One of United States’ largest electric utilities, Southern California Edison (SCE), has recently signed long-term agreements for four battery energy storage projects with a cumulative capacity of 590 MW. SCE, which serves Central, Coastal and Southern California, had also procured 770 MW of energy storage capacity in May 2020.
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Energy giants Equinor and RWE have joined the NortH2 project in addition to the existing partners which includes the energy company Shell, the gas network operator Gasunie and the port of Groningen Seaports. The project was launched in February 2020 to produce green hydrogen from offshore wind.
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Corporate renewable electricity sourcing in Europe has shown continuous growth despite the COVID-19 pandemic, demonstrating the resilience and potential of Europe’s renewable energy sector. In November 2020, the cumulative contracted volume of corporate renewable power purchase agreements (PPAs) in Europe reached the 11 GW mark, up from just 2.2 GW by the end of 2016 and with a record 3 GW contracted in 2020 alone.
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The International Renewable Energy Agency (IRENA) and Ocean Energy Europe (OEE) have signed a memorandum of understanding to facilitate cooperation and accelerate the commercialisation of ocean energy technologies. Further, the agreement aims to promote appropriate policy incentives and innovative business policies in Europe and the rest of the world.
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Danish solar energy developer, Better Energy has signed a deal with Danish Pension Fund, Industriens Pension which will see them develop 1 GW of solar projects in Denmark and Poland. The deal includes $243 million in equity as well as long term financing in terms of mortgage loans.
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The combination of ever-cheaper energy storage systems and state and federal policy support has heightened utilities’ interest in hybrid projects combining solar photovoltaics and storage (known as PVS for short). There are now over 19 GW of PVS projects in the pipeline in the U.S and expected to come online by 2023, and an additional 80 GW of projects in the interconnection queue.
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Ørsted has announced that it has fully commissioned the Borssele 1 and 2 wind farms in the Dutch North Sea. The project is located 22 km off the coast of the Zeeland province and has a total capacity of 752 MW. The wind farm houses 94 wind turbines of 8 MW each which have been supplied by Siemens Gamesa.
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The federal government of Nigeria has commenced its program of installing solar home systems across 5 million households in the country. After a three-year period, beneficiaries could fully own the solar system and be entitled to a monthly payment of up to $10.49. The program will also foster the development of the local manufacturing industry for the assembly and manufacturing of components.
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The Philippines has been one of the fastest growing economies in the Association of Southeast Asian Nations (ASEAN) and despite the covid-19 crisis, the economic growth is expected to rebound gradually in 2021–2022. However, this recovery from the COVID-19 crisis would need urgent focus on green infrastructure and creating an enabling environment for these investments. The Green Infrastructure Investment Opportunities: Philippines 2020 Report has been prepared by the Climate Bonds Initiative (CBI).
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Plug Power, a US-based hydrogen fuel system company, has raised $1 billion in the form of bought equity to fund the development of a US-wide network for green hydrogen production. The move is motivated by the desire to boost the supply of carbon-free fuel to fuel-cell-powered vehicles.
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SSE Renewables and Equinor have announced the completion of a finance deal which will see the two parties invest $8 billion in the construction of the first two phases of the Dogger Bank offshore wind. Each phase will have a capacity of 1.2 GW each and will be constructed off the northeast coast of England.
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The Dubai Water and Electricity Authority (DEWA) has reported that the third phase of the Mohammed bin Rashid Al Maktoum (MBRAM) Solar Park has been commissioned. This signifies an addition of 800 MW of solar capacity to the existing operating capacity of 213 MW. The third phase was developed by French renewables company, EDF in collaboration with DEWA and the Abu Dhabi Future Group.
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Ørsted has announced its intentions to develop a total of 1.6 GW of offshore wind energy projects off the coast of Incheon City, South Korea. The announcement was made in a meeting with National Assembly members, political figures, and key industry leaders of the country.
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The European Commission (EC) has released its strategy to boost progress towards achieving the European Union’s climate neutrality target by 2050. As per the proposal, the commission plans to increase Europe’s offshore wind capacity from its current level of 12 GW to at least 60 GW by 2030 and 300 GW by 2050.
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Solar power tariffs dropped to a historic low in the state-run Solar Energy Corporation of India’s (SECI’s) latest auction for 1,070 MW of solar capacity to be set up in the Indian state of Rajasthan. The lowest tariff of Rs 2 per unit ($0.027 per unit) was quoted by Saudi Arabian firm Aljomaih Energy and Water Company and Singapore headquartered Sembcorp’s India arm’ Green Infra Wind Energy Ltd to win 200 MW and 400 MW of solar capacity respectively.
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Trina Solar has announced that it has agreed to form a joint venture with Sichuan Yongxiang Company Limited, a subsidiary of the Tongwei group, to upgrade their 210 industrial series solar modules. The move is expected to create a stronger supply chain in the future.
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San Miguel Corporation (SMC) has targeted the construction of a 200 MW solar farm in Bulacan which will power its New Manila International Airport project. The proposed solar farm will be set up on the company’s 2,500-hectare lot in the municipality.
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The Ministry of Economy, Trade, and Industry (METI) of Japan has announced the allocation of 368.8 MW of solar project capacity in its sixth auction for solar projects of 250 kW capacity or more. A total of 255 bids were selected by the ministry ranging from 300 kW to 68.8 MW.
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France-based renewable energy player Voltalia has commissioned the Mana battery storage project at the Toco storage complex located in French Guiana. With a capacity of 10 MW/ 13.6 MWh, the Mana project adds on to the existing capacity at the Toco complex, bringing the total installed storage capacity to 12.6 MW/16.5 MWh.
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Siemens Energy and the Afghanistan government have signed the Afghanistan Energy Hub agreement, to establish the country as an energy hub in central Asia. This multi-phase agreement aims to develop a modern, sustainable, and cost-effective power system, incorporating the massive potential of renewable energy generation in Afghanistan.
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