CoBank

Fastest Growing Pet Food Segment Reflects Consumer Interest in Health, Wellness

Retrieved on: 
Monday, April 1, 2024
Knowledge, Logic, Health, Millennials, Mintel, Growth, Human, CoBank, Child, Pet, Genz, Ageing, Bottled water

Sales growth among the pet food category segments demonstrates consumers’ willingness to pay a premium for pet foods perceived as providing specific health benefits.

Key Points: 
  • Sales growth among the pet food category segments demonstrates consumers’ willingness to pay a premium for pet foods perceived as providing specific health benefits.
  • Continued growth in the fresh pet food segment is expected to usher in new market entrants and may create opportunities for new ingredient suppliers.
  • Consumer research firm Mintel found that more than half of U.S. pet food buyers perceive freshly prepared foods to be healthy, and 79% are willing to pay more for healthier pet food products.
  • Roberts said the market potential for pet food and ancillary pet products shows signs of expanding even beyond its considerable growth of recent years.

DataBank Establishes $725 Million Financing to Support the Next Phase of Expansion

Retrieved on: 
Tuesday, April 9, 2024
Bank of America, PUE, Data, Green bond, TD Securities, Nomura Securities, Goldman Sachs, JPMorgan Chase, Power usage effectiveness, CoBank, Acquisition, A.I, Carbon, Preferred Bank, Water, Citizens Bank, RBC Capital Markets, Cryptocurrency

DALLAS, April 9, 2024 /PRNewswire/ -- DataBank, a leading provider of enterprise-class edge colocation, interconnection, and managed cloud services, announced today that it has established a new $725 million credit facility with which to finance its ongoing and future data center construction projects. 

Key Points: 
  • Flexible financing vehicle will allow company to accelerate construction projects to meet surging demand for data center capacity driven by A.I.
  • The new capital will fund ongoing expansion in existing markets including on its campuses in New York, Denver, Minneapolis, Salt Lake City, and Dallas.
  • The financing provides an attractively priced source of capital that is a long-term and scalable solution to meet accelerating demand for capacity within DataBank's footprint.
  • This also will represent DataBank's second green financing, following closely on the heels of the February 2024 Green Bond.

Rapid Expansion of U.S. Soybean Processing Capacity Risks Industry Overbuild

Retrieved on: 
Thursday, March 21, 2024
Knowledge, Uncertainty, Oil, Pressure, Growth, Environment, Livestock, Soybean oil, Fats, CoBank, Transport, Carbon, Weather, Vegetable oil

To meet the growing demand for soybean oil, U.S. soybean processors are ramping up their production capacity, which is expected to increase by 23% over the next three years.

Key Points: 
  • To meet the growing demand for soybean oil, U.S. soybean processors are ramping up their production capacity, which is expected to increase by 23% over the next three years.
  • However, overbuilding U.S. soybean crush capacity, combined with sustained levels of low processing margins could threaten the viability of new, high-cost plants in the long term.
  • The expansion of U.S. soybean processing capacity will lead to growing supplies of soybean meal, which could also pressure processor margins.
  • But for soybean processors, the question is whether domestic livestock supplies will be ample enough to absorb the additional soybean meal.

Artesian Resources Corporation Reports 2023 Year-End Earnings and Fourth Quarter Results

Retrieved on: 
Wednesday, March 13, 2024
Tax, Information technology, PFAS, Delmarva Peninsula, ACB, CoBank, Depreciation, Overalls, SLP, Investment, Water, Series, Delaware Public Service Commission, Drinking water, Ageing, Real estate

NEWARK, Del., March 13, 2024 (GLOBE NEWSWIRE) -- Artesian Resources Corporation (Nasdaq: ARTNA), a leading provider of water and wastewater services, and related services, on the Delmarva Peninsula, today announced earnings results for the fourth quarter and year ended December 31, 2023.

Key Points: 
  • NEWARK, Del., March 13, 2024 (GLOBE NEWSWIRE) -- Artesian Resources Corporation (Nasdaq: ARTNA), a leading provider of water and wastewater services, and related services, on the Delmarva Peninsula, today announced earnings results for the fourth quarter and year ended December 31, 2023.
  • The primary refund calculation for both 2023 and 2022 was based on the average loan balance outstanding.
  • “In April 2023 we filed a request for an increase in water rates in our Delaware operations.
  • Federal and state income tax expense increased $0.3 million, or 32.4%, primarily due to higher pre-tax income in 2023 compared to 2022.

Nuanced Market Dynamics Will Complicate Pace of Rural Broadband Consolidation

Retrieved on: 
Wednesday, March 6, 2024
Knowledge, Acquisition, CoBank, Economics, Government, AI

While merger and acquisition activity in the rural broadband market has slowed due to high interest rates and other economic headwinds, further consolidation within the industry is expected in the years ahead.

Key Points: 
  • While merger and acquisition activity in the rural broadband market has slowed due to high interest rates and other economic headwinds, further consolidation within the industry is expected in the years ahead.
  • However, the degree and pace of rural broadband consolidation is not likely to match what has played out in the cable and wireless industries over the last few decades.
  • But the fragmented nature of the market is likely to limit the rate and scope of industry consolidation.
  • “Rural broadband consolidation will probably look different than other industries where M&A is largely a function of horizontal integration,” said Jeff Johnston , lead communications economist with CoBank.

Strata Clean Energy Secures $559 Million Financing for 1GWh Battery Energy Storage Project in Arizona

Retrieved on: 
Wednesday, February 21, 2024
Other Energy, Technology, Utilities, Batteries, Alternative Energy, Energy, Korea Development Bank, CoBank, Growth, Primary energy, Norddeutsche Landesbank, Arizona Public Service, Electricity, Nomura, Renewable energy

Strata Clean Energy (Strata), a leading developer, owner, and operator of renewable energy projects, has closed on a $559 million financing for the construction and ownership of the Scatter Wash battery storage complex.

Key Points: 
  • Strata Clean Energy (Strata), a leading developer, owner, and operator of renewable energy projects, has closed on a $559 million financing for the construction and ownership of the Scatter Wash battery storage complex.
  • A consortium of leading financial institutions collaborated to secure the necessary funding for this project.
  • "The successful financing for the Scatter Wash battery storage complex marks a significant step forward in our mission to drive the transition to clean energy,” said Markus Wilhelm, Chief Executive Officer of Strata Clean Energy.
  • In May 2023, Strata forged a 20-year tolling agreement with Arizona Public Service, cementing its commitment to this groundbreaking initiative.

Arevon Secures $1.1 Billion Financial Close for Eland 2 Solar-plus-Storage Project

Retrieved on: 
Thursday, February 22, 2024
Engineering, Project finance, Commerzbank, XL, Kilowatt-hour, MD, National Bank of Canada, CoBank, Commonwealth Bank, Commerce, PPA, Letter, Wells Fargo, Lead, Collateral, Power, EPC, Electricity, LLP, Bookrunner, CIBC, National bank, BNP Paribas, Solar energy, Renewable energy

NEW YORK and SCOTTSDALE, Ariz., Feb. 22, 2024 /PRNewswire/ -- Arevon Energy, Inc., a leading renewable energy developer, owner, and operator, today announced it has secured more than $1 billion in aggregate financing commitments for its Eland 2 Solar-plus-Storage Project in Kern County, California. The 374 megawatt (MWdc) solar project coupled with 150 MW/600 megawatt hours (MWh) of energy storage is under early-stage construction and is anticipated to come online in Q1 2025.

Key Points: 
  • Arevon obtained $654 million of debt financing including a construction-to-term loan, a tax equity bridge loan, and letter of credit facilities.
  • Daniel Murphy, Director of Project Finance at Arevon, remarked: "The Eland 2 financing is an amazing accomplishment after Eland 1 which achieved financial close in 2022.
  • Eland 2 , combined with the project's first phase, Eland 1 , collectively represent one of the largest power plants in Arevon's portfolio.
  • "The Eland projects highlight our team's financial strength, industry expertise, and thoughtful approach to fostering a sustainable energy infrastructure.

Arevon and Blackstone Credit & Insurance Close $350 Million Preferred Equity, Debt, and ITC Transfer Financing for Condor Energy Storage Project

Retrieved on: 
Tuesday, February 13, 2024
Engineering, Project finance, Blackstone Credit, Senior, EVP, Climate, Stifel, Winston & Strawn, CoBank, Bank, Condor, Andrew Downey Orrick, HASI, ACB, Sumitomo Mitsui Banking Corporation, Collateral, Partner, EPC, BNY Mellon, Partnership, Renewable energy

NEW YORK and SCOTTSDALE, Ariz., Feb. 13, 2024 /PRNewswire/ -- Arevon Energy, Inc., a leading renewable energy developer, owner, and operator, together with Blackstone Credit & Insurance (BXCI), today announced a successful financial close for the 200 megawatt/800 megawatt-hour Condor Energy Storage Project (Condor) currently under construction in Grand Terrace, California.

Key Points: 
  • The project will be capable of providing firming capacity, enhancing grid reliability and stability alongside increased adoption of renewable energy resources.
  • Blackstone's preferred equity investment in Condor is structured to simplify the monetization of tax credits, eliminating the need for traditional tax equity financing.
  • Zachary Rubenstein, Managing Director in the Blackstone Credit & Insurance Sustainable Resources Group, commented "Arevon is a world-class renewable energy company, and we are excited to be their partner on the Condor financing.
  • Arevon secured real estate financing from climate investment firm HASI related to the Condor Energy Storage Project land.

Shrinking Supply of Dairy Heifers May Limit Growth of U.S. Milk Production

Retrieved on: 
Wednesday, February 7, 2024
Knowledge, CoBank, University of Wisconsin–Extension, USDA, Sale, Growth, Breeding, University, Milk, Farmer, Cattle, Dairy

DENVER, Feb. 07, 2024 (GLOBE NEWSWIRE) -- A sharp decline in the number of dairy heifers available to replace older cows exiting the U.S. dairy herd could limit any meaningful growth in domestic milk production over the next few years.

Key Points: 
  • DENVER, Feb. 07, 2024 (GLOBE NEWSWIRE) -- A sharp decline in the number of dairy heifers available to replace older cows exiting the U.S. dairy herd could limit any meaningful growth in domestic milk production over the next few years.
  • While the global demand outlook for U.S. dairy products remains murky due to export market uncertainties, any potential growth opportunities may be stymied by an inability to expand U.S. milk production.
  • That imbalance has prompted dairy farmers to reduce their heifer replacement inventories, in large part by breeding more dairy heifers and cows to beef bulls.
  • Geiger said the shrinking replacement pipeline will impact the ability to grow U.S. milk production for some time.

Rising Cocoa Prices are Souring the Outlook for Chocolate Candy Makers

Retrieved on: 
Thursday, February 1, 2024
Knowledge, CoBank, Chocolate, Research, Movement, International Cocoa Organization, Synovial joint, Agriculture

Cocoa prices are nearly 65% higher than they were one year ago, and New York futures prices are at a 46-year high.

Key Points: 
  • Cocoa prices are nearly 65% higher than they were one year ago, and New York futures prices are at a 46-year high.
  • According to a new research brief from CoBank’s Knowledge Exchange , cocoa prices are likely to remain elevated until a new African crop comes to market in late 2024.
  • “While sugar prices have recently retreated, cocoa futures prices remain near record levels and show little sign of any significant movement.
  • Roberts said tighter cocoa supplies and higher retail prices for chocolate in the U.S. will take a greater toll on sales throughout 2024.