Reliance New Energy Solar Limited (RNESL), a wholly-owned subsidiary of Reliance Industries Limited (RIL), has entered into a definitive agreement to acquire Faradion Limited’s entire shareholding for £100 million. RNESL will deploy Faradion’s technology for its projected fully integrated energy storage gigafactory in Jamnagar, western India, as part of the Dhirubhai Ambani Green Energy Giga Complex project.
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Fortum, the Finnish state-owned energy company, has announced its collaboration with Bank GPB on wind power generation in Russia. A 1.3 GW portfolio of wind projects is being transferred from the Fortum-Rusnano Wind Investment fund (50/50 joint venture) to a recently formed joint venture with Bank GPB for this purpose. The Fortum-Rusnano Wind Investment Fund joint venture will be dissolved following the transfer.
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Great River Energy and Apex Clean Energy have signed an agreement to obtain renewable energy from a 400 MW wind farm in McLean County, North Dakota. The Discovery Wind project will be North Dakota’s largest wind project, with commercial operations planned in 2025. It would supply renewable energy across a 436-mile high-voltage direct-current (HVDC) transmission system.
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Hydrogen is likely to influence the geography of energy trade, further regionalising energy relations. With the costs of renewable energy falling, but those of transporting hydrogen high, the emerging geopolitical map is likely to show growing regionalisation in energy relations. Countries with an abundance of low-cost renewable power could become producers of green hydrogen, with commensurate geoeconomic and geopolitical consequences. As the costs of green hydrogen fall, new and diverse participants will enter the market, making hydrogen even more competitive.
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Repower Renewable, based in Venice, plans to develop a large-scale floating offshore wind farm in the Ionian Sea and connect it to Italy’s national grid. The wind farm is located southeast of Calabria’s eastern coast, approximately 61.8 kms from Capo Rizzuto and 74.8 kms from Monasterace Marina. The project is expected to have a capacity of 495 MW and will include 33 wind turbines, each with a capacity of 15 MW, installed on floating foundations. The wind turbines will be installed over an area of approximately 87 square kms.
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Econergy Renewable Energy, a renewables investor, intends to build a portfolio of 800 MW of renewable energy storage and 900 MW of solar photovoltaic (PV) capacity in the UK over the next three years. The company intends to build 350 MW of energy storage capacity for operation in 2023, 300 MW in 2024, and 150 MW in 2025. It also plans to develop 900 MW of solar PV projects by early 2025.
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Silicon Ranch Corporation the solar platform for Shell in the US has raised $775 million in new equity funding. Silicon Ranch intends to use the funds to continue executing its business plan, which includes building out its contracted pipeline and accelerating its customer-led growth strategy by developing new projects, entering new markets, and pursuing strategic acquisition opportunities.
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ReNew Energy Global, an Indian renewable energy developer, announced that its wholly-owned subsidiary, India Clean Energy Holdings, raised $400 million by issuing senior secured dollar notes at a rate of 4.5 per cent. The dollar notes have been recognised as green bonds by the Climate Bonds Initiative. Also, the bonds will be listed on the Singapore Exchange. The tenor of the green bonds is 5.25 years.
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Hero Future Energies (HFE), a leading developer of solar, wind, and hybrid projects, and Ohmium International have announced a strategic collaboration to develop and build 1,000 MW of green hydrogen production facilities in India, the UK, and Europe. This giga-scale collaboration is expected to provide a significant boost to the development of a robust green hydrogen ecosystem.
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Hydroelectric Power Corporation (NHPC) Limited has signed an agreement with Green Energy Development Corporation of Odisha Limited (GEDCOL) to form a joint venture (JV) for setting up 500 MW floating solar power projects in Odisha. The equity shareholding of NHPC and GEDCOL in the proposed JV will be in the proportion of 74:26.
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Spain’s Ministry for the Ecological Transition and the Demographic Challenge (MITECO) has announced that it will hold its next renewable energy auction, with a capacity of 500 MW in April 2022. Of this, 200 MW is allocated to concentrated solar power (CSP) with six hours of battery storage capacity, 140 MW to distributed solar photovoltaic (PV) projects, 140 MW for biomass projects, and 20 MW for other technologies.
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Koch Strategic Platforms (KSP), a subsidiary of Koch Investments Group, has made a $150 million investment in GameChange Solar Holdings Corp, a major US producer of racking and tracker systems for utility-scale solar power plants, to support the company’s strategic development goals. As per the company’s press release, the preferred stock investment, if converted, would represent a minority stake in GameChange.
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The Build Back Better Act contains the heart of President Biden’s domestic agenda, including over $500 billion in climate and clean energy provisions that are necessary for the U.S. to meet its climate goals. While the fight for the Build Back Better Act is not over, we also must ensure that existing federal funds are put to the best decarbonization uses possible. In November, President Biden signed the $1.2 trillion Infrastructure Investment and Jobs Act, also known as the Bipartisan Infrastructure Law.
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Ashtrom Group Limited, Israel’s leading construction and property companies, and Kenlov Renewable Energy, an independent power producer, have announced the signing of a definitive agreement to acquire four solar projects in the US with a total capacity of 1.1 GWDC from Texas-based developer OnPeak Power.
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Algeria’s Ministry of Energy Transition and Renewable Energy has launched a tender for the deployment of 1 GW of solar capacity. The procurement exercise will be divided into lots ranging from 50 MW to 300 MW each.
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Globeleq, a leading independent power company in Africa and its project partners, Source Energia, an African energy developer and Electricidade de Moçambique (EDM), the Mozambican national power utility, have reached financial close on the 15 MWAC Cuamba Solar PV facility with a 7 MWh energy storage system.
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German development bank Kreditanstalt für Wiederaufbau (KfW) is planning to raise $90.35 billion to $96 billion of funding in 2022, which will include at least $11.3 billion of green bond issuance. The majority of this finance will come from euro and US dollar benchmark bonds, with initial volumes ranging from $3.4 billion to $5.65 billion.
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Dominion Energy has ordered 176 wind turbines from Siemens Gamesa Renewable Energy for the Coastal Virginia Offshore Wind Project. The 2.6 GW project is the largest offshore wind farm currently under construction in the US. It is expected to generate enough energy to power 660,000 homes when it is completed in 2026.
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EDF Renewables, the renewable energy subsidiary of French energy company EDF, has been chosen by Peruvian consultant Energy Partners to develop, build, and operate a 100 MW/100 MWh solar-plus-storage project for the city of Iquitos, Peru. Electro Oriente, a local utility, has agreed to a 20-year power purchase agreement (PPA) with EDF Renewables for the project. The facility, according to the French business, will start delivering power in 2026 at a lower cost than diesel.
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The Ministry of Energy and Non-Renewable Natural Resources of Ecuador has published a request for proposal for three public selection processes for financing, construction, operation, and maintenance of two power generation projects with an installed capacity of 900 MW and a transmission project. Renewable energy sources such as solar, wind, hydropower, and biomass account for 500 MW of the 900 MW power-producing capacity.
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