Power Sector News Roundup for December 23, 2024

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Global: GE Vernova to deliver HVDC system for South Korea’s largest power grid project Atlantica acquires 1.1 GW renewable energy development platform in US Google signs 15-year PPA for 250 MW wind energy in Netherlands Viaro Energy to acquire Evoterra’s wind and oil assets in UK and Germany Hanwha Qcells secures $1.45bn loan guarantee for US solar manufacturing facility Excelsior Energy Capital signs 7.5GWh agreement with LG Energy Solution Vertech The Nuclear Company seeks contractors…

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EIB and EDP secure €700m loans for renewables and grid expansion

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The European Investment Bank (EIB) and Portuguese utility EDP have signed two loan agreements worth €700 million ($726.8 million) to fund renewable energy projects and expand the power grid in southern Europe. A €500 million loan, part of a €900 million green framework, will support EDP Renewables in deploying 1,943 MW of solar and onshore wind capacity across Portugal, Spain, and Italy by 2026.  These installations will generate green energy for over one million households…

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The Nuclear Company seeks contractors for 6GW nuclear project in US

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The Nuclear Company has issued a solicitation of interest to contractors for its 6GW nuclear power initiative across the United States. The project adopts a “design once, build many” strategy, leveraging advanced construction, AI, IoT, and digital technologies to streamline processes and reduce costs. Key innovations will enhance site selection, permitting, construction management, and supply chain logistics.  The initiative targets rising energy demand from AI data computing, onshoring manufacturing, and electrification. It aligns with the…

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Excelsior Energy Capital signs 7.5GWh agreement with LG Energy Solution Vertech

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Excelsior Energy Capital has entered a multi-year agreement with LG Energy Solution Vertech for a 7.5 gigawatt hour (GWh) reservation to support its US clean energy projects.  This agreement ensures a steady supply of high-quality battery energy storage systems (BESS) for Excelsior’s standalone and hybrid energy storage projects across the country. From 2026, the batteries will be produced at LG Energy Solution Vertech’s advanced US facilities, strengthening supply chain security. The partnership also includes integration…

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Hanwha Qcells secures $1.45bn loan guarantee for US solar manufacturing facility

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Hanwha Qcells Georgia has secured a $1.45 billion loan guarantee from the US Department of Energy’s Loan Programs Office (LPO) to fund the development of a solar supply chain facility in Cartersville, Georgia.  This facility will become the largest ingot and wafer production plant in the US and the first fully integrated silicon-based solar manufacturing plant in over a decade. The plant will produce 3.3GW of solar panels annually, powering half a million American homes…

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Viaro Energy to acquire Evoterra’s wind and oil assets in UK and Germany

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Viaro Energy has signed a sales and purchase agreement to acquire 100% of integrated transition energy firm Evoterra’s assets, including its wind turbine fleet and oil and gas exploration licences in the UK and Germany.  The deal marks Viaro’s entry into the German renewable energy market and is expected to close in 2025. The acquisition includes MicroEnergy Generation Services’ wind turbine fleet in East Anglia and Terrain Energy’s onshore oil and gas interests. Viaro will…

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Google signs 15-year PPA for 250 MW wind energy in Netherlands

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Copenhagen Infrastructure Partners (CIP), through its Energy Transition Fund I, has signed a 15-year power purchase agreement (PPA) with Google in the Netherlands.  Under this agreement, Google will purchase 250 MW of wind energy from the Zeevonk project to power its Dutch operations. The Zeevonk project, a joint venture between CIP and Vattenfall, combines offshore wind, solar energy, and green hydrogen production. It includes a 2 GW offshore wind farm and a 50 MW floating…

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Atlantica acquires 1.1 GW renewable energy development platform in US

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Atlantica Sustainable Infrastructure has acquired a development platform in the US, adding 1.1 GW of solar and wind projects in the MISO and SPP regions.  The portfolio includes projects in Illinois, Colorado, Mississippi, and Texas. With this acquisition, Atlantica’s US development portfolio grows to approximately 2 GW of solar and wind projects and 8.5 GWh of storage capacity.  The addition enhances Atlantica’s presence in the MISO region and brings an experienced development team to complement…

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GE Vernova to deliver HVDC system for South Korea’s largest power grid project

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GE Vernova Inc., through its joint venture KAPES, has been selected by Korea Electric Power Corporation (KEPCO) to provide an advanced high-voltage direct current (HVDC) system for South Korea’s largest power grid infrastructure initiative. KAPES will deliver a HVDC system using Line Commutated Converter (LCC) technology for the 500 kV Donghaean #2 to Dong-Seoul HVDC converter station project (EP2).  The project is part of a 4 GW HVDC transmission link that will connect the east…

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Shriram Finance launches Shriram Green Finance for sustainable projects

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Shriram Finance Limited has introduced Shriram Green Finance, a dedicated vertical for funding sustainable projects beyond electric vehicles (EVs).  The initiative will focus on financing EVs, battery charging stations, renewable energy products, energy-efficient machinery, and other green energy solutions. Shriram Green Finance aims to achieve an Asset Under Management (AUM) of Rs 50 billion within 3 to 4 years by securing domestic and global funds for green investments.  Leveraging its presence in semi-urban and rural…