Clean Energy Pipeline

A joint venture between Aukera Energy and Locogen has been granted approval from The Scottish Government for the 45 MW Loch Fergus solar farm in South Ayrshire. “This is a testament to the dedication and hard work of everyone involved in this project and a continuation of our successful partnership with Locogen,” said Richard Hillam, Development Director for Aukera UK. “Scotland’s central and local governments are yet again demonstrating the country’s desire to rapidly decarbonise.” The Loch Fergus solar farm will also feature a 40 MW battery energy storage system and is expected to be operational by 2026. The Loch Fergus project is set to produce approximately 57 GWh of clean energy per annum, enough to power over 13,600 homes and offset around 19,000 tonnes of CO₂ emissions. Loch Fergus will join Aukera’s consented Benthead project, which is set to begin construction soon. Stuart Hamilton, Head of Development at Locogen, stated: “We are delighted to have received planning approval for the Loch Fergus solar farm. Solar energy is one of the lowest-cost and quickest to deploy forms of renewable energy, and this project will make a significant contribution to the Scottish Government’s net zero target by 2045.” Aukera will oversee the construction and operation of the Loch Fergus project. #cleanenergy

The International Energy Agency (IEA) will convene an International Summit on the Future of Energy Security on the 24 and 25 April 2025, hosted by the UK government at Lancaster House in London. The Summit will address traditional and emerging risks related to energy security in an era of geopolitical strains, technological transformation and a changing climate. The Summit will examine the geopolitical, technological and economic factors affecting energy security at the national and international level. It will provide leaders and decision-makers from around the world with an opportunity to review the trends redefining global energy security. These include changes in energy demand, supply and trade; the adoption of clean and efficient energy solutions; the availability of the minerals and metals required for clean energy technologies – from wind turbines and solar panels to electric vehicles and battery storage; and the allocation of investment during the transition away from fossil fuels. The IEA has been at the heart of international energy security for 50 years – helping avoid, mitigate and manage energy supply disruptions and crises. As the world changes, so do the challenges around energy security. While risks around oil and natural gas security show no signs of abating, new ones are emerging that could significantly hinder energy transitions and undermine the resilience of energy systems, if not addressed promptly and effectively. This calls for new and enhanced approaches to energy security – fit for today and the decades ahead – to ensure uninterrupted access to affordable energy. #cleanenergy

The Asian Development Bank (ADB) has approved a $434.25 million loan to support the construction of a new solar power and energy storage project in Assam, India. The Assam Solar Project includes the construction of a 500 MW grid-connected solar photovoltaic (PV) facility in Karbi Anglong district, along with a grid-connected battery energy storage system. The project will be developed as a joint venture between the Assam Power Distribution Company Limited (APDCL) and ONGC Tripura Power Company Ltd. “Addressing the renewable energy capacity shortage in Assam is crucial to meet growing demand and reduce dependency on fossil fuels,” said ADB Principal Energy Specialist Jiwan Acharya. “This project will help Assam develop a renewable energy road map and increase its solar energy capacity.” To attract private sector investment, ADB will strengthen Assam’s public-private partnership (PPP) framework and build capacity for developing renewable energy projects under PPP models. The project will further establish a PPP agreement for an additional 250 MW solar PV facility in the Karbi Anglong district. An additional $1 million technical assistance grant from ADB’s Clean Energy Fund under the Clean Energy Financing Partnership Facility will support project implementation, awareness-raising, and capacity building within APDCL and local communities. #cleanenergy

The European Investment Bank (EIB) and Elia Transmission Belgium (Elia Group) have signed a €650 million green credit facility to fund the first phase of the Princess Elisabeth Island project. The Princess Elisabeth Island project is an artificial energy island, located 45 km off the Belgian coast, and aims to integrate an additional 3.5 GW of offshore wind power into Belgium’s electricity grid. The project has also secured a €100 million loan through NextGenerationEU’s European Recovery and Resilience Facility. The financing agreement was signed on 25 October 2024 by EIB Vice-President Robert de Groot, ETB CEO Frederic Dunon, and ELIA Group Interim CEO Catherine Vandenborre at a ceremony held at the island’s caisson yard in Vlissingen, Netherlands. Key attendees included Belgian Minister of Energy Tinne Van der Straeten, the Head of the European Commission Representation in Belgium, Thomas de Béthune, and diplomatic representatives from North Sea-bordering countries. “The Princess Elisabeth Island project is a cornerstone for enhancing Belgium’s and Europe’s energy security and independence,” said Robert de Groot, Vice President of the EIB. “This initiative not only strengthens Belgium’s energy infrastructure but also fosters vital interconnections with neighbouring countries, promoting increased regional cooperation. By investing in this project, the EIB and Elia are paving the way for a sustainable, more secure, and resilient energy future for all European citizens.” Catherine Vandenborre, Interim CEO of Elia Group, noted: “We highly value the support from the EIB, which marks another milestone in our funding diversification strategy. “Our pioneering work on creating an artificial energy island amplifies Europe’s innovative edge amidst a global energy shift. This loan provides stable, long-term financing under favourable conditions, benefiting Belgian consumers.” The Princess Elisabeth Island will be constructed between 2024 and 2027, featuring both high-voltage direct current (HVDC) and alternating current (HVAC) infrastructure. The first of the island’s caissons, or foundation structures, are being built in Vlissingen and will soon be installed offshore and filled with sand to form the island’s base. The high-voltage infrastructure will consolidate export cables from wind farms in the Princess Elisabeth Zone while also serving as a hub for hybrid interconnectors that will connect Belgium with the United Kingdom and other neighbouring countries. #cleanenergy

ACWA Power has announced that its Redstone Concentrating Solar Power (CSP) plant in South Africa has achieved 50 MW of capacity and is set to reach its full 100 MW output in the coming days. The Redstone CSP plant has been synchronised to South Africa’s national grid following the company’s collaboration with Herlogas and SEPCOIII. Once fully operational, the project will provide clean energy to nearly 200,000 households per annum. ACWA Power also noted that its Kom Ombo solar PV project has achieved its full production capacity of 200 MW in Egypt. “Our investments in Africa reflect our commitment to sustainable growth through strategic partnerships and leading-edge technology,” said Marco ARCELLI, CEO of ACWA Power. “ACWA Power is not only a financial leader but also a responsible partner and a pioneer in shaping Africa’s energy and water future. We are eager to invest further where opportunities are most promising, bringing positive change to communities across the continent.” ACWA Power has a cumulative investment of $7 billion across Africa, with a portfolio across power generation, green hydrogen, energy storage, and water desalination. #cleanenergy

DNV is conducting due diligence to support the financing of eight offshore wind projects along the US Atlantic Coast. DNV’s services for the eight offshore wind projects include pre-commitment and construction monitoring due diligence, helping stakeholders understand project risks before final investment decisions and facilitating tax credit opportunities under the IRA. The services are tailored to fit established financing mechanisms, ensuring timely financial closing. “So far, three of the eight offshore wind projects we’re involved with have reached a final investment decision, and the balance is making rapid progress towards this milestone,” said Rich Barnes, Region President for Energy Systems North America at DNV. “The projects advancing through financing and into construction are those where developers can meet narrow installation windows by effectively managing vessel availability, supply chain, and regulatory requirements.” The DNV team has also established local expertise on US project finance and post-Inflation Reduction Act (IRA) structures, supporting European stakeholders in navigating the US financing landscape. DNV’s US-based offshore wind team has a strong track record, including support for California’s 2022 offshore auction and in-depth risk assessments for offshore wind in Oregon and Maine. “DNV uses our advisory expertise to help offshore wind projects increase performance and minimise risks,” added Barnes. “Success relies on understanding the dependencies across the offshore wind value chain, which is why we take a full lifecycle approach to managing risks and reducing costs.” #cleanenergy

OnPath Energy has finalised the sale of its shares in the newly constructed 67.2 MW Kype Muir Wind Farm Extension near Strathaven in South Lanarkshire to funds managed by Schroders Greencoat LLP. Greencoat UK Wind plc initially invested in Kype Muir Wind Farm Extension in 2021, beginning with a loan that converted to a 49.9% shareholding by December 2023. With construction complete, Schroders Greencoat-managed funds have acquired the remaining 50.1% of project shares. Kype Muir Wind Farm Extension, which began exporting renewable electricity to the grid in December 2022, has a capacity of 67.2 MW and comprises 15 turbines with a 200-metre tip height, capable of providing enough power for 53,700 homes per annum. Combined with the neighbouring 26-turbine Kype Muir Wind Farm, the two sites contribute over 153 MW of electricity, equivalent to powering more than 123,700 homes, or a city the size of Aberdeen. Gordon McCosh-Thomson MRICS, Projects Director at OnPath Energy, remarked: “Kype Muir Wind Farm Extension is a groundbreaking UK project, being the first to construct 200m turbines and a product of OnPath Energy’s progressive development philosophy. The project will provide tens of thousands of homes with renewable energy, and we’re proud to have taken this important project from first principles through to its completion.” A community benefits package associated with the Kype Muir Wind Farm Extension will continue under new ownership, ensuring around £10 million from project revenues will support local community and environmental initiatives over the project’s lifetime. #cleanenergy

Enfinity Global has closed a $97 million structured credit facility with Nomura as part of plans to support a 608 MW portfolio of solar assets across the CAISO, WECC, and SERC markets in the US. The facility will fund development and construction for Enfinity’s pipeline of ready-to-build projects and provide strategic refinancing for its operational assets. “Nomura has been a foundational financing partner to Enfinity in the U.S. and Japan as we accelerate the expansion of our global IPP platform,” said Carlos Domenech, CEO of Enfinity Global. “Nomura’s model allows for flexibility in capital formation and deployment, creating momentum for our portfolio; we are grateful for their continued support.” Vinod Mukani, Global Head of Nomura Infrastructure & Power Business (IPB), noted: “We are pleased to partner with Enfinity as it builds on its track record of successful large-scale clean energy projects, supporting the energy transition. We look forward to continuing to support Enfinity’s ambitious growth.” The credit facility includes provisions for a potential increase up to $400 million, enabling Enfinity to further expand its US development and construction portfolio. Enfinity currently manages a US pipeline of 14.8 GW of solar PV and energy storage, with land and interconnection secured, and an additional 33 GW under negotiation. Over the next 12 months, Enfinity anticipates having more than 1 GW of solar and storage assets operational or under construction in the US. “Our partnership with Enfinity reflects Nomura’s commitment to providing tailored financing solutions to leading renewable energy developers,” added Alain Halimi, Managing Director at Nomura IPB. “We are pleased to support Enfinity’s high-quality, diversified portfolio with this innovative credit facility.” #cleanenergy

Iberdrola has issued a 12-year green bond valued at £500 million (€600 million), marking the company’s largest sterling bond issue since 2009 and its first sterling green bond. Investor demand exceeded £2.1 billion (€2.5 billion), allowing Iberdrola to tighten the spread over the reference interest rate to 95 basis points from an initial 125 basis points, which was the largest reduction achieved by a recurring issuer in this market in 2024. The bond carries a coupon of 5.25%, with the issuance attracting over 140 investors. Barclays, HSBC, Goldman Sachs, and NatWest acted as lead participants in the issuance. Iberdrola noted that the green bond will support renewable investments in the UK. “This is Iberdrola’s largest issue in sterling since 2009,” a company statement read. “[Iberdrola] last issued a bond in Sterling in 2019, through its subsidiary ScottishPower Transmission. In addition, it is its first green bond Iberdrola has issued in sterling. Iberdrola becomes the only European utility able to access EUR, GBP and CHF in 2024.” #cleanenergy

Downing Estate Planning Service (DEPS), through its renewable energy and infrastructure arm, has acquired two hydropower plants in Norway, producing a combined 10 GWh per annum. The Skjeggfoss Kraftverk hydro project in southern Norway and Haugsvær Kraftverk hydro plant in southwestern Norway were acquired as part of Downing’s ongoing partnership with Fossberg Kraft AS. With these additions, DEPS’s Norwegian hydropower portfolio now generates an annual average of 43 GWh from nine plants. Downing’s Energy and Infrastructure team, which has been active in the Nordic renewable sector for over three years, now holds approximately 50 core renewable assets across Sweden, Finland, Norway, and Iceland. Henrik Dahlström, Investment Director at Downing, commented: “We are delighted to be bringing into operation the latest projects in our Norwegian hydropower construction funding programme. We look forward to continuing our excellent relationship with Fossberg Kraft AS and to growing our Norwegian hydropower portfolio.” Downing’s Energy and Infrastructure portfolio includes over 200 investments across solar, wind, hydro, and battery storage, managing approximately £920 million in assets. #cleanenergy