Hexa Climate to invest $500 Million in Fortum India Renewables Assets
Hexa Climate Solutions - backed by I Squared Capital - has purchased Fortum's Indian Renewables Portfolio. The company plans to invest $500M to expand their clean energy projects. Hexa announced on Tuesday that the deal included a 100% stake of Fortum India, a portfolio of 206 MW renewables for commercial and industrial use, a pipeline 600 MW projects ready to build, and Fortum India's 40 member team. The deal value was not disclosed by the company, which is based in Gurugram (India). Sanjeev Aggarwal is the founder and executive chair of Hexa.
RWE has ceased offshore wind activity in the United States
RWE's CEO stated in a speech draft published in advance of the annual general meeting that the company has temporarily halted its offshore wind activities in the United States due to the regulatory uncertainty caused by the Trump administration. Markus Krebber's comments highlight the challenges facing European energy companies on the U.S. Offshore Wind Market, which is a major target of Trump’s energy policy. Trump compared wind turbines earlier this year to "garbage". Following a U.S.
UK launches energy security summit by investing in offshore wind supply chain
The UK will host a summit on energy security in London, starting the event by promising to invest 399 million pounds (399 million dollars) into the domestic supply chain of offshore wind projects. After the Russian invasion of Ukraine, 2022, which led to price spikes around the globe and saw the EU try to reduce its dependence on Russian fuels. The UK Government, International Energy Agency and EU Commission President Ursula von der Leyen will host a two-day energy summit in London.
Global Wind Capacity in 2024 Falls Short Despite Reaching a Record
A record 117 gigawatts of wind power capacity was installed worldwide last year, slightly more than in 2023, but far less than needed to achieve goals to decarbonise energy, a report by the Global Wind Energy Council said on Wednesday.WHY IT'S IMPORTANTThe world needs to shift to renewable sources, including wind and solar, to contain global warming.Many organisations, including the GWEC, have said the current rate of progress is not enough. It says a goal…
Coal India will set up a power plant as a joint venture
Coal India will invest 165 billion rupees to build a coal-powered 1,600 megawatt plant in Jharkhand, a state located in eastern India. This investment is needed to meet the growing demand for electricity. On Monday, the state-owned company signed a nonbinding memorandum with Damodar Valley Corporation to build a plant that will consist of two 800 MW units. This plant will be an extension of an existing plant of 500 MW. State-run company also plans to build two thermal power stations in central India's state of Madhya Pradesh, each with a 660-MW capacity.
Prices to fall as demand falls ahead of the holiday
The German wholesale electricity price on Thursday was expected to fall over the four-day holidays due to low consumption. The indication for the next day's working day, which is April 22, was nearly half of the price paid for delivery on Friday. The week-ahead contract in France was priced below Wednesday's closing price. LSEG's research noted a reduction in demand during the holiday season, and that it outweighed the effects of a weakening of wind supply. At 0805 GMT, the German baseload electricity for day 5 was not yet traded.
Masdar, a UAE renewable energy company, has completed the purchase of Terna Energy in Greece
Masdar, the renewable energy company of the United Arab Emirates, announced on Thursday that it had acquired a 100% stake in Terna Energy Greece, following its purchase of a majority share last year. This is a step further in their international expansion strategy. Masdar has increased its presence on European markets over the past few months, in an effort to capitalize on opportunities in a market that is being hit by rising interest rates and debt costs. In November, it acquired 70% of Terna at 20 euros per share in a deal valued at 3.2 billion euro ($3.52 billion).
BPCL and Sembcorp form a joint venture to develop renewables, green hydrogen in India
Bharat Petroleum Corporation, an Indian refiner, signed a joint-venture agreement on Tuesday with Singapore's Temasek backed Sembcorp for the development of green hydrogen and renewable projects in India. According to the companies, the joint venture will also look at projects in green ammonia bunkering and production, emission reduction for port operations, as well as other green fuel technology. The deal is made at a moment when India wants to reduce its dependence on fossil fuels…
IRENA: Global renewable energy capacity still falls short of target despite record growth in last year
The International Renewable Energy Agency's (IRENA) report on Wednesday showed that the global renewable energy capacity grew at a record rate in 2024, but still fell short of the 2030 target. Renewables will account for 92.5% (or 585 GW) of the new energy capacity in 2024, a record growth rate of 15.1%. This brings total renewables to 4,448 gigawatts. The progress is still below the 11,2 terawatts required to meet the Paris Climate Agreement and the global goal that renewable energy installations will triple by 2030. This requires an annual growth rate 16.6%.
Vingroup Vietnam plans LNG and renewable energy ventures
Vingroup, Vietnam's largest conglomerate, announced on Tuesday that it is looking to develop renewable energy sources and liquefied gas power plants. This would be the company's first ventures in the energy sector. The state-run newspaper VietnamNet reported, citing documents the company had submitted to the Government, that the company wanted to be added to a revised national power development plan. Vingroup responded to the request for comment by saying it was "interested and studying this issue" and that more information would be provided at a future date.
Russell: Renewables and gas are gaining ground on coal and oil
The latest review of the International Energy Agency shows that renewables and gas are the most popular energy sources. In its Global Energy Review published on Monday, the IEA described this growth rate as "faster-than-average". Electricity, the fastest growing sector, grew 4.3% by 2024 or almost twice the average annual growth rate of the last decade. In 2024, the IEA reported that renewable power capacity increased by 700 gigawatts. This was a record-breaking annual increase for a 22nd consecutive time.
Indian firms look to Dutch Royal IHC in order to explore deep sea mineral deposits
Two sources have confirmed that Indian mining and cement firms approached Dutch shipbuilder Royal IHC to ask for assistance in preparing bids for deep sea mineral blocks. India held its first auction of 13 deep-sea offshore mineral blocks in November. These included three construction sand and lime mud blocks as well as seven polymetallic blocks. The blocks are rich in minerals such as cobalt and copper. They also contain manganese and nickel which is vital for solar panels and electric vehicles. The first auction tranche is expected to end by the end March.
FT reports that UK Treasury is considering cutting funding for GB Energy
The Financial Times reported that Britain's Treasury Department is considering cutting funding plans for the state-backed energy company GB Energy during a review of spending scheduled for June. The British government created GB Energy last year with a budget of 8.3 billion pounds (10.73 billion dollars) and envisioned it as its main tool for driving investment in renewable energies. The Crown Estate, which manages the public holdings of the British monarchy, was to be partnered with the company to lease seabeds for 20-30 gigawatts by 2030.
China reduces carbon intensity by 2024, but still falls short of key targets
China's economy has become less carbon-intensive last year, thanks to a record increase in renewable energy capacity. However, the country is still far short of its 2025 goal. In its annual bulletin, the National Bureau of Statistics reported that by 2024, China's largest producer of greenhouse gases (which warm up the climate) will have reduced its carbon intensity from 3.4% to 3.4%. This was lower than the 3.9% target. Carbon intensity is the amount of carbon dioxide produced per unit economic growth.
Report: India must double its renewable energy capacity to achieve 2030 clean-energy goals
Global Energy Monitor's (GEM) report released on Wednesday said that India needs to double its annual additions of solar and wind power over the next five year in order to reach its 2030 clean energy targets. This is despite 2024 adding record numbers. According to India's renewable energy minister, solar power will account for 70% of the total additions in 2024. The country's goal is to increase its non-fossil energy capacity from 165 GW today to at least 500 GW by 2030. India still falls short of the 175 GW target it set for 2022.
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. Microsoft, Google and LyondellBasell, a chemicals company, are among the customers of Lightsource bp. The average contract lasts 12 years.
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 power plants can supply after variable renewable volumes have been fed into grids. LSEG data shows that German day-ahead electricity was 16.1% lower at 112.8 Euros ($117.98 per megawatt hour (MWh) as of 0930 GMT.
China will roll back clean energy subsidies after boom
China's top economic planner said on Sunday that it is taking steps to reduce subsidies for renewable energy after an explosion in solar and wind installations. China has surpassed its own record for solar installations by 45% in 2024. China has installed more than 6 times as much solar power in China today, according to the International Renewable Energy Agency. China's rapid installation of clean energy has allowed it to reach its 2030 goal six years earlier than expected.
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. Equinor released a statement that said "the expected (oil-and-gas) production in 2030 is around 2.2 millions barrels of oil equal per day.
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. Theodore Skylakakis, Energy Minister of Greece, told Greek Radio that the tender process would begin today. He added that the winner would be announced by the end the year.
