Power Sector News Roundup for October 17, 2024

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Global: – World Bank approves USD 250 million for renewable energy in Lebanon– Masdar and Presight to launch AI tool for managing RE assets globally– Fugro to site investigate Rhein-Main-Link offshore wind cable project in Germany– Sumitomo and CEP Solar to deliver 1.5GW of clean energy projects in Virginia– Ignitis Group to bid in Lithuania’s second offshore wind tender – Quinbrook signs offtake agreements with Tesco and Shell for Cleve Hill Solar Park– VNG AG…

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Dominion Energy, AEP, FirstEnergy propose new transmission lines in PJM region

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Dominion Energy Virginia, American Electric Power (AEP), and FirstEnergy have announced a joint agreement to develop new regional transmission projects within the PJM footprint, which covers 13 states in the US. The initiative responds to the Federal Energy Regulatory Commission’s (FERC) call for cost-effective regional transmission development. The proposed projects, submitted through PJM’s Regional Transmission Expansion Plan (RTEP), include 765kV, 500kV, and 345kV transmission lines in Virginia, Ohio, and West Virginia. These are in the…

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Runergy launches solar module manufacturing facility in US

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Runergy has started production at its advanced solar module manufacturing facility in Huntsville, Alabama, marking its entry into the North American market. The facility, with an annual production capacity of 2 GW, is set to deliver its first customer orders in October, providing cutting-edge solar solutions. Positioned to become a major hub for solar manufacturing in the US, the facility strengthens Runergy’s presence in the global solar industry. The launch event featured a ceremonial signing…

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Masdar expands in US with 50 per cent acquisition of Terra-Gen

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Masdar has successfully acquired a 50% share in Terra-Gen Power Holdings II, LLC, a leading independent renewable energy producer in the US. The acquisition was made from Energy Capital Partners, which fully divested its stake, while Igneo Infrastructure Partners retained its 50% interest in the company. Before this acquisition, Masdar had a strong portfolio of utility-scale wind, solar, and storage assets, with over 1.4 GW of generating capacity. Terra-Gen’s current operational portfolio spans 3.8 GW…

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India signs key IPEF agreements on Clean and Fair Economy

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On 21 September 2024, India signed agreements under the Indo-Pacific Economic Framework (IPEF) for Clean Economy, Fair Economy, and an overarching IPEF arrangement during Prime Minister Modi’s visit to the US. IPEF Clean Economy Agreement (Pillar-III) The Clean Economy Agreement focuses on boosting technical cooperation and clean energy technology deployment. It aims to accelerate renewable energy investments and provide concessional financing for MSMEs. Initiatives like the IPEF Catalytic Capital Fund, with USD 33 million (Rs…

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US to hold first offshore wind lease auction in Gulf of Maine in October

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The US Department of the Interior (DOI) will hold its first offshore wind energy lease auction for the Gulf of Maine on 29 October 2024. The auction will offer leases for eight areas off the coasts of Massachusetts, New Hampshire, and Maine, with the potential to generate 13 GW of power, enough to supply 4.5 million homes. The Bureau of Ocean Energy Management (BOEM) reduced the available acreage by 120,000 from the initial proposal to…

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BP to divest US onshore wind business to shift towards solar and oil focus

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British energy giant BP has announced plans to sell its US onshore wind energy business, BP Wind Energy, citing misalignment with its strategic growth goals. The sale, which includes ten onshore wind assets across seven US states with a combined net generating capacity of 1.3 GW, is expected to begin in autumn 2024. This move comes amid a broader shift in BP’s strategy, driven by new CEO Murray Auchincloss, who has placed renewed emphasis on…