Pineapple Power Corporation was incorporated as a private company in June 2014 and re-registered as a PLC on the 5th February 2016. The company has been formed as a special purpose acquisition vehicle with the intention to apply for admission to trading on the London Stock Exchange’s Main Market and to listing on the Standard segment of the UKLA’s Official List under Chapter 14 of the Listing Rules (together a “Standard Listing”). The Company will seek to acquire renewable or clean energy companies and businesses in order to develop power generation projects in the global south – developing nations that tend to be disproportionally concentrated in the Southern Hemisphere.
Since 2009, a global recession, broad changes in energy markets and uncertainty surrounding international policies on renewable energy and climate change have negatively affected the clean energy industry. Despite these challenges, the clean energy sector is now a $300 billion fixture of the world economy.
The majority of worldwide clean energy investment occurs in the G20 – the world’s largest economies – which, together accounted for more than 90 percent of global clean energy investment over the past decade.
However, research has found that clean energy investment in developing countries has also grown in real and relative terms. The scale and scope of renewable investment and deployment are expanding in emerging economies in response to national economic development goals, local priorities for the environment and health and international cooperation to reduce global energy poverty. Most of the future increase in energy demand will occur in the global south as developing nations seek to meet international goals to reduce energy poverty and keep pace with population growth.
In view of its economic, security, and environmental advantages, clean energy is likely to play a major role in meeting the energy needs of developing countries.
According to Bloomberg New Energy Finance, renewable technologies are likely to supply 54 percent, or 3,000 GW, of total new capacity compared with less than 30 percent – 1,584 GW – from fossil sources. This data suggests that clean energy could attract more than two-thirds of the $7.7 trillion worth of expected power investment through to the year 2030.
Opportunity in Africa
- USD 9.3bn invested in renewables in Africa in 2012
- Only 7% of Africa’s hydro resources exploited
- Geothermal potential in East Africa is 9000MW – only 60MW has been tapped to date
- Total solar assets installed in Africa at end 2014 was 1334MW – 100GW of solar PV expected by 2030
- If Africa aggressively promotes renewables, it could obtain a 27% reduction in CO2 emissions; a 35% higher installed capacity base and 31% higher capital spending (USD 153bn)
- Africa is undergoing incredible growth – the population currently at 1 billion is set to double by 2050
- Africa’s economies are growing at an average of 4% a year. Six of the ten fastest growing nations are in the continent
- At this rate African GDP will triple by 2030 and grow seven-fold by 2050 but only if growth is supported by a better-performing energy sector
- In 2010, 590 million Africans had no access to electricity
- Africans currently consume only one-quarter of the global average energy per capita
- Providing full electricity access to all Africans would require only an additio nal 900 TWh over 20 years
- Africa has the potential and ability to utilise its renewable resources to fuel the majority of its future growth
- Obtaining finance for renewable energy projects in Africa is more difficult than for fossil fuels – and often at premium rates
- To inject capital for energy infrastructure projects many African nations have opened their market to Independent Power Producers (IPPs)