Banker with 28 years of international credit and investment experience and 18 years of direct experience assessing diversified renewable energy portfolios in Latin America & the Caribbean. He has participated in more than 50 syndicated credit and investment transactions for renewable energy projects in excess of $250 MM. He led the creation, structuring, fundraising, legal closing and portfolio construction of several specialized renewable energy funds.

Costa Rican, based in San Jose, Mr. Alvarado has an MBA in Banking and Finance cum laude from Universidad de Costa Rica.

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Carl Black, Portfolio Manager Deetken Impact

CARL BLACK

Portfolio Manager

 

Carl is a Portfolio Manager with Deetken Impact focused on analyzing and working with MSMEs, social enterprises, and renewable energy developers in Latin America and the Caribbean. His main responsibilities include supporting business development, managing technical assistance projects, leading investment due diligence, and monitoring portfolio performance. Prior to joining Deetken Impact, Carl worked for five years as a consultant, advising public sector clients an non profits in Canada and financial services companies in Latin America. He started his career at the Bank of Canada, where he researched issues related to household and business credit. 

Carl completed an Honours BA in Economics at the University of British Columbia. He also holds an MSc in Economics & Development from the University of Oxford, where he earned distinctions in quantitative and development economics.

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Cristobal Aguirre, Investment Analyst at Deetken Impact

CRISTOBAL AGUIRRE

Investment Analyst

 

Cristobal has over 6 years of experience in the asset management industry, where his responsibilities have ranged from asset allocation and portfolio management to risk analysis and software development. Before relocating to Canada, Cristobal worked as a senior investment analyst in AFP Habitat—Chile’s largest pension fund—where he led the tactical asset allocation and macroeconomic research for emerging markets.

Cristobal is a CFA Charterholder, and completed a BA in Economics at Universidad de Chile.

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Chad Parsons, Senior Investment Analyst at Deetken Impact

CHAD PARSONS

SeniorInvestmentAnalyst

 

Chad has worked as a consultant in business and technology for 20 years – often helping clients with their business transformation initiatives.    He has worked with start-ups, government, and established businesses to further their product and service offerings with a balanced approach.   After pursuing a research degree on leveraging technology for social and economic development; Chad has found a valuable alignment of his background with Deetken’s innovative impact investments. 

Chad completed a BS in Engineering from the University of British Columbia and has a MSc with distinction from the University of Manchester (UK).

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