Tag: Solar power

Categories
News

Siemens Energy Makes Major Move

Norbida UK News
Siemens Energy goes global! €1.2bn to supercharge grid business worldwide! [Image: Siemens Energy]

Siemens Energy to Hire Over 10,000 Employees in Major Grid Expansion

In a bold move to expand its electricity grid business, Siemens Energy has announced plans to hire more than 10,000 new employees. This initiative is part of a €1.2 billion, six-year growth plan aimed at bolstering the company’s Grid Technologies division, its largest revenue driver.

 A Strategic Response to Industry Challenges

As reported by the Financial Times, this ambitious expansion plan is expected to help Siemens Energy navigate the challenges faced by its wind turbine subsidiary, Siemens Gamesa. The Grid Technologies division, which already stands as the world’s second-largest manufacturer of electricity transmission equipment, is set to increase its workforce by two-thirds by 2030. The €1.2 billion capital expenditure will be allocated towards new factories and enhanced manufacturing capacities across the US, Europe, and Asia.

 Meeting Surging Demand

Tim Holt, head of the Grid Technologies division, emphasized the growing need for robust grid infrastructure. “Surging demand for electricity, a wave of renewable projects requiring better grid connections, and widespread ageing infrastructure are driving the need for advanced grid equipment,” Holt explained. This surge in demand is a clear indicator of the global shift towards renewable energy and the necessity for upgraded electricity transmission systems to handle the increasing loads.

 Global Expansion and Job Creation

Siemens Energy’s expansion is set to unfold rapidly, with the majority of the growth materializing within the next two years. Of the new jobs, 40% will be based in Europe, 20% in the US, 20% in India, and the remaining 20% spread across the rest of Asia and Latin America. This global distribution of new positions underscores the company’s commitment to strengthening its presence and capabilities worldwide.

 Impressive Order Growth

The Grid Technologies division has seen remarkable growth in recent years. From 2021 to 2023, orders doubled from €7 billion to €15 billion, with €12 billion in orders recorded in just the first half of this year. This impressive performance highlights the increasing demand for Siemens Energy’s grid solutions and the company’s ability to meet these needs effectively.

 Looking Ahead

Siemens Energy’s strategic expansion not only aims to address current industry challenges but also positions the company for long-term success in the evolving energy landscape. By investing in new infrastructure and significantly expanding its workforce, Siemens Energy is poised to play a crucial role in the global transition to sustainable energy. #SiemensEnergy #GridExpansion #RenewableEnergy #SustainableFuture #EnergyInfrastructure #GlobalGrowth #JobCreation #ElectricityGrid #EnergyTransition #CleanEnergy #TechnologyInnovation #IndustryLeadership #TimHolt

 

 

 

 

 

 

Credit: [Image: Siemens Energy]

Categories
News

Wind Power Gets An Upgrade: ABO Wind Evolves Into ABO Energy

Norbida UK News
ABO Wind is now ABO Energy! Plus, a new legal structure for a more dynamic future. [Image: ABO Energy]

ABO Wind Becomes ABO Energy: A New Chapter in Renewable Energy

German renewable energy developer ABO Wind has officially transitioned from a stock corporation (AG) to a partnership limited by shares (KGaA), changing its name to ABO Energy GmbH & Co KGaA. This pivotal move marks the beginning of a new era for the company, reflecting its expanded focus and international ambitions.

 A Strategic Transformation

The change was solidified with the new company’s entry into the commercial register of the Wiesbaden District Court. The transition, overwhelmingly approved by 87% of shareholders at an Extraordinary General Meeting in October 2023, underscores a strategic shift aimed at preserving the influence of founders Jochen Ahn and Matthias Bockholt on future company decisions and corporate culture, especially amid anticipated capital increases.

 Embracing a Broader Vision

ABO Wind has long outgrown its original name. The rebranding to ABO Energy more accurately represents the company’s diverse expertise across four key technologies of the energy transition: wind, solar, storage, and hydrogen. This name change mirrors the company’s broadened vision and international reach, aligning with its growing pipeline of projects.

 Overcoming Challenges

The path to transformation wasn’t without hurdles. Despite the overwhelming shareholder support in October 2023, legal challenges delayed the implementation of the new structure. The April 2024 General Meeting was still held under the name ABO Wind AG. However, with all necessary documents submitted, the Wiesbaden District Court has now formalized the change, allowing ABO Energy to step confidently into its future.

 Looking Forward

Founding director Jochen Ahn expressed enthusiasm about the transition: “We are very pleased that we can now begin a new chapter in our company history as ABO Energy KGaA.” With a robust pipeline of 23GW across various technologies and an additional 20GW dedicated to hydrogen projects, Ahn remains optimistic about the future.

“Our business model and values remain steadfast,” Ahn continued. “As ABO Energy, we aim to build upon and expand the many good partnerships we’ve cultivated over the past 28 years. Transparency towards our shareholders is crucial, and we strive to make our company even more attractive on the capital market. Our commitment to Environmental, Social, and Corporate Governance (ESG) will undoubtedly support this endeavor.”

 A Bright Future Ahead

The rebranding to ABO Energy signifies more than a name change; it’s a commitment to a more sustainable future. By leveraging its extensive experience and expanding its technological portfolio, ABO Energy is poised to play a pivotal role in the global energy transition. This transformation highlights the company’s dedication to innovation, sustainability, and growth, setting the stage for continued success in the renewable energy sector. #ABOEnergy #RenewableEnergy #EnergyTransition #WindEnergy #SolarPower #EnergyStorage #HydrogenPower #Sustainability #CorporateGovernance #CleanEnergy #EnvironmentalCommitment #EnergyInnovation

 

 

 

 

 

 

Credit: [Image: ABO Energy]

Categories
News

Powerhouse Partnership: Corre And SemperPower Team Up For Dutch Energy Storage

Norbida UK News
Dutch energy gets a supercharge! New venture launches 320MW battery project at Zuidwending. [Image: Corre Energy]

Corre Energy and SemperPower Join Forces for Massive 320MW Battery Storage Project in the Netherlands

In a groundbreaking partnership, Corre Energy and Dutch battery specialist SemperPower have formed a joint venture to develop one of Europe’s largest battery storage facilities. Set to be built at the 320MW Zuidwending site in the Netherlands, this ambitious project marks a significant milestone in the continent’s renewable energy journey.

Pioneering Energy Storage

The joint venture (JV) will see SemperPower, owned by Return Energy, and Corre Energy collaboratively deliver a 640MWh, two-hour battery storage project. With an initial investment of €7 million, Corre Energy’s contribution will be represented by capital already invested in the project to date. This strategic partnership is poised to address critical grid balancing needs in the Netherlands, accommodate increasing renewable energy supplies, and create substantial societal and environmental benefits.

Environmental Impact and Future Prospects

The JV estimates the project will eliminate over 70,000 tonnes of carbon dioxide annually. This initiative complements Corre Energy’s Compressed Air Energy Storage (CAES) plans, offering an additional revenue stream and reinforcing their commitment to sustainability. The battery facility, sharing the same grid infrastructure as the planned CAES facility, will form a comprehensive energy storage hub capable of managing energy from milliseconds to multiple days.

Expertise and Economic Viability

SemperPower brings extensive expertise in battery infrastructure sourcing, development, and operation. Their responsibilities will include finalizing offtaker agreements and project financing, leveraging significant debt facilities. Thorough offtake demand and pricing analyses have validated the economic projections for the project, ensuring a sound financial foundation. With three existing projects in the Netherlands and a strong pipeline backed by Return Energy, SemperPower’s experience will be instrumental in the JV’s success.

Strategic Vision and Future Development

Targeting a fixed 10-12 year offtake agreement, the JV aims to mitigate market revenue risks. The final investment decision (FID) is expected in late 2025, which will propel the project into its next phase, delivering development fees aligned with industry standards. The total capital expenditure during construction and installation will be around €300 million, leading to recurring annual income once commercial operations commence in 2026.

Transformative Impact on the Energy Landscape

This partnership is not just about creating a massive battery storage facility; it’s about transforming the energy landscape. The multi-duration energy storage hub will enhance energy security, foster job creation, and boost the local economy. Keith McGrane, CEO of Corre Energy, highlighted the broader impact, stating, “This major new partnership with Semper Power and Return Energy speeds up and broadens our income profile for Zuidwending while delivering critical storage to meet future energy consumption needs. We believe batteries could play a major role in our current and future projects. It’s a model we can replicate and scale because the economics stack up, it can accelerate projects, and the technology is highly complementary.”

A Collaborative Effort for a Greener Future

Dennis Schiricke, CEO of SemperPower, emphasized the collaborative nature of the project, “Through this joint venture, we aim to support regional stakeholders by accelerating the energy transition, a goal achievable only through collective efforts. This project stands to bring numerous benefits to the local region, including enhanced energy security, job creation, and a boost to the local economy. By working together, we can inspire collective action and tackle sustainability challenges head-on.”

As local and national consultations commence, this joint venture is set to bring a new era of sustainable energy to the Netherlands. Stay tuned for updates on this transformative project, as Corre Energy and SemperPower lead the way towards a greener, more resilient energy future. #BatteryStorage #RenewableEnergy #GreenEnergy #EnergyTransition #CorreEnergy #SemperPower #SustainableFuture #NetherlandsEnergy #GridBalancing #CleanPower #EnvironmentalImpact #EnergySecurity #JobCreation #EconomicBoost

 

 

 

 

 

 

Credit: [Image: Corre Energy]

Categories
News

European Energy Makes Major Move In Romania’s Grid Market

Norbida UK News
Cleaner air, brighter future! Developer receives approval for game-changing renewables project. [Image: European Energy]

European Energy Powers Up Romania with Massive Renewable Push! 

Big news for Romania’s clean energy future! European Energy has just secured grid connection approvals for a whopping 500MW of solar and wind projects across the country. ☀️ This is a major leap forward for renewable energy in Romania, bringing these projects closer to construction and pushing European Energy’s total development pipeline in the country to over 1.5 GW!

What does this mean?

  • More clean energy for Romania: These projects will generate significant renewable power, helping Romania reduce its reliance on fossil fuels and achieve its clean energy goals.
  • Jobs and investment: Construction and operation of these projects will create jobs and boost the Romanian economy.
  • A secure energy future: By diversifying its energy mix, Romania will become less reliant on volatile energy prices and ensure a more secure energy supply.

This is just the beginning! European Energy is actively working to secure grid connection approvals for their remaining projects, and they’re excited about the upcoming renewable energy support scheme in Romania.

Romania’s renewable energy potential is vast, and European Energy sees a bright future. As Ioannis Kalapodas, head of European Energy’s Romania office, says: “The upcoming auction for Contract for Difference… will unlock the implementation of more wind and solar projects.”

Thorvald Spanggaard, Executive Vice President and Head of Project Development at European Energy, agrees: “Securing 500MW of grid connection approvals is a step towards achieving a leading position in the market… Romania can foster a new progressive stream of renewable energy development.”

Stay tuned for more updates! This is a significant development for Romania’s clean energy future, and we’re excited to see these projects come to life.

What are your thoughts on this news? Share your comments below! #Romania #Renewables #WindPower #SolarEnergy

 

 

 

 

 

 

Credit: [Image: European Energy]

Categories
News

Belgium Gets A Boost: Engie Begins Construction Of 200MW Battery Facility

Norbida UK News
Vilvoorde to become a clean energy hub: Massive battery project underway! [Image: Engie]

Groundbreaking Ceremony Marks New Era for Vilvoorde with 200MW Battery Park

Excitement buzzed through the air as Mayor Hans Bonte, local officials, and energy enthusiasts gathered to celebrate the groundbreaking ceremony for a state-of-the-art 200MW battery park at the Engie site in Vilvoorde, Belgium. This monumental event marks a significant step towards a greener and more sustainable future for the region.

 A Leap Towards Sustainability

The French energy developer Engie secured the construction permit for this ambitious project in July 2023. Following its selection for a capacity payment in October 2023, the project swiftly transitioned from planning to action. A sprawling 3.5-hectare site has been prepared to host 320 battery modules, each an impressive 25 meters by four meters by three meters.

 Phased Power-Up

The park’s start-up will unfold in two phases: the first 100MW of batteries will go live in September 2025, with the remaining 100MW becoming operational by January 2026. Once fully functional, the park will boast the ability to store 800 MWh of power, capable of supplying electricity to 96,000 households for four hours—equivalent to 160,000 5kWh home batteries.

 Engie’s Global Vision

Engie’s commitment to renewable energy and storage is clear. The group aims to install 10GW of battery storage worldwide by 2030. In Belgium alone, in addition to the Vilvoorde site, Engie is developing two other significant battery projects: a 100MW facility in Kallo and an 80MW installation in Drogenbos. Permits for these projects have already been obtained, signaling a robust pipeline for the nation’s energy transition.

 The Future of Energy in Vilvoorde

Vincent Verbeke, CEO of Engie Belgium, highlighted the importance of this technology in balancing the intermittency of renewable sources like wind and solar power. “Our teams are more focused than ever on meeting the growing need for flexibility, with a view to providing sustainable, reliable, and affordable energy,” he emphasized.

Mayor Hans Bonte also expressed his enthusiasm for the project, noting the historic transformation of the site. “The Vilvoorde site will become a crucial link in making the Belgian sustainable energy transition a success,” he stated. He also mentioned plans for a green recreational area adjacent to the cooling towers, enhancing the city’s commitment to sustainability and honoring its industrial heritage.

 A Greener Future for All

As the Engie team and the city of Vilvoorde embark on this exciting journey, the 200MW battery park stands as a testament to innovative technology and unwavering commitment to a sustainable future. With projects like this, Belgium is not only poised to meet its energy needs but also to set a precedent for renewable energy integration worldwide.

Stay tuned for more updates on this transformative project as Vilvoorde paves the way for a greener, more resilient energy landscape. #SustainableEnergy #RenewableEnergy #BatteryStorage #GreenEnergy #EnergyTransition #Vilvoorde #Engie #FutureOfEnergy #GreenTechnology #CleanEnergy

 

 

 

 

 

 

Credit: [Image: Engie]

Categories
News

Taking Solar Offshore! SolarDuck & RWE Launch Floating Pilot

Norbida UK News
Deeper Than You Think! This 500kW floating solar array isn't afraid to get wet! Installed 12km off Scheveningen in 20 meters of water, it's a game-changer for renewable energy. ☀️ [Image: SolarDuck]

Riding the Waves: SolarDuck’s Offshore Floating Solar Project, Merganser

In an ambitious stride towards innovative renewable energy solutions, Dutch-Norwegian company SolarDuck, with the support of RWE, has successfully installed the offshore floating solar project, Merganser. This 500kW pilot project, located approximately 12km off the coast of Scheveningen in the Dutch North Sea, aims to revolutionize solar power by harnessing the potential of offshore floating solar technology.

Testing the Waters: Merganser’s Groundbreaking Design

The Merganser project is a significant step forward in demonstrating the structural, mooring, and electrical designs necessary for large-scale commercial deployment of floating solar. Consisting of six interconnected platforms, the scalable concept is engineered to withstand the harshest offshore conditions, floating several meters above the water and following the waves like a carpet. This innovative design ensures that critical components remain dry, clean, and stable, maintaining the structural integrity of the semi-submersible floating platform.

Recently, SolarDuck’s design received the world’s first certification for offshore floating photovoltaic (OFPV) systems from Bureau Veritas, underscoring its pioneering approach in the renewable energy sector.

Partnership Power: RWE’s Role and Vision

RWE, a global leader in renewable energy, has provided crucial offshore expertise and technical support for the Merganser project. Sven Utermohlen, CEO of RWE Offshore Wind, highlighted the potential of offshore floating solar: “Standalone or in combination with offshore wind farms, offshore floating solar could open up further offshore renewable energy opportunities – especially for countries with lower average wind speeds but lots of sunlight. With Merganser, we are gaining unique insights and first-hand experience in one of the most challenging offshore environments in the world.”

Collaboration and Innovation

The successful installation of Merganser is a testament to the dedication and collaboration of SolarDuck and its partners. Koen Burgers, CEO of SolarDuck, praised the collective effort: “The successful installation of Merganser is proof of the dedication of SolarDuck’s team to electrify the world with offshore floating solar. However, we are not doing this alone. Our project partner, RWE, is a supporter of our technology and vision, in addition to other partners such as TNO, TU Delft, MARIN, and Deltares. Together with numerous supply chain partners, including Damen Shipyards, TMA, and Norsk Hydro, we have turned hard work into a positive change for the energy space.”

Monitoring and Future Insights

Over the next two years, Merganser will be monitored remotely using more than 180 sensors to track structural loads, connector and mooring loads, and electrical performance. Deltares, a Dutch independent institute for applied research, will support an extensive monitoring campaign to assess the ecological impact of OFPV.

A Bright Future for Offshore Solar

The Merganser project represents a bold step towards sustainable energy solutions, demonstrating the feasibility and potential of offshore floating solar power. By overcoming the challenges of the offshore environment, SolarDuck and its partners are paving the way for a cleaner, more resilient energy future. #OffshoreSolar #RenewableEnergy #SolarDuck #RWE #FloatingSolar

 

 

 

 

 

 

Credit: [Image: SolarDuck]

Categories
News

Europe’s Solar King Crowned! 50Hertz Unveils Massive New Plant

Norbida UK News
Germany Goes Green! The newly inaugurated 650MWp Witznitz solar plant, south of Leipzig, is a major leap towards a cleaner energy future for Europe. [Image: Witznitz Energy Park, credit 50Hertz]

Shining a Light on Europe’s Largest Solar Power Plant: Witznitz Energy Park

In a remarkable leap towards a sustainable future, 50Hertz has unveiled Europe’s largest solar power plant, the 650MWp Witznitz Energy Park, located just south of Leipzig. This monumental project has transformed a former lignite mining site into a beacon of renewable energy, covering an impressive 500 hectares across the municipalities of Neukieritzsch, Böhlen, and Rötha near Hainer See.

A Solar Revolution in Europe

Over the past two years, the Witznitz Energy Park has risen from the ashes of its fossil-fuel past, emerging as a powerhouse of clean energy. This solar giant not only injects electricity directly at extra-high voltage but also plays a crucial role in maintaining grid stability around the clock—a double first for a solar power plant.

The construction of the Energy Park was executed in multiple phases, allowing it to start injecting electricity into the grid as early as December 2023. However, it’s only in the past few weeks that the plant has been operating at its full 650MWp capacity.

Leading the Way in Renewable Energy Integration

Stefan Kapferer, CEO of 50Hertz, highlighted the groundbreaking nature of this project: “By activating reactive power and incorporating the solar plant into our congestion management, we’re once again doing pioneering work to make as much electricity from renewable energies usable as the grid will allow.”

This innovative approach not only maximizes the efficiency of renewable energy use but also sets a new standard for integrating large-scale solar power into the existing grid infrastructure.

A Sustainable Future on the Horizon

The inauguration of the Witznitz Energy Park represents a significant milestone in Europe’s transition to renewable energy. It demonstrates the incredible potential of solar power to replace traditional fossil fuels, even in areas previously dominated by coal mining. #SolarPower #RenewableEnergy #GreenFuture #50Hertz #WitznitzEnergyPark

 

 

 

 

 

 

 

Credit: [Image: Witznitz Energy Park, credit 50Hertz]

Categories
News

EBRD Backs Innovative Solar-Battery Hybrid Project In Uzbekistan

Norbida UK News
Breaking Barriers, Building a Brighter Future! EBRD funds record-breaking 500MWh solar-battery project in Uzbekistan. Get ready for a cleaner, more sustainable tomorrow! [Image: Uzbekistan Energy Ministry]

Empowering Uzbekistan: EBRD’s Landmark Renewable Energy Project

The European Bank for Reconstruction and Development (EBRD) is playing a pivotal role in helping Uzbekistan achieve its ambitious goal of 25GW of solar and wind capacity by 2030. In a groundbreaking move, the EBRD has organized a substantial financing facility of up to US$229.4 million to support the development, design, construction, and operation of a 500MWh battery energy storage system (BESS) and a 200MW solar photovoltaic (PV) power plant in the Tashkent region. This project is a beacon of sustainable progress, marking one of the largest EBRD-supported BESS projects within the economies where the Bank operates. The financing will be funneled to ACWA Power Riverside Solar, a special purpose company wholly owned by ACWA Power. ACWA Power is renowned as an international developer, investor, co-owner, and operator of power-generation, desalinated-water-production, and green hydrogen plants.

A Collaborative Financial Framework

The support scheme for this transformative project includes an A-loan of up to US$183.5 million (€169.8 million) from the EBRD’s account and a B-loan of up to US$40.5 million (€37.5 million) syndicated to commercial co-financiers. This collaborative financial effort brings together esteemed institutions such as the German development corporation DEG, the French development agency Proparco, the Islamic Development Bank, KfW IPEX-Bank, and Standard Chartered Bank. Nandita Parshad, Managing Director of the EBRD’s Sustainable Infrastructure Group, expressed the significance of this partnership: “We are proud to partner with ACWA Power and co-financiers on the pioneering Tashkent Solar PV and energy storage project in Uzbekistan, the largest of its kind in Central Asia.”

A Brighter, Greener Future

Once completed, the Tashkent solar power project is expected to generate up to 418GWh of electricity per year. This clean energy production will significantly contribute to reducing annual CO2 emissions by more than 230,000 tonnes, propelling Uzbekistan towards a greener future. This initiative not only underscores the EBRD’s commitment to sustainable development but also sets a precedent for future renewable energy projects in the region. By investing in cutting-edge energy storage and solar power solutions, Uzbekistan is paving the way for a more sustainable and energy-secure future. #RenewableEnergy #CleanEnergyTransition #GreenUzbekistan #EBRDProjects #SustainableFuture

 

 

 

 

 

 

Credit: [Image: Uzbekistan Energy Ministry]

Categories
News

Prysmian Strengthens Grip On Cables With US Acquisition

NNorbida UK News
A Spark for Change! Prysmian's strategic move with Encore Wire expands their US reach and fuels the future of electrification. [Image: Prysmian]

Prysmian Completes Acquisition of US Cables Producer Encore Wire Corporation

In a strategic move to bolster its North American presence, Prysmian Group has successfully acquired US-based cables producer Encore Wire Corporation. The acquisition, formalized through a merger agreement on April 14, 2024, sees Prysmian purchasing all outstanding shares of Encore Wire’s common stock for $290 per share in cash.

Key Benefits of the Acquisition

Prysmian stands to gain significantly from this acquisition through enhanced cross-selling opportunities and the efficiency and innovation within Encore Wire’s unique production and distribution processes. This transaction not only strengthens Prysmian’s footprint in North America but also positions the combined business to accelerate electrification and digital transformation across the region. This includes the growth of data centers and upgrades to the power grid.

Leadership Insights

Massimo Battaini, Prysmian’s Chief Executive, highlighted the complementary nature of the two companies:

“Thanks to the complementary fit of Encore Wire with Prysmian’s existing North American business, we will be better placed than ever to address customers’ needs across the dynamic, highly efficient, and growing North American market. We are best placed to capture the structural growth opportunities driven by digitalization and energy infrastructure. There is also a strong cultural fit between Encore Wire and Prysmian because of our shared spirit of innovation and commitment to accelerating the transition towards a low-carbon economy. We warmly welcome Encore Wire employees into our team, and together, we will become an even stronger leader.”

Encore Wire’s Chief Executive, Daniel Jones, echoed these sentiments:

“I am grateful for the hard work and commitment of our employees and proud of the remarkable value Encore Wire has created with our expansive single-campus model, low-cost production, centralized distribution, and product innovation. Encore Wire and Prysmian are two highly complementary organizations, and we look forward to leveraging our enhanced product offerings and strong customer relationships to drive even greater opportunities as part of a larger, global organization.”

Future Prospects

The combined capabilities of Prysmian and Encore Wire position the company to lead in the growing North American market, addressing the rising demand for electrification and digital infrastructure. The acquisition reflects Prysmian’s strategic vision to capitalize on structural growth opportunities driven by digitalization and energy infrastructure development.

Encore Wire Goes Private

With the completion of this transaction, Encore Wire has become a privately held company. Consequently, its shares will no longer be listed on NASDAQ or any other public market.

Join the Conversation

Share your thoughts on Prysmian’s acquisition of Encore Wire Corporation and its impact on the cable industry.  #PrysmianGroup #EncoreWire #CableIndustry #Acquisition #Electrification #DigitalTransformation #EnergyInfrastructure #Innovation #LowCarbonEconomy #NorthAmericanMarket #IndustryLeaders

Stay tuned for more updates on Prysmian’s projects and the evolving landscape of the cable industry. Together, we can drive the transition to a more connected and energy-efficient future.

 

 

 

 

 

 

 

Credit: [Image: Prysmian]

Categories
News

Luminous Powers Up Statkraft With New UK Solar Deal

Norbida UK News
Power Up Performance! Energy trader and Bracon Ash join forces to leverage VPP technology for peak efficiency. A winning combination! [Image: Luminous Energy]

Statkraft and Luminous Energy Partner on Innovative Solar Power Purchase Agreement

In a landmark move for renewable energy in the UK, Statkraft has signed a seven-year power purchase agreement (PPA) with Luminous Energy, covering the output from a 29MW solar farm in Norfolk. This PPA represents a significant step forward in how solar energy projects are financed and managed.

A Winning Partnership

Luminous Energy’s Chief Investment Officer, Guy Lavarack, praised Statkraft’s market-leading position and innovative virtual power plant system. These factors, combined with Statkraft’s ability to manage complex metering arrangements, made it the ideal partner for Luminous Energy’s first operational solar farm.

Securing Fixed Power Prices

Luminous Energy has successfully secured fixed power prices for almost all of the output from its Bracon Ash solar farm through two separate sources:

  1. A Contract for Difference (CfD) from CfD Allocation Round 5.
  2. A virtual corporate PPA with Bristol Airport.

This project is one of the first to combine these two financial instruments for a single solar farm, guaranteeing fixed income for much of its output.

Innovative Solutions for Enhanced Security

Statkraft’s PPA includes provisions for balancing services and accommodates different pricing for the two portions of the solar farm. This provides additional security by offering physical hedges before the financial contracts commence, allowing for further price certainty and the potential to secure high prices in the interim period.

A key benefit of this PPA is Statkraft’s downregulation service. By responding to price triggers set by Luminous Energy and remotely curtailing the project, Statkraft will prevent Bracon Ash from generating during negative price periods, avoiding unnecessary costs and relieving grid pressure. Statkraft manages this risk through its well-established Virtual Power Plant (VPP) system, which optimizes the flexible generation portfolio in the UK.

Proven Track Record

Statkraft’s UK Markets team has a history of signing successful CfD PPAs for onshore and offshore wind projects from AR1 in 2015 and AR3 in 2019. Since the reintroduction of onshore wind and solar to the CfD auction process, numerous projects have been successful, highlighting Statkraft’s expertise in the renewable energy sector.

Leadership Perspectives

Michelle Lam, Statkraft’s PPA Business Development Manager, emphasized the company’s commitment to innovation:

“Finding new solutions to maximise the returns on behalf of our customers is in our DNA at Statkraft. That’s why it’s been particularly exciting to work with Luminous Energy on this unique PPA. Statkraft has once again proven its innovative approach and willingness to think creatively on behalf of our customers to meet their requirements, and to optimise the options available in the market.”

Join the Conversation

Share your thoughts on Statkraft and Luminous Energy’s innovative PPA and its impact on renewable energy financing. #Statkraft #LuminousEnergy #SolarEnergy #RenewableEnergy #CleanEnergyTransition #PPA #VirtualPowerPlant #SustainableEnergy #GreenTech #EnergySecurity #UKSolar #InnovativeSolutions #CfD #Renewables

Stay tuned for more updates on Statkraft’s projects and the evolving landscape of renewable energy. Together, we can drive the transition to a sustainable, energy-secure future.

 

 

 

 

 

 

 

Credit: [Image: Luminous Energy]