Energy Transition Update

New US policy has reversed subsidies for clean energy projects whilst the UK is also experiencing political calls for a reversal on net-zero strategy. Despite this, UK investment news regarding carbon neutral energies is strong, as is global collaboration that seeks to increase environmentally friendly power capacity.  

Despite political interference that aims to limit net-zero objectives, ThisWeekinFM Guest Editor Daniel Lynn, has compiled numerous examples of an active energy transition that signifies a forward direction regarding alternative and clean power. 

UK

UK renewable developer British Solar Renewables (BSR) has generated £345 million of financing. BSR will use the capital to pursue their ambition of constructing 609MW of solar and battery energy storage system projects across the UK.  

UAE state-owned renewable energy company Masdar, alongside Spanish clean power organization Iberdrola have agreed on an investment deal for the £5.2 billion, East Anglia 3 offshore windfarm. This 1400MW facility will be located off the Suffolk coast and forms part of Masdar and Iberdrola’s strategy of implementing green hydrogen and offshore wind projects across the UK, Germany and USA.  

Diversified Japanese commercial entity Sumitomo Corporation and the UK government will work alongside one another to navigate over £7 billion towards British infrastructure and green power projects.  

Europe

Polish power group Orlen has received €390 million of non-repayable funding to support their green hydrogen projects. Orlen aims to strengthen domestic and European hydrogen supply chain networks through this financial grant. 

The renewable energy tentacle of diversified German multinational company BayWa has gained €3 billion in refinancing. The funds will be used to construct and operate wind, solar and battery energy storage system projects.   

Polish power provider Orlen has also attracted €600 million of financial investments in the form of green Eurobonds. All capital will be aimed towards advancing renewable energy sources and carbon free road transport infrastructure. 

Asia Pacific

Danish renewable energy outfit European Energy has located and accepted €70 million of finance to develop 2 solar installations in Australia - the 106MW Lancaster Solar Park in the state of Victoria and the 31MW Mulwala Solar Park in New South Wales. 

Spanish renewable company X-ELIO has activated operations at the 14MW Funaki solar plant, located in Ube, Yamaguchi prefecture - Japan. X-ELIO already controls 393MW of solar capacity inside Japan.  

Australian mining and energy company Orica will receive $432 million of funding from The Australian Renewable Energy Agency (ARENA). All funds will assist in the development of the Hunter Valley Hydrogen Hub.  

North America

US President Donald Trump has nullified subsidies that were once provided towards green energy projects. Instead, fossil fuels will be given preference.   

Canadian renewable energy company Boralex has acquired $250 million to continue pursuing energy transition opportunities. Boralex’s 2030 strategy aims to double installed capacity of renewable projects every 5 years.      

Multinational American energy company Invenergy brought the 250MW Fairbanks Solar Energy Centre on-line. The newly finished installation is located in Sullivan County, Indiana and can produce enough clean power for over 50,000 local homes.