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Trump suspends IRA funding, halting clean energy projects

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US President Donald Trump has issued an executive order suspending all funding disbursements under the Inflation Reduction Act (IRA), marking a significant shift in the US energy agenda.  The move, termed “Terminating the Green New Deal,” also halts funding for the Infrastructure Investment and Jobs Act, impacting clean energy and manufacturing projects. Federal agencies now have 90 days to submit reviews and spending recommendations to the Office of Management and Budget and the National Economic…

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Godrej focuses on five states for power infrastructure

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The Energy Solutions business of Godrej Enterprises Group (GEG) has announced its focus on investing in power infrastructure projects for clean energy.  The company will prioritize Maharashtra, Gujarat, Rajasthan, Haryana, and Madhya Pradesh for its green energy and power infrastructure projects. GEG plans to grow at a CAGR of over 20% in the next 3-5 years, driven by its expanding portfolio of EHV (Extra High Voltage) power transmission projects up to 765kV, along with strategic…

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Convergent Energy secures loan for solar and BESS projects in Puerto Rico

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Convergent Energy and Power has secured a $584.5 million loan from the US Department of Energy (DOE) to develop solar and battery storage systems in Puerto Rico.  The funding is part of the Energy Infrastructure Reinvestment program, under the Inflation Reduction Act, which supports projects that repurpose or replace energy infrastructure to reduce emissions and improve environmental outcomes. Convergent will install a 100MW solar photovoltaic (PV) system and a 55MW/55MWh battery storage system in Coamo,…

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CIF capital markets mechanism raises $500m with inaugural bond

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The Climate Investment Funds (CIF) capital markets mechanism (CCMM) raised $500m through its debut bond, marking a historic step in mobilising finance for climate action. The bond was six times oversubscribed, attracting over $3bn in global investor interest. This inaugural bond, part of CCMM’s borrowing programme launched at COP29 in November 2024, aims to scale up clean technology and infrastructure projects in developing countries.  Final pricing was set at +36.6 basis points over the three-year…

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Constellation to acquire Calpine for $16.4bn

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Constellation has announced its acquisition of Calpine in a cash and stock transaction valued at $16.4bn, including 50 million Constellation shares, $4.5bn in cash, and the assumption of $12.7bn in net debt.  The deal brings the total net purchase price to $26.6bn after factoring in expected cash generated by Calpine and tax attributes. The transaction, expected to close by January 2026, is subject to regulatory approvals and customary conditions. Constellation plans to fund the cash…

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Waaree Energies begins trial production at 5.4 GW solar cell plant in Gujarat

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Waaree Energies Limited has initiated trial production at its 5.4 GW solar cell manufacturing plant in Chikhli, Gujarat.  The facility is a key part of Waaree’s strategy for backward integration in the solar energy sector. By focusing on indigenous solar cell production, the plant aims to reduce import dependency, lower costs tied to global supply chain disruptions, and bolster India’s role in clean energy.  The high-efficiency solar cells produced are expected to meet domestic demand…

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US NRC approves licence extension for Xcel Energy’s Monticello nuclear plant

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The US Nuclear Regulatory Commission (NRC) has approved the renewal of Xcel Energy’s Monticello nuclear plant operating licence, extending its operations until 2050, pending state regulator approval. The plant is a key component of Xcel Energy’s strategy to achieve 100% carbon-free electricity. It currently powers over 500,000 homes annually in the Upper Midwest. Xcel Energy CEO Bob Frenzel highlighted that nuclear energy will be crucial for meeting growing electricity demand while advancing clean energy goals….

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China develops world’s first 30MW-class pure hydrogen gas turbine

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A China-based firm has successfully ignited the world’s first 30MW-class pure hydrogen gas turbine, called Jupiter I. Developed by Mingyang Group and several research teams, the turbine offers a significant solution for renewable energy storage by converting hydrogen back into electricity during peak hours. The turbine addresses the challenge of renewable energy waste during off-peak hours, converting excess electricity into hydrogen for storage. This “power-to-hydrogen-back-to-power” method results in carbon-free power generation. The team overcame major…

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Excelsior Energy Capital signs 7.5GWh agreement with LG Energy Solution Vertech

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Excelsior Energy Capital has entered a multi-year agreement with LG Energy Solution Vertech for a 7.5 gigawatt hour (GWh) reservation to support its US clean energy projects.  This agreement ensures a steady supply of high-quality battery energy storage systems (BESS) for Excelsior’s standalone and hybrid energy storage projects across the country. From 2026, the batteries will be produced at LG Energy Solution Vertech’s advanced US facilities, strengthening supply chain security. The partnership also includes integration…

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Oklo and Switch sign historic 12GW clean power deal

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Switch has selected Oklo, a nuclear technology company, to deploy 12GW of Oklo Aurora powerhouse projects by 2044. The projects are part of a non-binding master power agreement, one of the largest corporate clean power deals to date, setting the stage for future binding power purchase agreements. Oklo will develop, construct, and operate the powerhouses to supply clean energy across the US. This partnership supports Oklo’s growth and the increasing demand for clean energy. Switch’s…