Power Sector News Roundup for October 17, 2024

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Global: – World Bank approves USD 250 million for renewable energy in Lebanon– Masdar and Presight to launch AI tool for managing RE assets globally– Fugro to site investigate Rhein-Main-Link offshore wind cable project in Germany– Sumitomo and CEP Solar to deliver 1.5GW of clean energy projects in Virginia– Ignitis Group to bid in Lithuania’s second offshore wind tender – Quinbrook signs offtake agreements with Tesco and Shell for Cleve Hill Solar Park– VNG AG…

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US commits $900 million for Gen III+ SMR technologies

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The US Department of Energy (DOE) has committed $900 million to advance the development and deployment of Generation III+ small modular reactor (SMR) technologies. This funding, part of the Consolidated Appropriations Act of 2024 and President Biden’s Bipartisan Infrastructure Law, is aimed at accelerating the domestic nuclear industry and supporting national climate goals. The funding is divided into two categories. Tier 1, managed by the Office of Clean Energy Demonstrations (OCED), allocates up to $800…

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Hithium Energy and MANAT to establish BESS manufacturing facility in Saudi Arabia

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Hithium Energy Storage Technology has partnered with Nabilah AlTunisi’s company, MANAT, to launch a joint venture named Hithium MANAT. The venture will establish a battery energy storage systems (BESS) manufacturing facility with a 5 gigawatt-hour (GWh) annual production capacity in Saudi Arabia.  This marks one of the first advanced BESS manufacturing plants in the Kingdom and the wider MENA region, supporting Saudi Arabia’s Vision 2030. The partnership was announced at the Solar & Storage Live…

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VNG AG partners to explore green hydrogen production in Algeria

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VNG AG has signed a letter of intent with Algerian energy firms Sonatrach and Sonelgaz, along with SNAM, SeaCorridor, and VERBUND, to jointly assess the feasibility of large-scale green hydrogen production in Algeria. The project aims to export green hydrogen from North Africa via the proposed “South H2 Corridor” to Italy, Austria, and Germany. The agreement sets the framework for future cooperation, including the preparation of essential studies to evaluate the technical and economic viability…

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Quinbrook signs offtake agreements with Tesco and Shell for Cleve Hill solar park

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Quinbrook Infrastructure Partners has secured two major offtake agreements for its 373MW Cleve Hill solar park in Kent, set to be the UK’s largest solar and battery storage project.  Tesco signed a 15-year power purchase agreement (PPA) for 65% of the solar generation, the largest solar corporate PPA in the UK, while Shell has committed to a ten-year route-to-market agreement for the remaining 35%.  The project, which includes a 150MW battery storage component, is expected…

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Ignitis Group to bid in Lithuania’s second offshore wind tender

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Ignitis Group, a Lithuania-based energy company, has decided to participate in the country’s second offshore wind tender, set to begin in mid-November 2024.  The tender will offer rights to develop a 700MW wind farm in the Baltic Sea, with the successful bidder to be announced by April 2025. Ignitis is currently seeking a partner or consortium to take up to a 49% stake in the project. If no partner is secured by the end of…

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Sumitomo and CEP Solar to deliver 1.5GW of clean energy projects in Virginia

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Sumitomo Corporation, through its Sumitomo Corporation of Americas and Perennial Power Holdings, has partnered with CEP Solar to develop over 1.5GW of solar and battery storage assets in Virginia, US.  This joint venture will combine CEP Solar’s local expertise with Sumitomo’s project finance capabilities, accelerating the expansion of renewable energy in the region. Construction is expected to begin in late 2025. Takuya Yoshizawa, president of Perennial Power Holdings, highlighted that the partnership enhances geographic diversity…

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Fugro to site investigate Rhein-Main-Link offshore wind cable project

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Fugro has been awarded a contract by the ARGE R-M-L consortium, comprising Arcadis and ILF Consulting Engineers, to conduct site investigations for the 600km Rhein-Main-Link underground cable project.  This project will connect offshore wind farms in the North Sea to the Rhein-Main area in Germany.  Fugro will provide consultancy services, including project management, route planning, environmental permitting, and geotechnical evaluation, ensuring optimal wire performance and minimal environmental impact. Fugro’s services will cover two of the…

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Masdar and Presight to launch AI tool for managing assets globally

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UAE-based Masdar has teamed up with Presight to create an AI-driven asset management tool aimed at optimising its global renewable energy projects.  The tool will leverage big data analytics and generative AI to process billions of data points generated by Masdar’s solar panels and wind turbines. This collaboration seeks to enhance operational efficiency, predict maintenance needs, and boost renewable energy production by shifting from reactive to predictive maintenance strategies. Presight CEO Thomas Pramotedham emphasized the…

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IBM acquires Prescinto to enhance renewable energy asset management

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IBM has acquired Prescinto, a Bangalore-based provider of asset performance management (APM) software-as-a-service (SaaS) for renewable energy.  Prescinto leverages AI to streamline operations, manage clean energy and storage assets, and provide advanced monitoring and analytics. The acquisition is set to boost IBM’s Maximo Application Suite (MAS) by offering near real-time performance tracking for solar, wind, and energy storage assets, optimizing generation, and supporting clients’ sustainability and net-zero initiatives. Founded in 2016, Prescinto manages 16 GW…