WoREA to Launch Its New ‘Renewable Energy Finance & Investment Hub’ in December 2019

The Finance & Investment Hub is scheduled to launch on December 16th, 2019

The World Renewable Energy Association will soon launch it’s Finance & Investment Hub, helping more than 120,000 growing businesses find the right finance option to help them reach their next ambition.

Our Finance & Investment Hub has been developed to help businesses better understand  the finance options that could enable them to become more sustainable. Whether you are a business, local authority, large energy consumers, farmer, landowner or industry, our guides will help you better navigate the renewable energy finance landscape.

The hub will provide invaluable resources and information for businesses looking for finance within the renewable energy sector, including;

* Understanding your finance options
* The benefits of asset finance for your sustainability drive
* How financing for sustainability projects can attract investors
* Local authority funding reglations
* Lending against Feed-in-Tarrifs
* Success stories from other businesses and members
* Approved finance providers recommended by WoREA
* Energy conservation and the generation of renewable power
* Overcoming barriers for financing land based renewable energy projects
* Understanding renewable energy and best fit technologies
* Latest articles, news and reports for the sector
* Resource Centre and more

The reduction in the cost of green energy and the growing demand for these alternative sources has led the Office for Budget Responsibility to forecast that £8.4 billion will be spent on renewable projects in the UK in 2020/21. This suggests that there will be plenty of new opportunities for investors with much of the capital being provided by specialist renewable energy brokers and trusted lenders.

An official announcement will be made by our Chairman once the hub is ready for launch. In the meantime, if you have any questions regarding the hub or simply wish to become a content provider, please email our Editorial Team directly.

Kind regards,

Prof. David C. Barclay
Chairman & Director General
World of Renewables
Home of The World Renewable Energy Association

COP24: Nations agree on global climate pact rules after impasse

COP24 President Michal Kurtyka speaks during a final session of the COP24 UN Climate Change Conference 2018 in Katowice, Poland [Kacper Pempel/Reuters]

Nearly 200 countries overcome divisions, producing 156-page rule book for implementing the landmark 2015 Paris Agreement.

Nearly 200 nations overcame political divisions on Saturday to agree on rules for implementing a landmark global climate deal, but critics say it is not ambitious enough to prevent the dangerous effects of global warming.

After two weeks of talks in the Polish city of Katowice, officials from around the world finally reached a consensus on a more detailed framework for the 2015 Paris Agreement which aims to limit a rise in average world temperatures to “well below” two degrees Celsius (3.6 degrees Fahrenheit) above pre-industrial levels.

“It is not easy to find agreement on a deal so specific and technical. Through this package you have made a thousand little steps forward together. You can feel proud,” Polish president of the talks Michal Kurtyka told delegates.

After he struck the gavel to signal agreement had been reached, ministers joined him on the stage, hugging and laughing in signs of relief after the marathon talks.

WREA & World Of Renewables Merger Forms World’s Largest Renewable Energy Network

WREA (The World Renewable Energy Association) and World Of Renewables (WoR hereafter) have announced their decision today to merge. As a result, World Of Renewables and WREA will form a brand new association – WOREA.

This union complements each other’s competitive advantage by pairing world leading news content with member driven and OEM based relationships. Together, we aim to deliver unrivalled performance in the renewable energy markets.

As a result, both the subscribers and visitors to WoR and the members of WREA will be unified under the new ‘WOREA’ umbrella.

WOREA become the largest renewable energy association on the planet, with over 318,000 registered members and an audience of 750,000+ monthly visitors.

“We have worked tirelessly to negotiate a partnership unrivalled by any other renewable energy network. Individually, our dominance in the RE arena was unquestionable. Together, our goal remains the same. To provide industry leading support to OEM’s and cutting-edge reporting within the alternative energy sectors.” David Barclay – Chairman, WOREA

“World Of Renewables Network welcome the WREA team. Our goal has always been to grow our reach on a global level. We are particularly pleased therefore with the increased accessibility we now have into industry leading brands & OEM’s within the vertical renewables markets, giving our members and loyal visitor base the additional resources and information that they need.” Mark Nicholls – Managing Director, World Of Renewables

Meet The Team

WOREA headquarters are now located at 1488 Southside Avenue, Atlanta, Georgia. You can Contact Us or call our new switchboard on +1 (786) 871-1199 or email us: editorial@worldofrenewables.com

 

Optimizing PV Systems e-Feature Part 2 – Energy Storage

As the demand for renewable energy increases, the needs of system integrators and installers are rapidly evolving as well. Manufacturers globally are responding by engineering extensive balance-of-system components into pre-assembled systems to give installers the best of both worlds. This issue explores the current technologies and materials in the field of renewable energy management and storage.

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Optimizing PV Systems e-Feature Part 1 – Inverters

As a solar professional, it’s important to carefully consider the photovoltaic (PV) design that will generate the highest return on investment (ROI). While the specifics may differ between residential and commercial systems, the themes are almost always the same: fast install and fast payback. Greg Smith, Senior Technical Trainer at SMA America, explores the ways that PV systems can be optimized to increase return on investment.

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Ørsted, Falck Renewables, BlueFloat Energy consortium team up with Scottish Association for Marine Science to investigate environmental effects of floating wind

Hornsea One offshore wind farm, 174 7 MW turbines, total capacity of 1,2 GW, area 407 km2, 120 km to Yorkshire coast, UK. https://hornseaprojectone.co.uk/
Inverness, UK, 19 November 2021 – The Ørsted, Falck Renewables, BlueFloat Energy consortium currently bidding for offshore wind leases for floating wind projects has announced a link up with the Scottish Association for Marine Science (SAMS) to investigate the potential effects of floating wind developments on the marine environment.
 
Areas under discussion for future research projects if the consortium’s ScotWind bids are successful range from investigating how fishing interests and offshore wind can work together to a study into how fish, marine mammals and seabirds interact with floating offshore wind farms.
 
Mike Spain, Head of SAMS Enterprise, said: “Given SAMS’ wide research portfolio, we have an interest in contributing to the resolution of several data gaps in floating offshore wind research. Collaboration with Falck Renewables, Ørsted and BlueFloat Energy will allow for some of these issues to be explored in detail, which would be of great benefit to the wider sector and to other stakeholders.”
 
Duncan Clark, Head of Region UK at Ørsted, said: “The potential for generating power from floating offshore wind as we move towards a net zero world is immense.  With all new technology it is vital to ensure that it is carefully designed with the environment in mind and that we fully understand any effects it might have on the marine ecosystem and how to avoid and mitigate them.
 
“This work with SAMS aligns with Ørsted’s strong commitment to protect biodiversity, having announced earlier this year our ambition to deliver a net-positive biodiversity impact from all new renewable energy projects we commission from 2030 at the latest.
 
Research into how floating offshore wind can operate alongside the existing fishing industry has also been proposed with the aim of improving understanding of how fisheries operate at a small scale and how the two industries can work together.
 
Richard Dibley, Managing Director of Falck Renewables Wind Ltd, said: At Falck Renewables our track record is of working as closely as possible with the communities around our developments. We’re currently carrying out a consultation into how Scottish communities could benefit from community ownership of offshore wind and a similar study to work out how the fishing industry and the offshore wind could peacefully and profitably coexist fits in well with our approach.”
 
Future studies could also focus on increasing the role of marine robotics in collecting data before and after the construction of floating offshore wind farms at remote sites.
 
Carlos Martin, CEO of BlueFloat Energy, said: “Floating wind is fast emerging as a game changer for the energy transition and we are at the forefront of the technology evolution. We believe it is vital to collect more data and improve our understanding of the effects it has on the surrounding environment. With floating developments well suited to being sited far offshore research into the use of robotics in collecting data will be invaluable.”
 
Ends
A photograph of Ørsted’s Hornsea One Offshore Wind Farm is attached.

About Falck Renewables:

Falck Renewables has been active in the United Kingdom since 2002 and is currently operating an installed capacity of 413 MW. The company has ten wind farms around Scotland from Kilbraur in Sutherland to Assel Valley in South Ayrshire and has its operational headquarters in Inverness. It pioneered the co-operative ownership approach to wind farm development at its Boyndie Wind Farm and supports local investment, with co-operatives owning a stake in eight of its wind farms.
 
Falck Renewables S.p.A., listed on the Italian stock exchange (“FKR.MI”), develops, designs, builds and manages power production plants from renewable sources, with an installed capacity of 1,349 MW in the United Kingdom, Italy, United States, Spain, France, Norway and Sweden, using wind and solar power, WtE and biomass technologies. The Group is also a global player in the renewable energy technical advisory and asset management services business.
 
Press contact:
Jenny MacPherson |JMC Communications | T +44 7900 917143 |jenny@jmccomms.co.uk

About Ørsted:

The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, and bioenergy plants, and provides energy products to its customers. Ørsted ranks as the world’s most sustainable energy company in Corporate Knights’ 2021 index of the Global 100 most sustainable corporations in the world and is recognised on the CDP Climate Change A List as a global leader on climate action. Headquartered in Denmark, Ørsted employs 6,311 people. Ørsted’s shares are listed on Nasdaq Copenhagen (Orsted). In 2020, the group’s revenue was DKK 52.6 billion (EUR 7.1 billion).

Visit orsted.com or follow us on Facebook, LinkedIn, Instagram, and Twitter

Press contact:
Paul Haines |Head of UK Media Relations | T +44 7880 149088 | pauha@orsted.co.uk

About BlueFloat Energy:

BlueFloat Energy is developing offshore wind projects in various regions of the world, where it can implement its vision: to accelerate global deployment of offshore wind as a key enabler for the energy transition and economic growth.
 
Founded by renewable energy professionals, BlueFloat Energy brings together unparalleled expertise in the design, development, financing, construction and execution of floating offshore wind projects.
 
BlueFloat Energy is supported by 547 Energy, the Quantum Energy Partners’ platform dedicated to clean energy investments. 547 Energy aims to partner with innovative companies who drive the growth of the green energy economy. Quantum Energy Partners is one of the world’s leading dedicated energy investment funds, with a portfolio of over $ 17 billion of assets under management since its inception in 1998.
 
Press contact:

Nailia Dindarova | Government and Regulatory Affairs Director | Ndindarova@bluefloat.com | +34 (0) 610 53 31 41

Energy suppliers must adapt to meet consumer calls for transparency, says new report

Energy suppliers must adapt to meet consumer calls for transparency, says new report

Energy retailers must strengthen their offering to satisfy the rigorous demands of carbon-conscious consumers, concludes a new report from energy technology specialists ENTRNCE.

Launched this week, the free-to-download “Trends and opportunities for energy retailers in a net zero market” is essential reading for retailers seeking to gain competitive edge in a challenging market.

The report explains how four macro trends, dubbed the “4D revolution,” are transforming the energy system. It outlines how Decarbonisation, Democratisation, Decentralisation and Digitalisation are shaping the landscape – and influencing what business and domestic consumers demand from their energy supply.

Growing calls for transparency

As the UK’s energy system moves away from large, centralised power stations to smaller, nimble, decentralised energy sources, we need accessible, and reliable data about energy production at various points in the grid.
 
At the same time, consumers are demanding renewable energy which is not just green, but verifiably so.  Organisations of all sizes are facing customer pressure to reduce their environmental impact and are setting climate strategies that will stand up to robust scrutiny. They want to apply this kind of scrutiny to their own energy sourcing and will soon expect more transparency from their suppliers.

The report explains that customers will no longer be satisfied with a “green” tariff or CPPA that reconciles consumption and generation on an annual basis.  They will want a retailer who can provide half-hourly data on the source of their energy, so that they can better align usage with renewable generation. 

Policy watch

The report also explains how retailers can get ahead of upcoming policy changes, including the likely crackdown on so-called “greenwashing” of renewable energy tariffs. The government is currently reviewing the way green tariffs are marketed, and whether the current REGO (Renewable Energy Guarantees of Origin) system is providing customers with enough visibility over their energy sourcing.

The report will be of interest to decision makers within energy retail companies, who are seeking to better serve their customers through an improved technology and data offering.

Jaron Reddy, UK Business Lead at ENTRNCE, says, “The energy market is at a turning point, representing a huge opportunity for retailers who can change to meet their customers’ transforming needs. Forthcoming legislation is highly likely to change the landscape, but more importantly, consumers are demanding something different today.  Our report explains how retailers can get ahead in this competitive space.”

Download ENTRNCE’s Trends and opportunities for energy retailers in a net zero market.
 
Media enquiries
 
At the agency:
 
Esther Griffin
Account Director
Content Coms
Tel: 07867 518 747
Esther.griffin@contentcoms.co.uk
www.contentcoms.co.uk
 
At the client:
 
Jaron Reddy
Business Lead UK
ENTRNCE
T: +31 (0) 6 115 99 250
Jaron.reddy@entrnce.com
www.entrnce.com
 
Notes for Editors
 
About ENTRNCE

ENTRNCE was set up in 2013 in response to the challenges of a changing energy sector. We are innovators in platform technology and are preparing energy systems across Europe for future decentralised markets. Our Matcher tool allows retailers to offer 24/7 matching of energy production and consumption for its business and domestic customers, giving consumers the transparency they demand in an increasingly complex market. https://www.entrnce.com/

 
 

COP26: Firms to be forced to show how they will hit net zero

As reported by BBC News, most big UK firms and financial institutions will be forced to show how they intend to hit climate change targets, under proposed Treasury rules.
 
By 2023, they will have to set out detailed public plans for how they will move to a low-carbon future – in line with the UK’s 2050 net-zero target. Plans will be submitted to an expert panel to ensure they are not just spin. Firms and their shareholders will be left to decide how their businesses adapt to this transition, including how they intend to decarbonise the emissions they finance.
 
If you are covering the story, I thought you might be interested in a comment from Professor Kevin Haines, Director of Sustainable Capital PLC, a UK-based issuer which offers a flexible, quick-to-market solution for green and sustainable bonds. This commentary comes from Sustainable Capital’s new whitepaper, which looks at the need for support for businesses in the transition to net zero.
 
Professor Kevin Haines, Director of Sustainable Capital PLC:
“While big corporations can dedicate whole teams to meeting net zero targets and complying with regulations, smaller businesses don’t have the capacity to process this. The issue is that we have a web of regulations and goals at present that are challenging for businesses and investors to understand. If it is difficult for large companies to comply, it is virtually impossible for those with fewer staff and resources to do so.

There are 5.5 million small businesses in the UK, accounting for three-fifths of employment and around half of the turnover in the UK private sector. We need to drive down the cost of technologies such as electric vehicles and heat pumps; small businesses have a crucial part to play in doing so due to their ability to be highly innovative and agile. Their capacity for innovation will be critical in producing the renewable technologies required to meet net zero targets.

It is therefore vital that we place small businesses at the heart of the conversations around mobilising finance. Policies, frameworks and regulations that only consider how large corporations can reduce their footprint are not sufficient. Currently, there is a significant effort to resolve the question of how best to measure sustainability, but translating governmental policy goals into meaningful actions at a business level is far from straightforward.
 
COP26 is possibly the last real opportunity for governments around the world to respond constructively to these challenges we all face. It’s time to prove ourselves fit for purpose.”
 
Notes
About
Sustainable Capital (recognised on the NASDAQ Sustainable Bond Network) is a UK-based green bond issuance platform  which offers a flexible, quick-to-market solution for green and sustainable businesses. Sustainable Capital PLC is a cost-efficient solution for high-impact projects which comply with international green bond standards.
 
Spokespeople

Professor Kevin Haines, Director of Sustainable Capital PLC has a distinguished background in academia, having spent over 20 years leading departments at the University of Swansea and the University of Trinidad and Tobago. In his role at Sustainable Capital, he joins the dots between the world of finance and the world of academia, acting as an intermediary to create opportunities so that firms can create great returns for investors whilst doing great work for the planet.
 
Doctor Scott Levy, Founder of Sustainable Capital PLC has spent more than 25 years working in Financial Services around the world. Scott specialises in asset-backed securities, securitisation, debt capital markets, structuring, Islamic finance and asset management. Scott has founded several financial service companies including Bedford Row Capital, the debt capital market specialist which is consistently ranked in the top 100 by Bloomberg. Scott is a Senior Member of Wolfson College, Cambridge and an advisor to the UK Islamic Finance Council (UKIFC), working on the alignment of Islamic Finance with Sustainable Development.
 
Sustainable Capital PLC’s Mandates
Smartkas
An ICMA-compliant Smart Agricultural Green Bond to finance the development and construction of five Smart Farm facilities in Monaco, Munich, Amsterdam, London and Toulouse. All locations are secured by off-take agreements and supported by the local government.
 
Altech
The disruptive technology employed by Altech to produce 99.99% High Purity Alumina (HPA) reduces CO2 production by 46% and energy consumption by 41%. It is a key material in the manufacturing of the booming EV market and this new technology has a positive impact on the whole value chain.
 
Orestes
Orestes combines impact investing, greenium and sustainable development in an easily accessible actively managed portfolio with a focus on returning cash to investors. Ethical investing above all else with subsequent focus on liquidity and inflation linked performance. ESG investing with a difference; impact and outcomes.
 
E4S
Energy Storage’s (ES) focus is to serve the increasing consumer demand for clean sustainable base load energy, through providing valuable energy storage and power efficiency solutions at grid scale.

Sunderland to lead low-carbon production with Nissan solar expansion

Ambitious plans to install a further 37,000 solar panels at Nissan’s Sunderland plant have moved a step closer as Engenera Renewables Group, the company delivering the project, formally submitted the planning application to Sunderland City Council.
 
If approved, it will be a major step towards developing Sunderland as one of the leading UK cities for low-carbon technology and production and create many high-skilled jobs in the area.
 
The proposed expansion will also see Nissan move closer to its aim of becoming a carbon neutral company by 2050 by ensuring that at least 20 percent of the plant’s energy needs would come from renewable sources.
 
In effect, this is enough to build every single zero-emission Nissan Leaf sold across Europe – an important staging post towards the company’s ambition of electrifying all the vehicles it manufactures by 2030.
 
Calculations also show that the new Solar Array would result in an annual reduction of approximately 4,500 tonnes of carbon emissions.
 
The application submitted by Engenera Renewables Group is to operate the expanded solar Array for a period of 40 years, after which the site will be decommissioned and returned to its existing condition.
 
Approval of the plans would also kickstart a second phase of decarbonisation plans for Nissan, also delivered by Engenera, which would involve solar car ports, EV charging stations, and a range of renewable heat solutions.
 
New government targets designed to reduce carbon emissions by 78% (compared to 1990 levels) by 2035 – a 15-year reduction on the previous target of 2050 – mean growing incentives for businesses to reduce their carbon footprint and invest in renewable energy projects using technology that can also often cut their own bills and even provide a long-term income stream. 
 
To aid businesses and large organisations on this journey, Engenera Renewables Group has recently broadened its offering to encompass a wider range of renewable energy solutions, pivoting to become a decarbonisation partner for businesses seeking a holistic solution to better manage all their energy needs and help them align with government targets. 
 
The business works closely with its clients on a range of renewable technologies including commercial solar PV and battery storage; air and ground source heat pumps; combined heat and power; electric vehicle charging points; and LED lighting. 
 
Engenera is also one of the few renewable energy companies in the UK able to offer renewable energy installations at no capital outlay to customers able to sign power purchase agreements (PPAs). This is because it can access a £100 million green bond programme that is financed by multiple PPAs arranged by Engenera. 
 
Lloyd Lawson, chief strategy officer, Engenera, said:  
 
“The proposed expansion of the Nissan Solar farm site is incredibly exciting for both Nissan itself and the wider economy of the North East. And with the 26th UN Climate Change Conference (COP26) beginning in Glasgow at the end of this month, the spotlight will be on the UK to lead the way in renewables solutions as a way of addressing climate change.
 
“Projects like this one at Nissan’s manufacturing plant in Sunderland ensure that we can be in the vanguard of renewable technologies and production and lead the way when it comes to carbon neutrality and implementing strategies that puts the planet first.”
 
“We are proud to partner with Nissan, and we are also working with many other businesses on their journey towards being carbon neutral, aided by our £100 million fund, which means there is often no upfront cost to the client.”  
 
www.engenera.com/commercial-solutions or phone 0330 133 0857 for more details. 

Close Brothers Asset Finance funds large photovoltaic (PV) system for Staveley Mill Yard ‘green’ business park

SAVELEY, 26 October 2021: Close Brothers Asset Finance has funded a large, state-of-the art photovoltaic (PV) system for Staveley Mill Yard, a ‘green’ business park in the Lake District National Park, in a CBILS (Coronavirus Business Interruption Loan Scheme) loan agreement.
 
Staveley Mill Yard is a four-acre site comprising over 40 retail and industrial units located in the centre of Staveley village. The 1,533 roofmounted solar panels, and nine Tesla Powerwall Batteries – installed by Genfit – will supply around 593MWh of power annually to the business park’s tenants, helping make it more sustainable while also saving significant costs.
 
Since installation, the PVs have produced about 1,500,000 kwh (kilowatt hours) per day – one kwh hour will allow you to iron for around an hour. The daily surplus energy of – on average – 400,000kwh is exported to the grid and also used in the local village.
 
Jim Leamon, Sales Director at Close Brothers Asset Finance: The scale of the instal is genuinely impressive and is an excellent illustration of the benefits solar energy can bring, even in an area with the Lake District’s weather.
 
I was delighted we were able to assist the team at Staveley Mill Yard with this project, which is already bringing many benefits not only to the firms on the business park, but also to the local community.
 
They are truly committed to limiting their carbon footprint and I look forward to working with them on future projects, as they continue to go from strength to strength.
 
“We have significant experience in renewable energy funding and are able to provide a range of options not readily available, for example, structured funding terms that can effectively deliver up to 10year money.
 
David Brockbank, Owner of Staveley Mill Yard: We are very proud of this installation – the largest in the Lake District National Park, a World Heritage Site. It goes a long way to reducing the carbon footprint of all the businesses on site and adds to the 14,000 deciduous hardwood trees we planted in the village.
 
It also helps mitigate the exorbitant power costs from the main electricity supply company. The team was excellentGenfit tailored the install minimising the disruption to the businesses on site, and Close Brothers Asset Finance were very professional and flexible when accommodating our requirements.
 
For more news from Close Brothers Asset Finance, please click here.

Greencoat Renewables announces first transaction in Sweden

Dublin, London, 22 October 2021 | Greencoat Renewables PLC (“Greencoat Renewables”), the renewable infrastructure company invested in euro-denominated assets, is pleased to acquire the 101.1MW wind farm in Norrbotten County, Sweden from Enercon.
 
The Ersträsk South wind farm consists of 26 Enercon E103 and 10 Enercon E126 turbines and was fully commissioned in January 2021. Enercon will continue to provide long term operations and maintenance services.
 
The acquisition is Greencoat Renewables’ first transaction in Sweden, expanding the Company’s operating presence in the Nordics, which benefits from the ability to develop renewable energy projects on an unsubsidised basis.  
 
Ersträsk South forms part of a large emerging cluster of renewable generation in the Markbygden area, with a potential installed capacity of 4GW. Currently the wind farm is contracted as a merchant asset exporting electricity into Nordpool but has the flexibility in the future to contract the electricity produced via a corporate PPA.
 
The acquisition will be financed by a drawdown from the Company’s existing revolving credit facility. Following the acquisition and post the closing of the recent fundraise[1], Greencoat Renewables’ total borrowings will represent 40% of Gross Asset Value.
 
Paul O’Donnell, Partner at Greencoat Capital, the Investment Manager, said:
 
“Securing our first asset in Sweden and expanding our presence in the Nordics is a significant milestone for Greencoat. Sweden is becoming a major hub for green energy, with the combination of low-cost generation, significant capacity in development, and a number of attractive routes to market including access to Nordpool and a rapidly developing corporate PPA market. We are delighted to secure such a high-quality asset from Enercon and are well-positioned to take advantage of future opportunities in the market”.

World’s largest floating windfarm fully operational

The world’s largest floating windfarm is now fully commissioned and delivering green electricity to Scotland’s grid. 

The 50 MW Kincardine Offshore Windfarm is located 15 km off the coast of Aberdeenshire, in water depths ranging from 60m to 80m.

The project consists of five Vestas V164-9.5 MW and one V80-2 MW turbine, each installed on WindFloat® semi-submersible platforms designed by Principle Power.  

The Kincardine project was started back in 2014 by Allan MacAskill and Lord Nicol Stephen, now both directors of Flotation Energy plc. In 2016 Cobra Group became the main investor in Kincardine Offshore Windfarm Ltd. (KOWL) 

Cobra Wind, a subsidiary of Cobra Group, has been responsible for delivery of the project, including engineering, construction, installation and commissioning.

Cobra’s Senior Manager, Jose Antonio Fernández, said:
“The Kincardine project is not only the world’s largest. It has also been a fantastic foundation for other joint venture projects between Cobra and Flotation Energy. Our Round 4 success with the 480MW Morecambe project, our 7GW of bids into the Scotwind leasing round and our White Cross 100MW floating project in the South West are all signs of our confidence in Scotland and the UK Floating wind is set for massive growth in the future – and we want to do more.”

In addition to being the largest floating windfarm in the world, the development also features another first, using the highest capacity wind turbines ever installed on floating platforms. 

Kincardine will generate over 200 GWh of green electricity a year, enough renewable electricity to power more than 50.000 Scottish households.

Jaime Altolaguirre, KOWL Project Director from Cobra, said: “The completion of Kincardine comes at a pivotal time in determining Scotland’s leadership in the floating offshore sector. Kincardine offshore windfarm has shown that the largest and most advanced wind turbines available can be installed on floating platforms in the challenging North Sea environment. The project proves that floating wind can play a vital role in tackling climate change not only in Scotland and the UK, but also around the world.”

The Kincardine team has also announced the selection of Aberdeen as its operations and maintenance base. 

Jaime Altolaguirre continued saying: “Our local team, managed by Cobra, will be responsible for the day-to-day operations of the project. We will be using Scottish based companies with proven North Sea capabilities, drawing on their experience maintaining offshore semi submersibles and platforms over the last 50 years. It could not be a better fit.”

Aaron Smith, Chief Commercial Officer, Principle Power, said
“Kincardine is further showing the readiness and commercial potential of floating technology. With eighty percent of the world’s offshore wind resources in deep water areas, floating technologies like the WindFloat® open several new geographies to harness the boundless supply of clean energy contained therein.  The UK has led the way in realising the potential of floating wind and is now recognised globally as a key market for floating wind developments. Kincardine demonstrates the readiness of floating wind to support the government’s net zero ambitions ahead of the forthcoming lease awards in ScotWind, floating wind leasing rounds managed by Crown Estate Scotland.”

Nils de Baar, President, Vestas Central & Northern Europe, said:
“The Kincardine project shows how boundaries of offshore wind technology are constantly being pushed forward. We have once again demonstrated that the world’s most powerful turbines can be installed on floating substructures.
We stand ready for the next phase of commercial scale floating offshore wind. With appropriate policy and regulations, floating technology offers the UK an opportunity to expand its global leadership position in offshore wind and build further opportunities for the domestic supply chain. We are proud to be part of the pioneering Kincardine project.”  

About Kincardine Floating Offshore Wind

  • Developer: Kincardine Offshore Windfarm Ltd. (KOWL). Established in 2014 by Allan MacAskill and Lord Nicol Stephen. Majority owned by the Cobra Group
  • EPC Contractor: Cobra Wind International Limited (CWIL)
  • Turbines: 5 x Vestas V164-9.525 MW turbines and 1 x V80-2 MW
  • Blade tip height: 190 meters
  • Foundation: WindFloat (floating, semi-submersible type)
  • Project Capacity: 50 MW
  • Location: Aberdeen, Scotland
  • Distance from Shore: 15 km
  • Water Depth: 60-80 meters
  • Nominal Voltage: 33 kV
  • Number of homes powered annually: over 50.000
  • Expected life: at least 25 years

About Cobra Group
Cobra is a worldwide leader in the development, construction and management of industrial infrastructure and energy projects. Cobra has an international presence in Europe, Asia, Africa and the Americas.
In recent years the company has focused on renewable energy projects, including onshore & offshore wind and solar power. 

About Principle Power
Principle Power is a global energy technology and services company. The Company’s proven and in-demand WindFloat® floating technology is unlocking offshore wind potential worldwide by enabling projects to harvest the best wind resource, irrespective of water depth or seabed condition. Principle Power acts as a trusted partner to developers, independent power producers, utilities and EPCs, supporting its customers throughout the entire lifecycle of their projects. With 75 MW of cumulative capacity in operation, Principle Power is the clear market leader in floating wind technology. The company has secured exclusivity to supply the WindFloat® to commercial-scale projects totaling 4 GW and is supporting customers to deliver their portfolios of cost-competitive floating wind projects worldwide.
Learn more at www.principlepower.com

About Vestas
Vestas is the energy industry’s global partner on sustainable energy solutions. We design, manufacture, install, and service onshore and offshore wind turbines across the globe, and with more than 140 GW of wind turbines in 85 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled more than 120 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 29,000 employees are bringing the world sustainable energy solutions to power a bright future.
Learn more at www.vestas.com

Mitsubishi Corporation Releases Roadmap to a Carbon Neutral Society

Mitsubishi Corporation (MC) is pleased to announce that it has established new greenhouse-gas (GHG) emissions reduction targets and energy-transformation (EX) investment guidelines.In recognition of its multi-industry interests and business activities. MC will continue to simultaneously fulfill its responsibility to provide stable energy supply, such as natural gas, while rising to the global challenge of realizing a carbon neutral society.

1. GHG Emission Reduction Targets: Halve Emissions by FY2030 (FY2020 baseline) & Achieve Net-Zero Emissions by 2050

With the ultimate aim of achieving net-zero GHG emissions by 2050, MC has established a new, GHG target for FY2030 and set out concrete reduction measures (targets now include Scope 1/2 emissions for MC’s affiliates based on the equity share approach – for details refer to MC Sustainability Website).

Related Page:Sustainable Website URL (https://mitsubishicorp.disclosure.site/en/themes/113#917)

2. EX Investments: 2 Trillion Yen by FY2030

MC will globally pursue EX initiatives including renewable energy, copper, natural gas, hydrogen and ammonia.

3. Roadmap

MC announced its “Roadmap to a Carbon Neutral Society” to its employees. Please refer to material attached.

Presentation Materials (PDF) (https://www.mitsubishicorp.com/jp/en/carbon-neutral/pdf/20211018.pdf)

4.Website

URL:https://www.mitsubishicorp.com/jp/en/carbon-neutral/

Contact:
Mitsubishi Corporation
Telephone:+81-3-3210-2171
Facsimile:+81-3-5252-7705


Europe’s alternative fuels infrastructure getting a boost from new European Investment Bank and European Commission support

Today, the European Investment Bank (EIB) and the European Commission signed an agreement that will make it possible to combine EU grants and long-term EIB financing for alternative fuels infrastructure projects. The agreement comes under the Alternative Fuels Infrastructure Facility (AFIF) and is part of the European Union’s Connecting Europe Facility (CEF)transport programme. It will make over €1.5 billion in EU grants available by the end of 2023 for alternative fuels infrastructure, including electric fast-charging and hydrogen refuelling stations on the TEN-T road network. In addition to the EIB, other private and public banks can also benefit from the facility.

“We are very proud that with our partners from the European Commission, we can offer companies and projects in Europe new support for alternative fuels infrastructure development,” said EIB Vice-President Kris Peeters, who is responsible for transport operations. “Catalysing the development of alternative fuels infrastructure is crucial to putting the European Union on track to meeting the European Green Deal’s objective of cutting transport emissions by 90% by 2050. We can make each euro more impactful by offering a smart way to combine available EU financial support, and getting more private investors on board. Ultimately, this will accelerate the development and deployment of transport innovation and new, sustainable infrastructure.”

EU Transport Commissioner Adina Vălean said: “The Alternative Fuels Infrastructure Facility brings us a step closer to making our objectives a reality – 1 million recharging points by 2025 and 3.5 million by 2030. To hit our target, we need an investment of roughly €1.5 billion annually. AFIF is a new addition to our range of financial support options, bringing together funds from the EU budget, from institutional investors and private lenders to achieve a higher impact. We are now seeking cooperation with promotional banks to boost investment in the transition to sustainable transport, and I welcome today’s agreement with the European Investment Bank, our first partner.”

How to apply for financing under the Alternative Fuels Infrastructure Facility

A call for proposalswas published on the European Climate, Infrastructure and Environment Executive Agency (CINEA) website on 16 September 2021.

The Alternative Fuels Infrastructure Facility will be implemented through a rolling call until 2023, with five cut-off dates for submitting proposals. CINEA is managing the promotion and evaluation of the call.

A virtual information day about the AFIF took place on 14 October 2021. The recording, presentations and other material are available for downloadhere. An FAQ page will be available in theFunding & Tender Portal.

Who decides which projects will receive grants and EIB financing under the Alternative Fuels Infrastructure Facility?

The European Commission will manage the grant component directly and exclusively .The EIB will not be involved in the Commission’s management or decision-making processes.

Proposals will be evaluated by the Commission/CINEA. Applicants will receive the evaluation results no later than six months after the submission deadline, and grant agreements will be signed within nine months.

While eligibility for the grant will be decided by the Commission, the Bank will apply its own eligibility criteria and due diligence process when approving co-financing under the AFIF, as is currently the case for any other alternative fuels operation. AFIF operations will be given the same priority as other Bank operations. AFIF grants will only be available for projects for which EIB financing has been approved and the grant agreements will only be signed after the signature of the associated EIB financing contracts. More information on EIB financing can be found here.

Background information

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals. The EIB’s annual financing for climate-related transport projects is over EUR 8 billion per year since 2016. Find more about the EIB and transport here.

GE Announces Multi-Million Pound Investment to Create Diverse New Generation of UK Engineers

General Electric (GE) has announced a five-year, $3.5 million (£2.5m) investment in the UK as part of its global Next Engineers programme, to increase the diversity of young people entering engineering. The UK programme will be based in Staffordshire, where GE operates three sites that design, develop, and service products used throughout the power and renewable energy industries.
 
Next Engineers aims to inspire more than 3,500 local students aged 13-18, providing first-hand experiences of engineering, and awarding financial support to pursue further education in engineering.
 
Kevin O’Neill, President & CEO, GE UK, said: “Our growing global economy will require more engineers to solve society’s most pressing challenges – from clean energy to quality healthcare and more sustainable flight. Next Engineers will provide a platform for Staffordshire’s young people from different backgrounds to bring their unique perspectives to engineering and help address these important issues, enthusing and introducing them to the hands-on learning experiences they will need to pursue engineering careers.”
 
Staffordshire is one of four global locations so far announced by GE, joining Johannesburg, South Africa, along with Cincinnati and Greenville in the United States.
 
Theo Clarke MP, Stafford, said: “Having an initiative like Next Engineers coming to our community is fantastic for young people locally. We were already fortunate to have a top global employer like GE in the region, but local students now have the opportunity to explore viable engineering careers that they had previously thought were unattainable. It really is an amazing opportunity for our young people.”
 
Next Engineers is a signature programme of the GE Foundation, an independent charitable organisation funded by GE. The GE Foundation is partnering with MyKindaFuture, the UK’s leading HR tech company specialising in engaging and onboarding underrepresented talent, to implement Next Engineers in the UK.
 
Next Engineers will offer one-hour sessions and hands-on activities for the youngest (Year 9) students. Weeklong Engineering Camps will be run during the school holidays for those in Year 10. There will also be an Engineering Academy providing three-years of out of school coaching for Year 11-13 students. Those accepted onto engineering apprenticeships or engineering degrees will also receive a funding contribution from the GE Foundation.
 
Students in Staffordshire wanting to apply for the Engineering Academy, or teachers wanting to know more about how the Next Engineers programme can benefit them, their students and their schools, should visit www.nextengineers.org to learn more.
 
The Staffordshire investment is part of a $100 million, long-term, international Next Engineers programme which GE Foundation unveiled earlier this year, designed to reach more than 85,000 students across 25 locations globally over the next decade.
 
With 125 years of experience in the U.K. and Ireland, GE employs approximately 9,000 employees across the region.