Bezos' renewables alliance targets $7.5 billion for developing countries
Executives from an alliance installing renewable energy in developing nations want to invest $7.5 billion over its next five-year plans. They are also looking for more philanthropic partnerships as richer countries cut their government aid. The Global Energy Alliance for People and Planet was launched in 2021 at the global climate talks. It has assisted more than 30 countries in improving electricity grids, setting up battery storage and creating jobs in green economy.
Orsted Shares Drop as US Halts Offshore Rhode Island Wind Farm
Shares in Orsted plunged 17% on Monday after the U.S. halted the Danish company's Revolution Wind project off Rhode Island amid President Donald Trump's pushback on renewable energy investments.Orsted, the world's biggest offshore wind farm developer, has already faced mounting challenges, including rising costs, higher interest rates, and supply chain disruptions, leading to delays and cancellations in the U.S. and other markets.
Australia's Green Bank makes record clean energy investments of $2.3 billion
Australia's Green Bank announced on Monday that it had invested A$3.5 billion (2.29 billion dollars) in clean energy and grid infrastructure projects during the last financial year. This was to help accelerate Australia's transition away from fossil fuels towards renewables. Australia is one of the most polluting countries in the world due to its coal-powered power generation. It has committed to closing all coal-fired power stations by 2038, and to achieving a target of 80% renewable energy by 2030.
Russian Oil Tanker Diverted Away From EU-Sanctioned Port
An oil tanker carrying Russian Urals crude has been diverted away from the EU-sanctioned Nayara Energy's Vadinar port in India to unload its cargo at the port of Mundra, according to shipping data and four industry sources on Thursday.Two tankers have also skipped loading refined products from Vadinar port since Friday when Nayara, 49%-owned by oil producer Rosneft, was among companies targeted in a fresh package of sanctions imposed by the European Union on Russia.The Omni tanker…
Trump cuts subsidies for US clean energy, bringing an end to the boom.
Bila Solar, a Singapore-based manufacturer of solar panels, has suspended plans to double the capacity of its new Indianapolis factory. Heliene, a Canadian competitor, is reviewing its plans to build a solar-cell facility in Minnesota. NorSun, a Norwegian manufacturer of solar wafers, is evaluating the feasibility of a planned facility in Tulsa. Two offshore wind farms that are fully permitted in the U.S. Northeast could never be built.
The global investment in fusion power has increased the most since 2022
An industry group reported that global fusion energy investments grew by $2.64 Billion in the past year, since July last year, in its annual industry survey, released on Monday. However, companies surveyed said they still need more money to make the industry commercial. Investments rose in the United States, Japan, China, and Britain, and reached their highest level since 2022. The total funding for 53 fusion…
The IEA predicts that global energy investment will reach a record $3,3 trillion by 2025.
The International Energy Agency (IEA), said Thursday, that despite geopolitical tensions and economic uncertainty, a surge in clean energy expenditure is expected to lead to a record $2.89 trillion in global energy investments in 2025. The IEA's annual World Energy Investment Report stated that clean energy technologies such as renewables, nuclear and energy storage are expected to attract $2.2 trillion, which is twice what was predicted for fossil fuels.
XRG Aims For Gas and LNG Capacity of 20-25 Million Tons a Year by 2035
XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), is aiming to have a gas and LNG business with a capacity of between 20 million and 25 million metric tons a year by 2035, the company said in a statement on Tuesday.XRG was set up last year as an investment company focused on lower-carbon energy, gas and chemicals, with assets of more than $80 billion.On Tuesday, its board, whose members include former BP BP.L CEO Bernard Looney and Blackstone's Jon Gray…
XRG aims to achieve a gas and LNG capacity of 20-25 millions tons per annum by 2035
XRG (the international investment arm) of Abu Dhabi National Oil Company said on Tuesday that it aims to be a gas and Liquefied Natural Gas business with a capacity between 20 and 25 millions metric tons annually by 2035. XRG, which is led by former BP CEO Bernard Looney, and Blackstone's Jon Gray approved a business plan for five years that aims to build an integrated LNG and gas business, including the target of capacity, XRG stated in a press release.
Shell cancels onshore and solar wind projects in Brazil
Shell has announced that it will discontinue its solar and wind energy generation projects in Brazil as part of "portfolio adjustments", the company stated on Thursday. The move is made in an unfavorable climate for renewable energy investments in Brazil. Projects have been unable to be implemented because of a lack of demand, slow growth in supply, and regulatory issues. Shell's global strategy also includes a reduction in spending on renewable and low-carbon businesses.
A letter from the industry says that over $13 billion worth of solar and wind investments are at risk in Vietnam.
Adani Green Energy, as well as more than two dozen other foreign and Vietnamese investors have warned that Vietnam's plans for retroactively changing rules on subsidised wind and solar prices could impact over $13 billion in investments. Investors expressed "deep concern" in a letter dated 5 March and reviewed by that the end of the favourable energy tariffs could threaten financial stability. They also noted…
Inpex CEO: Buyers' interest in Indonesia's Abadi Liquefied Natural Gas exceeds planned production
Inpex Corp., Japan's largest oil and gas exploration company, said it received interest in buying liquefied gas from its $20 billion Abadi project in Indonesia, which exceeds the planned output. Inpex expects the long-delayed LNG project to drive growth. It is aiming to make a final investment decision by 2027. He said that Inpex would proceed with the marketing and finance talks. Inpex holds a 65% share in the Abadi Project in eastern Indonesia. Shell will purchase Shell's remaining 35% in 2023.
Researchers find that China's clean-energy investments are on par with global fossil fuel investments.
According to a recent analysis by the U.K.-based Carbon Brief, China will invest 6.8 trillion yuan (about $940 billion) in clean energies in 2024. This is close to the global investment of $1.12 trillion made in fossil fuels. This was despite the fact that growth in China's investments in clean energy slowed to 7% in 2023 from 40% due to overcapacity. Over half of this investment was from China's rapidly growing electric vehicle, solar and battery industries.
Mexico's Carlos Slim: 'Complicated' deepwater project being evaluated
Mexican billionaire Carlos Slim announced on Monday that he and his team are re-evaluating the deal they signed with Pemex, Mexico's state oil company to develop Mexico’s first deepwater gas field. The project has been plagued by issues over its commercial viability for years. The comments are in line with an exclusive published last month, which revealed that representatives from Grupo Carso of Slim and Pemex…
US Democratic lawmakers ask Trump about his blockage of federal grants for clean energy
U.S. Democratic legislators Friday sent letters asking two federal agencies to explain why federal funds were frozen on clean energy investments and federal funds that would lower energy costs for American customers. The agencies had violated federal law, the lawmakers said. Senate Democrats asked the newly confirmed Environmental Protection Agency administrator Lee Zeldin on Friday to explain why his organization froze federal funding that was already obligated for grantees.
Infinity Natural, backed by Pearl Energy, valued at $1.3 Billion as shares soar in NYSE debut
Infinity Natural Resources, a company owned by private equity, was valued at $1.3 billion after its shares rose 10.8% on their New York Stock Exchange debut on Friday. Morgantown, West Virginia based company opened its stock at $22.16, over the $20 per share offer price. Infinity, supported by Pearl Energy Investments, NGP and other buyout firms, sold 13,25 million shares between $18 and $21 in order to raise $265 millions.
Mexico's Pemex, billionaire Slim renegotiate deepwater gas project
Five sources with knowledge of the situation said that the team of Mexican billionaire Carlos Slim and the state energy company Pemex were discussing significant changes to the deal to develop Mexico's first deepwater gas field. Grupo Carso, Slim's Mexican holding firm, signed a partnership agreement with Pemex last year in order to jointly develop the Lakach oil field in the Gulf of Mexico. The deal was made to revive the project that the state-owned company had twice abandoned due to high costs. Mexico-U.S.
Repsol invests $834 Million in Spanish Ecoplant, now that windfall tax is gone
Repsol will invest over 800 million euros in a green methanol facility in northeastern Spain. The company announced this on Wednesday after the parliament rejected extending a temporary tax on windfall profits for large energy companies. The company said that the Ecoplant in Tarragona will be operational in 2029. It is expected to be able process up to 400,000 tonnes of municipal waste annually, and transform it into 240,000 tonnes of renewable fuels, and circular products.
Blackstone buys $1 billion Virginia power station near data centers
Blackstone's unit dedicated to energy investments has acquired Potomac Energy Center. The asset manager announced the deal on Thursday. It is a sign of the appeal of data centers located near power plants to investors. Blackstone Energy Transition Partners, according to an official statement, has agreed to purchase the 774 megawatt natural gas-fired plant in Loudoun County of northern Virginia. Blackstone paid around $1 billion, according to sources who are familiar with the situation.
Blackstone buys $1 billion Virginia power station near data centers
Blackstone's unit dedicated to energy investments has acquired Potomac Energy Center. The asset manager announced the deal on Thursday. This is a sign of the appeal of data centers located near power plants to investors. Blackstone Energy Transition Partners, according to an official statement, has agreed to purchase the 774 megawatt natural gas-fired plant in Loudoun County of northern Virginia. Blackstone paid around $1 billion, according to sources who are familiar with the situation.