Category: Big Moves

Masdar develops 1.5 GW wind farm in Uzbekistan

Masdar signed an agreement with the Government of the Republic of Uzbekistan for extending the capacity of its utility-scale wind farm project to 1.5 GW from the earlier capacity of 500 MW. The project is located in Zarafshan district in the Navoi region of Uzbekistan.

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Sun Cable plans to construct factory to supply world’s biggest solar + storage project

Singapore-based manufacturer, Sun Cable has applied with the Development Consent Authority of Australia’s Northern Territory to build a facility that will manufacture Maverick solar array systems, designed by 5B. Sun Cable plans to build the manufacturing facility in East Arm Business Park in Darwin, which is close to the city’s port. Sun Cable reports that the construction of the project will begin immediately after financial close in October 2023, with commercial operations to begin in 2027.

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Ørsted plans to link 2 GW offshore wind farms to green hydrogen network

Ørsted has announced plans to develop one of the world’s largest green hydrogen plants, powered by offshore wind, to feed industrial demand in the Netherlands and Belgium. The project, dubbed ‘SeaH2Land’ will be constructed by 2030 and would comprise a 1 GW green hydrogen production facility linked directly to a newly built 2 GW offshore wind farm in the Dutch North Sea.

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India’s Tata Cleantech receives JPY 10 billion loan from JICA

Japan International Cooperation Agency (JICA) has signed a loan agreement with Tata Cleantech Capital Limited (TCCL), an Indian non-banking financial company. The financing for a maximum amount of JPY 10 billion will help support TCCL to offer loans to businesses across India that focus on renewable energy generation, e-mobility solutions as well as energy efficiency. The loan, provided through the Private Sector Investment Finance scheme of JICA is co-financed with the Sumitomo Mitsui Banking Corporation (SMBC).

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Pennsylvania to source 50 per cent of annual energy requirement from solar plants in the state

Energy providers, Constellation and Lightsource bp announced that they have signed an agreement with the Commonwealth of Pennsylvania in helping the region source approximately 50 per cent of its annual energy consumption from solar energy. The project, dubbed Pennsylvania PULSE (Project to Utilize Light and Solar Energy) will be across six Pennsylvania counties, 191 MW of solar projects, and is expected to help the state reduce its CO2 emissions by 157,000 metric tons annually

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AfDB funds $530 million in transmission projects in Angola

The African Development Bank (AfDB) has committed to funding $530 million to finance the construction of a 343 km, 400 kV central-south transmission line that will connect the north and south transmission grids in Angola to allow for power distribution between the two regions. The rationale behind the construction is that the north of Angola has over 1 GW of mostly renewable power while the southern part of the country still relies on diesel generators.

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Nucor signs 10-year power purchase agreement with Ørsted

Nucor Corporation announced that it has signed a 10-year virtual power purchase agreement for 100 MW of energy from Ørsted’s Western Trail wind farm (WTW) in North Texas. Ørsted’s WTW project is already under construction and is expected to be in service later this year. The project uses Nucor steel and steel products and is designed to continue generating power even during particularly severe weather which is common in the area.

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Southern California Gas Company sets bold net zero emissions pledge

The Southern California Gas Company (SoCalGas), the largest gas utility in the US, has announced the company’s bold commitment to achieve net zero greenhouse gas (GHG) emissions in its operations and delivery of energy by 2045. This commitment makes SoCalGas the largest gas distribution utility in North America to set a net zero target including scopes 1, 2, and 3 GHG emissions, which would eliminate not only its own direct emissions, but also those generated by customers’ energy delivered by SoCalGas’ energy infrastructure.

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China targets to improve renewable power offtake

In its efforts towards reducing carbon emission, China’s administration plans to inspect renewable power consumption across the country. This will focus on the amount of electricity produced by hydropower, wind and solar projects which was not absorbed by the grid.

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Hunt Energy and Manulife form a JV to develop 500 MW energy storage projects within ERCOT

Dallas-based Hunt Energy Network formed has a joint venture with Manulife Investment Management to develop 500 MW of energy storage within the Electric Reliability Council of Texas (ERCOT). The new company will be called HEN Infrastructure and will develop and manage a portfolio of distribution-level energy storage assets in ERCOT, dispatched by Hunt Energy Network’s TraDER platform.

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Masdar plans to develop 500 MW of solar power capacity in Ethiopia

Abu Dhabi based renewable energy company, Masdar has signed an MoU with the Government of the Federal Democratic Republic of Ethiopia to explore the development of solar power projects across Ethiopia. As part of the agreement, a total solar power capacity of 500 MW is to be developed across the country along with related grid infrastructure.

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Adani Green Energy raises $1.35 billion in debt financing for its renewable energy portfolio

A leading Indian IPP, Adani Green Energy Limited (AGEL) has announced that it raised a $1.35 billion debt package for its renewable asset portfolio which is currently under construction. Further, the company has signed definitive agreements with international lenders. The funding will be utilised to finance 1.69 GW of solar-wind hybrid projects currently being developed in the Indian state of Rajasthan.

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BP plans 1 GW hydrogen production facility in the UK

bp has proposed a large blue hydrogen production facility with a targeted capacity of 1 GW by 2030. The project, H2Teesside, would capture and send for storage up to two million tonnes of carbon dioxide per year. The project would be located in Teesside in north-east England which is in close proximity to North Sea storage sites, pipe corridors and existing operational hydrogen storage and distribution capabilities.

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Iberdrola, Cosmo energy and Hitachi Zosen to collaborate on 600 MW offshore wind project in Japan

Iberdrola signed a joint-venture agreement with Cosmo Eco Power and HitachiZosen Corp to collaborate on developing a 600 MW offshore wind farm in Japan, known as the Seihoku-oki project. The companies will come together to form the joint venture Aomori-Seihoku-Oki Offshore Wind Godo Kaisha to develop the project. The project site is located off the coast of the Aomori prefecture.

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Neoen launches Euro 600 Mn rights issue to finance renewable energy goals

French renewable energy developer, Neoen has launched a Euro 600 million share rights issue to help finance the company’s Euro 5 billion investment plan. The company aims to build a renewable energy portfolio of 10GW in operation or under construction by 2025. The net proceeds from the issuance of the new shares will go into financing its new assets as part of a first investment cycle which will end by 2022.

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UK’s pension fund Nest to invest $1.95 billion in renewable energy

United Kingdom’s largest workplace pension scheme has announced a $1.95 billion green energy push after agreeing to an infrastructure partnership worth an initial $347 with Octopus Renewables, a specialist clean energy provider. The investment by Nest in green energy could reach $2.79 billion by the end of the decade, subject to new inflows from the scheme’s members and growth in demand for renewables.

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