Weekly Energy Bites – Clean Energy Investments 26th March 2021

26 March 2021 – by Eileen Lui

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

solar panels inspection

European utilities double down on the renewable energy transition.

Iberdrola outlined plans to invest EUR 150 billion in renewable energy and infrastructure by 2030. In 2020, it deployed a record 4 GW of capacity and added 25 GW to its development pipeline, bringing it to a cumulative 74.4 GW. EDP Renewables has launched a new plan to “stay a green energy major”, earmarking EUR 24 billion for clean energies by 2025.

Strategic partnerships drive Eni’s renewables push.

The Italian oil major has entered a joint venture with CDP Equity SpA called GreenIT, which will invest EUR 800 million over the next five years to develop 1 GW of renewables in Italy. This will help Eni reach its 1 GW renewables target for 2025. The major also recently purchased three solar PV projects of 140 MW from Spanish developer X-Elio.

Total monetises its French assets and looks to the Celtic Sea.

USD $600 million deal for a 50% stake in renewable portfolios with 338 MW of capacity. Credit Agricole Assurance will acquire 50% of a 285 MW solar and wind portfolio, while Banque des Territoires will purchase a 50% stake in a 53 MW solar portfolio.

The oil major will also try its hand at floating offshore wind. Total and Irish developer Simply Blue Energy have revealed plans for the 300 MW Volarous floating offshore wind farm in the Celtic Sea, 50 km off the Welsh coast. Last month, Simply Blue partnered with Shell for a similar project.

BP expands its charging infrastructure portfolio.

BP has inked a PPA with Snowy Hydro New South Wales. Under the agreement, BP will use solar power to charge 88 gas stations in the region. During its “Power Day”, Volkswagen announced a new partnership with BP to deploy 18,000 ultra-fast charging points across Europe. Enel and Iberdrola will help in this expansion.

Shell lays the groundwork for its future retail business.

Shell has fully acquired the German virtual power plant (VPP) operator Next Kraftwerke. The operator controls 10,000 decentralised energy resources, such as rooftop solar panels and residential batteries, with a combined capacity of 8.45 GW across Europe. Shell has moved into VPP markets before, having acquired the UK-based VPP operator Limejump in 2019. These acquisitions reflect Shell’s strategy to boost its electricity retail business as part of its transition.

Repsol bolsters its retail business and enlarges its wind portfolio.

Solar panels and wind turbines

Repsol has bought a controlling stake in the Spanish renewable energy retailer, Gan Energia. The oil major is looking to bolster its power business with this acquisition, serving 37,000 customers.

Repsol’s joint venture with Ibereolica Renovables has signed a 14-year PPA with an unknown off-taker. The deal is for the 180 MW Atacama wind plant located in the municipality of Freirina in Chile’s Atacama region. It intends to develop 1.6 GW of projects by 2025 and 2.6 GW by 2030.

Equinor continues its aggressive expansion into offshore wind.

Equinor and Polenergia have submitted their bids to Polish regulators for the first phase of Poland’s offshore wind auctions. The two target the Baltyk 2 and 3 projects, with 1.44 GW capacity. Among the oil majors, Equinor’s renewable energy portfolio is most heavily tilted towards the offshore wind.

Previous Weekly Energy Bites : 12th March 2021

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