Energy Transition Update

ThisWeekinFM Guest Editor, Daniel Lynn, has selected various news items that illustrate a collaborative and international clean energy transition. This month has provided plenty examples of huge financing and construction projects that are designed to increase clean energy capacity across the globe.

The UK and Europe remain an attractive market for international and domestic investors whilst the Asia Pacific region continues to also make good progress. Japan is targeting battery energy and storage opportunities after a regulatory amendment has reclassified BESS as independent power businesses in 2023. This redefinition in policy has led to multiple investors becoming interested.   

Despite the US facing domestic opposition to NetZero there are strong examples of large-scale financing of renewable projects. It should also be mentioned that renewables were responsible for 30% of electrical generation in the first third of 2026 according to data released by the EIA (Energy Information Administration). Despite administrative interference, American clean energy projects are still being pursued.  

UK & Ireland

Perigus Energy who are Danish owned and headquartered in Cork, Ireland - will soon begin construction on the 740MW One Earth solar farm on the Nottinghamshire – Lincolnshire border. This project will also include a battery energy storage system and aims to be operational by 2029. Once construction is complete up to 200,000 homes can access green electricity. 

UK Investment manager Quinbrook has closed its £587 million Renewables Impact Fund that will target the English and Irish renewable markets. This investment fund has gone beyond the original £500 million target.

Canadian hydrogen fuel cell company, Ballard Power Systems - has agreed to acquire UK hydrogen outfit, GeoPura - in a deal reported to be worth £328.6 million.

Europe

Austrian energy and chemicals company, OMV – has secured a €450 million loan from the EIB (European Bank of Investment) to finance a green hydrogen production facility in lower Austria. Once operations begin during 2027 an annual amount of 23,000 tonnes will be manufactured.

The European Commission has provided France with €63 billion to construct and operate 11 offshore wind farms that will combine to create 11.1GW of capacity.

Spanish investment platform, Qualitas Energy - has secured €172 million in finance to support their Italian solar PV portfolio. 

Asia Pacific

Australian clean energy company, Tilt Renewables has begun construction on the 288MW Palmer Wind Farm located in Peramangk County, southern Australia. Once operational, 142,000 homes will be able to access clean electricity. 

Japanese energy storage company, Ibeet Inc and Australian renewable outfit, Akaysha Energy – have begun construction on a 20MW battery energy storage system in Japan’s Fukuoka prefecture. 

Japanese electric utility company, Kansai Electric Power Co Inc – has initiated a JPY 6.5 billion ($40.5 million) fund that will target battery energy storage opportunities inside of Japan. 

USA

American clean power developer Avantus has reached an agreement that secures $525 million of financing for their Aratina 2 project that will see a solar and battery energy storage facility constructed and operated in California. 

US independent clean power producer IPX Power has secured $4.95 billion of financing for the Darden solar and battery energy storage project, located in California.

US battery storage company, Spearmint Energy – has agreed a financial deal that will them absorb $325 million of debt. This arrangement will assist the organisation in their development portfolio that spans across the US.