Energy Transition Update

Big businesses and global corporations are working together across each continent to deliver systems of clean power distribution at lower carbon and financial costs to customers.

ThisWeekinFM Guest Editor, Daniel Lynn, has collected several newsworthy examples that demonstrate a collaborative international energy transition. 

UK

UK clean energy outfit Highview Power has been provided £300 million of investment by the UK Infrastructure Bank and UK energy supplier Centrica. The funds will be used to construct the UK’s first commercial-scale liquid air energy storage plant in Manchester. Construction will begin in 2026.

RES Group has submitted plans for an energy storage project in Devon. If approval is granted the 49.9MW scheme will be constructed in Pyworthy and will contribute towards localized decarbonization.

Foresight Group Holdings has attracted €300 million of financial commitments at the closing of the first round of their new fund – Foresight Energy Infrastructure Partners II. All raised capital will be used to fund strategic clean energy projects.

Europe

The European Bank of Reconstruction and Development will collaborate with German solar company Goldbeck Solar Investment to construct and operate an array of solar installations in Ukraine. A key objective of this collaboration is to support Ukraine’s domestic electrical production capability and to add 500 MW of new renewable energy facilities.

UK investment group Impax Asset Management has announced the final closing of their fourth private market fund – Impax New Energy IV, where €459 million was raised. All capital will be directed towards European and international renewable energy projects.

UK energy investment group Renewable Power Capital (RPC) has secured €555 million - £474 million of funding to assist in constructing four onshore wind facilities in the Kramfors and Sollefteå municipalities of Northern Sweden. Once construction is complete all four renewable installations will distribute clean power to 182,000 homes.

Asia-Pacific

SSE Pacifico, a collaboration between UK and Japanese renewable energy companies, has secured funding for a 30MW floating offshore wind demonstration project. Up to ¥85 billion (£420m) in public funding will be provided.

Copenhagen Infrastructure Partners (CIP) have announced that construction is complete at the 600MW Changfang-Xidao offshore wind facility. Once fully operational 650,000 local households will be able to access clean electricity.

Australian renewable energy fund manager - Octopus Australia, has acquired 28,000 hectares of land in New South Wales. This land will be used to construct and develop the A$3.5 billion (€2.1 billion) Merino Wind Farm project.

USA

Danish international energy organization – Orsted, has begun full commercial operations at the Helena Energy Centre, a 518MW combined solar and wind project located in Bee County, Texas.

American investment firm - Energy Capital Partners has raised over $4 billion in their latest fund.  All raised capital will go towards clean electricity projects as well as renewable and storage assets across Europe and the USA.

Global Australian financial group - Macquarie Asset Management, has provided US solar outfit with $85 million to advance construction and operation of solar projects located in Ohio and Illinois.