Odin Global

Clearway Energy Group has secured $700 million in financing for two major projects in California aimed at replacing the potentially retiring Diablo Canyon Nuclear Power Plant. These projects include the 200 MW Luna Valley Solar & Storage facility and the 113.5 MW Daggett energy storage project, both having long-term power purchase agreements (PPAs) with San Diego Gas & Electric (SDG&E), Southern California Edison (SCE), and the Power & Water Resources Pooling Authority (PWRPA). The Luna Valley facility, located in Fresno County, consists of 200 MW of solar power and 169 MW of energy storage. It is surrounded by several existing and planned solar projects, making it part of a larger solar power cluster. The Daggett Storage facility, which forms the final phase of a 482 MW solar and 394 MW energy storage complex, operates a 113.5 MW battery at a derated 91 MW to ensure a five-hour energy supply. These projects are part of California's legislative efforts to replace the 2.2 GW Diablo Canyon Nuclear Power Plant. They are designed to provide power daily from 5 P.M. to 10 P.M., supporting the state's transition to renewable energy. https://lnkd.in/eDyxZV2g #EnergyTransition #NuclearPower #OdinGlobal

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The Gemini solar-plus-storage project in Nevada, developed by Primergy Solar and Quinbrook Infrastructure Partners, is now operational. Located near Las Vegas, it features 1.8 million solar panels generating up to 690 MW and 380 MW of battery storage (1,400 MWh) using a DC-coupled configuration for enhanced efficiency. The project, financed with $1.9 billion in debt and tax equity, includes innovative ecosystem management and reduced land impact. It created about 1,300 jobs and contributed $463 million to Nevada's economy. The plant uses advanced Maxeon Solar Technologies US solar modules and is expected to meet 10% of Nevada's peak energy needs under a 25-year agreement with NV Energy. https://lnkd.in/gUsBXqKz #SolarEnergy #Nevada #OdinGlobal

The California Public Utilities Commission (CPUC) has proposed a plan to procure up to 7600 MW of offshore wind energy over the next decade. The proposal outlines three competitive solicitation rounds starting in 2027, targeting project completions by 2037. This decision, stemming from AB 1373 legislation, aims to foster a robust offshore wind industry to support California’s clean energy, reliability, and economic development goals. The American Clean Power Association (ACP) has endorsed the plan as a crucial move for the Pacific coast, despite initially advocating for a 10 GW target. The proposal aligns with the California Energy Commission’s AB 525 Strategic Plan and the California ISO’s transmission investment approvals. https://lnkd.in/d4JE9d8q #OffshoreWind #California #OdinGlobal

Strata Clean Energy has secured a 20-year tolling agreement with Arizona Public Service - APS for a 150MW/600MWh battery energy storage system (BESS) named Justice Energy Storage, located in Phoenix, Arizona. This project, set to commence operations in April 2026, allows APS to control the charging and dispatch of the stored energy, while Strata maintains ownership and ensures its performance. This agreement is part of APS's broader strategy to procure around a gigawatt of energy resources, including 700MW of renewables, to achieve its goal of 65% clean energy and 45% renewables by 2030. The BESS will be crucial for managing peak demand during Arizona's hot summer months. Financial details were not disclosed, but this deal follows a previous agreement between APS and Strata for the 255MW/1,020MWh Scatter Wash BESS, scheduled to operate in April 2025. Additionally, the Salt River Project, another Arizona utility, recently inaugurated 2 BESS projects totaling 340MW/1,360MWh with Plus Power. https://lnkd.in/eWHCxVun #BatteryEnergyStorage #Arizona #OdinGlobal

The Nordex Group is launching a new 5MW turbine variant, the N169/5.X, tailored for the US market as part of their Delta4000 platform. This turbine, with a 169-meter rotor diameter and a power rating up to 5.5MW, is designed for regions with low to medium wind speeds and minimal turbulence. The N169/5.X aims to enhance yield, especially in projects with limited grid capacity. Jose Luis Blanco, Nordex Group's CEO, highlighted the strategic importance of expanding in North America and noted the turbine's efficiency and size. Manav Sharma, CEO of the North America division, emphasized the turbine's role in meeting the growing US market demands and addressing customer needs in grid-constrained sites. Nordex will leverage its local supply chain to meet US content requirements, benefiting from the Inflation Reduction Act (IRA). Key components like nacelles, drive trains, and hubs will be produced in the US, with production of the N169/5.X set to begin in 2026 at their West Branch, Iowa facility. https://lnkd.in/ehmT794h #WindEnergy #EnergyTransition #OdinGlobal

In its latest quarterly report, LevelTen Energy indicates that power purchase agreement (PPA) prices for solar energy in North America rose by 3% in the second quarter of 2024, following a 1% decrease in the first quarter. The "PPA Price Index Report" bases its findings on the 25th percentile of secured PPA contracts on its platform. Several factors are contributing to this price increase, including long interconnection queues, permitting challenges, expanded tariffs on Chinese PV components, and a revived AD/CVD investigation, creating a more difficult trade environment for U.S. solar developers. These issues result in higher costs for projects, which are then reflected in the PPA prices. Additionally, the report mentions a 7% increase in wind PPA prices during the same period. Despite these challenges, market participants are finding innovative ways to mitigate risks and secure deals. This includes the use of conditions precedent (CP) and indexation in PPA contracts, allowing for flexibility in pricing based on future changes in tariffs or interest rates. Overall, these contractual strategies help provide some future-proofing, enabling the continuation of deal-making in a time of uncertainty. https://lnkd.in/erdNiybc #PowerPurchaseAgreements #EnergyTransition #OdinGlobal

Intersect Power has secured $837 million in financing for constructing and operating three standalone Battery Energy Storage Systems (BESS) in Texas. The financing includes portfolio-level construction debt, tax equity, and term debt from industry partners like Morgan Stanley, HPS Investment Partners, LLC, and Deutsche Bank. The projects, Lumina I, Lumina II, and Radian, will use Tesla's Megapacks and are scheduled to be operational by 2024, each providing 320 MWh of storage capacity. This initiative is part of Intersect Power's strategy to enhance grid reliability and energy security while supporting the energy transition with a diversified renewable portfolio. The projects also qualify for Investment Tax Credits under the Inflation Reduction Act. https://lnkd.in/ePyU2mUE #IntersectPower #Texas #OdinGlobal

The US Federal Energy Regulatory Commission's (FERC) May 2024 "Energy Infrastructure Update" reveals significant growth in solar energy. Solar energy accounted for nearly 80% of new capacity additions in May, contributing 2,517 MW out of the 3,189 MW added. So far in 2024, solar has led capacity additions, with 10,669 MW out of the total 14,435 MW added. As of May 2024, the US has a total of 1,296 GW of electric generation capacity. Natural gas dominates with 43%, followed by coal (16%), wind (12%), and solar, which has now reached nearly 9%, surpassing nuclear energy at 8%. FERC forecasts continued dominance of solar in new additions, predicting approximately 90 GW of solar, 24 GW of wind, and 14 GW of natural gas to be added from June 2024 to May 2027. Concurrently, around 17 GW of natural gas and 18 GW of coal capacity are expected to be retired. https://lnkd.in/d4AExQx3 #SolarEnergy #EnergyTransition #OdinGlobal

In the first half of 2024, Germany added 377 MW of offshore wind capacity with 36 new turbines connected to the power grid and built 73 additional foundations. Industry figures reveal 29 offshore wind projects with an installed capacity of 8858MW and 1602 machines are currently in operation in Germany. The industry groups, including BWE (Bundesverband WindEnergie e.V.), BWO - Bundesverband Windenergie Offshore e.V. , VDMA Power Systems, WAB e.V., WindEnergy Network e.V., and Stiftung OFFSHORE-WINDENERGIE, noted that the first 2024 offshore wind tender demonstrated investor interest but also highlighted the need for tender design reforms. They argued that the current bid process, which resulted in a €3 billion sum, could raise costs and slow down investments. They advocate for tender designs that ensure project security and prompt implementation, reduce default risks, and support the growth of offshore wind capacities. Additionally, they emphasize the importance of infrastructure and logistics investments, including heavy-duty port spaces, hinterland connections, and specialized ships, to facilitate project execution and maintain innovation and leadership in the industry. https://lnkd.in/eYTuWZF2 #WindEnergy #Germany #OdinGlobal