Energy Transition Update

International economies, big business, grid operators, energy suppliers, system designers and appliance manufacturers from each continent are working together to introduce clean domestic and commercial power.

Following is a collection of news items from our Guest Editor, Daniel Lynn, that provide an insight into the direction and commitment of a collaborative global energy transition. 

UK & Ireland 

UK bank Barclays has a committed to a strategy that does not include fossil fuels or any related infrastructure projects. Instead, future financing will be provided to low carbon projects. 

ESB Group – Irish state-owned electrical suppliers have begun operations at a 75MW battery storage plant in Dublin. The batteries can store renewable energy upon customer demand. This Project represents a part of the €300 million ESB Group has invested into clean electrical delivery in Ireland.  

Lightsource BP has begun storing energy at their Tiln solar and battery storage project located in Lincolnshire. Stored energy will contribute towards localized grid stability. 

Europe 

Multinational energy company RWE has begun construction on their first large-scale battery storage project at their Eemshaven power plant. The storage system will assist in providing grid stability. 

Spanish renewable energy company Iberdrola is close to gaining full commissioning of the Tamega Hydroelectric Complex located in Portugal. The successful connection of a turbine to the Portuguese grid means full commercial operations should be in place by late spring of 2024. The project has required a total investment amount of €1.5 billion and will have a capacity of 1158MW. 

German electric supplier and investment company Eurogrid has set aside €1 billion in green bonds to be used to support electrical grid maintenance and improvements. 

Asia-Pacific 

Australian renewable power company Squadron Energy has begun construction work on their 414MW wind farm located in New South Wales, Australia. The project consists of 69 turbines. 

American energy technology designer and manufacturer GE Verona have been picked to supply the turbines for the 90MW Abukuma South Wind Farm, Japan. 

A pilot microgrid that absorbs and dispenses wave energy has been awarded a £1.5 million UK government grant which focuses on supporting UK foreign business opportunities that provide clean energy. The microgrid pilot project will take place on a remote island in Thailand.   

USA & Canada  

Multinational Canadian investment company Brookfield Asset Managment has accumulated $10 billion of financing in their second global transition fund. Investment opportunities across the energy landscape will be explored globally. 

US renewable energy company Spearmint Energy has agreed a $48 million finance loan to support their battery storage system project in West Texas. 

US clean energy company Recurrent Energy has secured $160 million of financing for the development of their 127MW Bayou Galion Solar Project located in Louisiana. Recurrent Energy will aim to begin commercial operations in the Autumn of 2024.