|

Global nuclear power on rise as IAEA outlook surges for fourth consecutive year

By

The International Atomic Energy Agency (IAEA) has raised its projections for the global expansion of nuclear power, marking the fourth consecutive year of capacity growth. As of the end of 2023, global nuclear capacity stood at 371.5 GW, with 413 reactors in operation. In the IAEA’s high-case scenario, nuclear capacity could rise to 950 GW by 2050, more than doubling current levels, with small modular reactors (SMRs) contributing 25%. In the low-case scenario, capacity is…

|

Progress on Eurasian electric cable link between Cyprus and Greece

By

Cyprus and Greece have made strides in advancing the construction of the Great Sea Interconnector (GSI), a high-speed electric cable link connecting Greece, Cyprus, and Israel via the Mediterranean seabed. The project, valued at €2.4 billion ($2.67 billion), will be the world’s largest and deepest high-voltage direct current (HVDC) interconnector, spanning 1,240 km at a depth of 3,000 meters. Despite progress, the GSI has faced delays due to financing challenges and the need for transnational…

|

Kibo Energy to acquire renewable energy assets from ESGTI

By

Kibo Energy has signed a binding term sheet with Swiss company ESGTI for a reverse takeover to acquire a diverse portfolio of renewable energy projects. The deal targets a generation capacity of 20 GW across Europe and Africa within six years, encompassing 36 development projects in 15 countries. Valued at €400 million ($445 million), the acquisition marks Kibo’s strategic shift away from coal and waste-to-energy projects in Sub-Saharan Africa, managed by its subsidiary Kibo Mining…

|

BP to divest US onshore wind business to shift towards solar and oil focus

By

British energy giant BP has announced plans to sell its US onshore wind energy business, BP Wind Energy, citing misalignment with its strategic growth goals. The sale, which includes ten onshore wind assets across seven US states with a combined net generating capacity of 1.3 GW, is expected to begin in autumn 2024. This move comes amid a broader shift in BP’s strategy, driven by new CEO Murray Auchincloss, who has placed renewed emphasis on…

| | |

OECD net electricity production rises 5.4% in June 2024

By

According to the latest release from the International Energy Agency (IEA), total net electricity production in the Organisation for Economic Co-operation and Development (OECD) countries reached 902.8 TWh in June 2024, reflecting a 5.4% year-on-year (y-o-y) increase. On a year-to-date basis, electricity production in the first two quarters of 2024 rose by 2.9%. The OECD consists of 38 member countries, including major economies such as the United States, Japan, Germany, and Australia, working to promote…

|

Arevon Energy secures $351 million financing for Gibson Solar Project in Indiana

By

Arevon Energy has secured $351 million in financing to construct the 251 MW Gibson Solar Project in Gibson County, Indiana. The project, already under construction, is expected to generate over $83 million in local government payments throughout its lifespan and will provide enough clean energy to power more than 30,000 homes annually. The financing package includes a construction loan and a letter of credit (LC) facility led by CoBank, Societe Generale, and PNC Bank. CoBank…

|

Infener, Gengenbach to develop 20 MW green hydrogen hub

By

Infener has joined forces with the City of Gengenbach to plan a 20 MW green hydrogen hub to produce up to 2,000 tonnes of green hydrogen annually. The facility will provide decentralised, climate-neutral, and cost-efficient energy to the Ortenau district, using water electrolysis powered by renewable energy. Currently, in the conceptual phase, the project’s future depends on successful agreements and securing necessary investments. It has garnered support from local authorities, including the mayor, municipal utilities,…

|

IPC E&C secures contract for 100 MW wind farm in Philippines

By

IPC E&C Philippines Corporation, a subsidiary of Vietnam’s IPC Group, has won a contract to install wind turbines for a 100 MW onshore wind farm in Laguna province, Philippines. The project, spearheaded by Laguna Wind Energy Corporation and backed by Southeast Asia’s wind energy developer The Blue Circle, will feature 17 Goldwind turbines, each with a capacity of 6 MW. Turbine installation is set to begin in 2025, with commercial operations expected by 2026. This…

|

South Africa partners with BRICS nations to tackle energy crisis

By

South Africa is addressing its energy crisis through partnerships with BRICS nations to enhance its power infrastructure. The New Development Bank (NDB) has already pledged USD 5 billion to support South Africa’s energy transition, including financing the construction of 14,000 km of new electricity transmission lines by 2030. This expansion is essential to accommodate the country’s goal of increasing renewable energy generation to 55 GW by 2032. NDB will leverage the experiences of China, Brazil,…

|

Vena Energy and Shell receive approval to export 400 MW of solar power from Indonesia to Singapore

By

Vena Energy and Shell Eastern Trading have received conditional approval from Singapore’s Energy Market Authority to export 400 MW of solar power from the Riau Islands, Indonesia, to Singapore.  The project will generate over 2.6 TWh of renewable energy annually, supported by more than 2 GW of solar photovoltaic plants and 8 GWh of battery storage systems.