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Inkia Energy approvED to expand Peru’s Sunny solar plant

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Peruvian power generator Inkia Energy has received environmental approval to expand its Sunny solar power plant from 228 MWp to 338 MWp.  This expansion is part of the company’s broader plan to establish a solar hub in Peru, contributing approximately 1 GW of renewable capacity to the national grid by the fourth quarter of 2025. The Sunny solar project, currently under construction in southern Peru, will be fully operational by the second half of 2025….

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UK secures £24bn in green energy investments

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The UK government has secured over £24 billion ($31.39 billion) in private investments for innovative energy projects ahead of the International Investment Summit on 14 October 2024. These investments are expected to create thousands of jobs and drive growth in the UK’s clean energy sector, spanning from Yorkshire to Suffolk, Aberdeen, and Stow. Key companies involved include Iberdrola, Ørsted, SeAh Wind, Macquarie, BW Group, and Holtec, with substantial commitments to renewable energy projects. Iberdrola’s subsidiary…

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Seaspan to manufacture SMR components for Westinghouse

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Westinghouse Electric has signed a memorandum of understanding (MoU) with Seaspan to produce essential components for its AP1000 and AP300 small modular reactors (SMRs). This partnership will support nuclear new-build projects in Canada and globally, including the manufacturing of components like pipe spools and steel structures. Seaspan’s expertise in large-scale custom fabrication positions the company to enter the nuclear sector. For each AP1000 unit built outside Canada, Westinghouse estimates a contribution of nearly C$1 billion…

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Vestas and Fortum settle arbitration over Russian wind energy projects

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Danish wind turbine manufacturer Vestas and Nordic energy company Fortum have settled their arbitration dispute regarding wind energy projects in Russia. Both parties agreed to drop all past, present, and future claims, with the settlement terms remaining confidential. The dispute began in 2022 when Fortum initiated arbitration at the International Chamber of Commerce in Stockholm. Fortum sought more than $218 million (€200 million) in compensation from Vestas for payments made on wind projects in Russia…

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US to hold first offshore wind lease auction in Gulf of Maine in October

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The US Department of the Interior (DOI) will hold its first offshore wind energy lease auction for the Gulf of Maine on 29 October 2024. The auction will offer leases for eight areas off the coasts of Massachusetts, New Hampshire, and Maine, with the potential to generate 13 GW of power, enough to supply 4.5 million homes. The Bureau of Ocean Energy Management (BOEM) reduced the available acreage by 120,000 from the initial proposal to…

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OECD net electricity production rises 5.4% in June 2024

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According to the latest release from the International Energy Agency (IEA), total net electricity production in the Organisation for Economic Co-operation and Development (OECD) countries reached 902.8 TWh in June 2024, reflecting a 5.4% year-on-year (y-o-y) increase. On a year-to-date basis, electricity production in the first two quarters of 2024 rose by 2.9%. The OECD consists of 38 member countries, including major economies such as the United States, Japan, Germany, and Australia, working to promote…

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VPI to invest in 500 MW battery storage projects across Germany

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Energy company VPI plans to invest up to €450 million in battery storage projects in Germany, aiming to develop 500 MW of capacity over the next three to five years. This investment aligns with Germany’s goal of generating 80% of its electricity from renewables by 2030. Battery storage is essential to balance the electricity grid as renewables, which accounted for 40% of Germany’s power generation in 2023, continue to grow. VPI plans to build ten…

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Scatec signs PPA for 1 GW solar and 100 MW battery storage project in Egypt

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Norwegian energy company Scatec has signed a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company for a 1 GW solar and 100 MW/200 MWh battery storage project in Egypt. The 25-year, USD-denominated agreement marks Egypt’s first hybrid solar and battery energy storage system. Scatec will manage the engineering, procurement, and construction, along with asset management, operations, and maintenance services. The company aims to secure concessional financing and expects construction to begin in the…

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South Africa wins €400m for solar and wind projects from EIB and FirstRand

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Several solar and wind projects in South Africa will receive €400 million through a joint initiative between the European Investment Bank (EIB) and South Africa’s FirstRand Bank. The investment, with each party contributing €200 million, aims to enhance private sector energy generation, boost energy security, and mitigate power cuts. The funding aligns with Europe’s Global Gateway strategy, which targets €100 billion in sustainable infrastructure investments by 2027. This initiative supports South Africa’s net-zero target for…

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Qatar considers increasing stake in Iberdrola beyond 10%

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Qatar Investment Authority (QIA), with assets valued at $475 billion, is looking to increase its stake in Spain’s leading utility company, Iberdrola, from 8.8% to over 10%, according to local Spanish media reports. This move would further solidify QIA’s position as Iberdrola’s largest shareholder, surpassing BlackRock (5.395%) and Norges (3.115%). QIA began its investment in Iberdrola in 2011 with a 6.16% stake, peaking at 9.7% in 2017. Any increase in shareholding would likely only impact…