Power Sector News Roundup for December 18, 2024

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Global: Tion Renewables acquires 104 MW solar portfolio in Spain from EDPR Cubico reaches financial close for 506 MW Wambo wind farm in Queensland Apex Clean Energy secures financing for Prosperity Wind project EIB provides €243 million green loan to ERG Group for renewable projects Japan unveils draft energy plan to boost renewables and nuclear power Qair and Etermar Energia partner to advance offshore wind in Iberian Peninsula GE Vernova secures first H-Class natural gas…

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VCI Global plans 100 MW solar projects across Southeast Asia and Europe

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VCI Global aims to develop and acquire up to 100 MW of solar photovoltaic (PV) projects across Southeast Asia and Europe within the next five years, generating an estimated $200 million in revenue over 20 years. The company plans to source at least 70 percent of this capacity from projects in Malaysia, leveraging government programs like the Corporate Renewable Energy Supply Scheme (CRESS). Additionally, VCI Global intends to acquire 30 MW of solar capacity in…

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Lightsource bp begins construction on Goulburn River Woolooga BESS

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Lightsource bp has commenced construction on its Goulburn River hybrid solar project and Woolooga battery energy storage system (BESS) in New South Wales and Queensland, Australia, respectively. These projects integrate solar power with battery storage to provide reliable renewable energy solutions. The Goulburn River solar farm, with a capacity of 585 MW, will generate 1.3 terawatt-hours of renewable energy annually, enough to power 225,000 homes and reduce carbon emissions by 910,000 tonnes each year. Located…

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Arctech’s SkyLine II solar tracker powers Azerbaijan’s largest solar plant

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Arctech’s SkyLine II solar tracker system has been successfully used in Azerbaijan’s largest utility-scale solar project, a 312 MW plant located in the Garadagh Gobi Desert.  The Garadagh solar plant spans 550 hectares and generates 500 million kilowatt-hours (kWh) annually, powering 110,000 households and reducing carbon dioxide emissions by over 200,000 tonnes each year. The project is located near the coastline, facing corrosive conditions.  The COP29 climate talks in Baku in November 2024 highlighted Azerbaijan’s…

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GE Vernova secures first H-Class natural gas order in Dominican Republic

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GE Vernova has secured its first order for H-Class natural gas-fired combined cycle power generation equipment in the Caribbean.  The equipment will be deployed at Generadora San Felipe Limited’s (GSF) new 470 MW San Felipe power station in Punta Caucedo, Boca Chica, Dominican Republic. This development supports the country’s energy transition goals by enhancing renewable energy integration with reliable, dispatchable power. As natural gas has become the dominant fuel for electricity generation in the Dominican…

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Qair and Etermar Energia partner to advance offshore wind in Iberian Peninsula

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Independent renewable energy company Qair and Etermar Energia have signed a memorandum of understanding (MoU) to collaborate on offshore wind projects across the Iberian Peninsula. Etermar Energia signed the agreement during a visit to Qair’s Eolmed, a 30 MW floating offshore wind project in Port-La Nouvelle, France. The MoU focuses on developing floating offshore wind farms, particularly in Portuguese maritime zones. The partnership will involve component stockpiling, foundation manufacturing, logistics, and operation and maintenance services….

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Japan unveils draft energy plan to boost renewables and nuclear power

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Japan’s industry ministry has released a draft of its new basic energy plan, targeting a power generation mix with 40–50% renewable energy and 20% nuclear energy by fiscal 2040, as reported by Jiji Press via The Japan News. The draft marks a major shift from policies following the 2011 Fukushima disaster, removing language on reducing nuclear reliance. Instead, it includes strategies to rejuvenate ageing reactors and develop next-generation technologies. To meet rising power demand, driven…

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EIB provides €243m green loan to ERG Group for renewable projects

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The European Investment Bank (EIB) has committed €243m ($255m) to finance renewable energy projects by wind and solar operator ERG Group.  The funding will advance renewable energy development across Italy, France, and Germany, aligning with EU energy targets and national climate plans. The EIB’s green loan supports ERG’s 2024–2026 Business Plan, which focuses on expanding its renewable portfolio and strengthening funding sources. The financing will facilitate the construction of three new onshore wind farms in…

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Apex Clean Energy secures financing for Prosperity Wind project

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Apex Clean Energy has secured financing for the Prosperity Wind project, a 300MW wind farm under construction in Piatt County, Illinois, US. The project, featuring 50 Vestas turbines, is supported by White Construction and will generate 400 jobs. It marks Apex’s fifth commercial wind farm in Illinois. Financial closure followed tax equity commitments from lead investor JP Morgan and an undisclosed US-based investor. The Canadian Imperial Bank of Commerce (CIBC) and Crédit Agricole Corporate and…

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Cubico reaches financial close for Wambo wind farm in Queensland

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Cubico Sustainable Investments has achieved financial close for the Wambo wind farm project in Queensland, Australia. The project comprises the 252MW Stage I and 254MW Stage II wind farms. Two separate five-year project finance facilities, totalling A$650m ($412m), have been secured. The funding comes from a consortium of banks, including ANZ, Crédit Agricole, ING, NAB, and Westpac. ANZ is also providing bank guarantee facilities, while NAB acts as the agent, security trustee, and account bank….