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(OW) Iberdrola and the World Bank, through its private sector investment arm, the International Finance Corporation (IFC), have signed a EUR 300 million loan agreement to develop renewable energy projects in countries dependent on fossil fuels, including Morocco, Poland and Vietnam. IFC has already allocated a first tranche of EUR 170 million for the support... Continue Reading →
(Reuters) - Norway's state-owned renewable power producer Statkraft on Monday said it plans to invest up to 6 billion euros ($6.56 billion) to upgrade its domestic hydro and wind power facilities and to build new onshore wind farms. The plans would double Statkraft's current output from wind farms and boost the effect of the company's... Continue Reading →
(Reuters) - Copenhagen Infrastructure Partners and Avangrid (AGR.N) said on Wednesday their joint venture Vineyard Wind began generating power for the first time, supplying five megawatts (MW) to the New England grid. The project is expected to have five turbines operating at full capacity in early 2024, the companies said. The announcement comes after offshore wind projects... Continue Reading →
(Reuters) - European energy firms Equinor (EQNR.OL) and BP (BP.L) terminated on Wednesday their agreement to sell power to New York state from their proposed Empire Wind 2 offshore wind farm, citing rising inflation, higher borrowing costs and supply chain issues. "This agreement reflects changed economic circumstances on an industry-wide scale and repositions an already mature project to continue... Continue Reading →
One of Japan's largest offshore wind farms has started commercial operation in the prefecture of Hokkaido. Tokyo-based renewable energy company Green Power Investment built the facility in Ishikari Bay, off the coast of western Hokkaido. It has 14 turbines, each of which is 196 meters tall. The wind farm started commercial operation at the start... Continue Reading →
Aker Solutions has signed a front-end engineering and design (FEED) contract with the Marine Energy Test Centre (METCentre) in Norway to pilot new subsea power system technology which has the potential to reduce costs and complexity of offshore wind farms. The project will see Aker Solutions provide new power transmission technology, Subsea Collector, for the... Continue Reading →
(OET) As the world puts more gumption into its energy transition journey, subsea interconnectors open new opportunities for sharing the access and use of renewable energy, such as offshore wind power, between countries while upping the decarbonization ante and strengthening the security of electricity supply. The role of subsea cables in energy security and transition... Continue Reading →
(CNN) The Biden administration issued long-awaited preliminary guidance Friday on its expansive clean hydrogen tax credit, tilted in favor of hydrogen produced from clean electricity. The hydrogen tax credit is one of the most generous subsidies contained in the Inflation Reduction Act — giving companies up to $3 for every kilogram of hydrogen produced. Along with other... Continue Reading →
(Reuters) - The U.S. offshore wind industry is eying a brighter 2024, with work expected to start on several projects following a year marked by stalled developments and billions of dollars in write-offs. The offshore wind industry is expected to play a major role in helping several states and U.S. President Joe Biden meet goals... Continue Reading →
(OE) German utility RWE on Thursday said it would acquire three offshore wind projects off the English coast from Sweden's Vattenfall in a deal that values the assets at 963 million pounds ($1.2 billion). The UK Norfolk Offshore Wind Zone portfolio consists of three 1.4 gigawatt projects, RWE said. The transaction was expected to close... Continue Reading →
Brazil Energy Insight 