Energy Transition Update

UK, European and countries inside the Asia Pacific regions are making progress in delivering clean energy. More notable American news regarding green power instead focuses on a reversal of policy. The current administration has altered the direction of decision making and now favours fossil fuels whilst restricting the introduction of renewable projects.

ThisWeekinFM Guest Editor, Daniel Lynn, presents examples of carbon neutral fuels investment, construction and policy making to provide an insight into the approaches that predominant economies and commercial organisations are adopting for NetZero ambitions to be accomplished. Doing so demonstrates separate levels of progress, when evaluating an international energy transition.

UK 
 
UK battery and storage investor -Gresham House Energy Storage Fund, has agreed a £220 million refinancing deal. The new financial arrangement will allow Gresham House to pursue other ventures including 5 additional UK battery and energy storage projects.

Multinational German energy company RWE has applied for planning permission for the 59MW Gaerwen onshore wind facility in North Wales. If permission is granted operations could begin in 2030.

State owned French multinational energy group EDF will work alongside UK solar PV and battery energy storage company - Elements Green, to assist in the delivery of the 360MW Staythorpe battery energy storage project in Nottinghamshire. Operations will aim to become active in 2027. The installation will be capable of powering 95,000 homes for a full day.

Europe

US renewable company Enfinity Global, has completed financial close relating to 8 solar projects spread across Italy. €316 million was required for these projects, which are all expected to be on-line by 2026. These projects combined will provide enough annual power for 150,000 households.

UK based solar developer Ampyr Solar Europe has introduced the Solar Park Noordoostpolder into a 16km amalgamation of wind farms, solar installations and battery storage facilities that are all connected to one substation. This new solar facility alone can provide yearly power to over 33,000 dwellings.

Spanish renewable outfit Zelestra has commenced commercial operations at their José Cabrera solar plant located in Guadalajara, Spain. This new installation will generate enough annual power for 24,000 local homes.

Asia Pacific

UK clean energy investment firm Foresight’s Australian Renewable Income Fund has completed terms for a A$700 million debt refinancing transaction. This new deal will allow Foresight to continue their strategy of diversifying an already existing portfolio of renewable energy projects.

Singaporean state owned diversified commercial entity - Sembcorp Industries, will construct a floating solar PV system on the Pandan Reservoir, the company’s third such solar venture.

Australian wind farm operator - Woolnorth Renewables, has been awarded planning permission for a 400MW wind farm inside the state of Victoria.

USA 

Subsidies for offshore wind projects will be stopped by the current American administration. Construction on Equinor’s 810MW Empire Wind project was halted last month due to a change in policy.

Israeli solar and wind company Enlight has raised $350 million of financing to assist development across their existing US projects, some operational and others under construction.

The United States Department of Agriculture (USDA) will no longer fund solar panels or allow equipment produced by foreign companies on USDA approved projects. Economic future relating to agricultural land and domestic energy independence are cited factors in this decision.