Tag: Norbida UK News

               ACWA Power has been chosen to build two floating solar farms totalling 110MW in Indonesia. The Saudi Arabian developer and operator of power generation plants was selected by PT Perusahaan Listrik Negara (Persero), or PLN, Indonesia’s sole state-owned electricity utility. The projects will enable Indonesia to achieve its renewable energy target of 23% by 2025, under the country’s National General Energy Plan. This marks ACWA Power’s first move in the south-east Asian country, as well as the company’s first floating solar PV projects in its portfolio. The Saguling Floating Solar PV project and Singkarak Floating Solar PV Project will have a capacity of 60MW and 50MW, respectively. The pair represent a combined investment value of $105m. ACWA Power has a 49% equity stake in both projects, with the rest being held by Indonesia Power, a subsidiary of PLN.

               The offtake partner in these projects, PLN, controls, owns, and operates approximately 69% generation capacity in Indonesia. It is also the sole buyer of electricity produced by independent power plants in the country, including electricity generated from renewable energy sources. As of the end of 2021, PLN controlled over 64.5GW of generation capacity in Indonesia. As a next step, PLN and ACWA Power will finalise the power purchase agreements for these projects. Clive Turton, Chief Investment Officer of ACWA Power, said: “As one of the world’s most populous countries, and a major consumer of conventional energy sources, any steps in Indonesia to mitigate greenhouse gas emissions will make a big impact in the global fight against climate change. “For companies like ACWA Power, who are intent on the energy transition, this country is an exciting market as there is government support, an understanding of global challenges, considerable demand and an urgent need to supply the country’s numerous residents. “As we mark our market entry into Indonesia, we are committed to making a positive impact with our partners, off taker and consumers.”

Credits: renews.biz [Image: ACWA Power

               European Energy’s 128.5MW solar park in Svedberga outside Helsingborg has been approved by the Land and Environment Court in Vaxjo. The company is getting ready to start constructing the project, Sweden’s largest solar park to date, after being halted earlier this year when the County Board in Skane decided to reject the application. The Land and Environment Court in Vaxjo found that the decision was wrong, however. Assuming the verdict is not appealed, the solar park could be producing electricity already in 2024, which will increase supply and pressure electricity prices downwards. In its decision, the Land and Environmental Court states that the protective measures and adaptations that European Energy has proposed to protect the environment are sufficient.

               They refer, among other things, to the comprehensive environmental impact assessment. “The solar park will generate new green electricity corresponding to the annual consumption of 35,000 residential households, which is the largest single contribution of new electricity to the region in many years,” said Jens-Peter Zink, Deputy CEO of European Energy. The solar park in Svedberga covers a total area of 232.5 hectares, of which approximately one third will be utilised for solar power production. The rest of the land can be used for agricultural cultivation. At the outer edge of the solar park, many trees and bushes will be planted – a reinforcement of biological diversity.  “The plan is to have the entire park completed in 2023 and in production in 2024,” said Peter Braun, Head of Projects in Sweden, Norway and Finland for European Energy. 

Credits: renews.biz[Image: Pixabay]

               TotalEnergies and Brazillian developer Casa dos Ventos (CDV) have created JV to jointly develop, build and operate the latter’s 12GW renewables portfolio. Under the agreement TotalEnergies will hold a 34% stake in the JV while CDV will have the remaining 66% interest.  The CDV portfolio includes 700MW of onshore wind capacity in operation, 1GW of onshore wind under construction, 2.8GW of onshore wind and 1.6GW of solar projects under well advanced development (COD within five years). In addition, the newly formed JV will have the right to acquire the current and new projects that are or will be developed by CDV as they reach execution stage. This will allow the JV to access an additional portfolio of at least 6GW, that CDV will continue to expand. TotalEnergies will pay a cash consideration of US$550m (€551m) and up to US$30m in earn-out to complete the acquisition. In addition, TotalEnergies will have the option to acquire an additional 15% equity share in the JV after 5 years.  TotalEnergies said it will support the JV accelerating its growth thanks to its global presence in the Corporate PPA market, its purchasing power resulting from its worldwide size.

               Furthermore, its trading expertise well suited to the Brazilian merchant market and its strong balance sheet allowing the JV to improve its financing cost, it added. CDV, which has developed 25% of the onshore wind assets in operation today in Brazil, will bring to the JV its deep knowledge of the Brazilian market and a very high-quality portfolio while shifting from a developer to a producer business model. TotalEnergies chief executive Patrick Pouyanné said: “After Adani Green in India and Clearway in the United States, I am delighted with this new major partnership in Brazil, with Casa dos Ventos, the leader in onshore wind energy. “With this transaction, TotalEnergies acquires not less than a leading position in the Brazilian renewable energy market, one of the most dynamic merchant markets in the world. “This market fits our strategy of taking advantage of the growth of the deregulated power markets, which is crucial to the energy transition. “With a total of 12GW in operation, construction and development, both wind and solar, this transaction is an additional step in TotalEnergies ambition to reach 100GW of renewable production by 2030 and in its transformation into a sustainable and profitable multi-energy company.” Founder and president of Casa dos Ventos Mario Araripe added: “The partnership between Casa dos Ventos and TotalEnergies was structured to maximize the complementarities and synergies between the companies. “In addition to its financial strength, TotalEnergies’ global footprint will contribute to the expansion of our client portfolio and enhance our knowledge in new fields of the energy transition. “We are confident that this partnership positions us in a strategic role to lead the sustainable energy agenda in Brazil.”

Credits: renews.Biz[Image: TotalEnergies ]

               Vena Energy has reached financial close on the first stage of its 125MW Wandoan South solar project in Queensland, Australia. DBS, ING, Intesa Sanpaolo, OCBC Bank, and SMBC have agreed to provide debt and ancillary facilities to the scheme. Construction of the solar farm in the Western Downs region commenced earlier this year and is expected to generate a peak workforce of around 350 people, the Singapore-based developer said. Once complete, it will be capable of producing up to 365 gigawatt hours of energy annually.

               Head of Vena Energy Australia Owen Sela added: “We are committed to accelerating the development of innovative renewable energy projects and generation of clean, sustainable energy in Australia. “Even accounting for recent cost inflation trends, solar PV is still one of the most cost-competitive sources of energy in Australia today. “With the Wandoan South Solar Project, Vena Energy continues to serve its customers’ demand for affordable and clean electricity whilst helping them decarbonise and contribute towards Australia’s net-zero targets.” Elaine Lam, head of global corporate banking at OCBC Bank, said: “We are pleased to support Vena Energy Australia on this green loan for its Wandoan South Solar Project that will deliver affordable, clean energy. “It is our first solar project in Australia and will add to the encouraging growth momentum of our global renewable energy projects portfolio.” In the funding arrangement, DBS acted as the Joint-Green Structuring Bank, Financial Model Coordinator and Facility Agent; Intesa Sanpaolo as the Joint-Green Structuring Bank; and SMBC as the Technical Coordinator and Project Account Bank.

Credits: renews.biz[Image: Vena Energy]

               TotalEnergies and Brazillian developer Casa dos Ventos (CDV) have created JV to jointly develop, build and operate the latter’s 12GW renewables portfolio. Under the agreement TotalEnergies will hold a 34% stake in the JV while CDV will have the remaining 66% interest.  The CDV portfolio includes 700MW of onshore wind capacity in operation, 1GW of onshore wind under construction, 2.8GW of onshore wind and 1.6GW of solar projects under well advanced development (COD within five years). In addition, the newly formed JV will have the right to acquire the current and new projects that are or will be developed by CDV as they reach execution stage. This will allow the JV to access an additional portfolio of at least 6GW, that CDV will continue to expand. TotalEnergies will pay a cash consideration of US$550m (€551m) and up to US$30m in earn-out to complete the acquisition.

               In addition, TotalEnergies will have the option to acquire an additional 15% equity share in the JV after 5 years. TotalEnergies said it will support the JV accelerating its growth thanks to its global presence in the Corporate PPA market, its purchasing power resulting from its worldwide size. Furthermore, its trading expertise well suited to the Brazilian merchant market and its strong balance sheet allowing the JV to improve its financing cost, it added.  CDV, which has developed 25% of the onshore wind assets in operation today in Brazil, will bring to the JV its deep knowledge of the Brazilian market and a very high-quality portfolio while shifting from a developer to a producer business model. TotalEnergies chief executive Patrick Pouyanné said: “After Adani Green in India and Clearway in the United States, I am delighted with this new major partnership in Brazil, with Casa dos Ventos, the leader in onshore wind energy. “With this transaction, TotalEnergies acquires not less than a leading position in the Brazilian renewable energy market, one of the most dynamic merchant markets in the world. “This market fits our strategy of taking advantage of the growth of the deregulated power markets, which is crucial to the energy transition. “With a total of 12GW in operation, construction and development, both wind and solar, this transaction is an additional step in TotalEnergies ambition to reach 100GW of renewable production by 2030 and in its transformation into a sustainable and profitable multi-energy company.” Founder and president of Casa dos Ventos Mario Araripe added: “The partnership between Casa dos Ventos and TotalEnergies was structured to maximize the complementarities and synergies between the companies. “In addition to its financial strength, TotalEnergies’ global footprint will contribute to the expansion of our client portfolio and enhance our knowledge in new fields of the energy transition. “We are confident that this partnership positions us in a strategic role to lead the sustainable energy agenda in Brazil.”

               The expansion of solar power in Europe is growing rapidly due to increased renewable energy ambitions and the need to reduce dependence on Russian gas, according to analysis by Statkraft. Statkraft’s Low Emissions Scenario shows that Europe will have significantly more solar power by 2030 than expected before the war in Ukraine. The analysis, which Statkraft has carried out each year for seven years, shows that along with wind power, solar power is asserted as the crucial renewable technology to reduce the European Union’s dependence on Russian gas and cut emissions.

               It estimates an average yearly increase of solar capacity in the EU of between 45GW and 52GW towards 2030. This is significantly higher than the 33GW per year analysts expected before the invasion of Ukraine and it compares to a record 26GW which was predicted in 2021. Compared to other renewable energy technologies, solar power is cost-efficient, and construction can take less than two years, Statkraft said. According to the report, renewable energy will account for almost 80 percent of the world’s total power generation in 2050. It also predicts that solar will become the world’s largest source of power generation by around 2035 and will produce more than 21,000 Terrawatt hours, equivalent to 80 percent of the world’s power demand today. Christian Rynning-Tønnesen of Statkraft said: “In the Low Emissions Scenario, we see that the best measures to solve the ongoing energy crisis are the same measures that are crucial to fighting the climate crisis. “A greater focus on energy security and energy self-sufficiency will also drive the green energy transition.” “In an energy system with much more weather-dependent renewable energy such as wind and solar, there is an increased need for flexible solutions that can help balance consumption and production. “Hydropower’s unique ability to store water will provide both short- and long-term flexibility, and can be upgraded to achieve an even more important role in the future. “Energy security, demand for affordable energy, and the climate crisis all indicate that we should now accelerate the global energy transition. “Electrification based on renewable power, and energy efficiency are key pillars.”

Credits: renews.biz[Image: Statkraft]

               Hamburg-based wind and solar operator Encavis has concluded non-recourse project financing on two Danish solar farms. The projects are based in Svinningegarden in the north-western part of Zealand with a generation capacity of 34MWp and Rodby Fjord on Lolland in the south-western part of Zealand, which has a generation capacity of 71MWp. Encavis AG acquired the two parks from European Energy at the end of 2021. They produce electricity through long-term power purchase agreements (PPAs) with well-known technology companies. Rodby Fjord also benefits from a feed-in tariff (FiT) fixed for 20 years by the Danish Ministry of Energy, Supply and Climate.

               The financing of around €32m was provided by Rabobank, which is the first to conclude a joint transaction with Encavis AG in Denmark. The financing ends on the 30^th of June 2040 and was structured and arranged internally by Encavis AG. The main component of the financing is a term facility that is fully secured over the entire term of the loan by means of interest rate swaps and cross currency swaps. “We are very pleased that we were able to achieve attractive conditions within the framework of this financing with Rabobank and that we now have additional financial resources available for further investments as part of our expansion goals,” said Dr Christoph Husmann, CFO of Encavis AG.

Credits: renews.biz [Image: Pixabay]

The project near Ludlow was scaled back to avoid using agricultural land.

            Bluefield Renewable Developments has received planning approval for a 45MW solar farm near Ludlow in Shropshire. Development of the Brick House Farm project in Greete shall commence within three years, according to a Shropshire council planning committee. The approval was granted subject to the company redesigning the project to ensure it was not built on best and most versatile agricultural land (B&MV).

            After full technical and design review, Bluefield removed proposed solar modules from four parcels of BMV land totalling 15.4 acres, leaving 6.06 acres of Grade 3a land being required for solar due to remaining engineering and design constraints. The redesign means that 95% of the solar farm is now on grade 3b land, which is not BMV. Of the remaining BMV land, 15.4 acres are allocated as ‘Food Opportunity Areas’ with the remaining six acres allocated as Additional Biodiversity Enhancement Areas. The amendments resulted in a loss of 5MW of the solar farm’s capacity, down to the current 45MW.

Credits: renews.biz/[Image: Pixabay]

               Proposals for the first utility-scale solar farm on the Isle of Man have been published by developer Peel Cubico Renewables (PCR). The 26MW Billown Solar Farm in Malew, near Castletown, would generate enough power to meet more than 5% of the Isle of Man’s electricity demand, when operational in 2024. Island residents are being asked for their views on the new facility which would be built on 84 acres of agricultural land to the west of Malew Road (A3) and south of Douglas Road (A7). An onsite substation is included in the plans which would connect to a nearby grid network. A battery storage facility would also store electricity generated during periods of low demand and re-distribute it to the grid when demand is high, or the network is down.

               The project represents an investment of around £30m across the 40-year anticipated life of the project. PCR is a joint venture formed a year ago between natural resources and energy business Peel NRE (part of Peel L&P) and Cubico Sustainable Investments. Stephen Snowdon, Planning & Development Manager at Peel Cubico Renewables, said: “Our vision for this solar farm supports both the Isle of Man’s response to climate change and the Government’s ambitions for renewable energy projects to help secure a bright economic future for the Island. “We also recognise the cost-of-living crisis facing Island consumers and believe that the Billown solar scheme will offer a fantastic opportunity for stable, low-cost green energy to be made available to all Island residents and businesses. “The development could be operational by 2024 and is a no-regrets hedge against future price volatility for the Island as well as a huge opportunity for the Island to take control over its long-term energy needs by exploiting its own abundant indigenous and renewable energy resources for benefit of Manx consumers.”

Credits: renews.biz [Image: Cubico]

               Octopus Energy Generation has re-entered the Italian market by creating a JV with renewables developer Nexta  to create 1100MW of new onshore wind, solar farms and energy storage in the south of the country by 2025. The recently launched €220m Octopus Energy Development Partnership (OEDP) invests in early stages of building green power. OEDP is providing funding to Nexta who will secure land, grid connections, planning permission and local community engagement to get renewable projects to the ready-to-build stage. Nexta was founded in 2015, has achieved a leading position in developing renewable energy projects in Italy, and now has a 30-person team. Italy depends on Russia for around 25% of its imported gas and the Government has made clear its plans to reduce reliance further by building more renewables. In the past year, regulations have been passed to unblock bottlenecks in permitting renewable projects and speed up green energy deployment in Italy.

               Octopus Energy Generation chief executive Zoisa North-Bond said: “Building more new green energy will help reduce reliance on imported fossil fuels and drive down energy bills. “Onshore wind and solar are some of the cheapest forms of energy – and Italy can generate it right on their soil. “To avoid a repeat of the energy crisis, it’s essential we turbocharge the creation of new renewable energy and shift to a low carbon energy system.” Fabrizio Caputo, co-founder and managing director of Nexta added: “The partnership with Octopus represents a further step towards the consolidation of our growth objectives within the renewable energy industry. “We aim to play a leading role with Octopus in the energy transition process.” Giorgio Tomassetti, CEO of Octopus Energy Italy, said: “After launching the Octopus Energy brand in Italy this year, we’re really expanding in the country. Making energy cheaper and greener for people in Italy has always been the mission, and rising energy bills have added more urgency to this. Building more green energy will help us get out of this crisis.” Octopus Energy Generation previously invested in the Italian renewables market in 2017 to build 173MW of solar farms in Lazio and Sardinia, sold in February 2021. Re-entering Italy’s green energy generation market marks the latest step in Octopus’ strategy in Italy. It comes as Octopus continues to grow the team locally, including hiring a new dedicated country lead to help rapidly scale renewable projects in Italy.  Octopus Energy Italy launched its energy supplier brand in Italy in June 2022 after acquiring SATO Luce e Gas in November 2021, and offers consumers 100% green energy tariffs. 

Credits: renews.biz[Image: Octopus ]