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Sumitomo and CEP Solar to deliver 1.5GW of clean energy projects in Virginia

Global, News

Sumitomo Corporation, through its Sumitomo Corporation of Americas and Perennial Power Holdings, has partnered with CEP Solar to develop over 1.5GW of solar and battery storage assets in Virginia, US.  This joint venture will combine CEP Solar’s local expertise with Sumitomo’s project finance capabilities, accelerating the expansion of renewable energy in the region. Construction is expected to begin in late 2025. Takuya Yoshizawa, president of Perennial Power Holdings, highlighted that the partnership enhances geographic diversity…

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Sumitomo, AMPIN collaborate to develop 1 GW RE in India

India, News

Sumitomo Corporation has formed a joint venture with AMPIN Energy Transition Pvt Ltd to form AMPIN C&I Power Pvt Ltd for developing renewable energy assets in India and promoting corporate Power Purchase Agreements (PPAs) for supplying renewable electricity to businesses. The total project cost is approximately 100 billion yen and is expected to create a 1 GW portfolio of renewable energy assets backed by corporate PPAs. The joint venture will be owned 51% by AMPIN…

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Sumitomo Electric completes Greenlink Interconnector project, UK-Ireland energy connection

Global, News

Sumitomo Electric Industries Ltd has completed the Greenlink Interconnector Project. This milestone involved installing high-voltage direct-current (HVDC) and fiber optic cables for Greenlink Interconnector Ltd, using Sumitomo Electric’s innovative HVDC cross-linked polyethylene (XLPE) cables. The project connects the electricity grids of Ireland and the United Kingdom, with a new link between Great Island in County Wexford, Ireland, and Pembrokeshire, Wales, UK. Electricity will flow in both directions based on supply and demand in each country….

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Sumitomo acquires stake in EEW Offshore Wind Holding 

Global, News

Japan’s Sumitomo Corporation has acquired an equity stake in EEW Offshore Wind Holding, a move aimed at enhancing its monopile manufacturing capabilities for the offshore wind sector. This strategic partnership leverages Sumitomo’s expertise in the international steel market and EEW’s specialization in offshore wind energy infrastructure. Sumitomo’s General Manager of Steel Products SBU, Takuro Horikoshi, emphasized the alignment of this investment with the company’s commitment to green transformation and the global shift to renewable energy….

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JGC Japan and Sumitomo to explore collaboration in floating offshore wind power

Global, News

JGC Japan Corporation and Sumitomo Corporation have agreed to explore a potential collaboration in the floating offshore wind (FOW) power generation sector.   The exploration will focus on establishing a supply chain for floating foundation design, developing manufacturing partners, managing orders, and transporting components to base ports for offshore wind power generation. The goal is to meet the increasing demand for FOW power generation, projected to grow significantly by 2050. According to Det Norske Veritas (DNV),…

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Toyota Tsusho expands Gulf of Suez Wind Farm II to 654 MW capacity

Global, News

Toyota Tsusho Corporation, alongside Eurus Energy, Engie S.A., and Orascom Construction PLC, has announced an expansion of the Gulf of Suez Wind Farm II in Egypt, increasing its capacity from 504 MW to 654 MW. This development will make it the largest wind farm in Africa by installed capacity, aligning with Egypt’s goal to generate 42% of its energy from renewable sources by 2030. The Gulf of Suez Wind Farm II is located in the…

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Eku Energy achieves financial close for Williamsdale BESS in Australia

Global, News

Eku Energy has reached a financial close on its 250MW/500MWh Williamsdale Battery Energy Storage System (BESS) project in Canberra, ACT, marking a significant advancement in the ACT government’s Big Canberra Battery initiative.  Powered by Tesla Energy’s megapacks, the system will help store renewable energy to meet one-third of Canberra’s electricity needs during peak demand. The Williamsdale BESS will connect to Evoenergy’s distribution network, bolstering Canberra’s energy security and supporting the region’s net zero emissions target…

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Jupiter Power secures $225 million credit facility to boost 12,000 MW energy storage pipeline

Global, News

Jupiter Power has closed a $225 million corporate credit facility to expand its energy storage portfolio across the United States.  The facility includes up to $175 million in letters of credit and $50 million in revolving loans.  Coordinated by Barclays Bank PLC, HSBC Bank USA, and Sumitomo Mitsui Banking Corporation, this financing will support Jupiter Power’s 12,000 MW development pipeline. Kirkland & Ellis acted as counsel for Jupiter Power, while Latham & Watkins represented the…

Power Sector News Roundup for October 17, 2024

Power Bytes

Global: – World Bank approves USD 250 million for renewable energy in Lebanon– Masdar and Presight to launch AI tool for managing RE assets globally– Fugro to site investigate Rhein-Main-Link offshore wind cable project in Germany– Sumitomo and CEP Solar to deliver 1.5GW of clean energy projects in Virginia– Ignitis Group to bid in Lithuania’s second offshore wind tender – Quinbrook signs offtake agreements with Tesco and Shell for Cleve Hill Solar Park– VNG AG…

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Masdar, EDF and KOWEPO finalise funding for 1.5 GW solar farm in UAE

Global, News

EDF Renewables, Masdar, and Korea Western Power (KOWEPO) have announced the financial closure for the 1.5 GW Al Ajban solar project in Abu Dhabi, UAE. The project is backed by financing from BNP Paribas, Credit Agricole CIB, the Export-Import Bank of Korea, HSBC Middle East, Standard Chartered Bank, and Sumitomo Mitsui Banking Corporation. The Al Ajban project, jointly owned by Masdar (60%), EDF Renewables (20%), and KOWEPO (20%), will design, finance, construct, and operate the…