Power Sector News Roundup for November 29, 2024

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Global: Egypt and Hynfra to develop $1.6 billion green ammonia facility SGCC connects first section of Ningxia–Hunan UHVDC transmission project First phase of UK-Germany energy link completed in NeuConnect project ENERCON advances onshore wind projects in Iceland and Turkey Sonnedix inaugurates 150 MW Betierra solar project in Spain Vestas secures order for Nordseecluster B offshore wind project in Germany Hexicon secures majority stake in 1.1 GW MunmuBaram wind project Hitachi Energy to supply grid solutions…

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Yinson Renewables secures $59m financing for Peru’s Matarani solar project

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Yinson Renewables has obtained $59 million in senior secured green financing for the 97 MW peak Matarani solar project in Peru.  The financing, arranged by IDB Invest and Natixis Corporate & Investment Banking (Natixis CIB), adheres to the Green Loan Principles 2023. The Matarani solar project, located near Arequipa, is Peru’s first non-subsidized operational solar plant financed through a green project finance facility. It is backed by a long-term power purchase agreement (PPA) with Orygen,…

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EIB and Naturgy secure €1bn loan for Spain’s renewable energy expansion

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The European Investment Bank (EIB) and Naturgy have finalized a €1 billion ($1.05 billion) loan to advance renewable energy projects in Spain.  The first tranche of €400 million ($422 million) was signed in Madrid, marking a key milestone in Spain’s energy transition. The funding will support the development of new solar and onshore wind power stations, upgrades to existing facilities for hybrid operation, and battery storage investments.  The initiative is expected to expand Spain’s renewable…

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Scaling power solutions to net zero by 2050 hindered by funding gaps

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Achieving net zero emissions by 2050 requires substantial financial support, but experts at the London Climate Technology Show 2024 highlighted a persistent lack of investment in key sectors like carbon capture, grid efficiency, and decarbonizing buildings. Speakers pointed to over-regulation and misaligned funding priorities as significant barriers.  Teele Niidas, CMO of UP Catalyst, stressed the need to redirect trillions invested in technologies like AI towards scalable carbon capture solutions with clear financial returns.  Celestine Cheong…

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Pele Green Energy reaches financial close on Sonvanger solar plant

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Pele Green Energy (PGE) has achieved financial close for the 100 MW Sonvanger solar photovoltaic (PV) power plant in South Africa.  Located 4 km southwest of Theunissen in the Masilonyana local municipality of Free State province, the plant will supply clean energy to Glencore Merafe Venture’s ferrochrome smelters. The Sonvanger project is the country’s first utility-scale renewable energy project led by a single sponsor and IPP. The project will contribute to reducing carbon emissions, diversifying…

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Masdar completes €3.2bn acquisition of Terna Energy

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United Arab Emirates-based clean energy company Masdar has finalized its €3.2 billion ($3.3 billion) acquisition of Greece’s Terna Energy, the largest deal on the Athens Stock Exchange.  The acquisition, announced in June 2024, involved the purchase of 70% of Terna Energy shares at €20 ($21.1) per share from GEK Terna and other shareholders. Masdar plans to secure the remaining shares through an all-cash mandatory tender offer, pending regulatory approval from the Hellenic Capital Markets Commission. …

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ADB and Gulf Renewable Energy secure $820m for Thai renewable projects

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The Asian Development Bank (ADB) and Gulf Renewable Energy Company, a subsidiary of Gulf Energy Development Public Company, have finalized an $820 million loan agreement to fund 12 renewable energy projects in Thailand.  These include eight ground-mounted solar photovoltaic (PV) plants and four solar PV plants integrated with battery energy storage systems (BESS). The projects have a combined solar PV capacity of 393 MW, with the solar plus BESS plants adding 256 MW of generation…

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Russia intensifies attacks on Ukraine’s energy infrastructure, deepens crisis

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Russia has launched its 11th major assault on Ukraine’s energy infrastructure since March 2024, leaving over a million people without power, according to officials.  The attacks targeted energy and fuel facilities, with Russia deploying 91 missiles and 97 drones.  The Ukrainian Air Force confirmed 12 strikes hit their targets, while Ukrainian President Volodymyr Zelenskiy condemned the offensive as a “despicable escalation,” citing the use of Cruise missiles with cluster munitions. The strikes have led to…

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Strike Energy approves South Erregulla gas power plant project

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Strike Energy has announced a final investment decision (FID) to proceed with the South Erregulla gas power plant in Western Australia.  The 85 MW facility will supply firming power to the South West Interconnected System through the existing 132 kVa transmission line between Geraldton and Three Springs. The project’s FID was bolstered by improved economics due to increased projected plant utilization and high future capacity credit prices.  Utilization is expected to rise from 18.8% to…

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Hitachi Energy to supply grid solutions for East Anglia 2 offshore wind project

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Hitachi Energy will provide essential grid connection and power quality solutions for ScottishPower Renewables’ East Anglia 2 (EA2) offshore wind farm.  The 960 MW project, located 32 kilometres off Suffolk in eastern England, will generate enough energy to power one million UK homes. The project will leverage Hitachi Energy’s Grid-eXpand system, gas-insulated switchgear, and Grid-enSure power quality solution, featuring the SVC Light STATCOM.  ScottishPower Renewables describes the £4 billion EA2 project as pivotal to the…