Category: News

               European Energy North America has partnered with Elio Energy to develop a pipeline of 2GW of solar power generation and energy storage in Arizona and surrounding states. The projects are expected to start construction gradually between 2023 and 2025. “Our partnership with Elio Energy is another step forward in EE North America’s growth story. “This portfolio will provide the clean energy that customers demand while also making a significant contribution to meeting net zero goals in the region,” said Lorena Ciciriello, CEO of EE North America. “We look forward to working with Elio Energy on this major investment in the future of energy in region.” “The partnership with European Energy will accelerate the development of large-scale solar and storage projects in Arizona and surrounding states by providing the requisite financial security while supporting the renewable procurement goals of the IOU’s and Cooperatives,” said Daven Mehta, CEO of Elio.  “We have a large pre-development pipeline and are well on the way towards our mutual goals in support of European Energy.” Earlier this year EE North America announced its entrance into the US market to develop 10GW of renewable energy in the US by 2026.

Credits: renews.biz[Image: European Energy]

               The Environmental Audit Committee (EAC) is to look at the role solar energy technologies can play in the UK’s journey to net zero, in the latest stage of its Technological Innovation and Climate Change inquiry. Solar Energy UK has welcomed the formal opening of a Commons inquiry into solar energy. Members and friends of the association are encouraged to submit evidence by the deadline of 5pm on Thursday 1 December. Solar Energy UK is working on encouraging young people to join the industry and providing them with appropriate training. “The Environmental Audit Committee’s opening of an inquiry into solar energy is most timely, given the rapid growth of the sector this year, a direct consequence of the energy price crisis. “Even so, it is still being held back, particularly by the both the lack of available connections to the grid and trained installers, potential solutions for which we will be discussing with the MPs,” said Solar Energy UK Chief Executive Chris Hewett. He added: “The quicker we can get [solar power] onto the network, the quicker we can get expensive, volatile gas off the grid, delivering a lot of cheap power to consumers,” he told the committee. Electricity generation from solar panels – including their manufacture and construction – are estimated to have a carbon footprint up to 20 times lower than coal or gas with carbon capture and storage.

               The technology of photovoltaic cells is a fast-developing area, the EAC stated, with current and emerging technologies appearing to increase the potential for solar cells on flexible substrates and in locations with varying amounts of light. In its British Energy Security Strategy, the Government outlined plans to increase solar capacity to 70GW by 2035, with initiatives including amending planning rules for ground-mounted solar. The committee stated it is keen to consider whether market capacity for supply and installation is sufficient to meet this demand. Environmental Audit Committee Chairman, MP Philip Dunne, said: “Developing solar technologies for domestic and large-scale use provides a major opportunity to harness this energy, building up domestic energy resilience and helping to meet the UK’s net zero goals. “The UK is way behind other countries in deployment of solar energy generation. “Our Committee wants to find out why, and how we can light the way to a new solar dawn. “Can the supply chain support the anticipated increase in demand for solar installations in response to the rising cost of living and the drive to reach net zero? “Is current storage and distribution capacity limiting the country’s potential to develop solar energy? “Are current incentives sufficient to drive the level of progress required, and what barriers are preventing more rapid uptake? “During our short inquiry we will be considering these issues with experts before putting our findings to Government. “I welcome anyone with views on the potential for solar energy deployment to get in touch with the Committee.”

Credits: renews.biz [Image: Unsplash/Jamie Street]

               Councillors have unanimously backed plans for a 40MW solar farm to be developed at Skeeby, East of Richmond, North Yorkshire, in UK Prime Minister Rishi Sunak’s constituency. Once operating the solar farm will produce sufficient power for 11,500 houses resulting in C02 savings of 21,250 tonnes per year.  Harmony energy director James Ritchie said: “We are thrilled this important renewable development can proceed. “Renewable energy is critical to mitigate the negative impact of climate change and help support the UK’s net zero ambition. “One of the great advantages of solar power is that we can build it without taxpayer support thereby helping reduce energy costs and increase energy security in the UK. “This proposal creates significant biodiversity gains and as with all our developments there will be an annual community fund to benefit local projects. “This is in addition to the significant business rates that will be paid and benefit the wider community.” Harmony Energy is in the final stages of developing a major battery energy storage facility at Pillswood, near Cottingham, in East Yorkshire. When finished this month, the new facility will have the capacity to store up to 198MWh of power to feed directly back into the network, making it the largest battery energy storage facility in the UK.

Credits: renews.biz[Image: Harmony Energy ]

               ACWA Power has been chosen to build two floating solar farms totalling 110MW in Indonesia. The Saudi Arabian developer and operator of power generation plants was selected by PT Perusahaan Listrik Negara (Persero), or PLN, Indonesia’s sole state-owned electricity utility. The projects will enable Indonesia to achieve its renewable energy target of 23% by 2025, under the country’s National General Energy Plan. This marks ACWA Power’s first move in the south-east Asian country, as well as the company’s first floating solar PV projects in its portfolio. The Saguling Floating Solar PV project and Singkarak Floating Solar PV Project will have a capacity of 60MW and 50MW, respectively. The pair represent a combined investment value of $105m. ACWA Power has a 49% equity stake in both projects, with the rest being held by Indonesia Power, a subsidiary of PLN.

               The offtake partner in these projects, PLN, controls, owns, and operates approximately 69% generation capacity in Indonesia. It is also the sole buyer of electricity produced by independent power plants in the country, including electricity generated from renewable energy sources. As of the end of 2021, PLN controlled over 64.5GW of generation capacity in Indonesia. As a next step, PLN and ACWA Power will finalise the power purchase agreements for these projects. Clive Turton, Chief Investment Officer of ACWA Power, said: “As one of the world’s most populous countries, and a major consumer of conventional energy sources, any steps in Indonesia to mitigate greenhouse gas emissions will make a big impact in the global fight against climate change. “For companies like ACWA Power, who are intent on the energy transition, this country is an exciting market as there is government support, an understanding of global challenges, considerable demand and an urgent need to supply the country’s numerous residents. “As we mark our market entry into Indonesia, we are committed to making a positive impact with our partners, off taker and consumers.”

Credits: renews.biz [Image: ACWA Power

               European Energy’s 128.5MW solar park in Svedberga outside Helsingborg has been approved by the Land and Environment Court in Vaxjo. The company is getting ready to start constructing the project, Sweden’s largest solar park to date, after being halted earlier this year when the County Board in Skane decided to reject the application. The Land and Environment Court in Vaxjo found that the decision was wrong, however. Assuming the verdict is not appealed, the solar park could be producing electricity already in 2024, which will increase supply and pressure electricity prices downwards. In its decision, the Land and Environmental Court states that the protective measures and adaptations that European Energy has proposed to protect the environment are sufficient.

               They refer, among other things, to the comprehensive environmental impact assessment. “The solar park will generate new green electricity corresponding to the annual consumption of 35,000 residential households, which is the largest single contribution of new electricity to the region in many years,” said Jens-Peter Zink, Deputy CEO of European Energy. The solar park in Svedberga covers a total area of 232.5 hectares, of which approximately one third will be utilised for solar power production. The rest of the land can be used for agricultural cultivation. At the outer edge of the solar park, many trees and bushes will be planted – a reinforcement of biological diversity.  “The plan is to have the entire park completed in 2023 and in production in 2024,” said Peter Braun, Head of Projects in Sweden, Norway and Finland for European Energy. 

Credits: renews.biz[Image: Pixabay]

               TotalEnergies and Brazillian developer Casa dos Ventos (CDV) have created JV to jointly develop, build and operate the latter’s 12GW renewables portfolio. Under the agreement TotalEnergies will hold a 34% stake in the JV while CDV will have the remaining 66% interest.  The CDV portfolio includes 700MW of onshore wind capacity in operation, 1GW of onshore wind under construction, 2.8GW of onshore wind and 1.6GW of solar projects under well advanced development (COD within five years). In addition, the newly formed JV will have the right to acquire the current and new projects that are or will be developed by CDV as they reach execution stage. This will allow the JV to access an additional portfolio of at least 6GW, that CDV will continue to expand. TotalEnergies will pay a cash consideration of US$550m (€551m) and up to US$30m in earn-out to complete the acquisition. In addition, TotalEnergies will have the option to acquire an additional 15% equity share in the JV after 5 years.  TotalEnergies said it will support the JV accelerating its growth thanks to its global presence in the Corporate PPA market, its purchasing power resulting from its worldwide size.

               Furthermore, its trading expertise well suited to the Brazilian merchant market and its strong balance sheet allowing the JV to improve its financing cost, it added. CDV, which has developed 25% of the onshore wind assets in operation today in Brazil, will bring to the JV its deep knowledge of the Brazilian market and a very high-quality portfolio while shifting from a developer to a producer business model. TotalEnergies chief executive Patrick Pouyanné said: “After Adani Green in India and Clearway in the United States, I am delighted with this new major partnership in Brazil, with Casa dos Ventos, the leader in onshore wind energy. “With this transaction, TotalEnergies acquires not less than a leading position in the Brazilian renewable energy market, one of the most dynamic merchant markets in the world. “This market fits our strategy of taking advantage of the growth of the deregulated power markets, which is crucial to the energy transition. “With a total of 12GW in operation, construction and development, both wind and solar, this transaction is an additional step in TotalEnergies ambition to reach 100GW of renewable production by 2030 and in its transformation into a sustainable and profitable multi-energy company.” Founder and president of Casa dos Ventos Mario Araripe added: “The partnership between Casa dos Ventos and TotalEnergies was structured to maximize the complementarities and synergies between the companies. “In addition to its financial strength, TotalEnergies’ global footprint will contribute to the expansion of our client portfolio and enhance our knowledge in new fields of the energy transition. “We are confident that this partnership positions us in a strategic role to lead the sustainable energy agenda in Brazil.”

Credits: renews.Biz[Image: TotalEnergies ]

               Vena Energy has reached financial close on the first stage of its 125MW Wandoan South solar project in Queensland, Australia. DBS, ING, Intesa Sanpaolo, OCBC Bank, and SMBC have agreed to provide debt and ancillary facilities to the scheme. Construction of the solar farm in the Western Downs region commenced earlier this year and is expected to generate a peak workforce of around 350 people, the Singapore-based developer said. Once complete, it will be capable of producing up to 365 gigawatt hours of energy annually.

               Head of Vena Energy Australia Owen Sela added: “We are committed to accelerating the development of innovative renewable energy projects and generation of clean, sustainable energy in Australia. “Even accounting for recent cost inflation trends, solar PV is still one of the most cost-competitive sources of energy in Australia today. “With the Wandoan South Solar Project, Vena Energy continues to serve its customers’ demand for affordable and clean electricity whilst helping them decarbonise and contribute towards Australia’s net-zero targets.” Elaine Lam, head of global corporate banking at OCBC Bank, said: “We are pleased to support Vena Energy Australia on this green loan for its Wandoan South Solar Project that will deliver affordable, clean energy. “It is our first solar project in Australia and will add to the encouraging growth momentum of our global renewable energy projects portfolio.” In the funding arrangement, DBS acted as the Joint-Green Structuring Bank, Financial Model Coordinator and Facility Agent; Intesa Sanpaolo as the Joint-Green Structuring Bank; and SMBC as the Technical Coordinator and Project Account Bank.

Credits: renews.biz[Image: Vena Energy]

               TotalEnergies and Brazillian developer Casa dos Ventos (CDV) have created JV to jointly develop, build and operate the latter’s 12GW renewables portfolio. Under the agreement TotalEnergies will hold a 34% stake in the JV while CDV will have the remaining 66% interest.  The CDV portfolio includes 700MW of onshore wind capacity in operation, 1GW of onshore wind under construction, 2.8GW of onshore wind and 1.6GW of solar projects under well advanced development (COD within five years). In addition, the newly formed JV will have the right to acquire the current and new projects that are or will be developed by CDV as they reach execution stage. This will allow the JV to access an additional portfolio of at least 6GW, that CDV will continue to expand. TotalEnergies will pay a cash consideration of US$550m (€551m) and up to US$30m in earn-out to complete the acquisition.

               In addition, TotalEnergies will have the option to acquire an additional 15% equity share in the JV after 5 years. TotalEnergies said it will support the JV accelerating its growth thanks to its global presence in the Corporate PPA market, its purchasing power resulting from its worldwide size. Furthermore, its trading expertise well suited to the Brazilian merchant market and its strong balance sheet allowing the JV to improve its financing cost, it added.  CDV, which has developed 25% of the onshore wind assets in operation today in Brazil, will bring to the JV its deep knowledge of the Brazilian market and a very high-quality portfolio while shifting from a developer to a producer business model. TotalEnergies chief executive Patrick Pouyanné said: “After Adani Green in India and Clearway in the United States, I am delighted with this new major partnership in Brazil, with Casa dos Ventos, the leader in onshore wind energy. “With this transaction, TotalEnergies acquires not less than a leading position in the Brazilian renewable energy market, one of the most dynamic merchant markets in the world. “This market fits our strategy of taking advantage of the growth of the deregulated power markets, which is crucial to the energy transition. “With a total of 12GW in operation, construction and development, both wind and solar, this transaction is an additional step in TotalEnergies ambition to reach 100GW of renewable production by 2030 and in its transformation into a sustainable and profitable multi-energy company.” Founder and president of Casa dos Ventos Mario Araripe added: “The partnership between Casa dos Ventos and TotalEnergies was structured to maximize the complementarities and synergies between the companies. “In addition to its financial strength, TotalEnergies’ global footprint will contribute to the expansion of our client portfolio and enhance our knowledge in new fields of the energy transition. “We are confident that this partnership positions us in a strategic role to lead the sustainable energy agenda in Brazil.”

               The expansion of solar power in Europe is growing rapidly due to increased renewable energy ambitions and the need to reduce dependence on Russian gas, according to analysis by Statkraft. Statkraft’s Low Emissions Scenario shows that Europe will have significantly more solar power by 2030 than expected before the war in Ukraine. The analysis, which Statkraft has carried out each year for seven years, shows that along with wind power, solar power is asserted as the crucial renewable technology to reduce the European Union’s dependence on Russian gas and cut emissions.

               It estimates an average yearly increase of solar capacity in the EU of between 45GW and 52GW towards 2030. This is significantly higher than the 33GW per year analysts expected before the invasion of Ukraine and it compares to a record 26GW which was predicted in 2021. Compared to other renewable energy technologies, solar power is cost-efficient, and construction can take less than two years, Statkraft said. According to the report, renewable energy will account for almost 80 percent of the world’s total power generation in 2050. It also predicts that solar will become the world’s largest source of power generation by around 2035 and will produce more than 21,000 Terrawatt hours, equivalent to 80 percent of the world’s power demand today. Christian Rynning-Tønnesen of Statkraft said: “In the Low Emissions Scenario, we see that the best measures to solve the ongoing energy crisis are the same measures that are crucial to fighting the climate crisis. “A greater focus on energy security and energy self-sufficiency will also drive the green energy transition.” “In an energy system with much more weather-dependent renewable energy such as wind and solar, there is an increased need for flexible solutions that can help balance consumption and production. “Hydropower’s unique ability to store water will provide both short- and long-term flexibility, and can be upgraded to achieve an even more important role in the future. “Energy security, demand for affordable energy, and the climate crisis all indicate that we should now accelerate the global energy transition. “Electrification based on renewable power, and energy efficiency are key pillars.”

Credits: renews.biz[Image: Statkraft]

               Hamburg-based wind and solar operator Encavis has concluded non-recourse project financing on two Danish solar farms. The projects are based in Svinningegarden in the north-western part of Zealand with a generation capacity of 34MWp and Rodby Fjord on Lolland in the south-western part of Zealand, which has a generation capacity of 71MWp. Encavis AG acquired the two parks from European Energy at the end of 2021. They produce electricity through long-term power purchase agreements (PPAs) with well-known technology companies. Rodby Fjord also benefits from a feed-in tariff (FiT) fixed for 20 years by the Danish Ministry of Energy, Supply and Climate.

               The financing of around €32m was provided by Rabobank, which is the first to conclude a joint transaction with Encavis AG in Denmark. The financing ends on the 30^th of June 2040 and was structured and arranged internally by Encavis AG. The main component of the financing is a term facility that is fully secured over the entire term of the loan by means of interest rate swaps and cross currency swaps. “We are very pleased that we were able to achieve attractive conditions within the framework of this financing with Rabobank and that we now have additional financial resources available for further investments as part of our expansion goals,” said Dr Christoph Husmann, CFO of Encavis AG.

Credits: renews.biz [Image: Pixabay]