Engie has purchased a 1.25 GW utility-scale solar and storage portfolio from Revolve Renewable Power, a Canadian startup. Through a share purchase agreement, Engie IR Holdings, a subsidiary of Engie, carried out the transaction. The solar and storage projects Bouse, with a 1 GW capacity, and Parker, with a 250 MW capacity, make up the acquired portfolio. Both projects are in Arizona’s La Paz County.
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Hannon Armstrong Sustainable Infrastructure Capital (HASI), a US-based energy investment company, has invested in two grid-connected renewable energy assets that are owned and operated by electricity provider AES. The company has invested in a 1.3 GW portfolio of renewable energy projects, including solar and wind projects created, owned, and managed by AES. Additionally, it plans to buy a 49 per cent stake in the portfolio, which consists of one wind project and 17 current solar projects.
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Boralex has finalised the acquisition of a 50 per cent stake in five functioning wind farms totaling 894 MW in the US from EDF Renewables. These projects include the 50 MW Milo and 250 MW Roosevelt developments in New Mexico, as well as the 200 MW Hereford, 200 MW Longhorn, and 194 MW Spinning Spur projects in Texas. Each location was put into service between 2014 and 2016, and all of them feature Vestas turbines, with Hereford also comprising machines from GE Renewable Energy.
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Altus Power has announced that it has entered into a definitive deal to acquire approximately 220 MW of newly developed and under construction solar assets from funds managed by True Green Capital Management for approximately $293 million.
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Can the addition of more electric vehicles (EVs) to the grid actually lower utility bills for all customers? A recently updated study shows just that, showing that EV drivers are not being subsidized by other customers and, in fact, they are putting downward pressure on rates. Between 2012 and 2021, in three of utility service territories with the most EVs in the United States, EV customers have contributed more than $1.7 billion in net-revenue to the body of utility customers.
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The Inflation Reduction Act (IRA) is the single largest action ever taken to mitigate the impacts of climate change in the United States. The federal government is deploying hundreds of billions of dollars to marshal economic and industrial policies in support of clean energy and to accelerate economy-wide decarbonization. But President Biden signing this bill into law is only the beginning.
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Elio Energy and EE North America have teamed up to develop a 2 GW solar power pipeline and energy storage assets in Arizona and its surrounding states in the US. The projects’ construction work is anticipated to begin gradually between 2023 and 2025.
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The US and the United Arab Emirates (UAE) have committed to invest $100 billion in renewable energy projects, with the goal of producing 100 GW of clean energy globally by 2035. On November 1, 2022, the US-UAE Partnership for Accelerating Clean Energy (PACE) was formally adopted in Abu Dhabi.
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Ørsted, a Danish energy provider, has sold a 50 per cent stake in an 862 MW renewable portfolio in the US to Energy Capital Partners (ECP) for around $410 million. The portfolio includes the solar power plant Muscle Shoals as well as the onshore wind farms Lincoln Land Wind, Plum Creek Wind, and Willow Creek Wind.
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InfraRed Capital Partners has announced that it has entered into an agreement to acquire a 49 per cent stake in a portfolio of three operating, utility-scale wind assets in the US from Algonquin Power & Utilities. Algonquin will sell its stake in the 202 MW Sugar Creek project in Illinois, the 149 MW Deerfield wind farm in Michigan, and the 200 MW Odell wind farm in Minnesota.
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RWE, a German energy company, has agreed to acquire all of Con Edison Clean Energy Businesses (Con Edison CEB) for $6.8 billion. Con Edison CEB, based in Valhalla, New York, operates and develops renewable energy plants around the US. The company has around 3 GW of operational capacity, with solar projects accounting for 90 per cent of the total.
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Enfinity Global has announced a definitive agreement with Capital Dynamics (advised by Barclays) to acquire a 400 MW utility-scale solar portfolio in the US, consisting 28 operational solar PV power plants in California, North Carolina and Idaho. The portfolio reached COD within the last five years and holds long-term power purchase agreements with high-quality utility off-takers.
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To supply subsea cable for the revolution wind farm in the US, Ørsted and Eversource have contracted with the French cable supplier Nexans. Nexans has now secured the contract for providing its export cable system to the 704 MW wind farm repeatedly. The first order for setting up and safeguarding the export cable link for the wind project was given to the company in March 2022.
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Matrix Renewables, a Spanish energy company, has purchased a 4.6 GW portfolio of utility-scale solar energy projects spread across the central US. For an undisclosed sum, the company bought the portfolio from SolarStone, a US-based provider of solar energy. In addition to the acquisition, Matrix and SolarStone Partners have agreed to establish a larger joint venture for development.
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Scout Clean Energy, based in the US, has selected GE Renewable Energy as the wind turbine provider for its 200 MW Sweetland wind project in Hand County, South Dakota. According to the agreement, 71 of GE’s 2.8-127 onshore wind turbines will be shipped to the Sweetland project, which Scout will manage. Scout and GE have jointly deployed 1.07 GW of wind energy capacity.
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Aegis Renewable Energy has signed a non-binding letter of intent to be acquired by US-based energy technology company Correlate Infrastructure Partners. The agreement aims to expand Correlate’s market share in the US North-East renewables market. Aegis is based in Vermont and provides engineering, procurement, and construction (EPC) services for solar assets in the eastern US.
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First Solar, a US-based solar energy company, has announced plans to invest up to $1.2 billion to increase the production of photovoltaic (PV) solar modules in the US. By 2025, the investment is anticipated to expand the domestic market’s capacity for American-made solar modules by more than 10GWdc. In the South-East of the US, First Solar plans to construct a production facility with the ability to produce 3.5GWdc of PV modules annually.
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LG Energy Solution and Honda Motor Co., Ltd. announced a joint venture (JV) company to manufacture lithium-ion batteries in the US to power Honda and Acura EV models for the North American market. LGES and Honda will invest a combined $4.4 billion in this agreement to build a new JV plant in the US. The project intends to have a production capacity of about 40 GWh per year.
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The US Department of Energy (DOE) has released a Request for Information (RFI) to help guide the execution of $335 million in funding from President Biden’s Bipartisan Infrastructure Law for lithium-ion battery recycling programs. The DOE’s announcement of $3.16 billion in financing from the Bipartisan Infrastructure Law in May 2022 is expanded upon in the RFI.
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New Energy Solar, an Australian firm, has entered into a binding agreement with a subsidiary of MN8 Energy, formerly known as Goldman Sachs Renewable Power, to sell its US solar asset portfolio for A$352 million. The portfolio consists of 14 solar assets, and the deal would result in New Energy Solar being closed. Shareholders of New Energy Solar will initially receive A$0.82 for each share within six business days of the proposed deal, as per the provisions of the legally binding agreement.
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