I Squared Capital, a global infrastructure investor, has launched Cube Green Energy, a renewable energy platform dedicated to expediting the energy transition to a zero-carbon economy. The platform will develop, re-power, construct, and operate wind and solar farms, as well as invest in the implementation of associated emerging technologies such as battery storage and green hydrogen.
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Wind and solar are the fastest growing renewable sources, but contribute just 4.6% of total energy used in the U.S. U.S. Renewable Energy Factsheet prepared by Center for Sustainable Systems, University of Michigan presents the key trends in the United States renewable energy market. It highlights the growth in capacity energy generation, price trends and policy developments for various renewable energy segments – solar, wind, biomass, geothermal and hydro.
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The Italian energy agency Gestore dei Servizi Energetici (GSE) has invited the seventh round of tenders for renewable energy projects in Italy. The agency aims to allocate 3,312 MW capacity of renewable projects, which will include both solar and wind energy.
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Renewable sources represented 15.4 per cent of UK energy indigenous production in 2020. The figure has been growing steadily since 2000, when it was less than 1 per cent. A similar trend can be observed in demand, of which renewables represented 14.6 per cent in 2020. In 2020, 13.3 per cent of final consumption was accounted for by renewables, a 2.5 percentage point increase on 2019, and the highest increase on record.
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The Japanese utility, Chubu Electric Power Co., Inc. will invest in Vietnam’s Bitexco Power Corporation (BPC) to become a 20 per cent equity stakeholder in the company. Chubu Electric participated in a bid for a partial share acquisition of BPC, under which it entered into a share purchase agreement with existing shareholders selling their shares in BPC and a share subscription agreement with BPC. This marks Chubu Electric’s first investment in Vietnam.
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Babcock & Wilcox Enterprises, Inc. (B&W) has signed a definitive agreement to acquire VODA A/S, a waste-to-energy and biomass-to-energy services based firm. B&W will create a B&W Renewable Service which will be integrated with VODA A/S and B&W Vølund aftermarket services businesses.
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Rising coal prices in the world now make it cheaper to build a new wind or solar park for power generation in Turkey than running even the most efficient hard coal power plant that relies on coal imports. In Turkey, new wind power installation costs are 32% lower than five years ago, and new solar power installation costs are 50% lower. International hard coal prices are 3 times higher than a year ago.
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Walmart has completed its previously announced $2 billion inaugural green bond issuance. The green bond is Walmart’s first issuance under the company’s Green Financing Framework, which was announced in August 2021. It explains the company’s alignment with the International Capital Markets Association’s 2021 Green Bond Principles.
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The Xinjiang based Goldwind Technology Co., Ltd. has won two wind power projects in Ukraine, namely the 337.5 MW Zophia wind power project and the 288 MW Ochakov wind power project. With a total installed capacity of 625.5 MW, the former is located in Zaporizhia and the latter in Ochakov, both in southern Ukraine. The two projects entail 75 units of GW 155-4.5 MW and 60 units of GW 155-4.8 MW smart wind turbines.
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The report “From Dong to Orsted: A Leading Utility’s Green Energy Transition – What Indian Firms Can Learn from Such a Transition” by The Institute for Energy Economics and Financial Analysis (IEEFA) charts the transition journey of Orsted. This Danish state-owned utility transitioned from being one of the most coal-intensive utilities in Europe to a global leader in offshore wind energy.
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The trend in the Middle East and North Africa (MENA) region has so far been towards the development of large utility-scale projects. MENA Solar and Renewable Energy Report produced by the Middle East Solar Industry Association in collaboration with Middle East Energy Dubai highlights MENA’s leading solar PV markets with a focus on trends, upcoming projects, and other major developments.
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Germany is a clear leader on climate finance. It provided $4.8 billion in 2019; and was the leading country in terms of the increase in all public development finance in the prior decade, with a $17.4 billion increase over the period. At the G7 Summit in Cornwall this year, Germany said it would increase its climate finance by €2 to €6 billion a year by 2025 at the latest.
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The Power Statistics Pocketbook for Selected African Countries was prepared by the Economic andSocial Statistics Division of the Statistics Department (ECST) of the African Development Bank in close collaboration with Energy Financial Solutions, Policy and Regulation Department. This Pocketbook represents the end of this cycle of data collection, verification and publication. The selection of 16 African countries for the power survey was chosen to serve as a representative sample.
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Federal climate infrastructure investments like those proposed in the 2021 reconciliation bill are essential for achieving our targets for emissions reductions. States that were previously not taking steps to decarbonize will now take action because the federal investments will have made it cost-effective to do so. The proposed federal funding, in addition to the actions of local governments, businesses, and civil institutions, can set the US on a path for meeting the NDC.
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The report “Hot Spots for Renewable Heat: Decarbonizing Low- to Medium-Temperature Industrial Heat Across the G-20” is has been prepared by a collaboration between World Business Council on Sustainable Development (WBCSD) and BloombergNEF. This report is intended to provide guidance on the markets that are particularly attractive for renewable heat solutions. It also explores the applicability of specific technology solutions.
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Over the next decade, a key challenge of the Czech Republic’s energy sector is to prepare for the phase-out of coal from the energy mix. In the Czech Republic, renewables do not yet play a major role in TES, although their share has increased by 71 per cent since 2009. The International Energy Agency has released a report titled. “Czech Republic 2021: Energy Policy Review” which provides detailed coverage of the country’s energy sector.
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Brazil’s non-hydro renewables sector remains in a prime position for significant wind and solar power growth from projects being developed through private power purchase agreement (PPA) deals as well as through power auctions. For example, in August 2021, Brazilian meatpacker BRF signed a 15-year PPA for the development of a 160MW wind power farm with developer AES Brasil Energia. Additionally, the Brazilian government awarded 873MW in non-hydropower renewables capacity through the country’s A-3 and A-4 power auctions that concluded in July 2021.
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Total volumes for labelled Green, Social and Sustainability (GSS) bonds, Sustainability-linked bonds (SLB) and Transition bonds reached nearly half a trillion (USD496.1bn) in the first half of 2021. This amount represents 59% year-on-year growth in the GSS market from the equivalent period in 2020. It also sets the labelled sustainable debt market on track to reach another record high by end December.
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A new briefing note by the Institute for Energy Economics and Financial Analysis (IEEFA) looks at the benefits and potential roadblocks to implementation of these key reforms and argues that they are important steps towards transforming India’s power sector into a low-emissions, low-cost and profitable part of the economy. The note also discusses the second progressive market development: the Central Electricity Regulatory Commission’s (CERC) draft regulations for procurement, deployment and payment of ancillary services to maintain the grid frequency at 50 Hertz.
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The European Commission’s proposals to deliver the European Green Deal are impressive. They are laying out the necessary architecture and measures needed to drive a fair socio-economic transformation to climate neutrality. Key elements of the proposals must however be strengthened through the upcoming negotiations to not only pick up the pace on the transformation of EU heating, power, and industrial sectors, but also boost its social and international credibility.
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