Category: Big Moves

Norway-based PV developer Scatec Solar has announced the acquisition of SN Power. Scatec has also decided to drop the word “Solar” from its name after agreeing to acquire SN Power for $1.1 billion from NorFund, a private equity firm owned by the Norwegian government. The deal is expected to close in Q2 2021.

US-headquartered Array Technologies has raised more than $1 billion in its initial public offering (IPO). Albuquerque-based Array Technologies started trading on the Nasdaq Global Market on October 15. The company sold 47.5 million shares at $22 per share for a total IPO of more than $1 billion, according to a release. It previously planned to raise much less at $675 million.

UAE’s largest renewable energy company, Masdar has signed an agreement with Miral, Abu Dhabi’s leading curator of experiences, to develop Abu Dhabi’s largest rooftop solar photovoltaic project to date at Warner Bros. World Abu Dhabi on Yas Island.

The order includes a directive for the New York State Energy Research and Development Authority (NYSERDA) to enter into contracts for 4,500 MWh per year for upstate renewables each year and 700 MW to 1,000 MW of offshore wind annually. This creates a strong market in New York and should attract the private investment needed to get projects under development.

The manufacturer will be adding this capacity in phases. Phase I is scheduled to come online in June 2021. The 5 GW high efficiency module capacity is estimated to cost an investment of RMB 1.7 billion.

French energy producer Total has officially announced its joint venture (JV) in solar energy with Adani Green Energy Limited (AGEL), the renewable energy subsidiary of Indian conglomerate Adani. The Indian Competition Commission (ICC) has approved the transfer of ten solar power generation assets from Adani Green Energy to the JV.

LevelTen’s report reveals that PPA offer prices are on the rise for both wind and solar projects. After dropping continuously for six quarters, the 25th percentile (P25) index of solar offer prices has risen for the past two quarters, and at $29.30 per MWh, it has surpassed its previous recorded high of $29.20/MWh back in Q3 2018.

Spanish multinational electric utility company Iberdrola has begun the construction of the Port Augusta hybrid wind-solar power plant. It is the group’s first renewable energy project in Australia after the acquisition of Infigen Energy, one of the country’s key developers of renewable energy projects.

Norway-based floating PV developer Ocean Sun is seeking a listing on the Merkur Market, a multilateral trading facility which has offered small and medium-sized companies access to the Oslo Stock Exchange since 2016. The company aims to raise NOK100 million ($10.9 million) through the initial public offering (IPO).

Siemens Gamesa Renewable Energies (SGRE) has announced that its 5.X platform turbines will be powering the 372-MW Bjornberget wind project in Sweden. The project is owned by German independent asset manager Prime Capital AG and Israeli power producer Enlight Renewable Energy.

Nuclear technology company Rosatom, Russia’s biggest electricity provider and the country’s supplier of nuclear fuel for power plants, has launched an energy storage business through its TVEL Fuel Company unit, which has set up a dedicated subsidiary, RENERA.

The announcement comes a month after Duke filed its integrated resource plan for the Carolinas, detailing six potential resource portfolios for the next 15 years. The base scenario – which includes no carbon policy drivers – projects total solar capacity of 8,650 MW by 2035, while the three most ambitious models in terms of solar development reveal the utility could own a solar portfolio in excess of 16 GW by that date.

Interested companies are invited to express interest in the development of projects aiming at future participation in free (ACL) or regulated (ACR) contracting environments. The EMAE is seeking proposals for projects ranging from 1 MW to 30 MW. The facilities will sell power on both the regulated and free energy markets.

Sunseap Group, a Singapore-based solar energy company, has announced that it signed a virtual power purchase agreement with Facebook to supply around 100 MW of solar energy from over 1,200 rooftop installations across Singapore. The generated renewable energy will be utilized to support Facebook’s operations in Singapore, including its first custom-built data center in Asia.

In June 2020, a selection process for the grid-connected battery system was announced for a launch later this year, following a public consultation. The initiative forms part of a broader plan to develop several strategic storage hubs in the country to reinforce electricity supply in areas vulnerable to outages. It is understood the Atlántico project will boast 50 MW of capacity. The length of the service agreement for the facility’s operation is expected to be 10 to 15 years.

Macquarie’s Green Investment Group (GIG), Siemens’ Smart Infrastructure (SI) and Financial Services (SFS) groups today announced the formation of Calibrant Energy (Calibrant), a joint venture that offers comprehensive onsite Energy as a Service (EaaS) solutions at no up-front cost for its customers, which include corporate and industrial clients, as well as municipalities, universities, schools and hospitals.

Chinese state-owned utility Huanghe Hydropower Development has finished building the world’s second largest solar power project in a desert in the northwestern Chinese province of Qinghai. The project includes an energy storage system of 202.9 MW supplied by China-based Sungrow.

General Motors has announced a power purchase agreement (PPA) for a 180-megawatt (MW) solar project set to be constructed by First Solar in Arkansas. Once the installation is completed in 2023, the capacity will lift General Motors to more than 60 per cent renewable energy usage.