world’s “Great Reset” after COVID-19 is the backdrop against which all other moments will occur this year. Signals in 2021 will show whether we’re heading toward a cleaner, fairer, stronger world, or moving in the opposite direction. Countries already allocated $13 trillion to reboot economies, and are likely to spend trillions more in the coming year.
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Dutch energy company Eneco and Danish European Energy have formed a new joint venture called Swan Wind. The two companies had joined forces so as to submit a proposal for the Thor offshore wind farm tender and Danish Energy Agency has recently qualified this joint venture for the said tender. Thor offshore wind farm is one of the two large offshore wind farms to be built in Denmark before 2030.
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Spain-based energy group Naturgy has acquired 100% of the economic interests in Hamel Renewables, a renewable energy company specialising in solar and energy storage. This transaction marks Naturgy’s entry into the United States renewable energy market as this is its first investment here.
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Mubadala Investment Company (Mubadala), the Abu Dhabi National Oil Company (ADNOC), and ADQ, have signed a Memorandum of Understanding (MoU) to establish the Abu Dhabi Hydrogen Alliance. As part of this agreement, these partners will collaborate to establish a major green hydrogen economy in the United Arab Emirates (UAE).
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Energy giant Total has announced the acquisition of a 20% minority interest in Adani Green Energy Limited (AGEL) from Adani Group, India’s leading infrastructure platform. This transaction is the latest development in the strategic alliance between the two parties. With this latest acquisition, Total will have a seat on the Board of Directors of AGEL.
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Enel Green Power (EGP) signed an agreement to form a joint venture with a subsidiary of Qatar Investment Authority (QIA) aimed at financing, building and operating renewable projects in Sub-Saharan Africa. As part of this agreement QIA will also acquire 50 per cent of EGP’s stake in approximately 800 MW of projects in South Africa and Zambia under the first phase.
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The consortium behind the OYSTER project comprising of ITM Power, Ørsted, Siemens Gamesa Renewable Energy, and Element Energy has received EUR 5 million from The Fuel Cells and Hydrogen Joint Undertaking (FCH2-JU). FCH2-JU is a public private partnership of the European Commission.
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Origin Energy Limited, a leading Australian integrated energy company, has issued an Expression of Interest to select a suitably qualified firm to supply and install a large-scale battery at Eraring Power Station in New South Wales. This battery would have an overall capacity of up to 700 MW and a dispatch duration of 4 hours.
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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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