United States based independent power producers Novatus Energy and Southwest Generation have announced the completion of their merger to create a new energy platform. The new platform, called Onward Energy, will continue under common ownership by institutional investors advised by J.P. Morgan Asset Management.
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Japan is a country which relies mainly on fossil fuels to meet its energy needs. However, the events at the nuclear power plant in Fukushima following the 2011 earthquake and tsunami have shifted energy policies towards greater renewables adoption. While a FiT scheme was launched earlier, this gave way to auctions in 2017, which have since the key policy instrument driving the Japan’s transition to renewables.
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After an 11% improvement in demand for solar in 2020, a 23% boost is predicted for Europe in 2021 with annual installations reaching 22.4 GW. This growth will continue into the later years with new annual additions reaching 27.4 GW in 2022. Despite a slight decrease in growth rates in 2023 and 2024, deployments of over 30 GW are expected in both years, with 30.8 GW in 2023 and 35.1 GW in 2024.
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EDF Renouvelables has started crowdfunding to raise funds for constructing the 14.1 MW Telegraph wind farm in Vermenton, Yonne, France. A total amount of €200,000 is planned to be raised through the crowdfunding campaign in which the local population in the region can invest from January 5 to February 15, 2021.
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ReneSola Power, a leading fully integrated solar project developer, has signed a Memorandum of Understanding with the asset management firm Eiffel Investment Group with 3 billion Euros under management. As part of this agreement, the two companies will form a joint venture that will provide financing for ReneSola Power’s current and future solar projects across Europe.
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United States based electricity provider Peninsula Clean Energy has signed contracts to procure 245 MW of power from three wind projects located in California. This will help supplement the agency’s growing portfolio of solar generation so as to achieve its goal of providing reliable and clean power to its consumers by 2025.
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Israel’s Electricity Authority has announced the results of its 608.95 MW solar auction. Seven bidders have been awarded projects in the country’s second solar tender with the power supply tariff set at 0.1745 Israeli Shekel (~$0.054)/kWh for all projects. This was the lowest quoted tariff in the bid which is now applicable for all winning projects and was determined using the uniform price method.
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Pacific Gas and Electric Company (PG&E) has requested California Public Utilities Commission (CPUC) to approve six battery energy storage projects. These projects totaling 387 MW of capacity will help in integrating clean energy while ensuring future reliability of the grid.
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British electricity and gas supplier, Octopus Energy Group has announced a major strategic partnership with Tokyo Gas, one of Japan’s leading utilities to launch the Octopus Energy brand in Japan. It will be operated by TG Octopus Energy, a 30:70 joint venture backed by working capital and growth funding provided by Tokyo Gas.
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In two simultaneous recent auctions held in Germany, a total of 664 MW of wind and solar capacity was allocated. Both the tenders were oversubscribed by significant margins. First was an onshore wind tender for 366 MW of tendered capacity.
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India’s Solar Energy Corporation of India (SECI) has allocated 1.2 GW of wind-solar hybrid capacity among four renewable energy developers under Tranche III of the interstate transmission system (ISTS). Brookfield Asset Management backed ABC Renewable Energy, Adani Renewable Energy and the Indian arm of AMP Energy were awarded 380 MW, 600 MW and 130 MW of capacity respectively for Rs 2.41 ($0.033) per kWh.
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Red Rock Power Limited has acquired Green Investment Group’s 50 per cent equity share of Överturingen onshore wind farm located in central Sweden. Red Rock Power will partner with CapMan Infra, a Nordic infrastructure manager for this deal and will form the Cloud Snurran AB joint venture.
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IFC, a member of the World Bank Group, and Nedbank Limited, a wholly owned subsidiary of Nedbank Group, have partnered to increase financing for renewable energy projects in South Africa. As part of the agreement, IFC will provide Nedbank Limited with a loan of up to $200 million to help it expand its green finance operations.
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Ameren Missouri, a subsidiary of Ameren Corporation has closed on the acquisition of a 400 MW wind power project in northeast Missouri. This is the company’s first wind energy project. The asset, High Prairie Renewable Energy Center, located in Adair and Schuyler counties is the first of the company’s two planned investments in the wind power space in Missouri.
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Clean Energy Pipeline recently published a report “Europe: Offshore Wind Outlook 2020” which profiles the leading offshore wind markets in Europe – the United Kingdom, Germany, France, the Netherlands, Belgium, Denmark, Ireland and Poland – with a focus on the key recent developments, project pipeline and future outlook.
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Offshore wind is expected to become increasingly important in the global power market owing to decline in cost combined with technology advancements. Norwegian companies can capture significant shares both in domestic as well as global markets in the development, execution and operations of these offshore wind farms based on experiences in Norway and abroad.
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Yadlamalka Energy Trust has developed an innovative solar power integrated energy storage project using vanadium flow battery (VFB). It is expected to be one of the largest solar-powered VFB projects and will come online in 2021 at Yadlamalka, South Australia.
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I Squared Capital, a leading global infrastructure investment manager has entered into an agreement to sell Grupo T-Solar, a leading European renewables platform, to Cubico Sustainable Investments Limited. Cubico Sustainable Investments is the renewable energy specialist jointly owned by Ontario Teachers’ Pension Plan and PSP Investments. This entire transaction is worth €1.5 billion.
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Brookfield Renewable has decided to acquire a distributed generation platform in the United States. It comprises of 360 MW of capacity spread across nearly 600 sites along with a development pipeline of over 700 MW. With this transaction, Brookfield Renewable becomes an owner-operator of one of the largest commercial and industrial distributed generation portfolios in the United States
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Indonesia’s state-owned power utility, PT PLN (PLN), recently issued two pre-qualification tenders inviting bidders to apply for inclusion in the list of selected developers (DPT) for solar PV and bioenergy (biomass and biogas) projects. Once developers pass the prequalification process, they will be eligible to be invited to participate in future PLN bids.
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