Masdar has inked two agreements with Azerbaijan to develop 4 GW of clean and renewable energy projects. The company’s agreements with the Ministry of Energy of Azerbaijan offer the possibility of developing an additional 6 GW in a second phase, raising the total production capacity of the projects to 10 GW.
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Renewable energy accounts for only 4 per cent of the total energy portfolio of the Maldives. However, due to the abundance of renewable energy sources such as solar, wind and ocean, there is immense potential for further developing renewable energy in the country. As per the Asian Development Bank (ADB), solar radiation in the Maldives is roughly 1,200 kWh per square metre per annum. Several solar projects in the country are now under way.
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Southwestern Electric Power (SWEPCO), a subsidiary of American Electric Power (AEP), is seeking approval from Arkansas, Louisiana, and Texas utility regulators to acquire three renewable energy projects. Mooringsport, a 200 MW solar farm in Caddo Parish, Louisiana, and Diversion, a 200.6 MW wind farm in Baylor County, Texas, are two of the companies’ targets. SWEPCO is also looking to purchase Wagon Wheel, a 598.4 MW wind farm in Oklahoma’s Garfield, Kingfisher, Logan, Payne, and Noble counties.
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Green Investment Group (GIG), a Macquarie-owned company, and Hydro Rein have agreed to form a joint venture to build and operate a 586 MW wind and solar power plant in Brazil’s northeast. The wind and solar hybrid project, named Feijo, will be developed in the Brazilian states of Piaui and Pernambuco. Feijo will be equipped with 80 wind turbines by Nordex, a wind turbine manufacturer.
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In Africa, the most noticeable trend has been the transition towards decentralized power solutions. Solar home systems have also moved from being a niche sector dominated by non-governmental organizations to being considered a mainstream investment led by the big players. Energy investors who have traditionally focused on grid-scale generation are now investing in, buying or developing businesses in this area in Africa.
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Statkraft, a Norwegian renewable energy company, has announced the completion of its first large-scale solar power project in India. The 76 MW Nellai solar project in Ettanakulam, Tamil Nadu’s Tirunelveli district, is now live. The Nellai Solar Park is a 55 MW (AC) and 76 MW (DC) project constructed on approximately 200 acres of land in Ettanakulam village, Manur Taluk, Tirunelveli district, Tamil Nadu, India.
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BluEarth Renewables US, a renewable energy company, has purchased a 1 GW wind and solar development project in Colorado from NorthRenew Energy for an undisclosed sum. The Eads Wind and Solar Project is located in Kiowa and Cheyenne Counties and is expected to be completed in multiple phases.
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The Greenko Group is setting up the world’s largest renewable energy storage plant in Kurnool, Andhra Pradesh. The 5,230 MW project is being set up at a cost of $3 billion. The project will have a total capacity of 3 GW of solar power, 550 MW of wind power, and 1,680 MW of pump storage capacity for six hours. ArcelorMittal has invested around $600 million in the project. ArcelorMittal’s investment will be used to construct 1 GW of solar energy capacity for the project. The project is expected to be commissioned by 2023.
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The Shandong Provincial Energy Administration has issued a request for proposals for the development of ten offshore solar photovoltaic (PV) projects with a total capacity of 11.25 GW. Binzhou, Dongying, Weifang, Yantai, Weihai, Qingdao, and other areas around Shandong’s coast will be developed for the projects. The pile-based fixed offshore solar projects in Shandong will be allocated through market competition. The bid submission deadline is June 1, 2022.
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With a $276 million investment, Spanish utility Naturgy has begun construction of a 300 MWdc solar photovoltaic (PV) facility in Texas. The 7V Solar Ranch plant is being developed on more than 800 hectares of land in Fayette County and is expected to be operational by 2023. The project marks the beginning of the development of the solar and energy storage portfolio that Naturgy bought from Hamel Renewables in 2021.
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APG and OMERS Infrastructure, a Dutch pension investment company, have agreed to purchase energy transition platform Groendus from NPM Capital. Groendus develops, builds, and operates energy assets for companies, municipalities, and institutions, as well as provides a wide range of ancillary services. The company has installed about 170 MWp of solar power and over 12,000 electricity metres.
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Lightsource BP has partnered with Green Rock Energy on the development of a 150 MW solar-aquaculture project in Taiwan. The Budai project will be one of the largest fishery solar farms in Taiwan, creating 750 employment opportunities during construction, which is expected to commence in June 2023. The project will produce 210,000 MWh of electricity per year, enough to power around 43,000 homes.
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PAG has announced that funds managed under its Real Assets group have signed an agreement with First Solar to acquire First Solar’s Japan project development and operation platforms. This acquisition includes 293 MWDC utility-scale solar project development platform, and a solar operations and maintenance (O&M) platform with approximately 665 MWDC under management.
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According to the Secretary-General of Algeria’s Ministry of Energy Transition and Renewable Energy, 111 investors from 15 countries have expressed interest in participating in the tenders for the deployment of 1 GWp of solar photovoltaic (PV) capacity in Algeria. The country, according to Bouziane, is betting on renewable energy, particularly solar power, as an alternative for fossil fuels.
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The Emirates Water and Electricity Company (EWEC) of the United Arab Emirates (UAE) has invited developers to submit expressions of interest (EOIs) for a 1.5 GW solar photovoltaic (PV) project in Abu Dhabi. The Al Ajban Solar PV project would be built in the Ajban area of the Emirate of Abu Dhabi. The solar project will have the capacity to power nearly 160,000 homes across the UAE once it is operational, displacing more than 2.4 million tonnes of carbon dioxide each year.
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By 2026, Lightsource bp, a joint venture between Lightsource and bp, intends to develop 1 GW of solar power capacity in France. To achieve this target, the company plans to build many large-scale ground-mount solar farms. Under the agreement, Lightsource bp plans to engage in public tenders and provide companies with sustainable energy through power purchase agreements.
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Verbund, an Austrian electricity provider, has announced the purchase of a renewable energy portfolio in Spain from various funds of the Q-Energy Group for an undisclosed sum. The vendor funds will be managed by Q-Energy Private Equity, a green energy investment fund manager.
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AES Corporation, based in the US, has signed two power purchase agreements (PPAs) with Amazon to supply 450 MW of clean energy to power its data centre operations in California. AES Corporation’s portfolio of projects will deliver clean energy to the California Independent System Operator (CAISO) market with 450 MW of solar and 225 MW of four-hour duration battery energy storage.
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In the short term, we expect downside risks to India’s solar capacity growth to alleviate as the government of India postpones restrictions on imported solar equipment use by six months. We maintain our solar capacity forecasts as India implements basic custom duties on imported solar modules and cells, increasing the costs of solar projects and curbing stronger growth, given that domestic manufacturing is still unable to replace import quantities.
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Greenbacker Renewable Energy Company LLC (GREC), a leading owner and operator of sustainable infrastructure and energy efficiency projects, announced that, through a wholly owned subsidiary, it has purchased three pre-operational, utility-scale solar projects in New York from Hecate Energy LLC (Hecate). Each comes with a long-term contract with an investment-grade offtaker.
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