Energy Bites – Clean Energy Investments 12/03/2021

12 March 2021 – by Eileen Lui

Follow the latest news on investments into alternative & renewable energy.

Follow the latest news on investments into alternative & renewable energy.

Total makes big moves into US and Indian solar markets, as well as the UK’s offshore wind sector

Total has purchased a 2.2 GW solar with 600 MW battery storage pipeline in Texas. The portfolio consists of four solar-plus-storage projects in industrial zones outside of Houston, expected to come online by 2024. With these additions, Total is now developing 4 GW of renewables in the US. Eden Renewables India, a joint venture of Total Eren and EDF, has secured USD 165 million to develop a 450 MW solar project in Rajasthan. By 2022, Eden Renewables India aims to install 2.2 GW of renewables. In collaboration with the Green Investment Group (GIG), Total won seabed rights in the latest UK auctions to develop 1.5 GW of offshore wind. Total and GIG agreed to pay a steep premium of USD 113,800 per MW per year to the UK government. These high fees priced out traditional developers like Ørsted.

BP breaks new ground in offshore wind and continues to build an impressive solar pipeline

BP also emerged a big winner in the latest UK offshore wind auction. The British major and German energy company EnBW, were selected as the preferred bidders for 3 GW of offshore wind in the Irish sea. The pair will each develop 1.5 GW, paying GBP 154,000 per MW per year for the right to do so. The British oil major has also finalised its USD 1.1 billion deal to secure 50% ownership of Equinor’s Empire Wind 2 and Beacon Wind 1 projects in the US. BP purchased a 1.06 GW solar portfolio from Madrid-based developer, RIC Energy – its largest acquisition in Europe to date. On 15 February, BP also added an 845 MW solar portfolio, purchased from Iberia Solar. These two acquisitions bring BP’s Spanish pipeline to 2.25 GW.

Shell expands its retail arm, alongside small moves into winds, solar and hydrogen.

The oil major has purchased Ubitricity, owner of the UK’s largest public charging network for electric vehicles. It owns 2,700 stations and has a market share of 13%. This adds to Shell’s existing network of 1,000 fast and ultrafast charging points across the UK. The oil major also acquired a 51% stake in Simply Blue Energy Kinsale, which is constructing the 300 MW Emerald floating offshore wind park in the Celtic Sea. If successful, the project can be scaled to 1 GW, contributing to Ireland’s goal of 5 GW of offshore wind by 2030. Shell, along with BP and Equinor, also looks set to enter Brazil’s renewables market. It has submitted a proposal to develop 323 MW of solar PV in Brazil’s Paraiba state. The projects will be operational in 2023. In addition, Shell is constructing a scalable 100 MW electrolyser in Hamburg to produce green hydrogen as part of a consortium. The project will be situated on the site of Vattenfall’s retired 1.6 GW Moorburg coal-fired power plant and will begin operations in 2025. The consortium will apply for funding from the European Commission.

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