Masdar, through its subsidiary Saeta, has concluded an investment agreement for the Valle Solar project, which is situated in Spain’s Valencia region. The agreement is a further step in securing the construction of the plant, which is located in the municipalities of Ayora, Jarafuel, and Zarra. The solar project consists of a 234 MW photovoltaic plant, with the potential to add the hybridisation of battery energy storage systems of 259 MW.
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Schroders Greencoat has partnered with Repsol to acquire a 49 per cent stake in Repsol’s renewable energy portfolio. This portfolio consists of eight wind farms with a total capacity of 300 MW and two solar plants with a total capacity of 100 MW. These assets are expected to be operational during the first half of 2025. Furthermore, this renewable energy portfolio is valued at €580 million. The wind farms are situated in the northern Spanish provinces of Huesca, Zaragoza, and Teruel.
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Masdar has inked an agreement to acquire 49.99 percent stake in four solar plants owned by Endesa in Spain. These solar assets have a total capacity of 446 MW. Masdar has invested €184 million for the stake in the assets, which have an enterprise value of €368 million. This agreement will strengthen Masdar’s position in EU and support Spain’s NECP targets and the EU’s Net Zero 2050 goal.
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Scatec has inked a 25-year power purchase agreement (PPA) for a 120 MW solar power plant named Sidi Bouzid II in Tunisia. The PPA has been signed with Tunisian state utility Société Tunisienne de l’Electricité et du Gaz (STEG). Scatec also inked a joint development agreement, with Aeolus SAS which is a part of the Japanese conglomerate Toyota Tsusho Group, for the solar plant. Furthermore, the estimated total capital expenditure for the project is €87 million.
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Actis has acquired full ownership of Stride Climate Investments, a solar generation asset portfolio in India, from a Macquarie Asset Management-managed fund. Through this acquisition, Actis now controls Stride’s 371 MW/414 MWp operational solar assets, spread across 21 projects in seven states. The company did not disclose the deal value.
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In 2024, electrified vehicles made up 20% of all new car sales in the US, with full electric vehicles comprising 9%. Meanwhile, retail electricity prices increased by 3.0% in 2024, in line with economywide inflation; commercial prices rose 2.1% and industrial prices rose only 1.4%. Several major grid expansion projects were proposed in 2024 to enhance resilience as electricity demand rises and renewables grow. Wind and solar combined produced a record 17% of US electricity in 2024.
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Zelestra and Abastible have inked a long-term power purchase agreement (PPA) for the sale of electricity from 100 per cent renewable sources. Under this agreement, the companies will utilise a tailor-made energy solution that consists of a 220 MWdc solar PV plant and a 1 GWh battery energy storage system. Furthermore, this hybrid plant is situated in Tarapacá, Chile, and has already commenced construction.
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RWE and Meta have inked a power purchase agreement (PPA) for offtake from a 200 MW solar project situated in Texas. Under this agreement, Meta will purchase 100 per cent of the output from RWE’s Waterloo Solar project in Bastrop County. This project will commence construction later in 2025. Furthermore, this project once operational will support Meta’s goal of matching its operations with 100 per cent clean and renewable energy.
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Quinbrook Infrastructure Partners (Quinbrook) has reached financial close of debt financing for Cleve Hill Solar Park (Cleve Hill). This is a solar plus battery storage project currently under construction. The project has a solar capacity of 373 MW and a storage capacity of 150 MW and is expected to commence operations in 2025. Furthermore, the project financing combines a GBP 218.5 million term loan and a GBP 20 million VAT facility.
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The Department of Energy (DOE) of the Philippines has released the terms of reference (TOR) for the fourth round of the Green Energy Auction (GEA-4). The TOR lays out the technical, financial, and commercial requirements for project selection, ensuring a fair and competitive bidding process. The GEA-4 aims to add 9,378 MW of new capacity from ground-mounted solar, roof-mounted solar, floating solar, and onshore wind projects.
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Morocco’s transformative approach towards its energy sector, through strategic investments and policy reforms, exemplifies its commitment to sustainable development, energy security and economic growth. With ambitious plans to expand its renewable energy capacity, modernise its electricity infrastructure and develop its green hydrogen economy, Morocco is not only addressing its domestic energy needs but also emerging as a key player in regional and international energy markets. These efforts, underpinned by a defined strategy, highlight Morocco’s role as a model for energy transition in Africa and beyond.
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Avaada Group has inaugurated a 1,500 MW solar module manufacturing facility in Uttar Pradesh, India with a focus on TOPCon N-type bifacial glass-to-glass modules. The plant features multi-bus bar configurations ranging from 16 to 24 to enhance efficiency. It has the capability to produce both M10 and G12 cells, with an annual capacity of 1,200 MW for M10 and 1,500 MW for G12 modules.
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Velto Renewables (Velto) has inked a partnership agreement with Q Energy to acquire a portfolio of large-scale renewable energy projects across Europe. Under this agreement, Velto has acquired a portfolio of solar and wind projects situated in France with a combined capacity of approximately 130 MW. Additionally, the two companies also expect to finalise the transaction of approximately 400 MW in Spain and Portugal in the coming weeks.
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Arevon Energy has achieved a $509 million financial close for the 430 MW Kelso 1 & 2 solar projects. These projects are located in Scott County, Missouri. The Kelso Solar facilities will be developed and operated by Arevon Energy. This $509 million financing package consists of a $245 million bridge loan, a $172 million construction loan, and $92 million of credit support.
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European Energy has inked an agreement to sell wind and solar projects to Energix. These projects have a total capacity of 470 MW and are situated in Lithuania. Out of the total 470 MW, the wind farm has a capacity of approximately 140 MW, and the photovoltaic facility has a capacity of up to 330 MW. The projects are currently in the pre-ready-to-build stage. Additionally, this transaction is expected to be completed later in 2025.
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China added 79.3 GW of wind capacity in CY2024, 18% of the total new capacity, +5% y-o-y. Like with solar, China represented ~60% of global wind capacity additions in CY2024. December saw China install 28.5 GW of new wind, 25% of the month’s newly installed capacity. 14.4 GW of hydropower capacity was added in CY2024, representing 3% of total new capacity, a 79% y-o-y growth. 3.9 GW of nuclear capacity was added to the grid in CY2024, representing 1% of the total new added capacity, a 184% increase on 2023.
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Brookfield Asset Management and its affiliates (Brookfield) have announced the sale of a 1.6 GW portfolio of solar and wind assets in India to Gentari Renewables India (Gentari) in a two-phase transaction. With this, the first phase, involving the sale of 1 GW of operational assets, has been successfully completed.
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This report “Navigating risks to unlock 500 GW of renewables by 2030” by EMBER highlights key challenges in India’s renewable energy (RE) sector that could increase the cost of capital, potentially hindering the sector’s growth. Addressing these risks through targeted policy measures, innovative contracting mechanisms and proactive expectation management is crucial for maintaining a steady flow of investments. Collaborative efforts from project developers, financiers and policymakers will be indispensable in mitigating these risks and ensuring the successful realisation of India’s ambitious RE targets.
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BOOM Power has secured a co-investment partnership with Topsun, a South Korean investor for the Low Farm Solar Farm. The project is located in the north of Flockton and east of Overton near Wakefield, West Yorkshire England. It is expected to generate up to 49.9 MW of low-carbon electricity for the local distribution network. Furthermore, as an equity holder, BOOM Power will oversee the construction of the Low Farm Solar Farm. Work on the project is scheduled to begin in 2025 and commercial operations will commence in 2026.
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Bluefield Solar Income Fund has completed the refinancing of approximately £300 million as part of its management of 359 MW portfolio of solar PV assets. This solar portfolio is jointly owned with GLIL Infrastructure (GLIL). This refinancing replaces approximately £214 million of existing inflation-linked debt on the solar PV portfolio, with approximately £297 million of fixed-rate debt at an all-in rate of 5.8 per cent. Furthermore, Bluefield Solar has over 25 per cent share in the jointly owned portfolio whereas GLIL owns the remaining share.
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