Energy Transition Update

Notable economies across each continent are working together to introduce an international clean energy transition.

ThisWeekinFM Guest Editor, Daniel Lynn, looks at how Fossil fuel usage will eventually be nullified in favour of green renewable alternatives such as hydrogen, solar and sources of carbon free electricity.

UK

UK electric transmission and distribution company SSEN Transmission (Scottish and Southern Electricity Networks) will invest at least £22 billion into UK grid infrastructure from 2026 to 2031. The investment aims to contribute towards energy security targets, the reduction of emissions and the UK government’s 2030 push towards clean electric power.

UK-based Global offshore wind company Venterra Group has secured £30 million in funding through UK Export Finance which is supported by HSBC UK. This financial package will assist in targeting growth across the Northern Europe and Asia-Pacific markets.

Canadian renewable energy company Boralex have been granted planning permission for the 49.9MW Loch Toftingall Battery Energy Storage system in Scotland.

Europe

Renewable energy asset manager company Enfinity Global has generated €165 million of financing that will be used to construct 3 utility-scale solar power installations with a combined capacity of 147MW. All 3 projects are expected to be operational by 2026 and will be located in in Lazio, Italy.

Multi-national Spanish renewable energy company Iberdrola will commence with their €350 million 274MW wind project in Portugal. The installation will be located in the districts of Vila Real and Braga and will add clean power into the Portuguese power grid.  

Swedish Investment firm Polhem Infra and German investment company Prime Capital are collaborating to construct the 265MW Lynx onshore wind portfolio in Lycksele, Sweden. Construction of the €420 million Fjällberg, Vinliden and Hornmyran wind farms will begin in 2027 and will provide 1 TWh of clean power to Sweden’s national transmission grid. 

Asia-Pacific

Danish Clean power company European Energy and the First Nations Balil, Gurang, Gooreng Gooreng and Taribelang Bunda People Development Corporation (FNBGGGTB) are collaborating in the development of a 250MW wind farm in Queensland.  The FNBGGGTB ensure that the traditional indigenous community financially benefit from any construction on ancestorial land. 

The Australian government has selected 19 renewable wind, solar and hybrid projects that form part of the national tender process. All selected projects are expected to be operational by 2028 and contribute towards the Australian government’s commitment towards supplying cheap and clean electricity to Australian homes by 2030.

Global French renewable company Neoen is selling their renewable assets and projects in the Australian state of Victoria. Enterprise value will amount to AUS $950 million and will be purchased by Australian asset manager company HMC Capital. 

USA

The American Clean Power Association (ACP) has released a report predicting a record-breaking year for solar power installations. Over 32GW of solar energy was added to America’s domestic energy mix in 2024.

International German energy company RWE and American mining organization Peabody Energy will collaborate to construct and develop renewable energy projects on repurposed land previously used for mining. Both companies have agreed to target 5.5GW of solar and battery storage projects across Indiana and Illinois. 850,000 homes could be connected to clean power if all ambitions are realised.

New York has approved 23 large-scale renewable energy projects that will combine for 2300GW of additional clean energy capacity. The projects are expected to attract $4.7 billion of private investment.