Author: PPD Team Date: 27/01/2025
NextEra partners with GE Vernova for natural gas-fired project
NextEra Energy has partnered with electric services company GE Vernova to develop natural gas-fired power generation projects in the United States, as reported by Reuters. The collaboration aims to primarily supply electricity to AI data centres and other significant power consumers.
This partnership comes amid rising demand from Big Tech’s data centres for natural gas-fired electricity, particularly as federal support for renewable energy becomes uncertain under the new administration. Between now and 2029, the two companies plan to initiate power generation projects that could integrate natural gas plants with renewable energy sources, such as solar and battery storage.
NextEra CEO John Ketchum explained that the agreement is in its early stages, which involves land acquisition, development, gas transportation, and the construction of power plants, noting that the long delivery times for turbines could extend the timeline to 2030. He pointed out that while gas-fired plants have longer development timelines, solar and onshore wind projects can be completed in 18 months and 12 months, respectively.
NextEra reported a decrease in profit for Q4 2024, largely due to underperformance in its renewables segment. The company experienced growth in its project backlog, driven by the surging demand for electricity from data centres and increased usage in homes and businesses. The renewables division’s performance was further impacted by a one-off loss of $845 million related to investments in a subsidiary and higher operating expenses.
Despite the challenges, NextEra Energy is planning to restart operations at its Duane Arnold nuclear power plant in Iowa by the end of 2028. For the coming years, NextEra’s financial outlook remains steady, with anticipated adjusted earnings per share between $3.45 and $3.70 for 2025, and ranges of $3.63 to $4.00 and $3.85 to $4.32 for 2026 and 2027, respectively.
Taean Wind secures fixed-price contract for offshore wind in Korea
Taean Wind Power has secured a fixed-price offtake contract to develop a 500 MW offshore wind project in Korea, marking a significant step towards advancing the country’s renewable energy goals. The project will support Korea’s domestic green energy production and help achieve its national renewable energy objectives.
Copenhagen Infrastructure Partners (CIP), through its Copenhagen Infrastructure V fund, acquired a 49% stake in Taean Wind Power in late 2024. CIP will partner with Vena Energy to jointly develop the project, which is set to begin construction in the second half of 2026 and start operations by late 2029.
The offshore wind project, a fixed-bottom generation project, will generate enough energy to power 300,000 Korean households annually. It is expected to deliver substantial economic and environmental benefits, including local job creation and revitalization of the regional economy.
Key stakeholders, including LS Cable & System, will support the project by providing essential components such as cables. The project aligns with Korea’s carbon neutrality goal by 2050, contributing to the country’s green energy transition.
CIP has a 5 GW pipeline of offshore wind projects in Korea, with Taean Wind Power being a key part of this ambitious expansion.
L&T selected as preferred EPC contractor for Masdar’s 24×7 solar project
Masdar has chosen Larsen & Toubro’s (L&T) renewables vertical as one of the preferred EPC contractors for the north site of the world’s first 24×7 solar PV and battery storage gigascale project in Abu Dhabi.
The project, developed by Abu Dhabi Future Energy Company PJSC – Masdar, in collaboration with Emirates Water and Electricity Company (EWEC), is set to deliver up to 1 GW of baseload power continuously. It will feature a 5.2 GW (DC) solar PV plant combined with a 19 GWh battery energy storage system (BESS), making it the world’s largest solar and BESS project. The project will consist of a north site and a south site, each with 2.6 GW of solar capacity and 9.5 GWh of BESS.
The announcement was made at Abu Dhabi Sustainability Week, attended by His Excellency Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar. The Letter of Award was signed by Masdar’s COO Abdulaziz Alobaidli and L&T’s Senior Vice President A. Ravindran.
S.N. Subrahmanyan, Chairman & Managing Director of L&T, highlighted the UAE’s leadership in accelerating sustainable economic progress, emphasizing L&T’s commitment to advancing global energy transition efforts.