The US Department of Energy’s (DOE) Loan Programs Office (LPO) announced a provisional agreement for a loan guarantee of up to $1.45 billion, aimed at supporting Qcells’ awaited solar supply chain manufacturing plant in Cartersville, Georgia. Once finalised, the Loan Programs Office would assist Qcells in the construction of a facility dedicated to manufacturing the entire solar supply chain.
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KGAL ESPF 5, a renewable energy fund has established a joint venture (JV) with IMCS to collaborate on developing battery energy storage systems (BESS) in Italy. There is growing political backing for the developing energy storage system market, as BESS can help offset the rising variability in renewable energy electricity generation. The plan is to develop four battery energy storage systems, with a total capacity of 1,100 MW. The JV offers the opportunity to build the BESS projects at an early stage and sell them when they are at ready-to-build status.
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HDF Energy (Hydrogène de France), a developer of large-scale hydrogen infrastructure, has inked a MoU with the Tunisian Government represented by the Ministry of Industry, Mines and Energy to launch a large-scale green hydrogen project in Tunisia. This project, with an initial investment of approximately €3 billion, will service both the European market and domestic requirements. The MoU proposes a large-scale green hydrogen project using 1 GW of wind energy, 500 MW of photovoltaic energy, and 800 MW of electrolysers to produce up to 65,000 tonnes of hydrogen.
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The Electricity Generating Authority of Thailand (EGAT) has launched a tender for a hydro-floating solar hybrid project to be developed at the Srinagarind Dam in Kanchanaburi province. The project will involve the design, supply, construction, and commissioning of an 182 MW floating solar power plant.
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Fossil generation continues to fall in the EU, even as demand rebounds. Wind and solar rise to new highs, reaching a share of 30% of EU electricity generation and overtaking fossil fuels for the first time. Even as electricity demand began to rebound in the first half of 2024, strong wind and solar growth pushed fossil generation into continued decline. The first six months of 2024 saw fossil fuels continue to decline, even as EU electricity demand began to recover from the impacts of the gas price crisis. Fossil fuels generated 17% less than in the same period in 2023 (-71 TWh), while demand grew by 0.7% (+9 TWh).
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Investment in renewable energy in Indonesia has stagnated for the past seven years. In 2023, it attracted a mere US$1.5 billion, lagging far behind its Southeast Asian neighbors. Indonesia needs to attract US$146 billion in near-term renewable energy investment to meet the country’s 2030 climate target. Current policies and onerous contractual requirements towards solar and wind power raise costs and discourage private investment.
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Only 2.2% of the EU’s total land will be required by current and future solar and wind projects to achieve climate neutrality by 2040, phasing out both fossil and nuclear generation in the process. Under the JRC’s assessment criteria, most of the suitable land for renewables in the EU is located in rural areas, with 78% for ground-mounted solar photovoltaic systems and 83% for onshore wind. Realising a European interconnected supergrid will be essential to achieve 100% renewables, allowing solidarity and reducing energy waste.
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Clearway Energy Group has secured over $700 million in financing and begun construction on two major projects in California: the 200 MW Luna Valley solar project in Fresno County and the 113.5 MW Daggett Storage battery project in San Bernardino County, which finalises up the 482 MW Daggett Solar + 394 MW Storage complex. San Diego Gas & Electric inked 15-year contracts for equal amounts of solar power and energy storage from both the Luna Valley and Daggett Storage 1 projects.
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Brazil is at the forefront of the clean energy transition within the G20, showcasing how rapid renewable energy growth can reduce emissions and sustainably meet increasing electricity demand. Brazil leads the G20 in renewable electricity, which provided 89% of its power in 2023. Rapid growth of wind and solar generation has ensured that Brazil met its rapidly growing demand for electricity over the past decade with renewables, resulting in significantly reduced power sector emissions. The rest of the G20 can follow Brazil’s successful model and lead the global transition to a sustainable energy future. 89% of Brazil’s electricity came from renewables in 2023, by far the highest among G20 economies and three times higher than the global average of 30%.
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To protect the economy and permanently lower bills, Great Britain needs to get off gas and rapidly build a low-cost, clean electricity system. This report “Cheap, Clean Electricity For Great Britain By 2030: A Framework To Lower Bills And Protect The Economy” by E3G sets out a framework for how this can be achieved, using the Labour Government’s 2030 clean power target as the guiding star. Great Britain must transition rapidly to a clean electricity system or else it will be forced to build more expensive gas power stations by default. This new system should be underpinned by wind and solar power and managed with flexible demand and storage. These technologies can all lower bills.
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Leeward Renewable Energy (LRE) has closed a $1.25 billion construction warehouse facility to support its aspirations to install more than 890 MW of wind, solar, and battery storage capacity. The capital will support the firm’s operational portfolio over a three-year period, as part of its multi-year expansion strategy.
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Green Yellow, a Frech renewable energy company plans to install more than 350 MW of photovoltaic (PV) panels throughout the domestic network of Carrefour, a grocery retailer located in France by 2027. A 20-year contract between the two companies will allow Carrefour to solarise 350 stores and hypermarkets and use the power generated for its own use.
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Low Carbon, a UK renewables investor, has won development clearance for a project in Lincolnshire, England, to build a 500-MW solar complex and an energy storage facility. According to the statement, the British Department for Energy Security and Net Zero approved the proposal.
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About 70 per cent of Nestlé Deutschland’s electricity will now be sourced from solar panels and wind farms within Germany. This ensures that production facilities in Hamburg, Neuss, and Biessenhofen will continue to operate on fully renewable power. Nestlé Deutschland plans to procure 80 GWh of renewable electricity annually by the end of 2026, through power purchase agreements with BKW and other energy providers
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Levanta Renewables, a renewable energy developer and independent power producer owned by Actis, has acquired a 90 per cent controlling stake in a 139.4 MWp operational solar project portfolio in Thailand. Furthermore, these projects were purchased from Super Energy Corporation Public Co. Ltd. and its subsidiary, Super Energy Group Co. Ltd.
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Northland Power has concluded the sale of its La Lucha solar facility to Cometa Energía, a subsidiary of Saavi Energía. La Lucha is a 130 MW solar project located in Durango, Mexico. The facility commenced its commercial operations in June 2023. Furthermore, Northland Power had 100 per cent stake in the facility before the sale. The transaction was initially announced in March 2024. Additionally, the funds will be used to pay off the company’s revolving credit facility and for general business expenses.
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The year 2023 showed the best annual growth rate since 2018, and was the year with the highest absolute market growth ever, with over 20 GW more than the market size in 2022. Germany led this surge, installing 15 GW or a quarter of the total EU installations, while Spain and Italy completed the podium, with over 14 GW combined. By the end of 2023, total installed power capacity in Türkiye had increased by 2,859 MW. Out of it, 1,867 MW of new solar power plants were commissioned, bringing the total solar PV installed capacity to over 11 GW. Türkiye’s National Energy Plan aims to increase solar energy capacity to 52.9 GW by 2035 and, according to its 12th Development Plan, it will reach 30 GW by the end of 2028.
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The Saudi Power Procurement Company (SPPC) has inked power purchase agreements (PPAs) for three solar photovoltaic (PV) projects totaling 5.5 GW in Saudi Arabia. The agreements were signed with a consortium of Acwa Power, Badeel, and Aramco Power. These projects include Haden Solar PV and Al-Muwaih Solar PV, each with a capacity of 2000 MW and located in Makkah Province, as well as Al-Khushaybi PV in Qassim Province, which has a capacity of 1500 MW.
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Encavis AG has secured €300 million syndicated revolving credit. The oversubscribed short-term credit will finance the purchase of wind and solar projects, until 30th April 2025. Furthermore, this is under the company’s accelerated growth strategy 2027. The debt was extended by a funding consortium of eight lenders and led by the Dutch COÖPERATIEVE RABOBANK U.A.
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This report “Renewables 2024 Global Status Report” by REN21 provides high-level trends on the status of renewables in the wider fossil fuel-dominated energy system in the context of global challenges such as climate change, development goals and the geopolitical landscape. In 2023, global additions to renewable power capacity increased an estimated 36% to reach 473 GW, a new record for the 22nd consecutive year. The number of people lacking electricity access globally fell from 756 million in 2022 to 745 million in 2023.
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