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EU to provide €30m aid to Moldova for energy crisis relief

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The EU will offer €30m ($31.4m) in emergency assistance to Moldova, including the separatist Transnistrian region, until 10 February 2025.  The aid follows Russian gas supplier Gazprom’s failure to deliver natural gas, leaving over 350,000 people without electricity and heating. Moldova declared a 60-day national state of emergency starting 16 December 2024 due to expected gas cuts. The package will support electricity restoration and explore coal deliveries from Ukraine. It also includes assistance for electricity…

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Chevron, Engine No.1, GE Vernova to build first U.S. multi-GW power plant, data center

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Chevron USA and Engine No.1 have joined forces to create a new company for developing natural gas-fired power plants to support US-based AI data centres, in collaboration with GE Vernova.  This initiative addresses the increasing demand for affordable and reliable energy essential for AI development in the US. The project aims to deliver up to 4GW of power by 2027, with the potential for future growth. The first multi-gigawatt-scale power plant and data centre, called…

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Vena Energy and CIP awarded offtake contract for Taean Wind Project in South Korea

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Vena Energy and Copenhagen Infrastructure Partners (CIP) have secured an offtake contract for their joint 500 MW Taean Wind Project in South Korea, awarded in the Wind Power Fixed-Price Contract Auction by the Korea Energy Agency (KEA). The fixed-bottom offshore wind project is slated for construction in the second half of 2026, with commercial operations expected by late 2029. CIP acquired a 49% stake in the project through its flagship fund, Copenhagen Infrastructure V, in…

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Global Contract and Deal Updates – January 28, 2025

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Meridiam partners with HAU and EBRD to develop renewable energy in Egypt Meridiam has entered into a long-term strategic partnership with Hassan Allam Utilities (HAU) and the European Bank for Reconstruction and Development (EBRD) to develop and invest in greenfield renewable energy projects in Egypt, focusing on wind and solar power. The first project under this agreement is a 1.1 GW wind power plant, with ACWA Power also as a partner. The plant will be…

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AI boom drives 58 GW rise in PJM grid demand by 2035

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The US’s largest electricity grid, managed by PJM Interconnection, anticipates a 58 GW surge in peak summer demand by 2035, reaching 210 GW due to the AI boom, according to Bloomberg. Data centres critical for AI operations drive rapid power consumption, potentially straining the current grid infrastructure. At the World Economic Forum in Davos in January 2025, US President Donald Trump stressed the need for power plants to accompany data centres to reduce grid stress….

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Italy to finalise strategy for nuclear power reintroduction by 2027

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Italy plans to finalise a strategy for the reintroduction of nuclear power by the end of 2027, as reported by Reuters. Energy Minister Gilberto Pichetto Fratin revealed the plan in an interview with Il Sole 24 Ore.  The current government, under Prime Minister Giorgia Meloni, is considering small modular reactors (SMRs) and advanced modular reactors to decarbonise carbon-intensive industries like steel, glass, and tile production. Despite the 1987 and 2011 referendums banning nuclear power plants,…

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EIA forecasts solar power growth will drive US power generation up to 2027

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The US Energy Information Administration (EIA) projects that solar power will lead the growth in US power generation through 2027.  In its latest short-term energy outlook, the EIA estimates utilities and independent power producers will add 26GW of solar capacity in 2025 and 22GW in 2026, following a record 37GW added in 2024. Wind power is also expected to grow, with 8GW forecasted in 2025 and 9GW in 2026. Renewable generation will rise by 12%…

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Global Project Development Update: January 27, 2025

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JA Solar completes 1 GW delivery for Ulan Buh Desert energy base project JA Solar has successfully delivered high-performance n-type PV modules to the 1 GW photovoltaic project at the Ulan Buh Desert Northeast New Energy Base in China. This energy base is part of a broader 12 GW wind and solar power initiative. The project’s execution using JA Solar’s advanced n-type modules highlights the company’s capacity to support large-scale renewable energy ventures. The first…

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Global Contract and Deal Updates – January 27, 2025

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NextEra partners with GE Vernova for natural gas-fired project NextEra Energy has partnered with electric services company GE Vernova to develop natural gas-fired power generation projects in the United States, as reported by Reuters. The collaboration aims to primarily supply electricity to AI data centres and other significant power consumers. This partnership comes amid rising demand from Big Tech’s data centres for natural gas-fired electricity, particularly as federal support for renewable energy becomes uncertain under…

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BII commits $95 million to climate action in South-East Asia

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British International Investment (BII) has pledged $95 million to support climate action in South-East Asia, including a $70 million top-up commitment to the SUSI Asia Energy Transition Fund (SAETF) and a co-investment commitment to Sustainable Asia Renewable Assets (SARA). SARA, a joint initiative between BII, FMO, and SUSI under SAETF, aims to develop a 500 MW portfolio of greenfield renewable energy projects across select South-East Asian markets by the fund’s end.  In addition, SUSI has…