Sunlight Partners

2/6 CCGT plants don’t use $BW boilers, they use a heat recovery steam generator (HRSG) to make steam from gas turbine exhaust. In very simplified terms – a $BW boiler makes steam like a saucepan on a gas stove. An HRSG makes steam like a car radiator with the cap off – absorbing engine heat (not combustion) into a series of tubes filled with water. Here are pictures of both units:

There is a reason no US utility has built this style of gas steam plant in 41 years, and why no other data centers or boiler makers are proposing to build one now. It makes no sense commercially and is a huge backwards step environmentally for the US power sector. Optimistic analysts believe $BW can build 10 of these plants in the next 20 years; we doubt they'll build one. 5/5 sunlight.partners/disclaimer…

Why is a 160-year-old boiler maker Babcock & Wilcox proposing to build a high-cost, high-emissions, 1980s style power plant for data centres? Sunlight Partners is short shares of $BW; See our report and disclosures here sunlight.partners/disclaimer…. 1/5

Sunlight Partners is pleased to announce the appointment of energy expert Bill Spindle as a senior advisor. Bill has been a leading voice on global energy for decades, both as Middle East Bureau Chief and Global Energy Correspondent for the @WSJ The Wall Street Journal, as a Fellow at the @CFR_org Council on Foreign Relations, and within climate media startups including Breakthrough Energy-funded Cipher. His substack The Energy Adventure(r) is essential reading for anyone trying to understand global energy markets. Bill's wisdom and experience help Sunlight decode long term trends and understand the fundamental economics of both fossil and renewable energy across multiple sectors. Welcome aboard!

Is this the end of the 'ESG Winter'? The Iran conflict has triggered intense debate in recent weeks about increased interest in renewables. After years of ESG backlash, it seems the tide is turning back the other way, as companies rush to show investors they have a plan to diversify away from fossil fuel reliance. We were intrigued by Formative Search’s Director Adam Carabetta's Linkedin post (linkedin.com/posts/adamcarab…) recently, explaining a surge in hiring across the energy transition space. Carabetta explains that while advertised roles for jobs like Head of Sustainability remain scarce, hiring managers are hotly pursuing similar talent under more practical banners like VP of Energy Procurement or Head of Storage Development, signalling a reframing of energy transition roles to focus on operational necessities rather than climate credentials. Reuters highlighted a similar trend at CERAWeek in Houston (reuters.com/business/energy/…), where former US Assistant Secretary for Energy Resources Geoffrey Pyatt said renewables are back on the agenda for many companies "not as a climate objective but for economic ​energy access, and ironically increasingly as an energy security option." It is not an entirely novel development. In 2025, Boston Common Asset Management — a manager with more than two decades of experience in sustainability-led investing — repositioned its mandate from ‘sustainable investment strategies’ to ‘all material risk investment strategies.’ This shift reflects a broader recalibration within the industry, as ESG considerations move from a prominently branded thematic allocation toward a more embedded role within the standard assessment of financially material business risks. Regardless of the rhetoric, it’s great to see support for clean energy. With another influx of capital into decarbonisation solutions across a range of industries, investors will need more help than ever to separate winners and losers. Indeed, this latest energy crisis has spread beyond Europe, affecting everything from food supply, semiconductor production, data centres and mining across the globe.

One thing that was clear from Sunlight Partners visit to Australia's biggest impact investing conference is that activism in public markets is having a moment. The logic is simple: ➡️ Public markets ARE the economy. While often ignored by impact investors, they dwarf (14X) private equity + VC. ➡️ There is no guarantee impact startups remain benevolent once they list, and the market is littered with well intentioned companies that lost their way under the pressure of quarterly returns. ➡️ Traditional oversight mechanisms are under threat, from EPA, SEC and NOAA cuts, to a dramatic decline in ESG shareholder activism, to the systematic defunding of investigative reporting and climate science. Impact investors need to ensure public markets protect people and planet.

Sunlight Partners is delighted to welcome Professor Riccardo Rebonato as an advisor. Prof Rebonato's recent book, How to Think About Climate Change (@CambridgeUP), is a founding text for the Sunlight mission, advocating for a swift and pragmatic transition to sustainable, low carbon technologies, based on deep expertise: ➡️ world-leading quant and former Global Head of Rates and FX Analytics at @PIMCO. ➡️ economist and Scientific Director of the @EDHEC_BSchool Risk Climate Impact Institute. ➡️ scientist with two PhDs in nuclear and solid state physics. His knowledge will guide our approach to environemntal impact, helping us expand our market analysis into practical policy roadmaps for governements, investors and civil society. Welcome Riccardo!

Wouldn't it be great if there was an activist hedge fund targeting environmental fraud, negligence and misrepresentation, that could force executives to be honest about their environmental impact?🧐 In only 3 short years, the greentransition has jumped from #5 to #2 in top risks for C-suite executives surveyed by @RepRisk /@OxfordEconomics. Greenwashing and environmental impact have also risen up the ranks of concern. @SunlightPartner believes forensic environmental research can ensure these risks aren't hidden away in boardrooms, but are understood by all. Transparent pricing of environmental risks helps protect investors, guide policy makers, and accelerate the green transition.

"They’ll be short sellers with a bigger purpose – exposing frauds, shonks and spruikers... Their focus on environmental capital is unique in the world of hedge funds and short attacks." Our founders profiled in the @FinancialReview afr.com/chanticleer/new-shor…