Energy Transition Update

Global energy supply is undergoing a fundamental change, switching from widespread fossil fuel dispersal to renewable energies. Work towards transitioning to carbon neutral fuels continues with positive results.

ThisWeekinFM Guest Editor, Daniel Lynn, has selected a number of global news clippings that underscore the progress of this international energy transition.

UK & Ireland

Publicly owned UK clean power company - Great British energy, will invest £1 billion to stimulate and strengthen the UK green energy supply chain.

German clean power group - ILOS Energy, has attracted €143 million in capital investment to fund the construction of a 217MW solar farm in County Cork, Ireland.

UK renewable energy companies Cero Generation and Enso Energy have been granted planning permission to construct the 190MW Helios solar farm in Yorkshire, England.  

Europe

German clean wind company -  NeXtWind, has secured €1.8 billion of financing. Funds will be used to refurbish and repower their existing portfolio of domestic wind farms.

Spanish multinational energy and pharmaceutical company - Repsol, will sell a 43% stake in their 629MW Texas Outpost solar project. American investment firm – Stonepeak has agreed to pay $253 million.

Multinational Italian energy company - Enel S.p.A. has purchased two onshore wind farms in Germany that when combined amount to 51MW of green power capacity. The transaction is thought to be worth around €80 million.

Asia Pacific

South Korea will target an annual offshore wind deployment of 4GW by 2030. The Ministry of Climate, Energy and Environment include the goals of maintaining 10.5GW by 2030 and 25GW by 2035.

Australian renewable company - Potenia Energy, has accumulated $830 million of financing to support the development of 6 wind, solar and hydro projects, amounting to 600MW of clean power capacity. All 6 facilities will be located across Australia. 

Belgian renewable group - Virya Energy, has purchased German renewable outfit Baywa r.e.’s Japanese solar portfolio. Renewable installations across Japan that amount to 60MW will now be handled by the Belgian company.

North America

American wind group - Steelhead Americas, has commissioned their 144MW Crossover wind project, located in Arkansas.

Canadian green hydrogen producer and renewable energy company - EverWind Fuels, has received environmental approval to procced with the 432MW Setapuktuk wind project, located in Nova Scotia, Canada. Construction will begin in 2026. 

American geothermal company - Fervo Energy, has raised an additional $462 million of financing. Since 2017 Fervo Energy has secured $1.5 billion of investments that will be used to construct a number of geothermal power plants across the USA.