Category: News

US-based Swift Current Energy to sell majority ownership to Buckeye Partners and Nala Renewables

Buckeye Partners and Nala Renewables will together acquire majority ownership of Swift Current Energy, a North American clean energy development and investment platform. As part of this transaction, Swift Current Energy’s management team will retain a minority ownership in the company through their holding company, Lookout Ridge Energy Partners. The same team will also remain in place as the company’s management.

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Poland awards CfD for 2.5 GW Baltica Offshore Wind Farm

The Polish Energy Regulatory Office has awarded a Contract for Difference (CfD) to the Baltica Offshore Wind Farm which is reported to be the largest offshore wind project in the Polish part of the Baltic Sea. Its two phases, Baltica 3 and Baltica 2, would together have a cumulative capacity of up to 2.5 GW. The CfD was awarded at a maximum of PLN 319.60/MWh in accordance with the Decree of the Minister of Climate and Environment of Poland and the Offshore Wind Act.

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India-based ReNew Power targets net zero emissions by 2050

India’s leading renewable energy IPP, ReNew Power, has announced its committment to achieve net zero greenhouse gas emissions by 2050. The company’s latest announcement aligns with the ‘Race To Zero’ campaign which is a global alliance committed to achieving net zero carbon emissions through leadership and support from businesses, investors as well as cities and regions.

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Finnis Lithium Project in Australia begins production of battery-grade lithium

The Finniss Lithium Project has completed its first product test work and has confirmed that it is producing “battery-grade” lithium hydroxide monohydrate. The Australian Nuclear Science and Technology Organisation carried out tests from a sample of its product and successfully extracted over 95 per cent of lithium on two-kilogram samples of blended concentrate in two separate tests.

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Rice Acquisition Corp to form renewable natural gas platform in the United States

Rice Acquisition Corp,a special purpose acquisition company (SPAC), has announced an agreement with Aria Energy and Archaea Energy to create a renewable natural gas (RNG) platform in the United States. The transaction is expected to close by the end of 2021 and the combined company will be listed on the NYSE under the ticker symbol “LFG”. It aims to capture and convert waste emissions from landfills and anaerobic digesters into low-carbon RNG, electricity, and green hydrogen.

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Masdar to develop 230 MW mega solar project in Azerbaijan

UAE-based developer, Masdar has signed a deal to develop a utility-scale solar project in the Republic of Azerbaijan. As per the deal, the company will be responsible for developing, financing, constructing, and operating the plant, which is 9 km northwest of the Alat settlement in Azerbaijan. The implementation agreement for the project was signed in January 2020 by Masdar and the plant is expected to start commercial operations in early 2023.

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Norges Bank to acquire a 50 per cent stake in Borssele 1 & 2

The asset management division of Norges Bank, Norway’s central bank has confirmed that it will acquire a 50 per cent stake in the 752 MW Borssele 1 & 2 offshore wind farm located off the coast of the Netherlands developed by Ørsted. Norges Bank Investment Management (NIBM) will acquire the stake for Euro 1.375 billion using no external debt.

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The US government announces plan to promote the wind energy sector

The US government has unveiled a plan to install wind farms at sea to provide power to more than 10 million homes by 2030 and thus contribute to efforts against climate change. The plan aims to produce 30 GW of wind power in the country by 2021, according to an official statement. The goal will require investments estimated at more than $12 billion a year along the Atlantic and Pacific coasts.

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GCF approves FMO’s $137 million investment in India’s Green Growth Equity Fund

The Board of the Green Climate Fund (GCF) has approved Dutch development bank FMO’s proposal to accelerate private and public sector investment in India’s green infrastructure projects. Through the Green Growth Equity Fund (GGEF), managed by EverSource Capital, FMO will invest $137 million in the energy value chain, water, waste and transport sectors that promote low carbon and climate-resilient initiatives, in line with India’s climate objectives and Sustainable Development Goals.

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Genneia launches 26.28 MW Chubut Norte II Wind Farm

Developed by Genneia, the Chubut Norte II Wind Farm has now been launched. The wind farm has been set up at an investment of $39 million. With an installed power capacity of 26.28 MW, the wind power plant will generate 120 GWh of electricity per year.

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More than 260 GW of renewable energy capacity added globally in 2020 says IRENA

According to the latest data released by the International Renewable Energy Agency (IRENA), 2020 witnessed more than 260 GW of renewable capacity additions globally. These massive capacity additions have exceeded the 2019 installations by roughly 50 per cent despite the slowdowns on account of the covid-19 pandemic. In terms of total installed renewable power capacity worldwide, there has been a 10.3 per cent rise when compared to 2019.

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Indian telecom giant Airtel sets up a captive solar plant for powering its data centres

Indian telecom company Airtel (Bharti Airtel) has commissioned a 14 MWp captive solar plant in the state of Uttar Pradesh. This solar project will help the company to meet the power requirements of its core and edge data centers in the state. The project is in Tilhar the Shahjahanpur district of Uttar Pradesh. Earlier Airtel had acquired a 26 per cent equity stake in AMP Solar Evolution.

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EBRD gives Euro 9.1 million funding for floating solar project in Albania

The European Bank for Reconstruction and Development (EBRD) has provided a loan of about 9.1 million Euros for the development of a 12.9 MW floating solar project in Albania. The project will be located on the Vau i Dejes hydropower reservoir, which is under the management of by Korporata Elektroenergjitike Shqiptare (KESH), an Albanian state utility.

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Zimbabwe announces tax exemption for solar energy producers

The government of Zimbabwe has announced that it intends to exempt investors in solar energy from paying taxes for a period of five years. The move is targeted at attracting investment from solar energy producers in the country. This new move is set to complement other measures taken by the Zimbabwean government, such as the duty-free import of solar energy production equipment.

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Alliant Energy plans to develop 414 MW of solar capacity in Wisconsin

Alliant Energy has proposed developing 414 MW of solar power in Wisconsin, doubling the state’s solar capacity. The company reported that the capacity will be distributed across six projects in the state. As per the proposal, the six newest projects would be developed in mostly rural parts of five counties. Once the projects are operational, local communities would receive around $50 million in shared revenues for the next 30 years.

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