Senegalese solar distributor Oolu has raised $8.5 million Series B investment round for the distribution of its electricity access equipment in West Africa. The funds were raised from multiple investors, including RP Global, All On, Persistent Energy Capital, Gaia Impact Fund and DPI Energy Venture.
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Over the last decade, leading authorities have repeatedly heralded minigrids as essential to providing electricity to approximately half of all unelectrified communities in Africa. Despite this, investment, political buy-in, and scale have remained elusive.
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Hannon Armstrong Sustainable Infrastructure Capital Inc. has announced a preferred equity investment in about 1.6 GW onshore wind and utility-scale solar portfolio which was developed and operated by the Clearway Energy Group in the United States. The portfolio includes 974 MW of onshore wind, 192 MW of solar capacity, and 557 MW of utility-scale solar combined with 395 MW of co-located storage.
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Enel Green Power has commissioned its 140MW Nxuba wind farm in South Africa’s Eastern Cape province. The wind farm was constructed with an estimated investment of Euro 200m wind farm and is under a 20-year power supply agreement with Eskom. The project is expected to generate 460 GWh of energy a year and expected to reduce CO2 emissions to the extent of 460,000 tonnes annually.
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Ireland-based Greencoat Renewables has announced the acquisition of two windfarms from Starkraft under a forward sale model for Euro 123 million. The first of them is the Cloghan wind farm with a capacity of 37.8 MW which is located in the county of Offaly. The second is the Taghart wind farm located in the county of Cavan.
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Precinct Capital and Edify have proposed a 28 MW battery storage project in New South Wales. The project is set to occupy 1.5 acres in the Mayfield Steel River Industrial Estate in the City of Newcastle. The battery will charge and discharge directly from the grid and is expected to improve stability as renewable energy use is increased. Further, the storage system will occupy 2500 square metres and will include supporting infrastructures such as climate-controlled energy storage enclosures and grid connection.
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In a recent renewable energy auction in Poland, solar power developers secured the entirety of offered capacity for development of small-scale renewable projects, amounting to a cumulative capacity of more than 700MW. The auction took place earlier this month for wind and solar projects with capacities of up to 1MW.
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Total Eren, an independent French power producer, in partnership with Greentech- Angola Environment Technology plans to develop a 35 MW solar power plant in Lubango, Angola. The two companies have signed an agreement with Angola’s Ministry of Energy and Water (MINEA).
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Canada has offered a temporary waiver on debt payment of about $644 million for developing Newfoundland and Labrador’s Muskrat Falls hydroelectric power plant. The waiver is expected to provide some relief to a province which is already in debt.
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China Energy Engineering Group (CEEC) has finalised an agreement with the government of Erdos city in Inner Mongolia to invest about 3.63 billion towards setting up an integrated renewable energy project in the region.
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German renewable energy group, PNE AG announced its plans to develop a 2-GW offshore wind farm in the waters of the Phu Cat and Phu Dinh districts, in the Central Vietnamese province of Vietnam. The announcement was made at a working group meeting between the German company and the authorities of the province. An estimated investment of $4.8 billion will be required for the project as the company aims to install 154-166 wind turbines in the province.
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GE Renewable Energy and BE Power have partnered to co-develop the 400 MW Big-T pumped hydro storage project in Toowoomba in Queensland, Australia. As per the agreement, the two parties along with their partners will optimize and finalize the design of the plant and help the project secure financing to reach commercial operations.
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Leeward Renewable Energy has commissioned its 171MW Mountain Breeze wind farm in Weld County, Colorado. The wind farm is comprised of 62 GE Renewable Energy onshore wind turbines. Citi bank provided tax equity financing of $162.9 million for the project. The wind park will provide energy to Colorado-based Xcel Energy under a long-term power purchase agreement.
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In the latest auction conducted by Poland’s Energy Regulatory Office, 800 MW of solar and 900 MW of wind capacities were allocated. The ERO had received 127 bids which included 64 bids for wind projects and 63 bids for solar projects. 96 bids submitted by 70 renewable energy developers were selected and a total of 46.3 TWh of capacity worth $3.83 billion was sold in the auction.
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As Australia works towards its goal to reach net zero emissions by 2050, the Climate Change National Framework for Adaptation and Mitigation) Bill 2020 comes at a crucial time to aid the cause. IEEFA comments on components of the Climate Change Bill 2020, and provides more detail on the increasing pressure being brought to bear by globally significant financial institutions as well as Australia’s major trading partners.
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Silicon Ranch Corporation, which is based in Nashville, has finalised an investment round with $225 million in new equity capital. The proceeds from this funding round will be used to develop 1 GW or more of solar power capacity in the coming two years.
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Japan is set to develop between 30 GW and 45 GW of offshore wind power by the year 2040. This is expected to help the government reduce emissions and meet the goal of carbon neutrality by 2050. In the shorter term, the government is targeting 10 GW of offshore wind capacity by 2030.
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Tanzania Electric Supply Company (TANESCO) has signed power purchase agreements with six independent power producers (IPPs) to procure power from renewable energy projects being developed in Tanzania with a total capacity of 19.16 MW. TANESCO will buy electricity, under the supervision of the Energy and Water Regulatory Authority (EWURA) of Tanzania.
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Germany’s governing coalition has agreed upon changes to a new energy law which will support power production through renewables. This is expected to help the country meet its goal of producing 65 per cent of its electricity from green sources by 2030. Following a vote in the parliament, the amended Renewable Energy Act (EEG) is set to take effect in January 2021.
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While the North Sea offers the best prospects by far, there is significant potential in other waters, including the Baltic Sea, the southern European waters and the Black Sea.
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