Energy Transition Update

International energy supplies are being transitioned away from fossil fuels towards cleaner and sustainable sources of power. As conflict has heavily influenced the price of oil and petrol twice inside a decade, global governments find themselves in a position where traditional energies can be weaponised against customers.  

Therefore, clean and cost-effective forms of power that supports domestic energy security must be located and dispersed. The following information demonstrates how separate regions are attempting to navigate the task of a global energy transition. 

UK 

The sovereign investor of the UAE, based in Abu Dhabi - will invest $325 million (€300 million) in Orsted’s 2900MW Hornsea 3 wind farm, located off the Norfolk coast. Once operational Hornsea 3 will be the largest single offshore wind farm in the world and will be capable of supplying 3 million homes with clean power.  

Multinational French electricity company Engie has completed a £10.5 billion deal to purchase UK Power Networks, an electricity provider that operates in southern and eastern England.    

Spanish renewable developer, Matrix Renewables – has reached an agreement to receive £245 million for the financing of a battery energy storage project located in the south of Scotland.

Europe 

Spanish renewable finance platform, Qualitas Energy - aims to invest more than €10 billion into renewable energy and infrastructure by 2029. Investment will target the domestic markets of Spain, Germany, UK, Poland and Chile with selective opportunities in the US and Italy to be also pursued. 

Swiss engineering outfit, ABB Ltd - has decided to proceed with plans to invest €170 million in supporting and advancing grid modernisation across Europe over the next three years.

The Spanish government will award subsidies amounting to €439.4 million for three separate green hydrogen projects that combine for 250MW of capacity. This latest release of funds makes up a part of Spain’s Auction-as-a-Service green hydrogen scheme. 

Asia Pacific 

The Australian branch of multinational Spanish renewable company, Iberdrola - is close to completing construction work on their Broadsound Solar Farm located in Queensland.  

Japanese electric company, Tohoku Electric Power and Mitsubishi HC Capitol Inc (a subsidiary of Mitsubishi), will collaborate to deliver 20MW of solar power inside Japan.  

The Australian state of Victoria has provided $124.5 million of finance to advance the Victorian Renewable Energy Terminal at the Port of Hastings. The port is designed to assist easier offshore wind farm assembly and will contribute towards the state of Victoria’s target of implementing 9 GW of offshore wind by 2040.

USA  

Multinational German energy company – RWE, has commissioned their 276MW Emily solar facility in Illinois.  

American clean energy developer, Nexamp - has agreed a financial deal to accept $200 million of funds to develop solar projects on American soil. 

US independent energy producer and distributor, MN8 Energy - has increased their financial credit agreement from $350 million to $650 million. Funds will be used to support and develop renewable energy projects across the USA.