Power Sector News Roundup for November 21, 2024

Power Bytes

Global: Amazon invests in Greece’s largest wind energy project with three wind farms. China tightens solar PV investment guidelines to address overcapacity. SEC to build publicly owned renewable energy park in Horsham, Australia. Bekevar Wind Farm opens, providing 200 MW of renewable energy in Saskatchewan. Ofgem proposes £5-8 billion fund to accelerate UK energy transmission projects. TVA signs 10-year PPA for 14 GWh carbon-free energy with Smoky Hydro. Octopus Energy and Skyborn prequalified for French…

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IndiGrid, BII, and Norfund launch $300 million platform

India, News

IndiGrid, British International Investment (BII), and the Norwegian Climate Investment Fund managed by Norfund have established EnerGrid, a $300 million platform focused on greenfield transmission and standalone battery energy storage system (BESS) projects in India.  Each partner will invest $100 million, with EnerGrid aiming to develop projects valued at approximately $1.2 billion over the next several years. Once operational, IndiGrid will acquire these projects at a pre-agreed enterprise value. IndiGrid’s Q2 FY25 investor presentation highlighted…

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Nexans to sell AmerCable to Mattr for $280 million

Global, News

Nexans has agreed to sell AmerCable, its Arkansas-based subsidiary specializing in power, control, and instrumentation cables for harsh environments, to Mattr for an enterprise value of $280 million.  Known for its durable cables widely used in mining and oil and gas industries, AmerCable has been a key player in the power cable sector since 1922 and employs over 300 people. This sale aligns with Nexans’ strategy to focus on electrification, positioning itself as a ‘Pure…

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Entrion Wind secures US patent for FRP monopile technology

Global, News

Norwegian offshore wind firm Entrion Wind has obtained a US patent for its fully restrained platform (FRP) monopile, marking the first of six patent applications filed by the company.  The FRP monopile, designed for water depths up to 100m, is set for commercial launch in 2027 and promises improved economics over other foundation systems, featuring Entrion’s top mooring assembly (TMA) for enhanced stability and efficient installation. Entrion co-founder and VP Li Lee highlighted the monopile’s…

Power Sector News Roundup for November 8, 2024

Power Bytes

Global: European clean energy stocks fall amid Trump’s victory and policy concerns Global energy efficiency improvements lag behind COP28 targets: IEA Nigeria calls for bids to develop 4 GW gas-fired power plants Ireland’s EirGrid awards contracts for renewables integration technologies RWE chooses Thyborøn Port to build Denmark’s largest offshore wind farm EDF in talks to source nuclear power for 1 GW data centre projects in France Ireland releases geophysical data ahead of 900 MW offshore…

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

Global, News

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

Global, News

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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Swedish court approves Hydro Energi’s PPA settlement with Markbygden

Global, News

Norwegian renewable company Hydro Energi has settled its long-term power purchase agreement (PPA) with Swedish wind farm operator Markbygden Ett.  Originally signed in 2017, the PPA was intended to supply 1.65 TWh annually from 2021 to 2039, backing the financing of Markbygden’s onshore wind park in northern Sweden, which had a projected output of 2.2 TWh per year. However, due to financial difficulties, Markbygden Ett halted power deliveries to Hydro Energi on February 6, 2023,…

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World Nuclear Performance 2024

Analysis, Features

In a world grappling with the urgency of climate goals and clean energy transitions, the World Nuclear Performance Report 2024, produced by the World Nuclear Association, presents a compelling narrative on the global nuclear industry’s role in reducing emissions and enhancing energy security. Through facts, case studies, and country-specific insights, the report highlights nuclear energy’s capacity to deliver dependable, carbon-free power and keep pace with rising global electricity demands. Nuclear’s Vital Statistics: Performance on a…

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DEME wins contract for cable installation at OranjeWind offshore wind farm in the Netherlands

Global, News

Offshore contractor DEME has secured a contract to transport and install inter-array cables and secondary steel components for the 800 MW OranjeWind offshore wind farm in the Dutch North Sea. The wind farm, located 53 km from the Dutch coast, is a joint venture between RWE and TotalEnergies. DEME’s scope includes the installation of 114 km of inter-array cables connecting 53 foundations to the offshore substation. Scheduled to start in the second half of 2026,…