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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A VPP is essentially a network that aggregates multiple smaller-scale generation sources, alongside energy storage systems and flexible power consumers. These VPPs relieve grid load with smart software applications that will enable the balancing and management of power sources to support both the integration of intermittent renewable sources and the adoption of more distributed energy resources (DERs), largely in rooftop solar.
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Driven by technological advances, facilities are being built with storage systems that can hold enough renewable energy to power hundreds of thousands of homes. The advent of “big battery” technology addresses a key challenge for green energy — the intermittency of wind and solar.
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Green bonds have played an important role in developing the market for sustainable finance instruments. Its rapid growth is a testament to investors’ demand for such instruments, which is likely to grow further. Complementary ratings to current green certifications could help to convert market trends into much needed reductions in carbon emissions.
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The European Bank for Reconstruction and Development (EBRD) is providing an initial $4.2 million loan to TAQA PV for Solar Energy, TAQA Arabia’s renewable energy subsidiary. This loan will support one of the first green private-to-private projects in the country and is part of a financing package of up to $10 million to expand TAQA Arabia’s private-to-private renewable energy business.
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Centrica Energy Trading, a subsidiary of Centrica PLC, has signed a long-term power purchase agreement (PPA) with Finnish renewable energy developer Taaleri Energia for procuring renewable power from the latter’s assets in Finland. As part of a five-year agreement, Centrica Energy Trading will buy power from Taaleri Energia’s 312 MW of operational renewable power portfolio spread across 13 sites in Finland.
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Japanese industry giant Kawasaki Heavy Industries has signed an MoU with Fortescue Metals Group and Iwatani Corporation for investigation of a business model for the supply of liquefied hydrogen from renewable energy. As part of this MoU, the three companies will assess the establishment of integrated liquefied green hydrogen supply chains.
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Atlantic Shores Offshore Wind recently submitted a proposal to the New Jersey Board of Public Utilities for supply of 2,300 MW of offshore wind energy. The company is a 50-50 joint venture between EDF Renewables North America and Shell New Energies US LLC. The state of New Jersey seeks to award between 1,200 MW and 2,400 MW of offshore wind energy capacity as part of its second solicitation.
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Several jurisdictions across Canada have already adopted strategies to increase ZEV uptake. In Quebec, the 2015–2020 Plan d’action en electrification des transports includes measures to promote electric transportation, develop the industry, and create a favorable environment. Similarly, the City of Toronto’s 2020 Electric Vehicle Strategy assists the strategy’s goal of transportation using 100% zero-carbon energy sources by 2050.
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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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