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Virginia Transformer explores sale valued at over $6 billion

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Virginia Transformer is exploring a potential sale that could value the company at more than $6 billion, according to Bloomberg sources. The company, led by CEO Prabhat K Jain, is one of North America’s largest US-owned power transformer manufacturers. The company is working with an adviser to assess buyer interest, although there is no guarantee that a sale will occur. Founded in the 1970s, Virginia Transformer manufactures essential products for sectors such as steel mills…

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Origis Energy secures $415 million financing for Swift Air Solar project in Texas

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US renewable energy company Origis Energy has secured a $415 million financing package for the Swift Air Solar project in Ector County, Texas.  The package includes $290 million in construction and term debt from Natixis Corporate & Investment Banking, which also acted as the hedging bank, LC issuer, green loan coordinator, and administrative agent. Advantage Capital contributed $125 million in tax equity for the project. Swift Air Solar, expected to begin commercial production by mid-2025,…

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Port of Açu and Yamna collaborate on green ammonia project

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Port of Açu Operações and Yamna Co Ltd have signed a land reservation agreement to develop a green ammonia project at the Port of Açu’s industrial complex in northeast Rio de Janeiro State. The agreement reserves two million square meters for green hydrogen initiatives, adding to the one million square meters already licensed at the port. The Port of Açu, owned by Prumo Logística and Port of Antwerp-Bruges International, plays a key role in mining…

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Uniper completes sale of gas-fired plant in Hungary to Veolia

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Uniper has completed the sale of its 428MW Gönyű gas-fired power plant in Hungary to French utility Veolia. The financial terms were not disclosed.  The transaction transferred 100% of Uniper Hungary Energetikai’s shares to Veolia Invest Hungary, an affiliate of Veolia, following a February 2024 agreement. The Gönyű plant, operational since 2011, was refurbished in 2017 and 2021. Veolia’s acquisition expands its portfolio to 2.4 GW, enough to power 2.6 million people.  The sale aligns…

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Toshiba secures equipment order for Indonesia’s Patuha geothermal plant

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Toshiba Energy Systems & Solutions has been awarded a contract to supply a steam turbine and generator for Unit 2 of the Patuha geothermal power plant in West Java, Indonesia.  The order was placed by Toyo Engineering’s subsidiary PT Inti Karya Persada Tehnik (IKPT), the project’s engineering, procurement, and construction contractor. Unit 2, with a gross generating capacity of 60.3MW, is scheduled to come online in 2027.  This is Toshiba’s second recent geothermal power order…

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Apex Clean Energy and NYSERDA make REC agreement for Heritage Wind

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Apex Clean Energy has entered a renewable energy certificate (REC) purchase agreement with the New York State Energy Research and Development Authority (NYSERDA) for the Heritage Wind project. Located in Barre, Orleans County, New York, the 173.6MW project supports the state’s goal of a carbon-free electricity grid by 2040. Heritage Wind, set to power 32,000 homes, will begin commercial operations by the end of 2026. Apex CEO Ken Young emphasized the project’s role in advancing…

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LS Power acquires Algonquin’s renewable energy business

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Energy infrastructure company LS Power has acquired Algonquin Power & Utilities’ renewable energy business, adding over 3GW of wind and solar assets across the US and Canada to its portfolio. This expands LS Power’s renewable energy capacity, which exceeds 23GW. The acquisition, agreed upon in August 2024, has led to the creation of Clearlight Energy, a new entity managing 44 projects and advancing a 1.8GW development pipeline. Clearlight Energy CEO Jeff Norman highlighted the company’s…

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Exus acquires Lightsource bp’s 130MWp Cibele solar farm in Portugal

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Exus Renewables has acquired the 130MWp Cibele solar farm in Portugal from Lightsource bp. Located in Rio Maior and Cadaval, the project is ready for construction, which is set to begin in early 2025, with operations expected in 2026. The acquisition supports Exus’ renewable energy strategy in the Iberian Peninsula and aligns with its hybridisation goals, as the site allows for potential future wind energy integration. Exus Renewables’ Victor López highlighted that the project enhances…

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Estuary Power secures financing for Escape solar project in Nevada

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Estuary Power has closed a $340 million financing package for the Escape solar and storage project in Lincoln County, Nevada. The project will feature 185MW of solar capacity combined with 400MWh of battery energy storage, providing reliable power to key customers including MGM Resorts International, Overton Power District, Caesars Entertainment, and Wynn Las Vegas. The financing includes tax equity commitments from Morgan Stanley Renewables, along with a tax equity bridge loan from First Citizens Bank…

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Canadian Solar to supply 2GWh of battery storage for CIP in UK

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Canadian Solar’s e-STORAGE division has signed contracts with Copenhagen Infrastructure Partners (CIP) to deliver 2GWh of battery energy storage for two major projects in Scotland: Coalburn 2 and Devilla.  e-STORAGE will provide 450 SolBank 3.0 battery containers for the Coalburn 2 project in South Lanarkshire and the Devilla project in Fife. Both projects are set to begin construction in 2027, each with a two-hour energy storage dispatch capability. The combined 2GWh capacity will power approximately…