Power Sector News Roundup for January 16, 2025

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Global: Mirova invests $10 million to fund C&I solar projects in Vietnam Avina Clean Hydrogen completes FEED of ammonia plant in Texas Exide Industries invests Rs 1499.90 million in lithium battery subsidiary EESL China announces plan for space-based solar power generation Vietnam and Russia sign nuclear energy deal CIF capital markets mechanism raises $500m with inaugural bond German energy provider Uniper attracts interest from buyers Sizewell C nuclear power station in the UK projected to…

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Masdar, SOCAR, and ACWA Power partner for offshore wind in Azerbaijan

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Masdar, SOCAR Green, and ACWA Power have signed a memorandum of understanding (MoU) to develop 3.5 GW of offshore wind capacity in the Azerbaijan section of the Caspian Sea. These will be the country’s first offshore wind farms, supporting Azerbaijan’s renewable energy, green hydrogen, and water desalination goals. The MoU was signed by key leaders: Rovshan Najaf (SOCAR), Abdulaziz Alobaidli (Masdar), and Marco Arcelli (ACWA Power). The companies will follow a development roadmap to advance…

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UAE launches world’s first 24/7 gigascale energy storage project

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The UAE has launched the world’s first large-scale, round-the-clock gigascale energy storage project in Abu Dhabi, combining a 5.2GW solar power plant with a 19GWh battery energy storage system (BESS).  The initiative enables the UAE to dispatch renewable energy 24/7, addressing intermittency challenges that have hindered renewable energy deployment globally. The project will deliver 1GW of baseload power daily from renewable sources and is a major step in the UAE’s energy transformation.  Sultan Al Jaber,…

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Sizewell C nuclear power station in the UK projected to cost £40bn

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The planned Sizewell C nuclear power station in Suffolk, UK, is expected to cost nearly £40bn ($48.7bn), double the initial £20bn estimate due to rising construction costs and delays at the Hinkley Point C site, according to the Financial Times.  This price increase raises concerns about the UK government’s nuclear revival strategy amid public finance strain and cost of living challenges. The UK Treasury will decide whether to proceed with Sizewell C during the 2025…

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German energy provider Uniper attracts interest from buyers

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The German government’s 99% stake in power company Uniper has attracted interest from potential buyers, including Abu Dhabi’s Taqa and Norway’s Equinor, according to Bloomberg News. Germany is looking to reduce its holding, with Uniper’s value expected to exceed €10bn ($10.3bn). The government is considering options to exit, either through a single buyer or a stock offering. Goldman Sachs Group is advising Uniper’s management, while UBS Group and Roland Berger are exploring strategies for reducing…

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CIF capital markets mechanism raises $500m with inaugural bond

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The Climate Investment Funds (CIF) capital markets mechanism (CCMM) raised $500m through its debut bond, marking a historic step in mobilising finance for climate action. The bond was six times oversubscribed, attracting over $3bn in global investor interest. This inaugural bond, part of CCMM’s borrowing programme launched at COP29 in November 2024, aims to scale up clean technology and infrastructure projects in developing countries.  Final pricing was set at +36.6 basis points over the three-year…

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Vietnam and Russia sign nuclear energy deal

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Vietnam and Russia have signed an agreement to enhance nuclear energy cooperation during Russian Prime Minister Mikhail Mishustin’s visit to Hanoi, as reported by Reuters. The Southeast Asian nation is working to ramp up power production to support its growing industrial sector. The agreement, between Russia’s Rosatom and Vietnam’s state-owned EVN, is part of a broader set of cooperation deals, though details remain undisclosed. Despite ongoing US sanctions on Rosatom’s subsidiaries, Vietnam continues to strengthen…

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China announces plan for space-based solar power generation

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China has unveiled plans to develop space-based solar stations, aiming to collect energy unaffected by weather or night cycles. The project involves installing a 1 km-wide solar array in geostationary orbit, 36,000 km above Earth. Senior scientist Long Lehao compared the initiative to the Three Gorges Dam in orbit, highlighting its potential to generate yearly energy comparable to Earth’s total recoverable oil reserves. The stations would ensure continuous power collection. Key developments include the reusable…

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Exide Industries invests Rs 1499.90 million in lithium battery subsidiary EESL

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Exide Industries Limited has invested Rs 1499.90 million in its subsidiary, Exide Energy Solutions Limited (EESL), through a rights-based equity subscription.  This brings Exide’s total investment in EESL to Rs 33,022.3 million, including prior investments in the now-merged Exide Energy Private Limited. EESL issued 41,663,892 equity shares with a face value of Rs 10 each, at a premium of Rs 26 per share, aggregating to Rs 1,499.90 million. Despite this investment, Exide’s shareholding percentage in…

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Avina Clean Hydrogen completes FEED of ammonia plant in Texas

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Avina Clean Hydrogen (Avina) has completed the Front-End Engineering Design (FEED) and Front-End-Loading (FEL-3) for its 2,200 metric tons per day (MTPD) clean ammonia facility on the Texas Gulf Coast.  The final investment decision (FID) for the facility is targeted for 2025. The facility is expected to produce up to 600,000 metric tonnes per annum (MTPA) of blue ammonia. Avina has secured a long-term water supply agreement with the local water district to meet the…