Borosil Renewables, a solar glass manufacturer based in India, announced the acquisition of a 100 per cent share capital of Interfloat Corporation and Glasmanufaktur Brandenbur (GMB), both of which operate in the solar glass manufacturing, sales, and distribution business in Europe, for a cash consideration and shares equivalent of $56.6 million.
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ITT Inc. has announced the construction of a photovoltaic lake at its largest factory in Barge, Italy. The lake will be about the size of four Olympic swimming pools and will be made up of approximately 3,000 solar panels. As per the company’s statement, $2.5 million investment is part of ITT’s long-term strategy to become more sustainable.
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Enel Generación Chile has signed a power purchase agreement with Atlas Renewable Energy to develop the latter’s first wind energy project. The three wind farms, which have a total capacity of 417 MW, can create 1.3 TWh of renewable energy annually and contribute to the country’s goal of accelerating its clean energy transition.
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RWE, a German energy company, has selected Port of Thorsminde to conduct the operation and maintenance (O&M) on its Thor offshore wind farm. Under the agreement, RWE has signed a letter of intent with the Port of Thorsminde to use the port for the next 30 years. RWE stated that the port provides the shortest sea and air approaches to the Thor offshore wind farm.
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Iberdrola has acquired the rights to Mount James wind farm in Queensland, Australia. The wind energy project covers more than 50,000 hectares of land and has completed its environmental studies. Reportedly, Mount James, in North Queensland, is said to be the world’s largest onshore wind farm, with a capacity of 1 GW.
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This is the responsibility of governments to develop energy policy frameworks which will facilitate the accelerated deployment of renewable energy and other enabling technologies to realize an affordable, carbon neutral and energy secure future as soon as possible. European governments are at the forefront of this energy crisis, which strengthens the sense of urgency and pushes policymakers to make critical decision such as that of Germany to pursue 100% renewable energy electricity by 2035.
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Apart from policy formulation, it is also important to track the progress of the implementation of these policies. The State Energy and Climate Index (SECI) is the first index that aims to track the efforts made by states and UTs in the climate and energy sector. It is hoped that an in-depth analysis of individual states will help in enhancing the service delivery on various parameters of energy. These parameters have been devised keeping in mind India’s goals for climate change and clean energy transition.
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Energy production was low, down 14 per cent compared to last year and the lowest level in over 50 years. Electricity output from renewable technologies dropped significantly because of less favourable weather conditions in 2021. Wind dropped 14 per cent, with further falls in both hydro and solar generation. Renewables share of generation dropped from a record high of 43.1 to 39.3 per cent despite a small increase in capacity.
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Boralex, a renewable energy company, has partnered with Énergir and Hydro-Québec to develop three 400 MW wind projects in Seigneurie de Beaupré territory in Quebec, Canada. The proposed projects are Des Neiges Wind Farm – South, Des Neiges Wind Farm – Charlevoix, and Des Neiges Wind Farm – West, which will be located near the existing Seigneurie de Beaupré wind farms.
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SSE Renewables, based in the UK, has signed an agreement with Siemens Gamesa Renewable Energy (SGRE) to acquire approximately 3.9 GW European renewable energy development platform for $627 million. Under the agreement, SSE Renewables will acquire SGRE’s 3.9 GW onshore wind portfolio across Spain, France, Greece, and Italy.
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IEEFA predicted last year that wind, solar and hydro’s share of the U.S. electric power market would approach 30 percent by the end of 2026. IEEFA now believes the forecast reflected the low end of possible growth, given the significant acceleration in expected solar and wind (particularly offshore) capacity installations through 2026. We now expect that clean energy’s share of the electric generation market could hit 33 percent or more.
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Pivot Energy, based in the US, has received a $190 million financing arrangement to help develop its multi-state portfolio of distributed generation solar projects. Silicon Valley Bank (SVB), a part of SVB Financial Group, will lead the debt facilities, with Foss & Company agreeing to make the tax equity investment.
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After delays due to concerns within the Treasury, the Government released its highly anticipated British Energy Security Strategy on April 7, 2022. Offshore wind is one of the key cornerstones of the Strategy with the Government signalling its intention to increase capacity up to 50GW by 2030. Targets for low carbon hydrogen production capacity have been doubled to up to 10GW by 2030.
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Nestlé Pure Life and Yellow Door Energy have completed the installation of a solar power plant at Nestle’s facility in Dubai, United Arab Emirates (UAE). The project is expected to produce 2,400 MWh of renewable energy. In addition, it could be part of Nestle’s 7 MW solar project at its Dubai manufacturing plants, which was announced in 2017.
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Allete, a US-based energy company, has completed the previously announced acquisition of New Energy Equity for $165.5 million. Allete signed a binding agreement to acquire 100 per cent stake in New Energy Equity in March 2022. New Energy Equity is a distributed solar developer based in Annapolis, Maryland, that has completed over 250 distributed solar projects in the US totaling over 330 MW.
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Masdar, a UAE-based renewable energy company and the Ministry of Energy of the Kyrgyz Republic have signed a MoU to explore up to 1 GW of renewable energy opportunities in Kyrgyzstan. Under the agreement, Masdar plans to explore and invest in a wide range of renewable energy projects, including ground-mounted solar photovoltaic (PV), floating solar PV, and hydropower projects.
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At the end of 2021, global renewable generation capacity amounted to 3,064 GW. Hydropower accounted for the largest share of the global total, with a capacity of 1,230 GW. Solar and wind energy accounted for equal shares of the remainder, with capacities of 849 GW and 825 GW respectively. Other renewables included 143 GW of bioenergy and 16 GW of geothermal, plus 524 MW of marine energy.
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Osaka Gas, based in Japan, has entered into an agreement with Aqua Aerem, a technology provider, to develop the 10 GW Desert Bloom Hydrogen project in Northern Australia, which will cost $10.75 billion. The green hydrogen project is being promoted by Aqua Aerem. The first stage of the Desert Bloom project will cost $743 million and produce 1,000 kg of green hydrogen per day.
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MEAG has agreed to buy a 75 per cent stake in Stor-Skälsjön, a 260 MW wind power project in Sweden, from Eolus Vind and Hydro REIN. Under this agreement, Eolus will sell its 51 per cent stake in the wind project for consideration of $19.8 million, while Hydro REIN will sell its 24 per cent stake for $9.3 million. Hydro REIN will preserve its 25 per cent stake in the project and will continue to be a co-owner of the project.
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Europe builds 38% more wind and solar for power generation by 2050 in the Net Zero Scenario compared to the Economic Transition Scenario. To reach these volumes, solar and especially onshore wind capacity additions need to grow above the industry’s historical rate this decade. Over 2021-2025 alone, deployments in both scenarios need to double compared to 2016-2020, increasing a further 60-80% over 2026-2030.
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