Energy Transition Update

The validity of global clean power dispersal has recently been questioned by some sections of the international and UK mainstream media as well as prominent political figures. Domestic and global net-zero objectives are now being labelled expensive and unnecessary.

Despite a disparaging approach towards net-zero from politics and related media, ThisWeekinFM Guest Editor, Daniel Lynn, has collected various examples of an active energy transition that produces and distributes clean energy.    

UK

Highlands and Islands Enterprise, a non-departmental public body of the Scottish government has commissioned a new report that highlights the potential of £40 million of investment towards offshore wind. The study suggests several regional transformational opportunities including onshore and offshore wind, hydro, green hydrogen and marine energy.

UK solar power company Boom Power has been granted planning permission for a 400MW solar installation located in East Yorkshire. This new facility will generate enough energy for 100,000 homes and will aim to be connected to the grid during 2029.

Scottish renewable energy company SSE and Norwegian power organisation Equinor have attained planning permission for the UK’s first ever hydrogen-to-power project located in Humber. The Aldbrough Hydrogen Pathfinder Project will produce hydrogen via a 35MW electrolyser, store end-product hydrogen inside a converted salt mine and export to the grid when demand is high.

Europe

Spanish clean energy company Iberdrola has issued a €750 million new European standard green bond. Funds will be used to facilitate multiple renewable energy projects that are either currently in operation or under construction. 

Zelestra has obtained nearly €147 million in green financing to construct 6 solar facilities in Spain. All 6 installations will aim to be operational by 2026. 

Renewable outfit Greening has agreed a €35 million deal with Spanish renewable investment firm Qualitas Energy for the construction and operation of solar projects that amount to a combined capacity of 90MW. All installations will be located in Spain. 

Asia-Pacific

Singapore based green power company Vena Energy has started construction on a 320MW solar project in Queensland, Australia. The Wandon South Solar 2 project will produce enough power for 120,000 households. Operations aim to begin during 2027.

UK renewable energy company Octopus Energy will invest in 20 reasonably sized projects across South Korea alongside local operation Skygreen. All 20 solar installations will combine to create 140MW capacity of clean power – enough to fuel 45,000 homes a year.  

Octopus Australia, subsidiary of UK renewable outfit Octopus Energy, has selected Spanish solar power organisation Gransolar Group to construct the $300 million Fulham Solar Farm Hybrid Project. Located in the state of Victoria the project will feature an 80MW solar farm with an accompanying 128MWh battery storage system. 

USA

EDP Renewables North America, a subsidiary of Spanish renewable company EDP Renewables, has begun commercial operations at their Scarlet 2 Solar Energy Park. This new facility consists of a 150MW solar farm and a 600MWh BESS (Battery Energy Storage System). Scarlet 2 will produce enough energy to power 68,000 homes.  

Spanish power company Repsol will sell a portion of their 777MW US solar and storage assets to American investment firm Stonepeak for $340 million.

American renewable and battery storage operators Spearmint Energy has secured $250 million in financing for 2 battery energy storage systems located in Texas.