Octopus Energy Generation is backing Skygreen Energy to develop up to 20 small to medium-sized solar farms in South Korea in the next two years. These solar farms are expected to generate 140 MW of clean energy. The energy generated will be sufficient to power approximately 45,000 homes annually. Furthermore, this solar investment in South Korea will accelerate Octopus Energy’s plans for the Asian renewables market.
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Masdar has inked two agreements with PT PLN, Indonesia’s state-owned electricity company for the development of floating solar power projects in Indonesia. The two companies have inked a MoU to develop a floating solar power plant at the Jatigede Dam reservoir in West Java. Furthermore, the project is being developed after Masdar secured the lowest tariff in the Hijaunesia 2023 bidding program.
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ContourGlobal has commissioned the Quillagua plant, located in the municipality of Maria Elena, in the Antofagasta region of Chile. This is a 221 MWp photovoltaic solar plant with a 1.2 GWh battery storage system. Quillagua has the potential to deliver 200 MW of power for 6.2 hours after sunset. Furthermore, the Quillagua plant is a part of a larger development, which includes another project, the Victor Jara plant in the Tarapacá region.
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The Tanzania Electric Supply Company Limited (TANESCO) is inviting tenders from all the eligible contractors for the construction of a 100 MWp solar PV plant, phase II. TANESCO is the Project Executing Agency for this project, which is situated in the Shinyanga Region. The government of the United Republic of Tanzania received financing from Agence Française de Développement for the cost of design, construction, and installation of this 100 MWp solar plant.
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China’s electricity demand continued to grow – by 6.6% in 2024 (+623 TWh), down only slightly from 6.9% in 2023. 81% of the demand growth was met with the rise in clean generation – wind, solar, hydro, nuclear and bioenergy generation all rose. Electricity demand in the United States grew by 3% (+128 TWh) in 2024, caused partly by heatwaves over the summer months and partly as a rebound from a milder summer in 2023 when demand decreased by 1.3% (-55 TWh). The demand rise was predominantly met with higher solar, wind and gas generation, which also made up for a fall in coal generation (-22 TWh).
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RWE and PPC, through their joint venture Meton Energy S.A., have taken a final investment decision for the construction of two large-scale photovoltaic (PV) projects. These projects will be situated in the Prefecture of Central Macedonia in Northern Greece. These are the Kotyli and Neo Syrakio solar farms with a total capacity of 567 MWp. The construction of these projects is expected to commence in spring 2025 and are expected to be commissioned by 2027.
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Sineng Electric will be supplying 854.72 MW of high-efficiency string inverters to a 1.6 GW solar project situated in Inner Mongolia, China. The project is spread over an area of approximately 7,347 acres and has a total investment of 6.973 billion RMB. Furthermore, for the project Sineng Electric has provided 2,671 units of its high-power SP-350K-H1 string inverters. The inverters are equipped with Anti-PID and PID recovery functions.
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EDP Renewables North America (EDPR NA) has launched the 100 MW Riverstart III Solar Park (Riverstart III) in Randolph County, Indiana. This represents the newest third phase of Riverstart Solar Park. Riverstart III will generate electricity equivalent to the consumption of more than 19,200 households in Indiana. Furthermore, Amazon has contracted for the entire 100 MW of the solar park through a long-term power purchase agreement.
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AIP Management has inked an agreement to acquire a 49.99 per cent equity stake in Pine Forest. This project from Clearway Energy Group consists of a 300 MWac solar photovoltaic system and a 200 MW/400 MWh battery energy storage system. The total investment for the project is around $ 200 million. Furthermore, this project is located in the ERCOT North market region. The project is currently under construction.
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Avangrid has achieved commercial operations of the True North Solar project. This is a 238 MW solar project situated in Texas, US. The solar project will deliver energy to the Texas Grid. It will also support Meta’s operations, including its upcoming data center facility in Texas. Furthermore, the True North Solar project represents a $369 million investment in central Texas. Additionally, the project will contribute $40 million in property taxes throughout its lifetime.
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Masdar, through its subsidiary Saeta, has concluded an investment agreement for the Valle Solar project, which is situated in Spain’s Valencia region. The agreement is a further step in securing the construction of the plant, which is located in the municipalities of Ayora, Jarafuel, and Zarra. The solar project consists of a 234 MW photovoltaic plant, with the potential to add the hybridisation of battery energy storage systems of 259 MW.
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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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Masdar has inked an agreement to acquire 49.99 percent stake in four solar plants owned by Endesa in Spain. These solar assets have a total capacity of 446 MW. Masdar has invested €184 million for the stake in the assets, which have an enterprise value of €368 million. This agreement will strengthen Masdar’s position in EU and support Spain’s NECP targets and the EU’s Net Zero 2050 goal.
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Scatec has inked a 25-year power purchase agreement (PPA) for a 120 MW solar power plant named Sidi Bouzid II in Tunisia. The PPA has been signed with Tunisian state utility Société Tunisienne de l’Electricité et du Gaz (STEG). Scatec also inked a joint development agreement, with Aeolus SAS which is a part of the Japanese conglomerate Toyota Tsusho Group, for the solar plant. Furthermore, the estimated total capital expenditure for the project is €87 million.
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Zelestra and Abastible have inked a long-term power purchase agreement (PPA) for the sale of electricity from 100 per cent renewable sources. Under this agreement, the companies will utilise a tailor-made energy solution that consists of a 220 MWdc solar PV plant and a 1 GWh battery energy storage system. Furthermore, this hybrid plant is situated in Tarapacá, Chile, and has already commenced construction.
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RWE and Meta have inked a power purchase agreement (PPA) for offtake from a 200 MW solar project situated in Texas. Under this agreement, Meta will purchase 100 per cent of the output from RWE’s Waterloo Solar project in Bastrop County. This project will commence construction later in 2025. Furthermore, this project once operational will support Meta’s goal of matching its operations with 100 per cent clean and renewable energy.
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Quinbrook Infrastructure Partners (Quinbrook) has reached financial close of debt financing for Cleve Hill Solar Park (Cleve Hill). This is a solar plus battery storage project currently under construction. The project has a solar capacity of 373 MW and a storage capacity of 150 MW and is expected to commence operations in 2025. Furthermore, the project financing combines a GBP 218.5 million term loan and a GBP 20 million VAT facility.
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Ark Energy has inked a supply contract with Hanwha Energy for its Richmond Valley Solar & BESS project in New South Wales. This contract focuses on manufacturing, delivery, and installation of a lithium iron phosphate battery with a 275 MW power capacity and an energy storage capacity of up to 2,200 MWh over eight hours. Furthermore, under this contract, Hanwha Energy will provide Ark Energy with a complete BESS solution, including batteries and inverters.
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Velto Renewables (Velto) has inked a partnership agreement with Q Energy to acquire a portfolio of large-scale renewable energy projects across Europe. Under this agreement, Velto has acquired a portfolio of solar and wind projects situated in France with a combined capacity of approximately 130 MW. Additionally, the two companies also expect to finalise the transaction of approximately 400 MW in Spain and Portugal in the coming weeks.
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Arevon Energy has achieved a $509 million financial close for the 430 MW Kelso 1 & 2 solar projects. These projects are located in Scott County, Missouri. The Kelso Solar facilities will be developed and operated by Arevon Energy. This $509 million financing package consists of a $245 million bridge loan, a $172 million construction loan, and $92 million of credit support.
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