Energy Transition Update

Renewable energies are being increasingly utilised as a form of power throughout domestic and commercial daily activities. Fossil fuels are now being replaced with multiple forms of clean energy.

ThisWeekinFM Guest Editor, Daniel Lynn, has gathered numerous examples of how environmentally friendly fuels are being preferred over oil and natural gas by economies across the globe. 

UK 

Greek metals and energy company Metlen has secured 2 clean energy projects that they will design and construct in the UK for a combined £34.8 million. The first project will be a 115MW solar and battery energy storage facility in Hampshire, whilst the second will be an 18MW battery storage site in North Yorkshire.  

UK renewable energy group - Pulse Clean Energy, has located £220 million to finance multiple battery energy storage projects. Each facility will encourage greater integration of solar and wind power to the UK grid. All sites aim to be operational by 2027. 

Portuguese renewable power company Greenvolt Group will invest £320 million over 3 years into the UK. By the end of 2028 Greenvolt Group aim to add 1GW towards UK clean energy capacity. Greenvolt will target the solar, wind and battery energy storage markets to achieve this ambition.  

Europe 

Global leading Spanish renewable power company – Iberdrola, has acquired €2.5 billion from 32 banks to advance the company’s clean energy aims. Strategy is focused on countries that target widespread electrification, such as the UK and US. 

Austrian power producer Renalfa IPP has attracted €315 million of financing to provide European states Bulgaria, Hungary and Romania alongside European candidate country North Macedonia with clean electricity.  

Spanish clean power giant Iberdrola will sell all Mexican assets, including 15 power plants. Iberdrola will release their portfolio of Mexican projects for $4.2 billion. The capital gained from this transaction will be used to accelerate  Iberdrola’s strategy of electrical grid investments inside the US, UK, Brazil and Spain. 

Asia Pacific 

Swedish renewable company – OX2, has been granted environmental approval to build the 135MW Muswellbrook solar and BESS (battery energy storage system) project located in New South Wales. 

Progress in constructing the Hai Long Offshore Wind project is expected to be finished later this year. The CAD $9 billion (€6.2 billion) facility is situated in the Taiwan Strait and will maintain a capacity of 1GW, enough to power over 1 million households and industrial facilities. This installation is a collaboration between Canadian power provider Northland Power, Japanese conglomerate Mitsui and Gentari – a subsidiary of Malaysian national power company Petronas. 

Australia FRV (Fotowatio Renewable Ventures), a subsidiary of International Saudi clean power group – FRV Renewables, is clear to construct the 250MW Gnarwarre battery energy storage project, located in the state of Victoria - Australia. 

North America 

US power producer Treaty Oak Clean Energy has gathered $300 million of investment that supports their vision of a 17GW portfolio of solar, wind and battery energy storage projects. 

Canadian power outfit Enbridge continues construction on their 600MW solar project located in Texas. The Clear Fork solar facility is aiming to be operational by 2027. 

International renewable investment firm Schroders Greencoat has purchased  50% ownership of JERA Nex’s 395MW US solar projects. JERA Nex is a renewable energy subsidiary of Japanese power company JERA, Co, Inc.