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Global shift towards sustainable energy drives $3.1 trillion investment surge

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A new report from the International Solar Alliance (ISA) highlights a global increase in sustainable energy investments, rising from $2.4 trillion in 2018 to an expected $3.1 trillion by 2024, with solar energy dominating green investments.  Solar alone now accounts for 59 per cent of these investments, primarily due to decreasing technology costs and a surge in support from the Asia-Pacific (APAC) region, which has emerged as the leading investor. According to the World Solar…

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India’s energy storage capacity to rise 12-fold: SBICAPS report

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India’s energy storage capacity is projected to increase 12-fold to 60 GW by FY 2032, as outlined in a new SBICAPS report. This expansion is anticipated to outpace the growth in renewable energy (RE) sources, as RE tenders increasingly include storage, rising from 5% of projects in FY 2020 to 23% by FY 2024. Battery energy storage systems (BESS) are expected to make up the majority of this growth, with projected expansion to 42 GW…

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Serentica Renewables to establish 10 GW of RE projects in Andhra Pradesh

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Serentica Renewables has announced plans to develop renewable energy projects with a combined capacity of 10 GW in Andhra Pradesh, supporting both India’s clean energy goals and the state’s green vision.  This initiative aligns with Andhra Pradesh’s target of 72 GW in renewable capacity by 2030, providing a foundation for sustainable industrial growth in the region. Pratik Agarwal, Chairman of Serentica Renewables, emphasized the state’s renewable potential, stating, “Our 10 GW commitment is a bold…

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MNRE invites proposals to set up R&D facilities for green hydrogen

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The Ministry of New and Renewable Energy (MNRE) has issued a call for proposals to establish Centers of Excellence (CoEs) under the National Green Hydrogen Mission’s (NGHM) Research and Development (R&D) programme, with a deadline of December 19, 2024.  Selected entities will receive financial support covering up to 50 per cent of project costs, aimed at advancing green hydrogen production, storage, and utilisation. The CoEs will facilitate research, skill development, and industry collaboration to foster…

Power Sector News Roundup for November 6, 2024

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Global: Westbridge sells 75% stake in Alberta’s Sunnynook solar project to METLEN Emeren and Arpinge partner on 300MW battery storage portfolio in Italy EDF Renewables signs 20-year energy storage PPA with APS for 250 MW Beehive BESS UAE’s Nakheel and DEWA partner on 132 kV substation in Palm Jebel Ali Canada proposes 35% emissions cap on oil and gas sector by 2030 ACCIONA Energía acquires 300 MW of wind capacity in Texas FTC Solar to…

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NSW approves Liverpool Range wind farm expansion

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The New South Wales (NSW) government has approved an amendment to expand the Liverpool Range wind project to 1.3 GW by utilizing fewer, more efficient turbines.  Initially approved in 2018, the project modification requested in 2022 aims to boost energy generation with updated technology and a reduced turbine count. Located northeast of Mudgee in NSW’s Central-West Orana Renewable Energy Zone (REZ), the $2 billion investment will create 550 jobs during construction and 47 permanent roles…

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Primergy Solar secures $225 million for Valley of Fire renewable projects

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Primergy Solar has secured $225 million in project financing for its Valley of Fire (VoF) renewable energy portfolio across Nevada, Colorado, and Arizona.  This financing includes a $125 million tax credit sale for the Gemini Solar + Storage project and a $100 million revolving credit facility from Rabobank to support additional VoF developments. The VoF portfolio comprises the recently commissioned Gemini Solar + Storage project and five other ventures, collectively offering 2.65 GW of solar…

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TechnipFMC and Prysmian collaborate for floating offshore wind energy solutions

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TechnipFMC and Prysmian have entered into a partnership to deliver a comprehensive solution for floating offshore wind projects, integrating expertise from the seabed to the ocean surface.  This collaboration combines TechnipFMC’s proficiency in dynamic offshore system design with Prysmian’s leadership in submarine power cable systems. The agreement aims to streamline project delivery through a full engineering, procurement, construction, and installation (EPCI) model, optimizing mooring, anchoring, and both inter-array and export cabling systems. This integrated approach…

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Avista to acquire 10% stake in 3 GW North Plains Connector transmission project

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Avista has signed a nonbinding memorandum of understanding to take a 10% ownership stake in the North Plains Connector, a 3 GW high-voltage direct current (HVDC) transmission line by Grid United’s subsidiary.  This 420-mile line will connect the US eastern and western electric grids between Montana and North Dakota, enabling bi-directional power transport from various generation sources. The North Plains Connector, linking the Midcontinent Independent System Operator, Western Interconnection, and Southwest Power Pool, will enhance…

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Swedish government rejects 13 offshore wind projects in Baltic Sea

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The Swedish government has denied 13 applications for offshore wind farms in the Baltic Sea, south of the Sea of Åland, citing national defence interests.  The rejected projects include Arkona, Aurora, Baltic Offshore Beta, Cirrus, and others, as they posed potential conflicts with Sweden’s military operations. This decision affects various developers, including Hexicon’s joint venture Freja Offshore, which will halt its Cirrus and Dyning projects. Defence Minister Pål Jonson emphasized that in the current security…