Vattenfall has awarded a contract to the Norwegian oil and gas company Aker Solutions, in collaboration with Siemens Energy, for the Norfolk Boreas offshore wind project in the UK. The infrastructure for the 1.4 GW offshore project’s grid connection will be provided by Aker Solutions and Siemens Energy.
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RWE, a German energy company, has agreed to acquire all of Con Edison Clean Energy Businesses (Con Edison CEB) for $6.8 billion. Con Edison CEB, based in Valhalla, New York, operates and develops renewable energy plants around the US. The company has around 3 GW of operational capacity, with solar projects accounting for 90 per cent of the total.
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For $1.5 billion, Scout Clean Energy and Standard Solar, two US-based renewable energy companies, will be purchased by Brookfield Renewable and its institutional partners. As part of the agreement, Brookfield Renewable will provide Scout Clean Energy $1 billion.
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Intersect Power, a renewable energy company based in the US, has secured $2.4 billion in financing commitments for four solar photovoltaic (PV) energy projects and a battery energy storage system (BESS) portfolio. The combined capacity of the four solar PV projects will be 1.5 GWdc, while the combined capacity of the BESS projects will be 1 GWh.
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Vattenfall, a Swedish energy company, has chosen to exercise its rights to develop the N-7.2 offshore wind project off the coast of Germany. The 980 MW project, which is 85 km from the island of Borkum, was given to Vattenfall by RWE Renewables, a subsidiary of the German energy company RWE.
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Inch Cape Offshore, a partnership between Red Rock Power and ESB, has selected Vestas as the preferred supplier of wind turbines for the Inch Cape offshore wind farm in Scotland. The 1.1 GW offshore plant, which is 15 km from the Angus Coast, will have 72 V236-15.0 MW turbines.
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Essar Oil UK Limited (Essar) and Vertex Hydrogen (Vertex) have signed a “Heads of Terms” offtake agreement for the supply of 280MW+ of hydrogen. The hydrogen will then be used to help decarbonise Essar’s existing production facilities including the new hydrogen powered furnace which was delivered in August 2022. Vertex is developing the first large scale, low carbon hydrogen production hub in the UK.
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Rosatom, a Russian state-owned nuclear firm has signed a wind project development agreement with the Government of Dagestan via its wind power division, NovaWind. The two parties have agreed to build renewable energy sources as well as wind power projects in Dagestan with a maximum capacity of 315 MW.
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The Dubai Investment Fund (DIF), a management company for investment, has announced plans to invest in five renewable energy projects spread throughout Europe and Australia. The $320 billion corporation will invest in two solar power projects for regional towns in Australia. The solar installations are anticipated to produce about 300 MW of energy in their initial stages.
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Aquaterra Energy, based in the UK, has teamed up with Seawind Ocean Technology to build HyMed, a floating wind and green hydrogen project off the coast of Italy. By 2027, the project is expected to generate 3.2 GW of power, with more than 1 GW of that composed of green hydrogen. It is currently in the permitting process, with grid connection and environmental impact evaluations underway.
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Revego Africa Energy Limited (Revego), Africa’s first YieldCo focused on operating renewable energy projects in Sub-Saharan Africa, has acquired equity interests in three Solar PV projects through its investment in the Revego Africa Energy Fund. The acquisitions comprise the Aries Solar Park and Konkoonsies Solar Park, both located in the Northern Cape as well as Soutpan Solar Park located in Limpopo.
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Renewable Energy Systems (RES), UK-based renewable energy firm has agreed to sell its Lycksele project portfolio in Sweden to German investment firm Prime Capital. The 290 MW portfolio comprises the Fjällberg, Hornmyran and Vinliden wind energy projects. These projects will be sold for an unknown amount and are anticipated to go operational in 2025.
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Enfinity Global has announced a definitive agreement with Capital Dynamics (advised by Barclays) to acquire a 400 MW utility-scale solar portfolio in the US, consisting 28 operational solar PV power plants in California, North Carolina and Idaho. The portfolio reached COD within the last five years and holds long-term power purchase agreements with high-quality utility off-takers.
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Octopus Energy Generation has agreed to acquire an additional 15.5 per cent stake in the Lincs offshore wind farm in the UK. In the 270 MW offshore project, the company’s Sky fund acquired a 7.75 per cent stake, while the Octopus Renewables Infrastructure Trust increased its share of the wind farm by investing an additional 7.75 per cent. Octopus purchased a 7.75 percent share in the wind farm earlier this year on behalf of ORIT.
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Vestas, a Danish wind turbine company, has been chosen as the preferred turbine supplier for Baltic Power, a 1.2 GW offshore wind project in Poland. Baltic Power is being built by a partnership between PKN ORLEN and Northland Power. Vestas will deliver 76 of its V236-15.0 MW turbines for the wind project, which is located 23 km from the Polish Baltic Sea coastline.
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A review of the impact and achievements of some trailblazing governments, corporates, investors, and civil society across EM&DEs over the last decade also reveals the opportunities that transitioning to a low-carbon economy can generate. In this piece, the authors provide Macquarie’s perspective on why supporting decarbonisation in EM&DEs is central to global climate change mitigation efforts.
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Oz Minerals, a Sydney-listed miner has given its final investment permission to develop the massive copper-nickel project in Western Australia. The company has stated that it will initially obtain 80 per cent of the energy needs for the West Musgrave Project through an off-grid hybrid renewable power solution.
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Along with its consortium partner, Sun Africa, Sterling and Wilson Solar Solutions, the US-based company of Sterling and Wilson Renewable Energy (SWRE), has signed an agreement with the Nigerian government to construct solar and storage projects in Nigeria. The combined efforts of Sterling and Wilson Solar Solutions will develop 455 MWh of battery storage and 961 MWp of solar installations.
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Saudi Power Procurement Co. (SPPC) has issued a tender for the deployment of 3.3 GW of renewable energy capacity. The Saudi government plans to construct two solar parks with a combined capacity of 1.5 GW and two wind power facilities with a combined capacity of 1.8 GW.
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To supply subsea cable for the revolution wind farm in the US, Ørsted and Eversource have contracted with the French cable supplier Nexans. Nexans has now secured the contract for providing its export cable system to the 704 MW wind farm repeatedly. The first order for setting up and safeguarding the export cable link for the wind project was given to the company in March 2022.
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