COP28 has concluded with a final consensus that lays out an ambitious response to the Global Stocktake and puts forward a plan to close the gaps to 2030. It calls on Parties to transition away from fossil fuels to reach net zero, encourages them to submit economy-wide Nationally Determined Contributions (NDCs).
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United Solar Group has proposed to invest $1.73 billion to construct a 700 MW solar power plant with a battery energy storage system at Poonakary Lake located in Kilinochchi. The Power and Energy Minister has recently sought the approval of the Cabinet of Ministers to accept the project proposal presented by United Solar Energy SL Pvt Company, a part of United Solar Group, in principle.
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Scatec ASA has started producing and supplying electricity to the national grid from the three Kenhardt plants in the Northern Cape Province, in South Africa. The Kenhardt project is a hybrid solar and battery storage facility. Reportedly, the company invested $1 billion in the project.
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Honeywell revealed that it will supply VIElectron with its first batch of battery energy storage solutions (BESS) to six solar parks placed strategically throughout the US Virgin Islands. After construction is finished, the solar array and BESS will contribute to the islands’ decarbonisation efforts by supplying 30 per cent of their energy needs from renewable sources.
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Sonnedix has commenced development on a portfolio of five solar PV projects totalling 300 MW. The construction is expected to be finished in early 2025. In addition to avoiding 58,000 metric tonnes of carbon emissions yearly, it will provide about 300,000 MWh of renewable electricity annually, enough to power 85,000 homes in the UK.
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Sweden’s electricity and heating sector is predominantly fossil-free, given the country’s early adoption of carbon-neutral resources. As a result, the focus for decarbonization now rests on the industry and transport sectors. Portugal has made significant progress in its net zero ambitions, driven by government funding in green hydrogen initiatives and decarbonization of the industrial sector. The government sees industrial clusters as an opportunity to scale up renewable gas and has allocated capital to support the development of these projects.
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World leaders have been building momentum to triple global installed renewable energy capacity by 2030, from a 2022 baseline. The proposed pledge puts renewable energy at the forefront of upcoming negotiations and aligns with BloombergNEF’s own analysis on a net-zero pathway. Achieving it will require global commitments to remove bottlenecks, particularly those affecting wind and power grids, that differ by country.
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Though Africa only accounts a tiny percentage of global CO2 emissions, renewables deployment has grown substantially over the last decade, doubling between 2012 and 2022, from 28.45 GW to 58.78 GW, with an average year-on-year growth rate of 7.6%. South Africa has seen the highest growth in generation capacity, followed by Egypt. As of 2021, around 25% of installed capacity on the continent was renewables-based. Despite this growth, Africa still only accounts for less than 3% of total global renewables capacity.
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The report aims to catalogue best practices and expertise. This publication serves as a handbook to drive high-quality floating PV projects, by creating and strengthening floating PV knowledge sharing. Within this report, over 30 experts from SolarPower Europe’s Land Use and Permitting Workstream have illustrated their knowledge of floating PV best practices through technical guidance and real-world examples.
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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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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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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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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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This IEA report focusing on Mauritania explores the potential benefits to Mauritania of developing its renewable energy options and includes an analysis of the water requirements of hydrogen and the potential for expanding potable water availability through seawater desalination.
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This Energy Transition Norway report describes the energy future of Norway through to 2050. This approach yields a consistent and energy-balanced result, as Norway is part of the global energy system, and the country’s energy supply and demand are affected by what happens elsewhere.
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The key findings of this report indicate that the Biden administration’s fossil fuel project approvals are significantly undermining U.S. climate progress. Despite its claims that it’s advancing climate goals, the Biden administration is actively erasing the projected emissions reductions of its flagship Inflation Reduction Act and other demand-side climate policies by expanding fossil fuel extraction and infrastructure projects.
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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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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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USAID Power Africa and Open Capital helped 30 companies across 17 African countries to develop robust finance functions. Lasting three to six months, this tailored assistance aided the companies to evaluate, plan, and analyze their finances; manage their risks; become more investment ready; and handle transactions. Power Africa and Open Capital also helped the companies gain access to capital and enhance the skills of their finance teams.
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European Energy, a Danish renewable energy company has divested two solar farm projects to Sosteneo SGR in Italy. The total capacity of these renewable energy projects is 231 MW, and both are situated in Sicily. The first agreement, concerning a 68 MW solar farm in Ramacca covering an area of 135 hectares, was closed in September 2023.
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