Energy Transition Update

A global effort to reduce and eventually nullify fossil fuel usage is well underway. Huge projects involving global collaboration and huge levels of finance are creating infrastructure that will allow future clean fuel utilization.

ThisWeekinFM Guest Editor, Daniel Lynn, has collected a selection of news items that will inform the reader on the progress of an international energy transition.

UK 

International clean power company Tag Energy has officially activated their 100MW Lakeside Energy Park battery storage project. National Grid has completed work that has connected the battery storage project to the Drax substation in North Yorkshire. 

The UK government will provide £125 million to start Great British Energy. This initial funding is part of the promised £8.3 billion package of financing from the National Wealth Fund over 5 years. Public owned organization Great British Energy aims to turn the UK in to a clean energy superpower.  

UK based solar investment organization Cero Generation has successfully connected their 70MW Larks Green solar and battery storage system to the UK transmission network. Clean power can be provided to 17,000 Gloucester homes. 

Europe 

Swedish power company Vattenfall has secured a €2 billion line of additional finance. This line of credit has been made available due to high performance in meeting carbon performance quotas.  

Electrical operator Elia Transmission Belgium (ETB) has acquired a €650m green credit facility agreement with the European Investment Bank (EIB). Finance will be used for the first phase of construction of the Princess Elisabeth Island Project. The artificial energy island will be constructed between 2024 and 2027, around 45 kilometers off the Belgian cost. 3.5GW of additional wind energy will be generated by this project reaching over 3 million households in Belgium.  

2 tidal farm projects in France have been awarded €51 millon by the European Commission’s Innovation Fund. French Renewable energy company HydroQuest’s 17MW FloWatt Tidal Farm and French tidal turbine developer Normandie Hydroliennes’ 12MW NH1 Tidal Farm will both receive the funding. 

Asia-Pacific 

The Australian government is prioritizing the development of the 2100MW Gippsland Dawn Wind Project situated in the state of Victoria. The project aims to be operational by 2031. 

Queensland Government owned renewable power company, Pacific Energy will construct a 35MW solar farm for the St Ives gold mine owned by South African mining company Gold Fields. Gold Field’s are investing AUS $296 million into the St Ives Renewables Project which will include 42MW of wind power generation delivered by 7 turbines.   

South Korea hopes to attract foreign investment in wind power opportunities, including 500MW of offshore and 300MW of onshore wind capacity. 

USA 

American renewable energy company Leeward Renewable Energy (LRE) has begun commercial operations on their 179MW White Wing Ranch Solar Project in Arizona. 

Spanish multi-national Acconia Energia has acquired 2 wind farms for an estimated $202.5 millon with a combined capacity of 300MW, both located in Texas.  

The successful integration of renewable energy into the American domestic energy mix is highlighted by US solar and battery investment company SolaREIT, revealing that they have provided more than $3 billion funding over four years relating to either solar or battery storage projects.