Lightsource bp has secured 10 power purchases totaling 1.3 GW in the last 12 months
The firm reported on Wednesday that Lightsource bp - a renewable energy developer and a subsidiary of British oil giant BP - secured 10 power purchase agreement (PPA) in the last year, totaling 1.3 gigawatts of renewable energy capacity worldwide. Lightsource bp stated that the PPAs have been contracted in Europe, Americas and Asia Pacific for solar power.
German wind volume to rise - a warning
The European spot price for Wednesday dropped on Tuesday, as German wind production volumes are expected to double. France is also set for a significant fall in consumption. The LSEG analyst Naser Hahemi wrote that "residual loads are down in Germany due to the increase in wind energy production." This is an indicator which shows how much conventional…
Equinor Q4 profit beats forecast, raises 2030 oil output target
Equinor reported slightly higher profits than expected for the final quarter in 2024. It also increased its oil and natural gas production forecast, and scaled back plans to expand renewable energy capacity. Equinor's poll of 24 analysts predicted that the Norwegian oil and gas company would earn $7.90 billion in adjusted earnings for October-December, down from $8.56 million a year ago.
Minister: Greece will launch gas exploration bid on Friday
The Greek energy minister announced that Greece will hold a tender on Friday for new rights to explore gas in its southwest waters after a U.S. oil company, Chevron, expressed interest. Chevron has submitted its non-binding expression of interest in exploring for energy on a deep sea block located south of the Peloponnese Peninsula in the Mediterranean Sea.
Britain announces plan to encourage the development of clean energy projects
The UK launched on Friday a plan that will make it easier for developers and investors to build clean energy project, which they hope will help them meet their climate targets as well as create jobs. The UK has set a goal to decarbonise the power sector largely by 2030. This will reduce its dependence on gas-fired plants and increase its renewable energy capacity rapidly.
Low wind and cold weather prompts prices to be at their highest level in two years
The European power market saw a new high of two years on Wednesday, amid cold temperatures and low wind supplies. LSEG's analysis showed that the demand for electricity in the region was increasing, while wind and gas generation declined. However, solar and coal production was on the rise. At 0850 GMT the French baseload day-ahead was up 12.8% to 190 euros ($199.65). This is the highest since December 2022.
Adani allegations bring India's clean-energy conundrum to the forefront
The allegations of bribery against Adani Group's founder Gautam Adani highlight the increasing difficulty that India's renewable energy developers have in finding buyers for their power. Officials say that while India's central governments wants to move away from coal-fired power generation and towards renewable energy sources, state-owned companies in charge of supplying electricity have been slow to strike deals. U.S.
India's floating-solar plans face opposition from fishermen
But he fears his livelihood could evaporate if plans to install a huge floating solar farm on the Nathsagar reservoir go ahead. The government is considering a project to blanket about 7,500 hectares of the 350-sq km reservoir near the town of Paithan in Maharashtra state with floating photovoltaics, part of an ambitious push to create 500 gigawatts…
Climate Investment Funds Board backs $1 billion Turkey grid upgrade project
Climate Investment Funds, a multilateral lender, has announced that it will provide an initial investment of $1 billion to support a plan to upgrade Turkey’s electricity grid to handle more renewable energy. The CIF board approved a $70million investment from its Renewable Energy Integration Investment Platform (REI), with the goal of attracting an additional $790million to expand and upgrade transmission infrastructure…
Sources say that bids for a new Italian energy hub are due on October 31.
Two sources familiar with the matter have said that bidders for a stake of a future venture combining the assets of Italian energy company Sorgenia and those of solar power company EF Solare must submit their binding offers by the end October. One of the sources stated that the buyer would acquire a 27.6% stake, currently held by Spanish fund Asterion in Sorgenia.
India's Jakson Green closes to $476 million in funding for renewables capacity expansion
Krishnan Kannan, the Joint Managing Director of India's Jakson Green, said that they are closing in on raising more than 40 billion rupees ($476.4 millions) to expand their renewable energy capacity. By early 2026, the privately-held company will have an additional 1 gigawatt of capacity. "We're working with a partner strategic to attract the investment."…
Tata Power, an Indian company, will invest $14.3 billion in Rajasthan over a period of 10 years.
Tata Power, an Indian company, announced on Monday it would invest 1.2 trillion rupees (14.32 billion dollars) over the next ten years in Rajasthan in the north of India. The majority of this money will go towards renewable energy projects. Tata Power and the State signed an agreement for the development of renewable energy projects. This includes solar module manufacturing…
Credit Agricole, a French bank, has bought stakes in 11 wind farms
Credit Agricole, a French bank, announced on Friday that it had purchased stakes up to 32 percent in 11 wind farms located in France. By 2050, France aims to be carbon neutral by having 45 gigawatts of offshore wind installed. Due to the complex permitting procedures and multiple appeals filed against projects, France is behind other countries in offshore wind. The European Union also wants to see more wind power in this region.
IRENA report: Record growth in renewables fuels cost-competitiveness
A report released by the International Renewable Energy Agency on Tuesday showed that solar, wind, and other renewable sources were cheaper than fossil fuels. This shows the competitiveness of these sources. To reduce greenhouse gas emissions, and to meet climate change goals, countries are trying to reduce their reliance on fossil energy sources such as coal and natural gas. The U.N.
Masdar, a UAE-based company, buys Brookfield Saeta in a $1.4 billion deal
The United Arab Emirates renewable energy company Masdar announced on Tuesday that it had reached an agreement with Canada's Brookfields to purchase green energy firm Saeta Yield in a $1.4 billion deal. Masdar will acquire 745 megawatts in Spain and Portugal (mostly wind assets) and 1.6 gigawatts in projects in development. This is one of the biggest deals of this kind in the Iberian Region.
EMBARGOED - IEA: IEA's climate goal of triple renewable energy worldwide by 2030 is within reach
The International Energy Agency stated in a Tuesday report that a goal of triple the global renewable energy capacity and reducing fossil fuel consumption by 2030 is achievable. However, it will take a massive push to remove bottlenecks, such as grid connections and permitting. New York Climate Week, where leaders in government and business are gathered to discuss climate change, coincides with the release of this report.
Companies call on world leaders to meet renewable energy targets
On Monday, executives from major companies urged leaders to implement an international agreement made at the COP28 Summit in Dubai last year to triple renewable energy capacity by 2030, to combat climate change. The statement was made at a side event to the United Nations Climate Week, in New York. Companies like Amazon.com, a massive energy user and power producers such as Vestas and Iberdrola were among those who issued it.
Hindalco, a subsidiary of India's Hindalco, plans to manufacture solar modules.
Hindalco Industries, a company based in India, plans to manufacture solar modules and establish a factory in Gujarat's western state. Two people with knowledge of the matter confirmed this on Tuesday. One of the sources stated that the company, which is owned by the cement to fashion retail conglomerate Aditya Birla Group, is evaluating its five-year plan for the competitive sector.
BP sells its US Onshore Wind Business
BP announced Monday that it plans to sell the U.S. Onshore Wind Energy business. The assets did not align with its growth plan. BP has announced that it will soon begin the process of selling its wind assets. bp Wind Energy is a company with interests in ten operating onshore wind power assets spread across seven U.S. States. William Lin, BP’s executive vice-president for gas and low-carbon energy…
The Indian unit of German lender KfW plans to double its investments to $1 billion
A top executive at the German state bank KfW said that the unit's investments in India will more than double to $1 billion within the next few year, with a particular focus on India's energy and Infrastructure projects. DEG, the unit of the lender that focuses on private sector companies, invested so far about $400 million into debt and equity in India.
