OX2, a developer of renewable energy projects, has sold its 49 per cent stake in three offshore wind projects in Sweden with a combined capacity of 9 GW to Ingka Investments, the investment division of the Ingka Group. OX2 will receive an initial payment of $56 million in accordance with the provisions of the agreement.
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Renewable Energy Systems (RES), based in the UK, has sold its Işklar Wind Energy project in Türkiye (Turkey) to Dost Enerji for nearly €50 million. The 50 MW wind farm, which is situated in Gediz, Kutahya Province, has nine wind turbines and is scheduled to be online in 2024. The project was filed by RES for consideration in the 2017 Turkish Electricity Transmission Corporation (TEA) wind capacity tenders.
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Over 600 million people in Africa lack access to energy, while the 46 percent of the population in Africa who do have access use less than all of Spain alone. Lack of energy access suffocates the continent’s economy, resulting in diminished growth compared to other developing regions. As the African population rapidly increases, the demand for reliable energy, secure jobs, and a sustainable future will increase in tandem.
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The passage of the Inflation Reduction Act (IRA) is a long-overdue step toward establishing a national green bank that will unleash tens of billions of public and private dollars for investment in clean energy and climate-resilient infrastructure in underserved communities. In addition to supporting economic development, these investments will reduce air pollution and improve the health and safety of communities.
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RWE, a German energy company, has acquired Alpha Solar, a Polish PV development company with a 3 GW utility-scale solar project pipeline. Alpha Solar, a Warsaw-based company, has professionals on staff who work on every step of the solar development process, from land acquisition to preparing it for construction. The company has three local offices in Inowrocaw, ód, and Rzeszów.
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Octopus Energy Group, based in the UK, has purchased a 24 per cent stake in Exagen, a large-scale battery developer, through its new renewables fund, Octopus Energy Development Partnership (OEDP). OEDP is a €220 million renewables fund that will invest in Exagen to assist in the creation of large-scale solar and battery facilities in the UK.
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There are numerous supply chain problems on a global level at present. These difficulties are especially apparent in the wind power segment. The number of players in this segment has declined, and they are more focused on their own geographies. These players have chosen the US as their primary focus, with other markets taking a back seat. Engie has a global target of commissioning 4 GW of renewable energy capacity every year and has recently decided to focus on about 35 countries out of the 70 countries that Engie used to operate in.
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Iberdrola, a Spanish energy company, has started commissioning two solar power facilities in Extremadura, a part of western Spain bordering Portugal. The Majada Alta and San Antonio power plants are in Cedillo, Cáceres. The two solar photovoltaic (PV) plants will have a combined capacity of 100 MW, which is sufficient to power 45,000 households.
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In the region of Badajoz in Spain, the German energy provider RWE has started construction on a 10 MW ground-mounted solar power project. For the solar project in Las Vaguadas, the company has already started construction. Over the next few weeks, it plans to begin installing about 20,000 bifacial solar panels at the 21 ha site.
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QatarEnergy, a Qatari state-owned petroleum company, has given a $630.33 million contract to South Korean engineering and construction firm Samsung C&T to build its industrial cities solar power project (IC Solar). The agreement is for the construction of two solar photovoltaic (PV) plants with an 875 MW total capacity for clean power generation.
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An IMF paper estimates that the recent surge in international fossil fuel prices will raise European households’ cost of living in 2022 by close to 7 percent of consumption on average. Household burdens vary significantly across and within countries, but in most cases they are regressive. Policymakers have mostly responded to the shock with broad-based price-suppressing measures, including subsidies, tax reductions, and price controls.
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In this report, the current situation of renewable energy development in the Asia-Pacific Economic Cooperation (APEC) region and the gap of the development among different economies are comprehensively analyzed and evaluated by using the indicators of power generation, sustainability and energy accessibility.
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Eurasian Resources Group (ERG), a mining firm with headquarters in Luxembourg, has announced plans to invest around $230 million in the construction of a 155 MW wind farm in Kazakhstan. The wind farm, which spans more than 150 hectares of land near the town of Khromtau, will go into operation in 2024. A total of 300 employments will be created by the project during construction, and 30 additional permanent jobs will be added after it is put into operation.
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Crown Estate Scotland has chosen Mainstream Renewable Power, an Irish renewable energy provider, and Ocean Winds as the preferred bidder for a 1.8 GW wind farm site offshore from the Shetland Islands. The selection offers Mainstream Renewable Power and Ocean Winds the opportunity to enter into an option contract for the site, which is expected to be suitable for an offshore wind farm.
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Colombia’s National Roadmap for Net Zero Carbon Buildings, launched in June 2022 by the Ministry of Environment and Sustainable Development, aims to achieve net zero in all new buildings by 2030 and all buildings by 2050. Developed in partnership with WRI’s Zero Carbon Building Accelerator, the roadmap provides a framework for how the country can decarbonize the built environment by setting out clear goals, defining actions and identifying the actors responsible for implementation.
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To achieve its climate pledges, China has proposed building a zero-carbon power system, gradually upgrading the energy mix through reducing coal consumption and increasing renewable energy generation. In 2021, driven by both policy initiatives and market forces, China officially launched its green power trading market, ushering in a new wave of growth in green power transactions.
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New Energy Solar, an Australian firm, has entered into a binding agreement with a subsidiary of MN8 Energy, formerly known as Goldman Sachs Renewable Power, to sell its US solar asset portfolio for A$352 million. The portfolio consists of 14 solar assets, and the deal would result in New Energy Solar being closed. Shareholders of New Energy Solar will initially receive A$0.82 for each share within six business days of the proposed deal, as per the provisions of the legally binding agreement.
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EIDF Solar, a Spanish energy company, has announced the purchase of four solar projects in Spain with a combined capacity of 252 MWp. Two of the four projects, with a combined capacity of 102 MWp, are situated in Castilla La Mancha and are connected to the transmission grid. Reportedly, both projects are in the advanced processing stage and have already secured the necessary authorisations, licences, and land.
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Energy company SSE Renewables, based in the UK, has announced that Phase II of the Arklow Bank Wind Park’s offshore ground investigation work is now complete. A team from subsea services company Fugro completed the geotechnical works by boarding DEME ’s DP2 offshore installation vessel, Neptune. The 800 MW project’s development site, which is situated 6–13 km from the coast of Ireland, has undergone investigations at various locations.
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Repsol Ibereólica Renovables Chile, a partnership between Repsol Chile and Ibereólica Renovables Chile, has received financing for Project Atacama, a greenfield wind farm in northern Chile. For the construction and operation of the 165.3 MW wind farm, which already has a long-term power purchase agreement in place, the JV has raised $118 million.
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