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Tongyeong Eco Power’s 1GW LNG Plant begins operations in South Korea

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Tongyeong Eco Power’s combined-cycle power plant has commenced commercial operations in Gyeongsangnam-do, South Korea, with a capacity exceeding 1GW, supplying electricity to nearly one million households. The liquefied natural gas (LNG)-fueled plant aligns with South Korea’s strategy to transition from coal to LNG and includes a 200,000 cubic meter LNG storage tank. GE Vernova has provided critical components for the plant, including two 7HA.02 gas turbines, one STF-D600 steam turbine, two heat recovery steam generators…

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COP29: IEEFA pushes banks to reorient lending for renewables, $400 billion annual funding shortfall

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The Institute for Energy Economics and Financial Analysis (IEEFA) has urged global action at the 29th Conference of Parties (COP29), emphasizing a $400 billion annual investment gap to meet renewable energy targets by 2030. Labelling COP29 as the “climate finance COP,” IEEFA’s new briefing highlights the need for policies incentivizing banks to redirect lending toward renewables. IEEFA’s report notes a significant rise in global renewable energy investments, increasing by 73%-78% from $329-424 billion in 2019…

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Nigeria commits NGN500 billion to revitalise abandoned power projects

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The Nigerian government has committed over NGN 500 billion to reactivate more than 100 stalled projects of the Transmission Company of Nigeria (TCN) to enhance the nation’s power supply.  Many of these projects are nearing completion, with some achieving over 80% progress.  The Ministry of Power has requested a dedicated budget allocation for 2025 to support these initiatives, aiming to improve electricity distribution across the country.  To bolster the grid’s resilience, the ministry is also…

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STMicroelectronics signs PPA with BKH Solar for Malaysian operations

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STMicroelectronics has signed a 21-year power purchase agreement with BKH Solar, a joint venture between ENGIE Renewable SEA Pte Ltd and Conextone Energy Sdn Bhd, to procure around 50 GWh of renewable energy annually from a solar farm in Bukit Kayu Hitam, Kedah, Malaysia.  This agreement, under Malaysia’s Corporate Green Power Program, supports ST’s 2027 targets for carbon neutrality and full renewable energy sourcing across its operations, including its high-volume test and assembly facility in…

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Vårgrønn acquires 27.4% stake in Germany’s Baltic 2 offshore wind farm

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Norwegian renewable energy company Vårgrønn has secured a 27.4% stake in the 288 MW Baltic 2 offshore wind farm from PGGM Infrastructure Fund.  EnBW will retain its majority ownership at 50.1% and continue managing operations and maintenance, while Germany’s largest pension fund, Ärzteversorgung Westfalen-Lippe, will maintain a 22.5% indirect stake. Located 32 km off the coast of Rugen in the German Baltic Sea, Baltic 2 has been operational since September 2015, generating electricity through 80…

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Seaway7 to provide ScottishPower’s East Anglia offshore cables

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ScottishPower Renewables has awarded Seaway7 a contract for the transport and installation of inter-array cables for the 960 MW East Anglia TWO offshore wind project, located 33 km off England’s east coast in the North Sea.  The contract involves the engineering, supply, and installation of 64 inter-array cables, with project execution managed from Seaway7’s Aberdeen office. Offshore operations are scheduled to commence in 2027. Awarded in the UK government’s Contracts for Difference (CfD) round in…

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Ireland releases geophysical data ahead of 900 MW offshore wind auction

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The Irish government’s Department of the Environment, Climate and Communications has released crucial geophysical data for the country’s second offshore wind auction, ORESS Tonn Nua, aimed at securing 900 MW of clean energy from a site off County Waterford. The bidding is scheduled for early 2025, following the finalization of auction terms on October 30, 2024. This auction will be Ireland’s first conducted under the South Coast Designated Maritime Area Plan (SC DMAP), the state’s…

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EDF in talks to source nuclear power for 1 GW data centre projects in France

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Électricité de France (EDF) is negotiating with three suppliers to secure power for its planned 1 GW data centre projects in France, with a focus on nuclear energy as a clean power source for tech firms amid the rising energy demands driven by AI.  EDF executive director Marc Benayoun confirmed the ongoing discussions but withheld details on the companies involved, noting that site selection for the projects is still in progress. EDF expects to export…

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European clean energy stocks fall amid Trump’s victory and policy concerns

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European clean energy stocks declined sharply following Donald Trump’s US presidential election victory, triggering investor concerns over potential setbacks in US renewable energy support and climate policy.  Trump has signaled intentions to halt offshore wind projects and undo several climate regulations established by Joe Biden, including the Paris Agreement and the Inflation Reduction Act’s clean energy incentives. Following the election, shares of offshore wind developer Ørsted fell by up to 14%, while wind turbine makers…

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RWE chooses Thyborøn Port to build Denmark’s largest offshore wind farm

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RWE has commenced work on the Thor offshore wind farm project, Denmark’s largest offshore wind initiative to date, establishing key operational and construction bases at the Port of Thorsminde and Thyborøn Port.  The Thor wind farm, located 22 kilometers off the west coast of Jutland in the Danish North Sea, will have a capacity exceeding 1 GW and is expected to power over one million Danish households with green energy. At Thyborøn Port, RWE has…