Energy Transition Update

Notable economies across the globe are focusing on decarbonising national energy supplies. Large scale construction projects, financial deals worth billions and cross-continental cooperation between big businesses aggregates towards an active international clean energy transition.

UK 

UK solar power companies PS Renewables and Tribus Clean Energy are collaborating to deliver a £600 million, 2,500-acre solar farm on the Suffolk Cambridgeshire border. Once operational power could be potentially distributed to 172,000 homes.   

Clean energy company Low Carbon will construct and operate the Gate Burton Solar facility, Lincolnshire. The 500MW renewable installation will distribute green power to 160,000 homes once commercially viable.    

American renewable energy company GE Verona will collaborate with UK battery and storage operator Varco Energy to deliver a 48MW BESS (Battery Energy Storage System) for the Sambar Power Project located in Cornwall. 

Europe 

Nearly €3 billion of finance will be directed towards 10 EU member states that require assistance in renewable electrical generation. Bulgaria (€65.2m), Croatia (€52m), Czechia (€835.2m), Estonia (€24.1m), Hungary (€76.8m), Latvia (€26.8m), Lithuania (€59m), Poland (€697.5m), Romania (€1.095bn) and Slovakia (€35m). All financing will assist the above-mentioned countries to reach carbon neutrality by 2050.  

German renewable investor CEE Group has acquired a 103MW solar facility in Murcia, southern Spain.  A connection to the Spanish grid is expected in 2025.   

Estonian renewable energy company Enefit Green has increased their loan from Swedbank to €100 million. This financial agreement will enable the development of wind, solar and battery energy storage system projects.  

Asia-Pacific 

Work is continuing the 155MW Kaiwera Downs wind farm located in the Southland region of New Zealand. New Zealand electrical supplier Mercury Energy has invested $115 million and will be able to distribute power to 20,000 homes once operations commence in early 2026.  

International clean power company TagEnergy is continuing construction on the $3 billion Golden Plains Wind Farm located in the Victoria region of Australia. Once commercial operations begin in 2026, 750,000 homes can receive clean power.  

American renewable developer Enfinity Global has acquired $164 million to develop 7 solar projects with a combined 250MW capacity in Japan. Once construction is complete and operations start on all 7 facilities 60,000 homes will be served with clean electricity.   

USA 

Recurrent Energy, a subsidiary of Canadian Solar has signed a $103 million deal with the Bank of America tax credit facilitation agreement. This arrangement will enable the accessing of quicker funding for their 160MW North Fork Solar Project, which is now operational just outside of Oklahoma City.   

Virginia Electric and Power Company has agreed to purchase the Kitty Hawk North Wind facility for $160 million from US powers company Avangrid. This 3,500MW clean wind installation is situated off the Virginia and North Carolina coast and will provide green fuel for 700,000 households.    

Construction has started on a 257MW solar project located in Colorado. The Black Hollow Solar Project will be headed by US renewable energy company Platte River Power Authority and Korean solar power panel manufacturer Qcells.