RWE has acquired a majority stake in R3 Renewables. R3 Renewables is a joint venture (JV) by Peabody Energy, Summit Partners Credit Advisors, and Riverstone Credit Partners. The JV founding partners commenced the development of a 5.5 GW pipeline of solar and battery storage projects on reclaimed mine lands in Indiana and Illinois. RWE will be acquiring Summit and Riverstone’s stake in R3.
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The Emerging Africa & Asia Infrastructure Fund (EAAIF), the Dutch entrepreneurial development bank (FMO), and Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG) have jointly announced an investment of €84 million in two photovoltaic solar plants with battery storage systems in the Kolda region of southern Senegal. These projects will be operated by Axian Energy.
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Avantus has announced the sale of the Catclaw Solar and Energy Storage Project to D.E. Shaw Renewable Investments (DESRI). Located in Buckeye, Arizona, the Catclaw project includes up to 225 MWac of solar power and 250 MW/1,000 MWh of energy storage. This transaction also includes a long-term Power Purchase Agreement (PPA) with Arizona Public Service (APS).
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In 2023, the region announced the ASEAN Strategy for Carbon Neutrality as its commitment to strengthening energy transition efforts towards carbon neutrality (CN). Amongst the key measures to meet the CN target by 2050, carbon capture and storage (CCS) technologies are expected to play a crucial role in ensuring energy security and gradually reducing the region’s dependency on fossil fuels. In particular, the CCS technologies are expected to reduce the speed of emission growth in power and heavy industries like cement, iron, and steel in ASEAN.
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SolaX Power has planned on investing a significant sum of $1.5 billion to establish a research and manufacturing facility in Zhejiang Province, China. The project will prioritise the development of utility-scale energy storage systems and integrated smart energy solutions.
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The Scottish Government has approved the construction and operation of 228 MW project Smeaton Battery Energy Storage System (BESS) situated near Dalkeith in East Lothian. The project is part of Kona Energy’s ongoing collaboration with the Electricity System Operator (ESO) and National Grid to address energy constraints and enhance network stability.
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South Korea’s renewable electricity — which includes wind, solar, conventional hydropower, and other sources— accounted for a mere 9.64% of the power generation mix in 2023, falling far short of the world (30.25%) and Asia (26.73%) averages. Meanwhile, the share of wind and solar generation was just 5.3% in 2023. Even with the inclusion of nuclear power generation, South Korea’s share of clean electricity (40.32%) falls short of the OECD average (49.96%).
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Ørsted has revealed a strategic collaboration with Mission Clean Energy to develop four independent battery energy storage systems in the Midwest. Mission Clean Energy seeks to utilise Ørsted’s vast operational expertise and resources to make these projects a reality. Ørsted will use its funds to obtain and uphold interconnection queue positions for the four storage projects owned by Mission, as Mission will still be in charge of developing the projects.
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Intersect Power has secured $837 million through two separate transactions to finance the construction and operation of three standalone Battery Energy Storage Systems (BESS) in Texas. This financing includes portfolio-level construction debt, tax equity, and term debt, provided by leading industry partners. The three BESS projects – Lumina I, Lumina II, and Radian are scheduled to be operational in 2024.
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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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Gensol Engineering Limited has bagged 250 MW/ 500 MWh standalone battery energy storage system (BESS) tender, Phase III, worth Rs 13.4 billion. Awarded by Indian state-owned utility Gujarat Urja Vikas Nigam Limited (GUVNL), the project will be developed by Gensol on the basis of build, own, and operate model.
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Uniper has partnered with NGEN to develop a 50 MW/100 MWh battery storage system at the Heyden power plant site in Petershagen. The battery storage system is anticipated to be operational by 2025. The partnership between Uniper and NGEN emphasises the joint commitment to innovation and sustainability.
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Clean flexibility will unlock system-wide decarbonisation as more wind and solar is deployed across the EU. As renewables grow rapidly in the EU, system flexibility needs are increasing. Flexibility is needed to balance the grid when weather dependent generation, such as wind and solar, exceeds or falls short of the amount of power being used. Making sure that flexibility is supplied by clean sources, rather than fossil fuels, is an essential part of keeping decarbonisation on track for EU targets.
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Currently, the focus is on enhancing energy storage capacities to ensure reliable and cost-effective power system operations. Key trends in ESS include the shift from conventional lithium-ion (Li-ion) batteries to innovative chemicals offering improved stability, density and longevity. There is also a focus on developing solutions that store renewable energy from large-scale projects. Meanwhile, a transition towards more flexible and portable distributed ESS is being witnessed. ESS technologies encompass a range of methods for capturing, storing and releasing energy to meet demand when needed.
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A consortium of Mulilo, a South African independent power producer majority owned by CIP through its Growth Markets Fund I (CI GMF I), and EDF has been finalised as preferred bidder for three battery energy storage projects. A total of five projects were awarded under South Africa’s first Battery Energy Storage Procurement Programme by the Department of Mineral Resources and Energy.
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Hawaiian Electric will commence negotiations for contracts with the developers of 15 renewable energy projects on Oahu, Hawaii Island, and Maui, which will lower Hawaii’s reliance on imported oil for electricity generation substantially. A number of Oahu and Hawaii island projects make use of stable renewable energy sources, which can generate clean electricity even in the absence of wind or sunshine.
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The IRA has the potential to greatly expand solar and energy storage manufacturing in the United States. For energy storage, the IRA offers incentives to produce electrode active materials, battery cells, and battery modules. While the IRA can make domestically produced batteries cost competitive with Chinese products, one cannot overlook the importance of manufacturing experience, access to raw materials, partnerships with allies, and workforce in ensuring the success of domestic manufacturing.
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On 10 July 2023, the Council of the European Union approved the European Parliament’s position on a new batteries and waste batteries regulation (‘Batteries Regulation’). The Batteries Regulation is now awaiting its imminent publication in the European Union’s Official Journal before entering into force. The new rules will cover the entire life cycle of all types of batteries sold in the European Union.
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Statkraft has won a tender from the German regulatory authority, the Federal Network Agency, to build a solar plus battery storage project in the German municipality of Zerbst. In May 2023, the federal authority issued the tenders, which had a 400 MW maximum production. Statkraft had applied for a tender for a co-located solar plant with a connected battery on the site of a former gravel pit.
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Several developments have taken place recently as policymakers and industry acknowledge the potential role that energy storage is likely to play in future and the need to remove barriers to their deployment. Notably, on March 14, 2023, the EC adopted the ‘Recommendation on Energy Storage – Underpinning a decarbonised and secure EU energy system’, which contains 10 recommendations for European countries to help accelerate storage deployment.
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