Nexif Ratch Energy has secured Pre-Development Environmental Compliance Certificate (Pre-Dev ECC) for San Miguel Bay Wind Power Project. This is a 500 MW wind energy project situated in the Philippines. The certificate was provided by the Philippines’ Department of Environment and Natural Resources (DENR) and is in accordance with the Philippine Environmental Impact Statement System (PEISS).
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Norges Bank Investment Management (Norges Bank) has acquired a 49 per cent ownership interest in two offshore wind construction projects. These projects are located in Denmark and Germany. The completion of this agreement is expected by the start of the third quarter of 2025. Norges Bank will pay approximately €1,400 million for this ownership interest. The total value of the projects is approximately €2,870 million.
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Renewable Power Capital (RPC) an Europe-based renewable energy company has acquired the Swedish and Finnish portfolio of Njordr AS. This portfolio consists of the onshore wind and solar development business of Njordr AS, which is a subsidiary of Vanir Green Industries. Furthermore, this transaction includes 22 early-stage onshore wind and solar power projects, which have an expected installed capacity of up to 1.9 GW.
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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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Vena Energy has decided to invest $ 200 million in the Yokji Offshore wind project situated in the South Gyeongsang province. This investment aims to accelerate South Korea’s transition to renewable energy and enhance its energy independence. The Yokji Offshore wind project has a planned capacity of 384 MW. Furthermore, the wind project will diversify South Korea’s energy mix and aid in increasing the share of domestically generated energy in the grid.
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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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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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Voltalia has inked a power sales agreement for its hybrid project in Uzbekistan. This hybrid project comprises 126 MW of solar energy, 300 MW of wind power, and 100 MW/200 MWh of battery storage. The agreement extends for 25 years for the wind and solar projects and for 15 years for the storage projects. Furthermore, the construction phase is set to begin in the first quarter of 2026 for solar and storage projects and in the third quarter of 2026 for wind power.
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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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The Canada Infrastructure Bank has achieved financial close of a $117.4 million loan for the construction of a 94.4 MW Weavers Mountain Wind Energy Project. This project is situated in Nova Scotia’s Antigonish and Pictou counties. It includes 16 Nordex turbines with a hub height of 125 meters. It also consists of anti-icing system blade technology and a 25-year power purchase agreement. Additionally, the project is expected to begin commercial operations in late 2026.
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Inox Wind Limited has secured an order to supply 51 wind turbines, each with a capacity of 3 MW, for a total of 153 MW in Tamil Nadu, India. The order has been placed by a global clean energy company for a renewable energy project under development in the state. Inox Wind will be responsible for limited engineering, procurement, and construction work and will provide multi-year operations and maintenance (O&M) services following the commissioning of the turbines.
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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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TotalEnergies and its partners have officially inaugurated the 640 MW Yunlin offshore wind farm in Taiwan. TotalEnergies has 29.46 per cent stake in Yunneng Wind Power Co., Limited, the joint venture overseeing the project. Other stakeholders include Skyborn Renewables with 31.98 per cent, EGCO Group with 26.56 per cent, and Sojitz with 12 per cent.
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RES has completed the development phase and has commenced construction of the 168 MW Goose Harbour Lake Wind Farm in Nova Scotia on behalf of Port Hawkesbury Paper Wind Ltd (PHPW). The project is expected to reduce greenhouse gas emissions by over 350,000 tonnes annually. With a total investment of $450 million, the project is slated to begin commercial operations in 2026.
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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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Copenhagen Infrastructure Partners (CIP) through its fund Copenhagen Infrastructure V (CI V) has inked a transaction to fully acquire Morecambe fixed bottom offshore wind project. Morecambe has a capacity of 480 MW and was earlier owned by COBRA Group and Flotation Energy. The project is situated on the west coast of England. Furthermore, Flotation Energy will continue to serve as the development partner for the project. The project will become a part of CIP’s CI V Flagship Fund which has a target fund size of €12 billion.
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To reach the 80% renewable generation target by 2030, Ireland plans to have 22 GW of renewable electricity capacity installed, up from 6 GW at the end of 2023. Specifically, Ireland has set targets to achieve the deployment of 9 GW of onshore wind, 8 GW of solar PV and at least 5 GW of offshore wind capacity by 2030. Beyond 2030, Ireland expects offshore wind to account for the dominant share of new renewable capacity additions; however, further deployment of new and repowered onshore wind and solar is expected throughout the 2030s.
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Enefit Green and Sumitomo Corporation have inked an agreement to partner for the development of the Liivi Bay offshore wind farm in the Gulf of Riga in the Baltic Sea. Under this agreement, Enefit Green will sell 50 per cent stake in Liivi Offshore OÜ to Sumitomo Corporation. Liivi Offshore OÜ is the project company for this offshore wind farm. The wind farm is expected to consist of up to 84 turbines with a maximum total capacity of 1000 MW. Its estimated annual electricity generation could reach up to 4 TWh.
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ACWA Power has inked a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for a 2 GW wind project in Egypt. The investment in the project is approximately $2.3 billion. The project is expected to reach financial close in 2026. Furthermore, this wind project will support the Egyptian government in increasing the share of renewable energy in its electricity generation mix to 42 per cent by 2030. It is also expected to reduce carbon emissions by over 3.5 million tonnes annually.
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