Sembcorp Industries (Sembcorp) has signed two separate agreements to acquire a total of 428 MW of wind assets in China and India. Sembcorp’s wholly-owned subsidiary, Sembcorp Energy (Shanghai) Holding Co Ltd, has signed an agreement with Envision Energy Co Ltd to acquire 100 per cent of the share capital in Qinzhou Yuanneng Wind Power Co. Ltd, (Qinzhou Yuanneng) for an equity consideration of approximately $130 million.
Excelsior Energy Capital has announced that it has concluded a financing package of $1.3 billion on the Faraday Solar project in Utah County, Utah. Reportedly, Excelsior acquired Faraday Solar earlier in 2023 from Parasol and Clenera who developed the project. Faraday Solar is a 682.5 MW ground-mounted solar facility. Furthermore, the project is contracted under an investment grade long-term power purchase agreement.
We have a clear plan for gradually reducing our emissions in all emission categories, known as Scopes 1 to 3. Our goal is to be fully carbon neutral by 2035. To achieve this goal, we plan to halt coal-based electricity and heat generation as early as 2028, provided the necessary policy framework is ready in time. Of course, this raises the question of how we will continue to ensure security of supply. How do we make up for the electricity that we previously generated from coal?
This marks the two-year anniversary of the single-largest infusion of money for transportation at the federal level. In addition to increasing transportation funding by 50 percent from the last transportation infrastructure bill, the Bipartisan Infrastructure Law created a number of new funding programs for transportation projects that prioritize greenhouse gas emissions reduction and equity.
Renewable energy sources have been increasingly adopted for building a sustainable future in India’s energy landscape. This transformation took time to develop; it is the product of coordinated efforts by the government, business and scholars, besides regional and global cooperation. The country has taken significant strides in renewable energy development, especially over the past few years. India currently has 132 GW of installed renewable energy capacity, which is about 31 per cent of the country’s total power capacity as of October 2023.
To help deliver the European Green Deal, the Commission is proposing an Action Plan to make sure electricity grids will operate more efficiently and will be rolled out further and faster. The Commission has already put in place a supportive legal framework for the rollout of electricity grids across Europe. With the EU markets fully integrated, a modernised infrastructure network will ensure citizens and business can benefit from cheaper and cleaner energy.
The global electric vehicle (EV) charging market is poised for significant growth and is expected to reach $30.4 billion by 2023 and $35 billion by 2026. The future of EV charging infrastructure holds immense potential, with the emergence of innovative next-generation vehicles and complementary components expected in the coming years. Several new technologies are being developed in the EV charging space, with the potential to transform the sector, enhance efficiency and drive adoption.
Hydrogen is expected to grow sevenfold to support the global energy transition, eventually accounting for 10 percent of total energy by 2050. A scale-up of this magnitude will affect demand for critical materials, including minerals and metals, needed for hydrogen technologies— electrolyzers for renewable hydrogen, carbon storage for clean hydrogen, or fuel cells using hydrogen to power transport.
This IEA report focusing on Mauritania explores the potential benefits to Mauritania of developing its renewable energy options and includes an analysis of the water requirements of hydrogen and the potential for expanding potable water availability through seawater desalination.
A key ambition of COP28 is to achieve a consensus on tripling the global renewable energy capacity and doubling energy efficiency measures by the end of the decade. This requires substantial investments, not only in these interventions but also in larger energy systems, transportation, agriculture, forestry and other critical areas.
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