Global

Mitsubishi Power, a subsidiary of Mitsubishi Heavy Industries, has secured a contract to supply gas and steam turbines for a new 500 MW gas turbine combined cycle (GTCC) power plant in Sarawak, Malaysia. The contract includes the M701F gas turbine and accompanying steam turbine and was signed with Sinohydro Corporation, the project’s engineering, procurement, construction, and commissioning contractor. Mitsubishi Power will also provide auxiliary equipment and technical advisors for the installation and commissioning process. The…

SSE has commenced earthworks for the Aberarder wind farm, a major renewable energy project in the Scottish Highlands. Located in Strathnairn near Inverness, the 50 MW wind farm will power 60,000 homes annually and displace 30,000 tonnes of CO₂ equivalent in its first year of operation. The project involves a £100 million investment by SSE and will feature 12 turbines supplied and installed by Vestas. The final investment decision was made in May 2024, with…

The US Department of Energy (DOE) has unveiled a $2.2 billion initiative to modernize the nation’s power grid, supported by the Bipartisan Infrastructure Law’s Grid Resilience and Innovation Partnerships (GRIP) programme. This investment will fund eight key projects across 18 states, aiming to enhance grid resilience against extreme weather, reduce community energy costs, and expand capacity for manufacturing and data centres. The comprehensive upgrade is expected to boost the grid’s capacity by 13GW, including 4,800MW…

Lucid Group (LCID) shares have increased following the announcement of second-quarter results and a $1.5 billion funding commitment from Ayar Third Investment Co., an affiliate of the Public Investment Fund of Saudi Arabia. This funding will be utilized to build a factory in Saudi Arabia, capable of producing 150,000 vehicles annually, and to support the production of Lucid’s new Gravity SUV. In the second quarter, Lucid reported revenue of $200.6 million, surpassing analysts’ expectations, but…

Nala Renewables, a global power and renewable energy investment platform, has announced the acquisition of a 99.2 MW onshore wind project from OX2. This project, located in eastern Romania, is expected to begin construction in the third quarter of 2024. This acquisition marks Nala’s third transaction in Central and Eastern Europe (CEE) during 2024, reinforcing its focus on the region, where it has a portfolio exceeding 1.5 GW of renewable energy projects. The project will…

US commercial solar company Summit Ridge Energy and climate solutions investor HASI have secured a USD 309 million debt financing facility to support a 216-MW portfolio of community solar assets. The back-leveraged term loan will fund 80 ground-mounted and rooftop PV parks in Illinois and Maryland, serving nearly 20,000 residential and small commercial customers. The financing was provided by a syndicate of lenders, including Bank of America, Nomura Securities International, Prudential Private Capital, and MetLife…

Ground-mounted solar PV and onshore wind energy are the most cost-effective technologies for new power plants in Germany, with levelised cost of electricity (LCOE) ranging from EUR 41 to EUR 92 per MWh, according to Fraunhofer ISE. New solar installations combined with battery systems have LCOE between EUR 60 and EUR 225 per MWh, reflecting varying costs for battery and solar systems and different levels of solar radiation. The study shows that these solar PV…

Scatec ASA and Aeolus SA, part of Toyota Tsusho Group, have partnered to develop 120 MW of solar projects in Tunisia. Financial close has been achieved for the Sidi Bouzid and Tozeur projects, each 60 MW, with Scatec starting construction. Aeolus acquired a 49% stake, with Scatec holding 51%. The projects, selected by Japan’s Ministry of the Environment for the JCM Model Projects in FY2023, have a total cost of EUR 79 million. The financing…

Romania’s Ministry of Energy has approved a subsidy mechanism for contracts for difference (CfD) for wind and solar power projects. This mechanism will support 5 GW of renewable energy capacity across two tender rounds this year and next. A CfD ensures stable income for green energy investments by guaranteeing a fixed price per megawatt-hour. If market prices fall below this rate, the state pays the difference. Conversely, if market prices exceed the fixed rate, the…

Matrix Renewables has obtained a EUR 50 million (USD 54.6 million) green loan from the European Investment Bank (EIB) to finance new solar projects in Spain. The funds will support the design, construction, and operation of five solar farms with a total capacity of 240 MW in Castile and Leon and Extremadura, regions with lower-than-average EU per-capita income. The solar farms are expected to be operational by the end of 2025. This loan aligns with…