As global efforts to reduce fossil fuel consumption continue, ThisWeekinFM Guest Editor, Daniel Lynn, has collected a selection of news items that focus on international clean energy introduction, finance and construction.
Through these news items a clear shift towards renewable energies will be discernible across notable international economies and big business organizations.
UK Construction & Finance
Recently, the UK government has encountered a number of problems that affect national decarbonisation targets. An expansion of North Sea fossil fuel drilling could affect international investment in UK renewable and clean alternative energy projects. However, work that concentrates on generating global investment and the construction of clean energy installations continues.
UK solar company Bluefield Renewable Developments have been awarded planning permission for their third solar facility in the north-east region of England. This solar project will be located in Bedlington, Northumbria and generate 49.9MW of clean power. The project will also include a 60MW battery storage system.
UK solar energy company Sonnedix has begun construction work on a portfolio of five solar projects acquired last year. The portfolio comprises five ground-mounted solar facilities across England, including: Cowley Complex located in County Durham, Gonerby, located in Lincolnshire, Winkburn Solar Farm, located in Nottinghamshire, Gammaton, located in North Devon and finally Lawns Solar, located in Lancashire. Construction on all five sites will be complete by 2025.
IFM Investors, a leading Australian global investment company has signed an MOU with the UK government that will see £10 billion of investment inside the UK by 2027. Investment will focus on producing commercially viable large-scale infrastructure and clean energy opportunities.
UK alternative and clean energy company Statera Energy has secured £300 million to invest in the 400MW Thurrock Battery Energy Storage System located in Essex, England.
European economies are working towards the widespread introduction of clean energies that ensure domestic energy security. Europe is an attractive option for investment due to the strength of direction that moves away from Russian energy supplies and subsidies that the European Green Deal can offer.
Danish wind company Cadeler has gained a €550m Green Loan from a group of international banks. The investment will be used to pursue energy transition opportunities.
US renewable energy company Enfinity Global has acquired €118 million in financing that will enable the construction of four large solar installations across Italy for a combined capacity of 101MW. All facilities are located in the Lazio region are and are expected to be operational by 2024.
Danish investment firm Copenhagen Infrastructure Partners has launched a $3 billion renewable energy fund that will be used to facilitate green energy projects across the globe, specifically in Asian and Latin American markets.
Pan-national German energy company RWE will invest a significant sum of capital into a variety of hydrogen, solar and battery storage projects between 2024 and 2030. Strategic focus will be applied towards markets that are already familiar with the RWE. American, UK and the German domestic energy market will collectively absorb €55 billion of investment.
USA Financing & Renewable Introduction
America continues to attract significant interest from external investment groups due to generous subsidies and a major shift towards renewable energies in domestic energy policy. America is busy with multiple domestic and foreign investment projects that see construction of renewable energy installations.
US energy provider Avangrid and Danish investment group Copenhagen Infrastructure Partners will soon begin to deliver power from their collaborative 800MW Vineyard Wind Project. The project cost $2.3 billion to construct and will power 30,000 local homes and commercial properties in Massachusetts. Once fully operational the offshore Vineyard Wind Project will provide clean power to 400,000 properties across Massachusetts.
UK international energy company BP has completed work on adapting 40 turbines out of the possible 162 at their 300MW Fowler Ridge 1 wind farm located in Indiana. These modifications will assist in producing 40% more output capacity.
US renewable energy company Longroad Energy has acquired $600 million to assist in developing numerous wind, solar and battery storage projects.
US solar group SB Energy Global has accumulated $2.4 billion of funding that will be used to support the development of four utility-scale solar projects.
Danish multinational energy company Orsted has announced that the 130MW South Fork Wind offshore facility has begun commercial operations. Located off of Rhode Island, offshore wind will power 70,000 properties with clean renewable energy.