Iberdrola has obtained environmental certification to construct the 86.4 MW HIDRO Cedillo hybrid hydroelectric-solar project in Spain. The hybrid plant, which would minimise its environmental impact while optimising grid use, will be situated in the municipality of Cedillo, in Extremadura. Over 160,000 photovoltaic modules will be included.
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New Mexico Renewable Development (NMRD), a renewables joint venture (JV) between American Electric Power (AEP) and PNM Resources (PNM), will be sold to Exus North America for $230 million. Through this deal, AEP and PNM will sell their 50 per cent stakes in NMRD, which consists of 15 solar projects totaling 625 MW in capacity.
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Neoen has provided notice to proceed with a joint venture between Bouygues Construction Australia and Bouygues Energies & Services Australia under an engineering, procurement and construction turnkey contract, signalling the start of construction of the 440 MWp/ 350 MW AC Culcairn Solar Farm.
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ERG is entering the US market through an alliance with Apex Clean Energy, which will see it acquire 317 MW of wind and solar assets. A US-based holding company, including a wind farm and a solar plant, will be set up under the agreement. The portfolio includes 317 MW of installed capacity.
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Dubai has launched the world’s largest concentrated solar power (CSP) plant as part of the 950 MW fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park in the UAE. The vice president and prime minister of the UAE launched the project. Three hybrid technologies are included in the fourth phase: 250 MW of photovoltaic solar panels, a 100 MW CSP tower, and a 600 MW parabolic basin complex.
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Masdar, the state-owned renewables developer of the United Arab Emirates (UAE), struck an agreement with Austrian electricity provider Verbund to build a green hydrogen plant in central Spain. As part of the agreement, both companies will assess whether it would be feasible to construct one of the largest green hydrogen production facilities in Europe in the Castilla-La Mancha region of Spain.
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Eolus has signed an agreement to acquire YIT Energy Oy, the renewable energy division of YIT. Eolus will acquire 100 per cent of the shares in YIT Energy Oy, a wholly owned subsidiary of YIT, for a fixed purchase price of €25 million. €10 million will be paid at closing and the remaining amount will be paid in instalments during 2024–202
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Vattenfall and BASF are in advanced and exclusive discussions to partner on the Nordlicht 1 and 2 projects through a sale of 49 per cent of the project shares to BASF. Both parties have signed a MoU to formally express their joint ambition. Vattenfall will use its share of the fossil free electricity to supply its German customers.
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Iberdrola and Masdar have signed a €15 billion strategic collaboration deal to jointly develop offshore wind and green hydrogen projects in Germany, the United Kingdom, and the United States. Following the successful co-investment in Baltic Eagle in Germany, the parties’ next milestone will be to obtain a further co-investment in the 1,400 MW UK East Anglia 3 offshore wind project.
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COP28 Finance Day unlocked significant progress on international financial architecture reform to support low-income and vulnerable countries to fight climate change. Major international financial institutions and countries made new commitments to offer climate-resilient debt clauses (CRDCs) in their lending.
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The Asian Development Bank (ADB) and ReNew Energy Global Plc, an Indian renewable energy firm and preferred decarbonisation partner, inked a MoU to work together on climate change mitigation and adaptation projects. Projects worth over $5.3 billion in investment between 2023 and 2028 are included in the MoU.
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RWE has inked a partnership agreement with Masdar to jointly develop the UK Dogger Bank South (DBS) offshore wind development projects. The completion of these landmark projects will continue to be led by both partners. The acquisition is anticipated to close in the first quarter of 2024, subject to customary clearances. The new alliance was signed during a ceremony held during COP28 in Dubai.
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Masdar and Taaleri Energia have acquired eight hybrid renewable energy projects in Poland. Onshore wind and solar photovoltaic (PV) technologies are part of the projects. The deal includes a 1 GW portfolio with a total capacity of more than 1 GW. Masdar’s portfolio in Europe, and specifically in Poland, where it possesses 51.4 MW of wind projects, has been significantly expanded with this acquisition from Polish developer Domrel Biuro Uslug Inwestycyjnych.
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The 2023 United Nations Climate Change Conference (COP28), being hosted in Dubai, United Arab Emirates, saw the addition of 11 new countries to the battery energy storage systems (BESS) consortium, including Egypt, Kenya, and India. In addition, Barbados, Belize, Ghana, Nigeria, Malawi, Mauritania, Mozambique, and Togo are joining.
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Lhyfe plans to produce up to 330 tons of green hydrogen per day in Lubmin plant, in Mecklenburg-Vorpommern, Germany, with a targeted commissioning date by 2029. Part of Lhyfe’s backbone development strategy, this plant will feed into the German core hydrogen pipeline network, for the development of which the German government recently unveiled a €20 billion financing plan.
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bp has agreed to acquire the remaining 50.03 per cent interest in Lightsource bp. Full ownership will now enable bp to further scale up Lightsource bp and create additional value by applying bp’s complementary capabilities and strengths including in finance and trading fully to the business. bp will continue to target double digit equity returns from this business.
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Excelsior Energy Capital has announced that it has concluded a financing package of $1.3 billion on the Faraday Solar project in Utah County, Utah. Reportedly, Excelsior acquired Faraday Solar earlier in 2023 from Parasol and Clenera who developed the project. Faraday Solar is a 682.5 MW ground-mounted solar facility. Furthermore, the project is contracted under an investment grade long-term power purchase agreement.
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ACWA Power has launched the first phase of a 3,000 tonne-per-year green hydrogen project in Uzbekistan. Reportedly, the project will be built in two phases. The first phase, a 3,000-tonne green ammonia pilot project, is already underway following the signing of the hydrogen purchase and power purchase agreements in May 2023.
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GreenGo Energy, a Danish clean energy developer has filed an application to the Ministry of Petroleum, Energy and Mines in Mauritania for the development of Megaton Moon green energy park. Furthermore, Megaton Moon is planned for a staged implementation process closing the circular architecture to reach 60 GW/ 190 TWh of hybrid solar and wind generation and 35 GW electrolysis producing 4 million tons of green hydrogen yearly or further processed 18 million tons of green ammonia.
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Octopus Energy’s generation arm has invested in the Walney Extension offshore wind farm in the UK. It is located in the Irish Sea off the coast of Barrow-in-Furness in the north west of England. Octopus has taken a 12.5 per cent stake in the 660 MW wind farm. The wind farm is made up of 87 turbines each taller than the 158 metres high Blackpool tower.
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