Power Sector News Roundup for December 5, 2024

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Global: Hinkley Point C installs first new nuclear reactor in over 30 years Shell reduces offshore wind investments, restructures power division Hitachi Energy invests $47m to expand high-voltage factory in Brno Westinghouse’s eVinci microreactor receives NRC approval for control system Centrica and EDF extend operational life of UK nuclear power stations Longroad Energy closes financing for 111 MW Sun Pond solar project Eco Wave Power to launch Israel’s first wave energy project Biden administration surpasses…

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Amarenco secures €500 million in debt financing for solar projects across Europe

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Amarenco has secured €500 million in international debt financing from a consortium of lenders, including Intesa Sanpaolo Bank Luxembourg, Rabobank, Santander Corporate & Investment Banking, and Berenberg.  The funds will support the construction of solar projects in Spain, Portugal, Ireland, and Austria, as well as refinance existing debt. The agreement includes a €150 million accordion facility, designed to enhance Amarenco’s operational capacity, reduce financial risk, and improve project execution timelines.  Amarenco currently operates a solar…

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Tunisia to invest USD 2.2 billion in renewable energy

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Tunisia’s government has announced a planned investment of USD 2.2 billion in its power sector by 2025, focusing on renewable energy development to reduce dependency on electricity imports from Algeria and Libya.  The initiative aims to increase the share of solar and wind power in the energy mix to 35 per cent by 2030, targeting 4,850 MW of renewable energy generation. Key projects include the Tozeur solar PV plant, a 200 MW solar facility in…

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GE Vernova secures contract with 50Hertz for grid-stabilizing technology in Germany

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GE Vernova Inc. has secured a contract with 50Hertz Transmission GmbH, one of Germany’s four transmission system operators, to deliver advanced grid-stabilizing technology to enhance the reliability of Germany’s electrical grid as it integrates more renewable energy sources. As part of the agreement, GE Vernova will provide its 300 Mvar FACTSFLEX GFM solution, a Static Synchronous Compensator (STATCOM) with Grid Forming Control (GFM).  This technology stabilizes the grid by automatically adjusting to voltage fluctuations, ensuring…

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Tata Projects completes Barapukuria-Bogra transmission line in Bangladesh

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Tata Projects Ltd, in collaboration with the Power Grid Company of Bangladesh (PGCB), has completed the 112-km, 400-kV double-circuit Barapukuria-Bogra transmission line project, valued at $120 million.  The project, executed in just 14 months, involved the supply of approximately 2,700 km of ACCC® Dhaka-size conductor by Apar Industries, with installation supported by Zeck tensioners and porcelain insulators. The line is part of the larger Barapukuria-Bogra-Kaliakoir transmission project, aimed at strengthening the high-voltage transmission network in…

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Alpha Omega Power acquires Caballero battery project in California

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Alpha Omega Power (AOP) has acquired and secured financing for the 100 MW/400 MWh Caballero battery energy storage project located in Nipomo, California.  Developed in partnership with Fengate Asset Management, the project aims to enhance energy supply in San Luis Obispo County and will serve the California ISO (CAISO) market. The battery storage system will improve grid reliability and supply clean energy to 100,000 homes during peak demand periods. It is AOP’s first utility-scale battery…

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COP29 operationalises international carbon market governance

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At COP29 held in Baku, Azerbaijan, a key milestone in climate governance was reached with the operationalisation of international carbon market governance.  This progress is significant as it marks the first time that carbon credit trading systems have been formalized under the Paris Agreement’s Article 6, which allows countries to voluntarily trade emission reductions. The conference established critical mechanisms for authorizing carbon credit transactions, managing registries, and ensuring technical reviews on environmental and human rights…

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Green & Clean Power raises $300 million for solar and storage project in Arkansas

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US-based Green & Clean Power (GCP) has secured $300 million in debt and equity financing to develop a solar energy generation and battery storage facility in Osceola, Arkansas.  The funding includes $165 million in construction debt financing from KfW IPEX-Bank, with market advisory from Aurora Energy Research, and an additional $100 million in takeout financing from the Arkansas Teacher Retirement System (ATRS). The 500-acre solar facility is expected to be completed by autumn 2025 and…

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Biden administration surpasses $100 billion in clean energy grants under IRA

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The Biden administration has surpassed $100 billion in clean energy grants through the Inflation Reduction Act (IRA), as confirmed by John Podesta, the president’s senior advisor for international climate policy.   Podesta emphasized the swift disbursement of funds, stating, “Crossing the milestone of $100bn awarded shows just how quickly we’re getting these funds out the door and into communities so they can make a real difference for the American people.” The administration is on track to…

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Hinkley Point C installs first new nuclear reactor in over 30 years

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Hinkley Point C, located in Somerset, southwest England, has achieved a significant milestone with the installation of Britain’s first new nuclear reactor in more than 30 years.  The installation of the first of two 13-metre-long reactor pressure vessels (RPV) is a key development. Once both reactors are operational, Hinkley Point C will supply 7% of Britain’s electricity. This follows the completion of the steel dome installation in late 2023, which sealed the reactor building. The…