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US Energy Department offers $22.92bn in loans to modernize energy systems

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The US Department of Energy’s Loan Programs Office (LPO) has conditionally approved $22.92bn in financing for eight utilities across 12 states under the Energy Infrastructure Reinvestment (EIR) programme.  Created by the Inflation Reduction Act, the programme aims to modernize energy infrastructure and reduce emissions. The loans will fund clean generation, transmission upgrades, energy storage, gas pipeline investments, and grid modernization projects. Utilities will benefit from lower financing costs compared to borrowing through commercial capital markets….

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Dalia Energy secures $1.5bn financing for new Israeli power plant

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Israeli power company Dalia Energy has obtained a finance agreement worth 5.3 billion shekels ($1.5bn) from Bank Hapoalim to construct an 850MW power plant at the Eshkol gas-fired power station site in Ashdod, Israel, as reported by Reuters. The non-binding agreement marks a significant milestone for the Avshal plant, which will earn approximately 0.065 shekels per kilowatt-hour for 20 years after operations begin. In 2024, Dalia Energy acquired the Eshkol power plant from the Israel…

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Westinghouse, KEPCO, and KHNP settle dispute for global nuclear projects

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Westinghouse Electric Company, the Korea Electric Power Corporation (KEPCO), and Korea Hydro & Nuclear Power Company (KHNP) have reached a global settlement agreement to resolve their longstanding intellectual property dispute. This settlement clears the way for the companies to jointly deploy new nuclear reactors worldwide. The resolution ensures that both Westinghouse and the Korean entities can proceed with confidence in the global nuclear power sector. Westinghouse President and CEO Patrick Fragman expressed satisfaction with the…

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China increases grid investment to support renewable energy surge

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China is significantly increasing its grid investment to ensure efficient delivery of renewable energy to homes and businesses. According to the National Energy Administration, power transmission spending rose 19% to 529 billion yuan ($72 billion) in the first 11 months of 2023, marking a shift towards grid infrastructure, as reported by Bloomberg. Investment in new power capacity was larger at 866.5 billion yuan, showing a 12% increase. This marks the first time since 2018 that…

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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…