Energy Transition Update

ThisWeekinFM Guest Editor, Daniel Lynn, has collected a variety of examples from across the international landscape that demonstrates commitment towards an energy transition, away from fossil fuels and towards clean alternative forms of power.

Progress continues with the task of introducing cleaner energy supplies to domiciles and industry across the globe. UK and Europe appear to be an attractive option for investors in renewables with multiple huge financial deals being recorded over a month. The Asia Pacific region, more notably Australia – is busy assembling funds in two regions for grid upgrades costing hundreds of millions. Despite domestic setbacks in current administration policy, America is also the focus of several huge financial deals that encourage green fuel usage.

UK

UK power producer, Elgin – has begun construction on a 112MW portfolio of solar projects in England and Wales. Construction has been made possible by a £500 million credit facility.

UK solar and battery storage company, Enray Power – has secured £43 million of financing to begin construction on a 71MW solar project located in North Yorkshire.

UK renewable energy company, Drax Group Plc - has purchased UK renewable investment platform, Bluefield Solar Income Fund. Drax completed this £548 million acquisition to pivot away from gas and biomass into a diversified strategy that encompasses a broader range of clean energies.

Europe

Global Spanish solar power company, Sonnedix – has gained €67 million of financing to construct 4 solar projects in both Spain and Italy.

UAE state owned renewable energy developers, Masdar – have purchased 49.99% of Spanish renewable outfit, Repsol’s Spanish portfolio. The deal means Masdar will now own a significant stake in Repsol’s renewable energy assets in Spain, reported to be worth around €849 million.

Spanish solar company, Solaria Energia has absorbed €41 million of government funding to construct 4 agrivoltaic solar and accompanying battery storage projects. The installations will be located in the Castille and Leon as well as Catalonia regions.

Asia Pacific

Japanese utility, Chubu Electric Power - has invested JPY 23 billion ($143.5 million) into Indian wind and solar power producer, Continuum Green Energy.

Queensland authorities will provide a further AUD $420 million towards the CopperString transmission link. This grid upgrade will integrate additional renewable energy capacity into circulation. Total investment in this project is around $2.3 billion.

The government of New South Wales will invest AUD $225 million into the NSW budget to support grid upgrades. This transmission enhancement will encourage greater renewable capacity and cleaner energy usage. 

USA

Us renewable energy developer, Cypress Creek Renewables - has secured $3.5 billion of financing for a huge solar and battery storage project, to be located in Arkansas.

US renewable energy developer Origis Energy has secured $75 million from an American subsidiary of Israeli Bank Hapoalim. This deal forms a part of Origis Energy $900 million corporate credit facility that will be used to expand the company’s commercial influence across America.

US battery storage developer, esVolta LP - has redefined the financial conditions of their corporate credit facility to around $450 million. The finances will be used to support growth across the USA.