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Iberdrola to acquire remaining 18% stake in Avangrid for $2.55bn

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Spanish utility Iberdrola has announced that Avangrid shareholders have approved its $2.55 billion proposal to acquire the remaining 18% stake in the company. Shareholders will receive $35.75 per share, representing a 15.2% premium over the 30-day weighted average price before the acquisition’s March announcement. The acquisition will enhance Avangrid’s ability to secure financial resources needed for investments in transmission and distribution networks in states like New York, Connecticut, Maine, and Massachusetts. Following regulatory clearances, Avangrid…

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UNEZA commits $116bn annually to clean power and grid infrastructure

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Members of the Utilities for Net Zero Alliance (UNEZA) have announced plans to invest over $116 billion per year in clean power generation and grid infrastructure globally in the coming years. Nearly 50% of this investment will focus on transmission and distribution infrastructure. UNEZA, launched at COP28 in 2023, includes 32 major energy companies like Adani Green Energy, Hitachi Energy, and TAQA. The alliance aims to modernise grid infrastructure and drive demand for equipment and…

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Octopus Energy commits £2bn to UK renewable energy projects by 2030

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Octopus Energy Generation has announced a £2 billion investment in UK renewable energy projects by 2030, with a focus on solar capacity, including 222 MW currently in the pipeline. The investment covers the development of four new solar farms by BayWa r.e. in the UK, with construction on three sites expected to begin by the end of 2024 and the fourth in 2025. The projects include the 50 MW Perrinpit Road solar park in Bristol,…

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ANDRITZ enhances Brazilian grid stability with synchronous condensers

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International technology group ANDRITZ has signed two contracts to supply 330 MVAr synchronous condenser systems to Brazil. These installations will play a key role in stabilizing the Brazilian power grid, enhancing efficiency, and ensuring a more reliable power supply. One condenser will support transmission lines between Bahia and Minas Gerais, while the other will assist the Ceará-Crateús region. ANDRITZ’s manufacturing hub in Araraquara, São Paulo, will produce these systems. The scope of supply includes mechanical…

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CIP acquires 255 MW Scatter Wash battery storage project in Arizona

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Copenhagen Infrastructure Partners (CIP), through its CI V fund, has acquired the 255 MW / 1,020 MWh Scatter Wash battery energy storage (BESS) project from Strata Clean Energy in Phoenix, Arizona. Construction began in early 2024, with commercial operations expected in the first half of 2025. Strata will remain as the construction and asset manager. The project secured a 20-year tolling agreement with Arizona Public Service (APS) in 2023, and financing was arranged in February…

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PPA and DOE partner to modernize ports for offshore wind development

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The Philippine Ports Authority (PPA) has teamed up with the Department of Energy (DOE) to support offshore wind project development by upgrading key port infrastructure. PPA will design and repurpose three priority ports: the Port of Currimao in Ilocos Norte, the Port of Batangas, and the Port of Jose Panganiban in Camarines Norte. The Port of Currimao is near 13 offshore wind energy service contracts (OWESCs) with a potential capacity of 9,489 MW, while the…

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Energy compacts garner $1.4 trillion to tackle global electricity and clean cooking crisis by 2030

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New commitments aimed at expanding renewable energy and increasing access to electricity and clean cooking technologies have brought the total finance pledged through the United Nations for the global energy transition to US$ 1.4 trillion. This update was revealed in the third edition of the Energy Compacts Annual Progress Report, launched at the EnergyNow SDG7 Action Forum alongside the UN General Assembly. The report highlights that since the Energy Compacts initiative began in 2021, significant…

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IAEA head expresses confidence in re-engaging nuclear talks with Iran

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Rafael Grossi, director-general of the International Atomic Energy Agency (IAEA), expressed optimism that Iran will re-engage with the nuclear watchdog after a recent discussion with Iranian Foreign Minister Abbas Araqchi. Speaking on the sidelines of the UN General Assembly, Grossi said Iranian officials indicated a willingness to collaborate more meaningfully with the IAEA. The IAEA and Iran have had a strained relationship, particularly after Iran barred enrichment experts from the agency’s inspection team and failed…

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Research suggests slower flight speeds to reduce emissions

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A new study from the University of Cambridge proposes that reducing flight speeds by 15% could lower fuel consumption by 5–7%, contributing to more sustainable air travel. The report acknowledges potential downsides, such as longer flight times and potential resistance from passengers, but emphasizes the importance of such measures for reducing aviation emissions. The report also calls for faster replacement of older aircraft with more efficient models and advocates for planes to be used on…

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GE Vernova expands HVDC manufacturing in UK

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GE Vernova has announced a major expansion of its manufacturing facilities in Stafford, UK, to meet growing global demand for high-voltage direct current (HVDC) transmission systems, essential for transmitting renewable energy across Europe, Asia, and North America. The expansion focuses on two key Stafford sites within GE Vernova’s electrification systems grid solutions business. The HVDC facility at Redhill will double its valve manufacturing capacity, adding a new voltage-sourced converter valve assembly line. The transformer facility,…