Apple Partners with CleanMax to Power India Operations with Renewable Energy

Explainer: Application Process for ALMM Inclusion and Renewal

EU Member States Sign Solar Charter to Boost Domestic Manufacturing

Daily News Wrap-Up: NTPC’s 1 GW Wind-Solar Hybrid Auction

Sprng Energy, AMPIN, Juniper, ReNew, Avaada Win NTPC’s 1 GW Hybrid Auction

Biofuels Firm GPS Renewables Raises $50 Million in Debt Financing

Solar Auctions Surge by 229% in Q1 2024, Tender Activity Up 122%

Global Wind Installations Reached 1 TW Milestone in 2023

Funding and M&A Roundup: Nexamp Secures $520 Million

Project Finance Brief: Arevon Secures $352 Million for Posey Solar Project


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="http://mercomindia.com/wp-content/uploads/2023/02/amazon_polly_48805.mp3?version=1675327043">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Denmark-based wind developer<a href="https://orsted.com/" target="_blank" rel="noopener"> Orsted</a> swung into a loss of DKK 329 million (~$48.19 million) in the fourth quarter (Q4) of the financial year (FY) 2022, compared with a net profit of DKK 3.26 billion (~$482 million) year-over-year (YoY).</p>
<p>The company said the quarterly loss was due to delays at two of its projects &#8212; Hornsea 2 and Greater Changhua 1 and 2a. Adverse impacts from ineffective hedging compounded the quarterly loss, the company added.</p>
<p>For the October-December quarter, the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at DKK 6.7 billion (~$981 million), a decline of 18.78 % YoY.</p>
<p>Orsted’s pipeline increased by 25% during FY 2022.</p>
<p>The company’s installed renewable capacity, as of FY 2022, stands at 15,121 MW compared to 12,977 MW in 2021, an increase of 16.5 % on a YoY basis.</p>
<p>For FY 2022, Orsted recorded a net profit of DKK 15 billion (~$2.2 billion), an increase of 37.74% YoY.</p>
<p>The company’s EBITDA for the full financial year amounted to DKK 32.06 billion (~$4.7 billion), an increase of 31.9% YoY.</p>
<p>The company said its earnings composition demonstrates the strength of its diversified portfolio of assets. A strong performance was seen from the onshore wind and solar PV business and gas activities.</p>
<p>The company commissioned the offshore wind projects Hornsea 2 in FY 2022. It also reached a Final Investment Decision (FID) on its first utility-scale U.S. offshore wind project in South Fork Wind.</p>
<p>Other major developments include a partnership with Copenhagen Infrastructure Partners (CIP) for a potential of up to 5.2 GW through an open-door scheme. Orsted also applied to build 15 GW of offshore capacity in Sweden, another floating wind partnership in Spain with Repsol, and entry into Scotland took shape.</p>
<p>The company was also able to recycle capital through the farm-down of its two projects, Hornsea 2 and Borkum Riffgrund 3.</p>
<p>Through the “farm down” or build-sell-operate model, developers sell stakes in renewable assets to institutional investors keen on long-term and stable yields.</p>
<p>Further, the company recorded a 91% of green share in energy generation, and greenhouse gas emissions dropped by 87% between 2006-2022.</p>
<p>In terms of onshore wind projects, Orsted reached FID on a total of 1.4 GW onshore projects, expanding into Germany and France with the acquisition of Ostwind.</p>
<p>The company said it is well-positioned to tap into political support with a portfolio spanning several renewable technologies across key growth markets.</p>
<p>The European Union’s “Fit-for-55” and progress on ensuring faster permitting of renewable projects, is one of the policies that boosted operations.</p>
<p>The U.S. ‘Inflation Reduction Act and several coastal states also increased targets for offshore wind build-out.</p>
<p>Additionally, the continued expansion of renewable ambitions across the APAC region along with opening up the Australian offshore market led to growth.</p>
<p>The Denmark-based wind developer <a href="https://mercomindia.com/farm-downs-partnerships-drive-wind-developer-orsteds-profit-up-in-q3/" target="_blank" rel="noopener">posted</a> a net profit of DKK9.36 billion (~$1.3 billion) in the third quarter (Q3) of 2022, a massive jump of 1,821% YoY.</p>
<p>Orsted had <a href="https://mercomindia.com/offshore-orsted-acquires-100-stake-in-ostwind/" target="_blank" rel="noopener">agreed</a> to acquire 100% of Ostwind, onshore wind and solar developer, owner, and operator. The deal is based on an enterprise valuation of Ostwind of €689 million (~$759 million). The acquisition is part of Orsted’s strategy to expand its European footprint, which is key to its offshore business.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
<br />
<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
</div>
<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
</div></div><div class="clearfix"></div></div></div>

Wind Developer Orsted Swings to $48.2 Million Loss in Q4 Due to Project Delays


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="http://mercomindia.com/wp-content/uploads/2023/01/amazon_polly_48183.mp3?version=1674480652">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Italy&#8217;s transmission system operator (TSO) <a href="https://www.terna.it/it" target="_blank" rel="noopener">Terna SpA</a> has approved six of Sweden-based Hexicon&#8217;s seven proposed floating wind power projects for connection to the national grid.</p>
<p>Terna&#8217;s interconnection permit is a preliminary agreement that provides a commitment from the transmission system operator to make the necessary capacity available to be connected to the grid. The interconnection permit is an important step to avail the main authorization for building and operating an offshore wind farm.</p>
<p>The combined capacity of the six sites is 7,100 MW, while the permit for the one remaining site is pending.</p>
<p>Hexicon applied for grid connections last year. Terna has now issued the specifications to connect the six locations in Italy to the country&#8217;s power grid.</p>
<p>With the above approval, Hexicon, through its joint venture AvenHexicon in Italy, now has a portfolio of seven development sites for floating wind along Sardinia, Sicily, and Puglia coast.</p>
<p>&#8220;The progress is moving at record speed, which speaks for Italy&#8217;s ambition to develop renewables in the country. Having the grid connection ready is yet another milestone passed, and one which significantly increases the value of each project,&#8221; said CEO at AvenHexicon Alberto Dalla Rosa.</p>
<p>Italy has a strong potential for floating wind due to its vast coastline and abundant wind resources. The country&#8217;s government is also making efforts to accelerate the deployment of renewable energy projects to cut its dependence on Russia for gas imports.</p>
<p>The country is aiming to generate 55% of its total electricity generation from renewables by 2030. Last year, Italy was <a href="https://mercomindia.com/gwec-next-wave-floating-offshore-wind/" target="_blank" rel="noopener">named</a> one of the top five emerging markets worldwide for offshore wind, by the Global Wind Energy Council in its report. The Italian government has presented the National Recovery and Resilience Plan to make the post-pandemic recovery as green as possible.</p>
<p>Last November, Denmark-based wind turbine maker Vestas announced that MunmuBaram, a joint venture <a href="https://mercomindia.com/daily-news-wrap-up-black-2-gw-of-solar-and-battery-storage/" target="_blank" rel="noopener">between</a> Hexicon AB and Shell, named Vestas as the preferred supplier of turbines for the 1.3 GW MunmuBaram floating offshore wind project in South Korea.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
</div>
<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
</div></div><div class="clearfix"></div></div></div>

Hexicon Inches Closer to Developing 7.1 GW Offshore Wind Projects in Italy

<p>Here are some noteworthy cleantech announcements of the day from around the world:</p>
<p><strong>The Masdar-led renewable energy consortium, with EDF Renewables and Nesma Company, has </strong><a href="https://www.edf-renouvelables.com/en/masdar-edf-renewables-nesma-consortium-reaches-financial-close-and-starts-construction-on-300-mw-solar-project-in-saudi-arabia/" target="_blank" rel="noopener"><strong>reached</strong></a><strong> a financial close on a 300 MW utility-scale photovoltaic solar project in Jeddah, Saudi Arabia. </strong>The Ministry of Energy awarded the project to the consortium after submitting a bid of SAR 60.9042 (~$16.24 million)/MWh. The consortium signed a 25-year power purchase agreement with Saudi Power Procurement Company this January for the project. The consortium will design, finance, build, and operate the project, which will be located in Third Jeddah Industrial City, 50km south-east of Jeddah. The plant will begin operation in 2022.</p>
<p><strong>S</strong><strong>olar technology company Solaria will </strong><a href="https://www.solariaenergia.com/es/prensa-parques-fotovoltaicos/noticia/solaria-inaugurara-el-17-de-mayo-64mw-en-portugal" target="_blank" rel="noopener"><strong>inaugurate</strong></a><strong> four solar projects with 64 MW capacity it is building in Portugal, the first to be built in the 2019 Portuguese auction, on May 17, 2021.</strong> To put the plants into operation in the coming months, Solaria has closed a long-term financing agreement with the French entity La Banque Postale under the modality of project finance for an amount of up to €23 million (~$27.82 million) and at interest rates of less than 1.75%.</p>
<p><strong>Industrial gases company White Martins has </strong><a href="https://www.h2-view.com/story/white-martins-to-support-5-4bn-hydrogen-hub-in-brazil/" target="_blank" rel="noopener"><strong>inked</strong></a><strong> a preliminary agreement with the Pecém Industrial and Port Complex to develop a green hydrogen hub in Brazil.</strong> Situated 60 km from Fortaleza, the port complex will be built by Australia’s Enegix Energy following an investment of $5400 million to develop the hub with support from White Martins. White Martins hopes to expand on its current industrial gases plant, situated in the Port, by introducing new facilities that support hydrogen production and distribution, ammonia production, hydrogen liquefaction, and the use of hydrogen in transport.</p>
<p><strong>MPC Energy Solutions NV has </strong><a href="https://www.mpc-energysolutions.com/media/pr-mpc-energy-solutions-signs-power-purchase-agreement-for-colombian-solar-pv-project" target="_blank" rel="noopener"><strong>signed</strong></a><strong> a power purchase agreement for Parque Solar Los Girasoles, a solar photovoltaic project under development in Colombia.</strong> The deal includes the delivery of around 23 GWh a year over 12 years, starting in the second quarter of 2022. The agreement was signed with Grupo Renovatio, a Colombian energy trading firm, and electricity supplier. This is MPC Energy Solutions’ first PPA since its listing on the Oslo Stock Exchange’s Euronext Growth segment in January this year.</p>
<p><strong>A €330 million (~$399.1 million) European Union </strong><a href="https://www.eib.org/en/press/all/2021-138-330-millions-d-eur-de-l-equipe-europe-a-la-construction-de-la-nouvelle-ligne-electrique-de-225-kv-guinee-mali-qui-approvisionnera-en-energie-propre-et-abordable-des-millions-de-personnes-en-afrique-de-l-ouest" target="_blank" rel="noopener"><strong>support</strong></a><strong> for the new Guinea-Mali 225 kV power line aims to provide clean and affordable energy to millions in West Africa.</strong> Once complete, the new 225 kV interconnector power line will provide an alternative to expensive and unreliable generators on the electricity grid and supply green power to local villages and the wider region.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/srinwanti/" class="vcard author" rel="author"><span class="fn">Srinwanti Das</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><p><img class="alignleft" src="https://mercomindia.com/wp-content/uploads/2021/04/Srinwanti-300pxl.jpg" alt="" width="106" height="115" />Srinwanti is a copy editor at Mercom India, where she writes and edits news stories across the clean energy spectrum. Prior to Mercom, she has worked in book publishing at Macmillan Publishing House and Integra and honed her editorial and writing skills in both online and print media such as Reuters, Times Group Books, The Times of India, and Pune Mirror, covering local to international stories. <a href="https://mercomindia.com/author/srinwanti/">More articles from Srinwanti Das.</a></p>
</div></div><div class="clearfix"></div></div></div>

Daily News Wrap-Up: Masdar-led Consortium to Develop 300 MW Solar Project

wind-developer

Get the most relevant India solar and clean energy news.

RECENT POSTS