Iberdrola has finalised an agreement to acquire the remaining 18.4 per cent minority stake in its US subsidiary Avangrid. Iberdrola previously owned approximately 81.6 per cent stake in Avangrid. Iberdrola will buy the additional capital for $35.75 dollars per share.
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President Biden, on May 14, 2024, announced significant tariff hikes in tariffs of solar cells, lithium-ion EV batteries, EVs, critical minerals and some other products that originate in China. He has directed his Trade Representative to increase tariffs of certain products under Section 301 of the Trade Act of 1974, that amount to $18 billion of imports from China. This decision comes after a review conducted by the Trade Representative under section 301 of the Trade Act of 1974 on China’s practices related to technology transfer, intellectual property, and innovation (section 301 investigation).
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Meta in collaboration with Solarpack, is set to build two solar projects in Indiana. This partnership supports its recent $800 million data center investment in Indiana. By signing long-term Environmental Attribute Purchase Agreements, Meta is paving the way for renewable energy procurement to power its operations in Indiana. Under the agreement, Meta will purchase the output from Solarpack’s two solar projects in Indiana totaling 210 MW (280 MWdc).
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Brookfield Asset Management, together with Brookfield Renewable and Microsoft have inked a global renewable energy framework agreement. The five-year agreement provides a pathway for Brookfield to deliver over 10.5 GW of new renewable energy capacity between 2026 and 2030 in the U.S. and Europe
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Energy Vault Holdings, Inc. and NV Energy have announced the successful completion and commencement of commercial operations for the Reid Gardner Battery Energy Storage System (BESS) located in Moapa, Nevada. It is constructed on the grounds of a retired coal-fired power plant. This grid-connected BESS boasts a capacity of 220 MW/440 MWh, capable of storing renewable energy such as solar and wind power for up to two hours.
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Scout Clean Energy, a renewable energy company, has signed a 12-year Virtual Power Purchase Agreement (VPPA) with Zoetis Inc. for a 50-megawatt portion of Scout’s operating Heart of Texas Wind Farm. This represents over one-fourth of the 180 MW project’s total capacity
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RWE Clean Energy has formed a strategic partnership with renewables developer WhiteRock Renewables (WhiteRock) to scale-up the expansion of RWE’s onshore wind, solar, and energy storage development pipeline in the US. The company is aiming for record growth in the US. This partnership with WhiteRock will help RWE progress on its expansion goals in the US. WhiteRock expects to create and develop 4 to 5 GW of onshore wind, solar, and battery energy storage system (BESS) projects.
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Excelsior Energy Capital, a renewable energy infrastructure investor, has inked a multiyear agreement to buy 2 GW of solar modules from Heliene. A majority of the panels supplied by Heliene are expected to be manufactured in the United States. They will primarily be produced at an existing Heliene factory in Mountain Iron, Minnesota and at a new factory the company plans to build in the Greater Minneapolis-St. Paul area.
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Avangrid has secured the Federal Record of Decision (ROD) from the Department of the Interior regarding the New England Wind project. This decision marks progress towards obtaining full federal approval for construction, with the anticipated approval of the Construction and Operations Plan by July 2024.
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Idaho Power has chosen Prevalon Energy, a Mitsubishi Power Americas subsidiary, for a four-hour battery energy storage system (BESS) project with a maximum capacity of 328 MWh in Idaho. The project is planned in accordance with Idaho Power’s plan to include over 5 GW of electricity generated from solar and wind farms over the course of the next 20 years.
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Virginia authorities have approved Dominion Energy Inc’s plans to add 764 MW of solar generating capacity to its fleet in the state through new installations, acquisitions, and off-take partnerships. Dominion has been given permission by the Virginia State Corporation Commission (SCC) to execute 13 power purchase agreements (PPAs) for 435 MW of independently owned projects. Contracts will be signed for projects chosen through a competitive process.
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Shell New Energies US LLC, a subsidiary of energy giant Shell PLC, has divested its 50% equity share in the SouthCoast Wind Energy LLC offshore wind joint venture to its partner Ocean Winds North America LLC. SouthCoast Wind is a 50-50 joint venture originally formed between Shell and Ocean Winds in 2018 to develop offshore wind projects off the coast of Massachusetts. With this deal, Ocean Winds now takes full ownership of the venture.
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EDP Renewables North America (EDPR NA) and Volt Energy Utility have recently announced a 110 MW solar project in Illinois, sponsored by software giant Microsoft Corp. The partnership is commencing the development of Hickory Solar Park near Jerseyville, Illinois. Microsoft and Volt Energy have designed an environmental justice power purchase agreement (EJ PPA) form, and Microsoft will purchase power and renewable energy credits (RECs) from the project for a period of 15 years.
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Ørsted has struck a deal with Stonepeak to sell off a part of its ownership in a portfolio of four US onshore wind farms, with a total capacity of 957 MW. This is Ørsted’s second significant divestment of multiple assets in the US as part of its ongoing farm-down strategy. The transaction is valued at approximately $300 million.
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Scatec ASA, together with its partners Hydro Rein (part of Norsk Hydro ASA) and Equinor ASA, has announced the supply and production of electricity from the Mendubim solar plant in the state of Rio Grande do Norte, Brazil. The 531 MW solar plant, comprising several projects, represents Scatec’s second venture in Brazil and is a collaborative effort with Norwegian partners Equinor and Hydro Rein.
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Vestas has confirmed a previous conditional agreement to provide turbines for Equinor’s 810 MW Empire Wind 1 project, which was successfully rebid in New York’s fourth offshore wind auction. Vestas stated in October 2021 that the project was a part of a larger preferred supplier agreement for the combined Empire Wind 1 and 2 projects.
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Chevron New Energies, a division of Chevron U.S.A. Inc., announced it is developing a 5 MW hydrogen production project in California’s Central Valley. The project aims to create lower carbon energy by utilising solar power, land, and non-potable produced water from Chevron’s existing assets at the Lost Hills Oil Field in Kern County. Reportedly, this low carbon intensity (LCI) electrolytic hydrogen will be produced through electrolysis, which is the process of using electricity to split water into hydrogen and oxygen.
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ENGIE North America has announced that it has secured more than $1 billion of tax equity financing, through separate agreements with three banks, J.P. Morgan, Goldman Sachs and BNP Paribas. The financing pertains to a portfolio of recently commissioned renewable projects in the U.S. Furthermore, the overall portfolio includes 6 projects across ERCOT, MISO and SPP, including 950 MW of solar and 353 MW of wind capacity.
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DTE Energy, a US utility, is seeking proposals for renewable energy projects totaling approximately 1.075 GW to support DTE Electric’s CleanVision Integrated Resource Plan (IRP); continued demand for the company’s MIGreenPower programme, and Michigan’s new renewable energy standard of 60 per cent by 2030.
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Arevon Energy, Inc., a leading renewable energy developer, owner, and operator, together with Blackstone Credit & Insurance (BXCI), has announced a successful financial close for the 200 MW /800 MWh Condor Energy Storage Project (Condor) currently under construction in Grand Terrace, California.
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