DIF’s Bold Move: Acquiring Stake in Dutch Solar Powerhouse


               “Revolutionizing the Energy Landscape: DIF Capital Partners Strikes a Transformative Deal with Novar”. In a groundbreaking move, DIF Capital Partners has inked a deal to acquire a 60% stake in Novar, the trailblazing solar and energy storage developer from the Netherlands. This strategic partnership is more than just a business transaction; it’s a step towards a brighter, more sustainable future. With this investment, DIF is not only injecting growth capital but also igniting the expansion of Novar’s impressive portfolio in utility-scale solar, rooftop solar, and cutting-edge battery energy storage systems (BESS). This move is set to enhance Novar’s already formidable presence in the renewable energy sector. Novar, with its headquarters nestled in the vibrant city of Groningen, is no small player in the green energy game.

               They boast ownership and operation of a whopping 440MW in utility-scale and rooftop solar, along with BESS projects. But that’s not all – they have an eye-popping development project pipeline exceeding 15GW. Among Novar’s exciting ventures is a pioneering private grid project in the Netherlands. This project isn’t just about connecting several of their large-scale solar and BESS projects; it’s also about launching the nation’s first solar thermal and green hydrogen projects. Novar stands out with its fully integrated independent power producer (IPP) model, showcasing its all-encompassing approach to renewable energy. Gijs Voskuyl from DIF Capital Partners shares his enthusiasm: “Investing in Novar is not just about backing the Dutch solar market leader, it’s about being part of a legacy with a proven track record in both ground-mounted and rooftop projects. With Novar’s existing 440MW portfolio and an extensive pipeline in solar and storage projects, we are thrilled to contribute to the energy transition and look forward to a future of collaborative growth.” Echoing this sentiment, Gerben Smit, CEO of Novar Holding, highlights the strategic partnership’s potential: “This alliance with DIF is a game-changer for Novar. It empowers us to dream bigger, expand our international footprint, and aim for a staggering 4GW of operating capacity by 2030.” The deal, crafted with the expertise of KPMG, McKinsey, Arup, and NautaDutilh for DIF, and Voltiq, Eversheds Sutherland, and Hogan Lovells for Novar, is on the brink of closure, awaiting regulatory nods. Set to finalize in the fourth quarter of 2023, this partnership is not just a business merger; it’s a beacon of hope for a sustainable future.







Credits: [Image: Novar/Jordi Huisman/G2K]


A Solar Power Triumph in Queensland: The Grand Unveiling of the 204MW Edenvale Solar Park


               In an impressive display of commitment to green energy, the 204MW Edenvale Solar Park in Queensland, Australia, marks a significant stride in sustainable development. Strategically located in Chinchilla, just 300km from Brisbane, this solar marvel stands as a testament to the collaborative efforts in the realm of renewable energy. This grand project, masterfully constructed by GRS, the solar EPC contractor arm of the Gransolar Group, for Sojitz Corporation and Eneos, is not just an energy-producing giant but a symbol of environmental commitment.

               The inauguration of the Edenvale Solar Park was a momentous occasion, graced by the presence of key figures, including Cameron Dick, the regional Minister for Trade and Investment. Their attendance underlined the strong institutional support for green energy initiatives in Queensland. Jordi Vega, the Chief Operating Officer of Gransolar, reflected on the significance of this project at the ceremony: “Edenvale is an important milestone in Gransolar’s successful track record in Australia. The synergies created between the business units within our group (ISE, GRS, and PVH) have once again contributed immensely to decarbonization efforts in Queensland, a region deeply committed to environmental preservation.” GRS’s global impact is noteworthy, with operations spanning all five continents. They have achieved an impressive 2.5GW of installed capacity worldwide, with almost 3.5GW under development. This global footprint underscores their pivotal role in shaping a sustainable future, one solar project at a time.






Credits: Image: Gransolar Group


Unveiling The 60GW Megaton Moon By GreenGo


Harnessing the Winds and Suns of Mauritania: GreenGo Energy’s Ambitious Megaton Moon Project

A Leap Towards a Greener Future

Imagine a world where the energy we use doesn’t harm our planet. GreenGo Energy, a visionary in the renewable energy sector, is turning this dream into a reality with its latest ambitious project – the Megaton Moon green energy park in Mauritania.

The Vision of Megaton Moon

This isn’t just another renewable energy project; it’s a giant leap towards a sustainable future. With a planned capacity of 60GW, the Megaton Moon project is set to revolutionize the green energy landscape. By harnessing the power of the sun and wind, it aims to produce an astounding 4 million tonnes of green hydrogen and 18 million tonnes of green ammonia annually.

Staged for Success

The project’s implementation is as innovative as its vision. Set to unfold in phases, it targets the completion of its pilot stage by 2028, with full operation anticipated between 2033 and 2035. This strategic approach not only ensures efficient progress but also paves the way for technological advancements along the journey.

A Meeting of Minds

Recently, a significant stride was made when GreenGo Energy met with Mauritania’s Ministry of Petroleum, Energy and Mines. This meeting underscored the project’s importance and feasibility, highlighting Mauritania’s potential as a global hub for green hydrogen production.

Mauritania: An Ideal Location

Why Mauritania? The answer lies in its exceptional solar and wind resources, vast flatlands, and strategic coastal location. Moreover, the region’s operator-friendly fiscal policies and proximity to European markets add to its allure as the perfect site for this groundbreaking project.

Beyond Energy: A Vision for Socioeconomic Growth

But Megaton Moon is more than just an energy project. It’s a catalyst for socioeconomic and urban development. By producing over 70 million tons of desalinated water annually, it will not only support local desert farming but also establish a new green industry in the region. This project promises to transform the capital city of Nouakchott and the entire country, offering sustainable solutions to historical challenges of water and energy scarcity.

Expertise and Collaboration: The Driving Forces

The project’s momentum is fueled by GreenGo Energy’s expertise, gained from their successful 4GW project in Denmark. Collaborating with partners like COWI and New Power Partners, GreenGo Energy is set to bring its vision to life with state-of-the-art engineering and design.

A Path to Completion

The road to completion involves intricate planning and cooperation with various stakeholders. With plans to attract local production of key components and negotiations for MoUs with manufacturers, GreenGo Energy is laying a solid foundation for this monumental endeavor.

A Financial Model Built on Partnership

Financing such a vast project requires a robust model, and GreenGo Energy has it covered. Through partnerships with leading investors in the green energy space, combined with their comprehensive full-service platform, GreenGo Energy is set to make Megaton Moon a shining example of what can be achieved in the realm of renewable energy.

 In Conclusion

The Megaton Moon project by GreenGo Energy isn’t just a plan; it’s a promise of a greener, more sustainable world. With each step towards completion, we move closer to a future where our energy needs are met without compromising our planet. Stay tuned as we witness this remarkable journey unfold, one that could change the face of renewable energy forever.






Credits: [Image: GreenGo Energy]


Voltalia, Co-op Ink UK Solar Supply Deal


               Immerse yourself in the green revolution as we unveil an electrifying partnership that’s powering up sustainable futures! Co-op, a name synonymous with community and care, has taken a bold leap into a cleaner tomorrow by inking a groundbreaking 15-year power purchase agreement (PPA) with Voltalia, an energy trailblazer. This alliance is set to light up lives with the pure energy harnessed from a sprawling 34MW solar farm nestled in the lush landscapes of North Yorkshire, UK. Picture this: by 2025, Co-op’s extensive UK estate, ranging from bustling food stores to comforting Funeralcare homes, will be energized by the sun’s boundless vigor, courtesy of Voltalia’s Eastgate solar farm near the picturesque Scarborough. The gears of progress are already turning, with early construction efforts painting the dawn of this renewable era.

               Envision a sea of 62,500 solar panels, each a sentinel of sustainability, standing guard over our environment. When their powers combine, they’re set to conjure enough clean electricity to fulfill a whopping 7.5% of Co-op’s annual electric appetite. Shirine Khoury-Haq, Co-op’s visionary chief executive, shares this milestone with fervor: “This PPA marks more than a deal; it’s a declaration of our dedication to electrify the energy grid with transparency and integrity. It’s a catalyst for energy independence, a booster for the economy, and a giant leap towards our net-zero ambition. We’re sparking a call to action, urging swift reform for initiatives like Eastgate to illuminate the path to a decarbonized grid, which isn’t just a win for the planet but a triumph for energy security and affordability.” Voltalia’s leader, Sébastien Clerc, echoes this enthusiasm: “It’s our honor to champion Co-op’s net-zero crusade. We’re not just electrifying the food industry; we’re fueling a movement towards consumption that’s conscious and conscientious, reaching millions and sowing the seeds of a more sustainable lifestyle.” Together, Co-op and Voltalia are not just sharing energy—they’re sharing a vision. One where every sunrise on the Eastgate solar farm brings us closer to a future where blue skies, green fields, and golden opportunities coexist, powered by the promise of a planet respected and protected. Join us in celebrating this shimmering synergy of commerce and conservation, where every watt tells a story of hope and every panel is a pledge for prosperity.






Credits: Image: Voltalia


UK solar welcomes CfD Strike Price Rise


The strike price for the sixth Contracts for Difference (CfD) allocation round will rise by 30% for solar next year, from £47 per megawatt hour (MWh) to £61/MWh. This should deliver attractive rates of return for both the Treasury and developers, according to Solar Energy UK (SEUK) noting that an auction process may lower the final strike price. “The Contracts for Difference system has been a major factor in the growth of the UK’s solar power sector by providing investors with a secure and reliable income,” said SEUK chief executive Chris Hewett.

               “Solar remains the cheapest source of power in the UK, according to the government’s own figures, although lately installation costs have been affected by factors outside the control of the industry, notably the war in Ukraine. “So it is gratifying that that the maximum bid price has been raised by a significant amount, which should bolster growth further towards reaching the capacity target of 70GW by 2035,” he added. The cap for offshore wind went up 66% from £44 to £73/MWh, with less established floating offshore wind rising 52%, from £116 to £176/MWh. While the rises are significant, renewable energy still offers far better value than investing in convention fossil-fuelled generation, not to mention offering substantial climate benefits, stated SEUK. The costs of renewable energy have fallen sharply over the past decade and are “vastly lower” than that of building and operating combined cycle gas turbine generation. Applications are scheduled to open on 27 March 2024, the winners to be made public in the late summer or autumn. Alternatively, solar developers may seek a route to market through corporate power purchase agreements or through operating as merchant plants – risker, though potentially more financially rewarding.









Foresight Solar Executes First Asset Sale


               Foresight solar has completed the sale of a 50% stake in its 99MW Lorca portfolio to EB-Sustainable Investment Management (EB-SIM), a subsidiary of Evangelische Bank. It is the first asset sale in the company’s 10-year history. The divestment generated “significant upside” on the Spanish solar asset with the sale at a 21% premium to their third quarter holding value, representing an exit IRR of 12.1% on funds invested to date in the stake sold. The deal is part of the first stage of Foresight Solar’s divestment programme and the €26.9m raised from the partial sale will be fully used to pay down the company’s variable rate revolving credit facility further, lowering gearing and reducing interest expense.

               Foresight Solar also reported £707m in unaudited net asset value (NAV) as at 30 September 2023, compared with 726m as at 30 June 2023. The investor also reported record cash generation from underlying assets of £87.8m, driven by favourable price fixes, despite production being slightly below budget. The discount rate for UK levered solar assets increased by 50bps to 8%. Rates for the Australian and Spanish assets also increased by 25bps to 8.3% and 7.6%, respectively. Global revenues are 85% contracted for 2024, insulating the company from falling near-term power prices. Prices for Renewable Energy Guarantees of Origin (REGOs) have consistently traded above the company’s estimates, which had remained conservative. Having locked in materially higher prices for the portfolio’s green certificates in coming years, Foresight Solar has revised its pricing forecast to £5/MWh until 2028 and then £2/MWh for the remaining life of the assets. This resulted in a positive uplift to the NAV of 1.9 pence per share.






Credits: [Image: Foresight]


BrightNight Turns Sod On 300MW PV Site


               Global renewable power producer BrightNight has broken ground on the 300MW Box Canyon Solar Project, which it is developing through a JV with Cordelio Power. The project, located in Pinal County, Arizona, near the Town of Florence, represents the largest renewable energy procurement in Southwest Public Power Agency’s (SPPA) history, and a major step in Arizona’s clean energy transformation.

               The project is the first in the 2GW Arizona portfolio owned by BrightNight and Cordelio Power to commence construction. The groundbreaking marks a major milestone since SPPA selected the Box Canyon project in a competitive process beginning in December of 2020. The project features a design optimised to maximixe performance and deliver the highest-value project at the lowest cost with the help of BrightNight’s proprietary artificial intelligence-based platform, the developer said.






Credits: [Image: Science in HD/Unsplash]


EnfraGen Completes South America Acquisitions


               EnfraGen has completed the acquisition of six renewable power assets in Panama and Costa Rica, with a combined capacity of 188MW.  The assets comprise three hydro, two solar and one wind project. The are also EnfraGen’s first wind and Costa Rican assets. EnfraGen now has a grid stability and renewable energy power portfolio totaling over 2.1GW and nearly 60 plants across Chile, Colombia, Panama, and Costa Rica.






Credits: [Image: Peter Franken/Unsplash]


Masdar Cuts Ribbon On 2GW Abu Dhabi Solar Project


               Masdar has inaugurated a 2GW single-site solar in Abu Dhabi ahead of the UAE hosting COP28. The project has been developed in partnership with Abu Dhabi National Energy Company (TAQA), EDF Renewables and JinkoPower, together with procurer Emirates Water and Electricity Company (EWEC). Located 35 kilometres from Abu Dhabi city, the solar plant was built in a single phase and generates enough electricity to power almost 200,000 homes, displacing 2.4 million tonnes of carbon emissions every year. Al Dhafra Solar PV spans more than 20 square kilometres of desert and created 4,500 jobs during the peak of the construction phase.

               It uses almost 4 million solar panels which deploy innovative bi-facial technology, ensuring sunlight is captured on both sides of the panels to maximize yield. Chairman of Masdar Sultan Al Jaber said: “Al Dhafra is part of a long and proud history of energy innovation, made possible thanks to the vision of HH Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE. “This world-leading solar project demonstrates remarkable progress in solar power efficiency, innovation and cost competitiveness – setting a new record-low tariff. “To create Al Dhafra, Masdar brought together three partners from around the world: TAQA, EDF of France and JinkoPower of China. “With just days to go before the start of COP28, I will be asking the world to unite and deliver the energy transition by tripling renewables capacity and doubling energy efficiency by 2030. “Al Dhafra is an example of the scale of the ambition needed around the world.” TAQA owns 40% of the project, Masdar owns 20% while the remaining partners, EDF Renewables and Jinko Power, own a 20% stake each. The plant will supply power to EWEC under a PPA and will raise Abu Dhabi’s solar power production capacity to 3.2GW.







Credits: [Image: Masdar]


China ‘Set To Dominate Photovoltaic Production’


               After investing over $130bn into the solar industry in 2023, China will hold more than 80% of the world’s polysilicon, wafer, cell, and module manufacturing capacity from 2023 to 2026, according to Wood Mackenzie. The analysts firm’s report, “How will China’s expansion affect global solar module supply chains?”, found that manufacturing expansion has been driven by high margins for polysilicon, technology upgrades and policy support. Huaiyan Sun, senior consultant at Wood Mackenzie, and author of the report said: “China’s solar And despite strong government initiatives for developing local manufacturing in overseas markets, China will still dominate the global solar supply chain and continue to widen the technology and cost gap with competitors.”

               More than one terawatt (TW) of wafer, cell and module capacity is forecasted to come online by 2024, meaning China’s capacity is sufficient to meet annual global demand now through to 2032, based on Wood Mackenzie forecasts of annual demand growth. Strong government policies in overseas markets have started to increase local solar manufacturing, but they are still not cost-competitive compared to Chinese supply. A module made in China is 50% cheaper than that produced in Europe and 65% cheaper than the US, according to the report. The US and India have announced more than 200GW of planned module capacity since 2022, driven by the Inflation Reduction Act (IRA) in the US and the Production Linked Incentive (PLI) in India. “Despite considerable module expansion plans, overseas markets still cannot eliminate their dependence on China for wafers and cells in the next three years,” Sun said.






Credits: [Image: Trina Solar]