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renewable energy

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Grupo T-Solar, a leading Spanish independent renewable power producer, asset manager and a portfolio company of I Squared Capital, has completed one of the largest financings of the renewable energy market worth €567.8 million, including a €34 million senior secured class A1 bonds, €234.1 million senior secured class A2 bonds both due June 2038 and a 10-year €299.7 million bank loan.

The proceeds will be used to refinance 23 photovoltaic solar projects with a combined installed capacity of 127 MW across Spain owned by T-Solar Global Operating Assets, an affiliate of Grupo T-Solar. The assets operate under the Spanish regulatory framework with a regulated return granted for 30 years.

This is Grupo T-Solar’s first financing to obtain a Green Evaluation by Standard and Poor’s, achieving a very strong E1/80 score—the highest granted by the agency—due to the transaction’s robust environmental impact mitigation, governance and transparency.

Grupo T-Solar’s Chief Executive Officer, Marta Martinez, commented on the market response: “We have seen very strong interest in our first green financing among leading banks and institutional investors. This transaction enables investors that share our vision of a more sustainable future to partner with T-Solar in reducing carbon emissions for future generations.”

Deutsche Bank and Banco Santander acted as Mandated Lead Arrangers and Global Coordinators of the issuance.

Grupo T-Solar is a leading independent renewable power producer and asset manager that owns 336 megawatts of installed capacity and operates 51 renewable power plants in Spain, Italy, Peru and India that generated over 602 gigawatt-hours of clean electricity in 2019 and avoided over 216,000 tons of CO2 emissions.

The company has a strong track record in the development and construction of solar farms. Following acquisition by global infrastructure investment manager I Squared Capital in 2017, Grupo T-Solar is focusing on the European market with 92 percent of its assets in Spain and Italy. Including recent divestments in Japan and the U.S., the company has managed over €1.9 billion in environmentally friendly and regulated assets.

Source: Grupo T-Solar

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The share of renewables in global power should more than double by 2030 to advance the global energy transformation, achieve sustainable development goals and a pathway to climate safety, according to the International Renewable Energy Agency (IRENA). Renewable electricity should supply 57 per cent of global power by the end of the decade, up from 26 per cent today.

A new booklet 10 Years: Progress to Action, published for the 10th annual Assembly of IRENA, charts recent global advances and outlines the measures still needed to scale up renewables. The Agency’s data shows that annual renewable energy investment needs to double from around USD 330 billion today, to close to USD 750 billion to deploy renewable energy at the speed required. Much of the needed investment can be met by redirecting planned fossil fuel investment. Close to USD 10 trillion of non-renewables related energy investments are planned to 2030, risking stranded assets and increasing the likelihood of exceeding the world’s 1.5 degree carbon budget this decade.

Additional investments bring significant external cost savings, including minimising significant losses caused by climate change as a result of inaction. Savings could amount to between USD 1.6 trillion and USD 3.7 trillion annually by 2030, three to seven times higher than investment costs for the energy transformation.

Falling technology costs continue to strengthen the case for renewable energy. IRENA points out that solar PV costs have fallen by almost 90 per cent over the last 10 years and onshore wind turbine prices have fallen by up half in that period. By the end of this decade, solar PV and wind costs may consistently outcompete traditional energy. The two technologies could cover over a third of global power needs.

Renewables can become a vital tool in closing the energy access gap, a key sustainable development goal. Off-grid renewables have emerged as a key solution to expand energy access and now deliver access to around 150 million people. IRENA data shows that 60 per cent of new electricity access can be met by renewables in the next decade with stand-alone and mini-grid systems providing the means for almost half of new access.

Source: IRENA

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Countries are being urged to significantly raise renewable energy ambition and adopt targets to transform the global energy system in the next round of Nationally Determined Contributions (NDCs), according to a new report by the International Renewable Energy Agency (IRENA) that will be released at the UN Climate Change Conference (COP25) in Madrid. The report will show that renewable energy ambition within NDCs would have to more than double by 2030 to put the world in line with the Paris Agreement goals, cost-effectively reaching 7.7 terawatts (TW) of globally installed capacity by then. Today’s renewable energy pledges under the NDCs are falling short of this, targeting only 3.2 TW.

The report NDCs in 2020: Advancing Renewables in the Power Sector and Beyond will be released at IRENA’s official side event on enhancing NDCs and raising ambition on 11 December 2019. It will state that with over 2.3 TW installed renewable capacity today, almost half of the additional renewable energy capacity foreseen by current NDCs has already been installed. The analysis will also highlight that delivering on increased renewable energy ambition can be achieved in a cost-effective way and with considerable socio-economic benefits across the world.

“Increasing renewable energy targets is absolutly necessary,” said IRENA’s Director-General Francesco La Camera. “Much more is possible. There is a decisive opportunity for policy makers to step up climate action by raising ambition on renewables, which are the only immediate solution to meet rising energy demand whilst decarbonizing the economy and building resilience”.

“IRENA’s analysis shows that a pathway to a decarbonised economy is technologically possible and socially and economically beneficial,” continued Mr. La Camera. “Renewables are good for growth, good for job creation and deliver significant welfare benefits. With renewables, we can also expand energy access and help eradicate energy poverty in line with the UN Sustainable Development Agenda 2030. IRENA will promote knowledge exchange, strengthen partnerships and work with all stakeholders to catalyse action on the ground. We are engaging with countries and regions worldwide to facilitate renewable energy projects and raise their ambitions”.

NDCs must become a driving force for an accelerated global energy transformation. The current pledges reflect neither the past decade’s rapid growth nor the ongoing market trends for renewables. Through a higher renewable energy ambition, NDCs could serve to advance multiple climate and development objectives.

Source: IRENA

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Mix de generación de España en el escenario base. Fuente: BloombergNEF. Nota: El gráfico muestra una proyección para España peninsular (continental) y no incluye las islas españolas / Spain’s generation mix in the base scenario. Source: BloombergNEF. Note: The chart shows a projection for peninsular (mainland) Spain, and does not include Spanish islands

Maximizing the role of solar and wind power in the electricity systems of Spain and Chile between now and 2050 will hinge on the extent to which flexibility assets such as batteries and dynamic electric vehicle chargers are deployed and used. That is the conclusion of twin reports, published by BloombergNEF (BNEF) in partnership with Acciona.

Both Spain and Chile have world-class resources in sunshine and wind, and are therefore prime locations for the build-out of renewable energy over the next three decades. The BNEF reports model the outlook for the power generation mix of the two countries by 2050, based on various scenarios. Both Spain and Chile have ambitious targets for decarbonizing their electricity systems, the former for renewable generation, and the latter for the retirement of its entire coal-fired power station fleet. But attaining these, or getting close, will require a focus on flexibility, as well as simply pouring money into increasingly cheap renewables.

Flexibility is provided by technologies that can rapidly increase or reduce the amount of electricity they deliver to the grid, depending on the balance between supply from generators and demand from businesses and consumers. Examples are stationary storage batteries, EV chargers that charge when electric prices are low rather than at peak periods, interconnectors to other countries, and – on the fossil fuel side – quick-response gas-fired power stations.

Among the conclusions of the two reports are:

• The base-case scenario for Spain shows wind and solar generating 51% of total electricity by 2030, and as much as 75% by 2050, thanks to the fact that they are the lowest-cost options in that country for generating power.
• The base-case scenario for Chile shows wind and solar surging from supplying 13% of the country’s electricity now, to 40% by 2030, and 67% by 2050. The market is expected to be 93% supplied by all renewables in that year. In a coal phase-out scenario, the figure rises to 98%.
• In Spain, in a scenario in which battery storage costs fall more rapidly than expected, the electricity system could need 13% less gas back-up capacity by 2050, have 12% fewer emissions, and accommodate up to 94% zero-carbon generation.
• In Spain, in a scenario in which EVs are able to charge flexibly (to take advantage of hours of cheaper electricity), the added costs to the energy system of electrifying transport can be halved. It would also lead to 9% fewer emissions than in the base-case scenario.
• An increase in interconnector capacity between Spain and France would enable the share of zero-carbon electricity to be increased relative to the base-case, and at slightly lower overall cost. However, the benefits are less obvious in the long-term as the interconnector utilization drops due to wind and solar over-generating more often in both countries simultaneously.
• However, another scenario in which storage costs fail to come down as sharply as expected, would lead to 11% more emissions by 2050, and 3% higher system costs, than in the base case.
• In Chile, wind and solar represent a $35 billion investment opportunity between now and 2050, and batteries an $8 billion opportunity.
• In Chile, coal makes up 39% of electricity generation today and this is set to slide all the way to 6% in the base-case scenario, as it loses ground to cheaper wind and solar projects.
• To cut coal-fired generation further, and minimize Chile’s emissions, would require deliberate government policy and 25% more investment in new generation than in the base case.

Source: BNEF

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The publicly owned company Econssa Chile S.A., responsible for ensuring access to potable water and wastewater collection and treatment services in nine regions of the country, has awarded Acciona the supply of 100% renewable electricity to the desalination plant it is now building in the municipality of Caldera in the region of Atacama.

According to the terms of the PPA, the contract will come into effect in November 2019, with a long-term horizon to cover all the desalination plant’s electricity requirements. It is the sixth PPA for the supply of energy singed by Acciona in Chile.

All the electricity supplied by Acciona will come from the company’s renewables plants in the country, where it currently has 291 MW in service and facilities under construction –some of them in the final phase of assembly and start-up- totaling 393 MW.

1,200 liters of water per second

In a context of water shortages in many parts of the country, Econssa has been building a seawater desalination plant since early 2018. Its total production capacity of 1,200 l/s will cover the consumption of people living in four municipalities in Atacama. Until now, this supply was covered by a spring.

Initially, the electricity supplied will allow Econssa to carry out the first technical tests on the plant. The energy supply will gradually increase as the three stages of the start-up of the plant are completed, from 450 l/s in the first phase to 1,200 l/s when it is operating at full capacity.

Sixth PPA in Chile

The supply contract signed with Econssa joins others signed with major corporate clients in Chile. For example, with Google for the supply of electricity to its data center; the distribution chain Falabella, to supply around one hundred stores of the group and its subsidiaries; Aguas Chañar for its end-to-end water facilities in the region of Atacama; LATAM Airlines Group for its corporate offices and operation and maintenance base in Santiago airport, and the National Mining Company of Chile (ENAMI) to supply its plants in the regions of Antofagasta, Atacama and Coquimbo, as well as the consumption associated with the modernization of a publicly-owned copper casting facility.

Acciona has also signed supply contracts with all the distributors and cooperatives in the country following an energy tender for the consumption of regulated clients called “Tender 2013/03, 2nd call” and “Tender 2015/01”.

Source: Acciona

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The RE-Source Platform has launched a comprehensive new toolkit, offering guidance and advice on corporate sourcing of renewable energy. The toolkit has a dual purpose: first, to raise awareness and inform entrant corporates and policymakers to the opportunities in sourcing renewable energy; second, to facilitate business transactions between buyers and sellers, making them faster, easier, and cheaper.

 

The Renewable Energy Buyer’s Toolkit includes an ‘Introduction to Corporate Sourcing in Europe’ report, that outlines the main business models of corporate renewable sourcing in Europe, and is intended for corporate energy buyers who are new to corporate sourcing and the European market to use as an introductory ‘how-to’ guide, helping them to start their journey in renewable electricity purchasing. The toolkit also includes:

  • European Federation of Energy Traders (EFET) Template corporate PPA: A standardised contract to provide guidance and simplify transactions.
  • European Corporate Sourcing Directory: Information on possible models of corporate sourcing in particular countries.
  • PPA training courses for corporate buyers: How to value and compare corporate PPAs.

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Europe has set a target that 32% of its energy should come from renewables by 2030, up from 17.5% today. Corporates are and can play an even bigger role in meeting this target. Thousands of key corporate buyers – including from the steel, aluminium, ICT, and chemicals industries – and clean energy suppliers, are meeting in Amsterdam at the RE-Source 2019 event – for a two-day conference to discuss how to accelerate efforts to source more renewable energy.

The last weeks have seen an abundance of significant solar and wind sourcing agreements from major corporates around the world. Google announced its largest corporate renewable purchase in history, including nearly 800 MW of new renewable energy in Europe. Amazon recently unveiled plans to reach 100% renewable energy by 2030.

The Airports Council International (ACI Europe) also announced at the event a new partnership with the RE-Source Platform to accelerate the clean energy transition of the airport industry and help it achieve its 2050 net zero commitment. In addition, the RE-Source Platform received a €500,000 grant from Google.org to fund further the development of new renewable energy purchasing models, provide training and resources for consumers, and enable more widespread access to clean power.

Corporate sourcing of renewables has risen rapidly in Europe, with 7.5 GW of Power Purchase Agreement (PPA) deals signed over the past five years, and 1.6 GW worth of deals in 2019 alone. More European countries are engaging in PPA deals: 13 countries have inked PPAs in 2019 so far. Commercial and industrial on-site corporate sourcing accounted for 3.4 GW in 2018 and is expected to grow considerably in the next decade.

Industrial and commercial consumers account for more than half of Europe’s energy consumption today. Powering these corporate consumers with renewable energy could deliver both significant reductions in CO2 emissions and make European industries more competitive due to the rapidly falling cost of renewables.

According to a recent study from the European Commission, if EU-based corporate buyers committed to sourcing renewable electricity to meet 30% of their total electricity demand by 2030, the EU renewable energy sector would generate more than €750bn in gross added value and over 220,000 new jobs.

Governments can play their part in facilitating more companies to source renewables, by removing administrative hurdles for corporate renewable PPAs, and on-site and direct investments in renewable energy generation that exist throughout Europe. Under the new Renewable Energy Directive, European governments now have the duty to remove these barriers. Currently, only two of the draft National Energy and Climate Plans for 2030 even mention PPAs and none comply with the agreed legislation.

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Ignacio Galán in a electric Iberdrola car

Iberdrola, a world leading renewable energy company, has further enhanced its sustainable ambitions by becoming the first Spanish company to sign up to The Climate Group´s EV100 initiative.

EV100 is a global initiative bringing together forward-looking companies committed to accelerating the transition to electric vehicles (EVs) and making electric transport the new normal by 2030.

Under the agreement, sealed within the framework of the Climate Week NYC, Iberdrola will fully electrify its vehicle fleet and provide charging for staff across its operations in Spain and UK- where local EV market conditions make this possible- by 2030.

Iberdrola will also aspire towards this objective in Brazil, Mexico and the USA, but this will be reliant on national characteristics and further developments in the wider EV markets in each of these countries. As part of the partnership, Iberdrola will work with The Climate Group to engage key stakeholders in these countries to help overcome barriers.

A fleet of more than fleet of more than 3,500 vehicles across Spain and UK

This initiative will see Iberdrola have a fleet of more than 3,500 vehicles completely electrified in these two countries by 2030.

Light passenger cars and vans are included, as well as off-road vehicles used for windfarms and power line maintenance tasks like SUVs, pickup trucks and man basket cranes.

Iberdrola has already committed to installing up to 16.000 charging points at homes and 9.000 at workplaces in Spain by 2021. Beyond that, the company´s Smart mobility program for customers is increasing in popularity, which includes both the provision of a charging point and a special tariff to charge vehicles with green electricity.

In the UK, ScottishPower was the first energy company to offer and end-to-end EV ownership package for customers. Working with major car retailer Arnold Clark, buyers can purchase or lease an EV of their choice, book a home charging point installation and sign up to a smart 100% renewable electricity tariff as part of the same package.

In the US, Iberdrola´s subsidiary Avangrid just recently announced the expansion of its partnership with Nissan North America, seeking to provide 3.2 M customers and employees across New York, New England and Oregon with a 5,000 $ discount on the purchase of a Nissan LEAF EV. In addition, the company is also delivering a 34 M$ investment in the expansion of EV charging infrastructure across Maine and New York.

Source: Iberdrola

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The energy transition requires more than 10 times solar and 5 times wind power in combination with other technology measures to limit global warming to well below 2°C and meet the targets of the Paris Agreement, according to DNV GL’s latest Energy Transition Outlook: Power Supply and Use report. The report finds that the energy transition is gathering pace more quickly than previously thought but the rate is still too slow to limit global temperatures rising by well below 2°C as set out in the Paris Agreement.

At the projected pace, DNV GL’s forecast indicates a world that is most likely to be 2.4°C warmer at the end of this century than in the immediate pre-industrial period. The technology already exists to curb emissions enough to hit the climate target. What is needed to ensure this happens are far-reaching policy decisions.

DNV GL recommends that the following technology measures are put in place to help close the emissions gap, the difference between the forecasted rate at which our energy system is decarbonizing and the pace we need to reach, to limit global warming to well below 2°C as set out by the Paris Agreement.

This combination of measures includes:

  1. Grow solar power by more than ten times to 5 TW and wind by 5 times to 3TW by 2030, which would meet 50% of the global electricity use per year.
  2. 50-fold increase in production of batteries for the 50 M electric vehicles needed per year by 2030, alongside investments in new technology to store excess electric energy and solutions that allow our electricity grids to cope with the growing influx of solar and wind power.
  3. Create new infrastructure for charging electric vehicles on a large scale.
  4. More than 1.5 MM$ of annual investment needed for the expansion and reinforcement of power grids by 2030, including ultra-high-voltage transmission networks and extensive demand-response solutions to balance variable wind and solar power.
  5. Increase global energy efficiency improvements by 3.5% per year within the next decade.
  6. Green hydrogen to heat buildings and industry, fuel transport and make use of excess renewable energy in the power grid.
  7. For the heavy industry sector: increased electrification of manufacturing processes, including electrical heating. Onsite renewable sources combined with storage solutions.
  8. Heat-pump technologies and improved insulation.
  9. Massive rail expansion both for city commuting and long-distance passenger and cargo transport.
  10. Rapid and wide deployment of carbon capture, utilization and storage installations.

The staggering pace of the energy transition continues. DNV GL’s report forecasts that by 2050 power generation from solar photovoltaic and wind energy will be 36,000 terawatt hours per year, more than 20 times today’s output. Greater China and India will have the largest share of solar energy by mid-century, with a 40% share of global installed PV capacity in China, followed by the Indian Subcontinent at 17%.

Globally, renewable energy will provide almost 80% of the world’s electricity by 2050 according to the report. The electrification will see increasing use of heat pumps, electric arc furnaces and an electric vehicle revolution, with 50% of all new cars sold in 2032 being electric vehicles.

Despite this rapid pace, the energy transition is not fast enough. DNV GL’s forecast indicates that, alarmingly, for a 1.5°C warming limit, the remaining carbon budget will be exhausted as early as 2028, with an overshoot of 770 Gt CO2 in 2050.

The report also demonstrates that the energy transition is affordable, the world will spend an ever-smaller share of GDP on energy. Global expenditure on energy is currently 3.6% of GDP but that will fall to 1.9% by 2050. This is due to the plunging costs of renewables and other efficiencies, allowing for greater investment to accelerate the transition.

DNV GL appeals to all 197 countries that signed the Paris Agreement to raise and realize increased ambitions for their updated Nationally Determined Contributions by 2020. In a snapshot of the first NDCs submitted to the United Nations Framework Convention on Climate Change secretariat, 75% currently refer to renewable energy, and 58% to energy efficiency. DNV GL calls on political leaders that both these percentages need to be 100% in the second NDCs.

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Today, 75% of Europeans live in urban areas and this is expected to rise. Already we are facing an increasing amount of challenges in our cities related to poor air quality, energy poverty, and highly inefficient buildings. The building stock accounts for 49% of Europe’s energy demand and 36% of CO2 emissions at EU level – we need to accelerate the deployment of renewable energy and invest significantly in improving the energy efficiency of our buildings if Europe is to become carbon-neutral.

Against this backdrop, SolarPower Europe has launched the Solar4Buildings campaign –calling for solar on all new and renovated buildings in the EU to help limit climate change.

In the EU, more than 90% of roofs go unused, when they could help mitigate climate change by having solar installed on them. Installing solar on all new buildings and those undergoing renovations makes perfect sense as it could reduce buildings’ CO2 emissions significantly whilst producing clean electricity.

What’s more, Europe’s rooftops have huge solar potential. According to the European Commission’s Joint Research Centre, rooftops in the EU can produce 680 TWh of solar power annually – which is equal to one quarter of the current electricity consumption in the EU.

Solar is one of the most affordable energy sources today. The price of solar panels has dropped by more than 96% since 2000 and is expected to fall even further. By installing solar, European households can also save money on their electricity bills and have access to reliable and clean energy – that makes for a greener future. In Germany, a typical four-person family household with an average annual electricity consumption of 3,600 kWh could save more than €500 each year, if equipped with an average size rooftop system.

Despite these facts, buildings are still regularly being constructed without solar. Now it is time to install solar on all these roofs – on residential, commercial, industrial and public buildings.

SolarPower Europe will present the Solar4Buildings campaign to the new European Commission starting in November and as part of its input to President-elect Ursula von der Leyen’s ‘Green Deal’.

Help support the campaign by signing the petition calling for EU legislation to have solar on all new and renovated buildings in the European Union!

Source: SolarPower Europe

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