Energy Transition Update

As 2024 begins global energy issues such as security and decarbonisation persist. Major European, Asia-Pacific and North American economies are seeking to identify new sources of energy that do not possess a negative environmental impact.

Following is a short collection of international news items that demonstrate a widespread and active energy transition, collated by Guest Editor Daniel Lynn. 

UK 

Internationally renowned Norwegian renewable energy company Statkraft has agreed to acquire the 450MW Red John Pumped Storage Hydro Scheme from ILI (Intelligent Land Investments Group). The site of this project is located near Inverness and has accumulated costs of £550 million. The project will help Scotland deliver renewable energy targets and strengthen energy security. Statkraft will also potentially invest up to £2 billion in new projects across Scotland. 

UK clean energy company Bluefield Renewable Developments has been granted permission to construct a 50MW solar farm in County Durham, Northeast England. 

Scottish Power, a subsidiary of Spanish renewable company Iberdrola, and Anglo-American hydrogen-electric aircraft developer ZeroAviva will partner to explore the possibilities of green hydrogen dispersal to Scottish airports.  

Photovolt Development Partners will offer discounted energy from their 840MW Botley West Solar Farm based in West Oxfordshire to local residents. 

Europe

Spanish renewable energy company Iberdrola has been provided a €300m loan to develop renewable projects inside countries that are dependent on fossil fuels, such as Poland, Morocco and Vietnam. €170 million has already been committed to financing offshore wind projects in Poland.  

Spanish clean energy company Acciona Energia has completed construction of a hybrid renewable energy project. Acciona Energia added 29MW of solar capability to an already existing 36MW wind capacity at their Escepar wind facility located in Villalba del Rey and Cuenca.

Finnish renewable investment group Taaleri have announced closing on their sixth SolarWind 3 Fund, holding €430 million in commitments. Taaleri’s investment strategy will focus on acquiring, developing, constructing and operating onshore wind, solar PV facilities and battery storage projects that span the Nordics & Baltics, Poland & Southeast Europe, Spain and America (Texas).

Asia-Pacific

Construction will commence during 2024 on the Golden Plains Wind Farm project, located in the state of Victoria. The A$3 billion facility will be constructed in two phases and aims to begin commercial operations during 2025. Once completed 122 turbines will provide 750,000 homes with clean energy. 

Spanish green power organization Acciona Energia will begin construction on the 380MW Aldoga Solar Farm in Queensland, Australia, in 2024. The solar facility will cost A$500 million and be capable of powering 185,000 homes with environmentally compatible energy.

Japanese power operators JERA & Green Power Investment Corporation have begun commercial operations at the 112MW Ishikari Bay New Port Offshore Wind facility located off the coast of Hokkaido.

America

US renewable company BrightNight has closed a US£375 million corporate credit facility that will be deployed to assist in advancing a collection of American solar and energy storage projects.

US clean power organization Altus power have secured a $100 million credit arrangement. The capital will be used to expand a number of US projects.  

American wind and solar company Pattern Energy has secured funding for their 3500MW SunZia onshore wind and cable transmission project located in New Mexico. So far, the company has closed on $11 billion of funding for America’s largest ever renewable infrastructure project. The SunZia wind and transmission facility will be capable of supplying clean power to 3 million Americans once fully operational.