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Offshore wind East Anglia One

Iberdrola has hooked up the East Anglia One offshore wind farm to the British electricity grid. It is building the facilities in the North Sea, around 50 km from the coast of the county of Suffolk, in the United Kingdom, and it is scheduled to go into operation next year.

The first of 102 wind turbines, the so-called WTG E19, has already supplied clean power to the land substation in Burstall. Its subsidiary, ScottishPower Renewables, which installed 25 turbines on the site this summer, will gradually connect them to the grid.

With an investment of approximately 2.5 MM£ and covering an area of 300 km2, East Anglia One is one of the largest scale projects being developed by Iberdrola and the biggest renewable initiative ever developed by a Spanish company.

Once commissioned in 2020, it will be the world’s biggest wind farm, with an installed capacity of 714 MW that will supply 630,000 British homes with clean energy.

The construction of East Anglia One is driving the offshore power industry in Europe, providing jobs for more than 1,300 people in several countries – Spain, the United Kingdom, the Netherlands, the United Arab Emirates – and is crucial to several sectors, such as the naval industry. The project has been a great driving force in Spain, since Iberdrola has used local companies like Navantia, Windar and Siemens-Gamesa for the development of many of the essential components of the wind farm.

Technical specifications ofeast anglia one

  • 102 Siemens Gamesa wind turbines make up the wind farm, each with a capacity of 7 MW. Once installed, they will have a total height of 167 m.
  • A marine substation (Andalusia II), manufactured by Navantia in Puerto Real (Cádiz), will be responsible for receiving the electricity produced by the wind turbines and transforming the voltage so it can be sent to the coast through two undersea cables, each around 85 km long.
  • These cables are joined to a further six underground cables measuring around 37 km and running from Bawdsey to the new land-based transformer in Burstall, which connects the offshore wind farm to the national grid.
  • Of the 102 jacket-type foundations, Navantia has manufactured 42 in Fene (Spain) and Windar has built the pilot cables in Avilés (Asturias). The other 60 foundations were manufactured by Lamprell in the United Arab Emirates and by Harland & Wolff in Belfast.

 

Iberdrola, steadfast commitment to offshore wind power

Over the next few years, Iberdrola will redouble its investment in offshore wind production, developing a project portfolio with over 10,000 MW. This growth focuses on three main areas: the North Sea, the Baltic Sea and the United States.

Clean power generated by offshore wind farms are the cornerstone of the company’s strategy, which expects to allocate 39% of the 34 MM€ earmarked for the 2018-2022 period to this type of generation: 13.26 MM€.

The group is currently operating two offshore wind farms: West of Duddon Sands, which went into service in the North Sea in 2014, and Wikinger, in the German waters of the Baltic Sea, which has been operational since December 2017.

In the United States, Iberdrola is in the process of building the biggest offshore wind farm in that country: Vineyard Wind. Just off the coast of Massachusetts, it will produce 800 MW of power to cover the energy needs of a million homes.

In Germany, in April 2018, the company was awarded contracts to build two new plants in the Baltic Sea, with a total of 486 MW of power: Baltic Eagle and Wikinger South.

In addition to these new plants, the Sant Brieuc Wind Farm, which is located in French waters, is scheduled to be commissioned in 2022. It will have 496 MW of installed power and will be located just off the coast of French Brittany, 20 km offshore.

Once these projects are operating in late 2022, the company will have installed 2,000 MW of offshore wind power, after which it will add a further 1,000.

Iberdrola is seizing this excellent opportunity for growth, with ambitious objectives for new wind generation facilities in the United Kingdom and the United States for the next few years: 30,000 MW for 2030 in the former and 25,000 MW in the latter, each with different timelines.

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Global investment in new renewable energy capacity over this decade — 2010 to 2019 inclusive — is on course to hit USD 2.6 trillion, with more gigawatts of solar power capacity installed than any other generation technology, according to the Global Trends in Renewable Energy Investment 2019 report, released ahead of the UN Global Climate Action Summit.

The report is commissioned by the UN Environment Programme in cooperation with Frankfurt School-UNEP Collaborating Centre for Climate & Sustainable Energy Finance and produced in collaboration with BloombergNEF. The report is supported by the German Federal Ministry for the Environment, Nature Conservation, and Nuclear Safety.

According to the report this investment is set to have roughly quadrupled renewable energy capacity (excluding large hydro) from 414 GW at the end of 2009 to just over 1,650 GW when the decade closes at the end of this year.

Solar power will have drawn half — USD 1.3 trillion — of the USD 2.6 trillion in renewable energy capacity investments made over the decade. Solar alone will have grown from 25 GW at the beginning of 2010 to an expected 663 GW by the close of 2019 — enough to produce all the electricity needed each year by about 100 million average homes in the USA.

The global share of electricity generation accounted for by renewables reached 12.9 per cent, in 2018, up from 11.6 per cent in 2017. This avoided an estimated 2 billion tonnes of carbon dioxide emissions last year alone — a substantial saving given global power sector emissions of 13.7 billion tonnes in 2018.

Including all major generating technologies (fossil and zero-carbon), the decade is set to see a net 2,366 GW of power capacity installed, with solar accounting for the largest single share (663 GW), coal second (529 GW), and wind and gas in third and fourth places (487 GW and 438 GW respectively).

The cost-competitiveness of renewables has also risen dramatically over the decade. The levelized cost of electricity (a measure that allows comparison of different methods of electricity generation on a consistent basis) is down 81 per cent for solar photovoltaics since 2009; that for onshore wind is down 46 per cent.

2018 sees quarter-trillion dollar mark exceeded again

The report, released annually since 2007, also continued its traditional look at yearly figures, with global investment in renewables capacity hitting USD 272.9 billion in 2018.

While this was 12 per cent down over the previous year, 2018 was the ninth successive year in which capacity investment exceeded USD 200 billion and the fifth successive year above USD 250 billion. It was also was about three times the global investment in coal and gas-fired generation capacity combined.
The 2018 figure was achieved despite continuing falls in the capital cost of solar and wind projects, and despite a policy change that hit investment in China in the second half of the year.

A record 167 GW of new renewable energy capacity was completed in 2018, up from 160 GW in 2017.

The report also tracks other, non-capacity investment in renewables — money going into technology and specialist companies. All of these types of investment showed increases in 2018. Government and corporate research and development was up 10 per cent at USD 13.1 billion, while equity raised by renewable energy companies on public markets was 6 per cent higher at USD 6 billion, and venture capital and private equity investment was up 35 per cent at USD 2 billion.

Overall renewable energy investment, including these categories as well as capacity investment, reached USD 288.3 billion in 2018, down 11 per cent on the record figure of USD 325 billion attained in 2017.

China still leads, but renewables investment spreads

China has been by far the biggest investor in renewables capacity over this decade, having committed USD 758 billion between 2010 and the first half of 2019, with the U.S. second on USD 356 billion and Japan third on USD 202 billion.

Europe as a whole invested USD 698 billion in renewables capacity over the same period, with Germany contributing the most at USD 179 billion, and the United Kingdom USD 122 billion.

While China remained the largest single investor in 2018 (at USD 88.5 billion, down 38 per cent), renewable energy capacity investment was more spread out across the globe than ever last year, with 29 countries each investing more than USD 1 billion, up from 25 in 2017 and 21 in 2016.

Spain, Vietnam, Ukraine and South Africa were among the countries in the “USD 1 billion-plus club” that saw capacity investment jump by more than fivefold in 2018. India is an increasingly important investor in renewables, committing USD 11 billion in 2018 and a total of USD 90 billion between 2010 and the end of the first half of this year.

Source: BloombergNEF

Macquarie Infrastructure Debt Investment Solutions (“MIDIS”), on behalf of its European and Asian insurance company clients, today announced a new transaction in the Spanish renewables sector, with a 38 M€ debt investment in a portfolio of solar farms.

The portfolio is owned and managed by Q-Energy, a leading European investor and asset manager in the renewable energy sector. Comprised of six operational PV plants in south-eastern Spain, the portfolio totals 13.6MWp in installed capacity. MIDIS refinanced the portfolio’s existing debt with 21-year, amortising, floating rate, senior secured bonds, and structured an orphan interest rate swap facility to support the transaction, provided by Goldman Sachs International.

MIDIS continues to explore opportunities in the Spanish renewables market, seeking to match long-dated liabilities with investments that generate stable, long-term cash flows. In the last twelve months, MIDIS has deployed over 150 M€ into the Spanish solar sector to help meet the evolving demand through a combination of separately managed accounts and its Macquarie Global Infrastructure Debt Fund strategy.

MIDIS and Q-Energy completed the transaction on a bilateral basis, with Banco Sabadell and Santander acting as arrangers. Goldman Sachs International provided the interest rate hedging to the issuer.

Since 2012, MIDIS has invested 2.100 M€ of infrastructure debt across more than 30 renewable energy projects with total installed capacity of approximately 6.8GW.

Source: Macquarie

Iberdrola continues to move forward with its renewables strategy in Spain with four new photovoltaic projects, with an installed capacity of 250 megawatts (MW), already submitted for official approval in Castilla-La Mancha, as stated in the Official State Gazette (BOE) and the Official Journals of the Castilla-La Mancha regional government.

Two of the projects, Romeral and Olmedilla, each with a capacity of 50 MW, are located in Cuenca province, in the towns of Uclés and Valverdejo, respectively. In Toledo province, Iberdrola is planning the Barcience photovoltaic plant (50 MW) in Bargas; and in Ciudad Real province, it will develop a unique project in the municipality of Puertollano, with a capacity of 100 MW.

Puertollano II combines several innovative elements, both in the technology used and the storage capacity of this renewable project:

  • The installation will have bifacial panels, which will allow for greater production, as they have two light-sensitive surfaces, providing a longer service life;
  • The plant has been designed with daisy-chained inverters to improve performance and permit greater use of the surface area;
  • The project will have a storage system that will make the plant more manageable and optimise the control strategies. The battery system (with a power of 5 MW) will have a storage capacity of 20 MWh.
  • The start of the development of these projects increases the MW that Iberdrola has under construction and awaiting approval in Spain to more than 2,200: 75% of the capacity the company plans to install by 2022.

Plan to relaunch clean energy in Spain

These actions are part of the company’s commitment to strengthening its investment in clean energy generation in Spain, with the installation of 3,000 new MW up to 2022, 52% more than its current wind and solar capacity. Up to 2030, the forecasts point to the installation of 10,000 new MW. The plan will create jobs for 20,000 people.

Iberdrola is committed to leading the transition towards a completely carbon-free economy by promoting renewable energies and speeding up its investment in Spain, where it intends to spend 8.000 M€ between 2018 and 2022.

Iberdrola is the most prolific producer of wind power in Spain, with an installed capacity of 5,770 MW, while its total installed renewable capacity, including both wind and hydroelectric power, is 15,828 MW. The company operates renewables with a capacity of 2,229 MW in Castilla-La Mancha, mainly wind power, making it the autonomous region with the second highest total of ‘green’ MW installed by Iberdrola.

Acciona has created a hub in its El Romero Solar plant (Atacama, Chile) to test new photovoltaic technologies that will improve the efficiency and performance of solar energy facilities.
The hub will focus on the mechanical and energy capacity of double-sided crystalline, split-cell and thin-film cadmium telluride (CdTe) technologies, all of them in the development phase, with the intention of shaping PV energy’s evolution. The solar modules have been produced by JA Solar and First Solar, and a variety of solar trackers will be used, manufactured by STI Nordland and Soltec.

The innovation center, in which two of the three tracker zones have already been installed, will have a power generation facility with a total capacity of 492 kWp (180 kW rated) consisting of 1,280 modules in three series of trackers connected to nine inverters. These will be assisted by other equipment to measure and monitor parameters such as incident and reflected solar radiation, ambient temperature or the production temperature of each kind of module, among others.

Unlike conventional solar modules, which only have photovoltaic cells on one side, the double-sided modules have cells on both sides of the panel to capture reflected solar radiation and increase output per surface unit occupied.

In split-cell modules each cell is divided into two parts. This reduces energy losses and improves the durability of the panel.

Finally, the thin-film modules are made from semi-conductive materials as alternatives to conventional crystalline silicon –such as cadmium telluride- that reduce both manufacturing costs and their carbon footprint during their working life.

Advanced technologies

Advanced technologies in photovoltaic solar are one of the main strategic approaches that guide Acciona’s innovation activities in the field of clean energies. One of the most innovative projects to date is the hybridization of organic photovoltaic panels in a wind turbine tower to power a turbine in the Breña wind farm (Albacete, Spain).

El Romero Solar is one of the biggest photovoltaic plants owned and operated by Acciona, with a capacity of 246 MWp. Located in the Atacama Desert in Chile, an area with some of the highest levels of solar radiation in the world, it produces energy equivalent to the consumption of around 240,000 Chilean households. Part of its capacity will be used to supply Google’s data center in the country.

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Iberdrola has entered into an agreement with Green Investment Group (GIG), part of the Macquarie group, to sell a 40% share in East Anglia One (EAO), the offshore wind project that the company is building in the British North Sea. This will bring a new shareholder into the project, of which Iberdrola will maintain a 60% majority shareholding.

According to transaction terms and conditions the entire value of EAO amounts to £4.1 billion and when the wind farm is operational in 2020, Iberdrola will receive £1.63 billion (about €1.75 billion [1]) for the 40% stake. These funds will be allocated to the Group’s organic growth plans referred to in the 2018-2022 Strategic Plan.

The completion of the transaction is subject to the standard authorisation from the Crown Estate.

EAO is the largest renewable project ever undertaken by a Spanish company. Once commissioned in 2020, it will be one of the world’s largest wind farms, with an installed capacity of 714 MW, supplying 600,000 British homes with clean energy.

Iberdrola, steadfast commitment to offshore wind power

Over the next few years offshore wind will be an investment focus for Iberdrola, developing a project portfolio of over 10,000 MW. This growth focuses on three main areas: the North Sea, the Baltic Sea and the United States.

Clean power generated by offshore wind farms is a cornerstone of the company’s strategy, which expects to allocate 39% of the €34 billion earmarked for the 2018-2022 period to renewable energy: €13.26 billion.

The group is currently operating two offshore wind farms: West of Duddon Sands, which went into service in the Irish Sea in 2014, and Wikinger, in the German waters of the Baltic Sea, which has been operational since December 2017.

Iberdrola is in the process of building the biggest offshore wind farm in the United States: Vineyard Wind. Just off the coast of Massachusetts, it will produce 800 MW of power to cover the energy needs of a million homes.

In Germany, in April, the company was awarded contracts to build two new plants in the Baltic Sea, which will produce a total of 486 MW: Baltic Eagle and Wikinger Süd.

In addition to these new plants, the Sant Brieuc wind farm, which is located in French waters, is scheduled to be commissioned in 2022. It will have 496 MW of installed power and will be located just off the coast of French Brittany, 20 kilometres offshore.

Once these projects are operating in late 2022, the company will have installed 2,000 MW of offshore wind power, after which it will add a further 1,000 MW.

Iberdrola is committed to growing its renewable energy business. Globally countries have ambitious objectives for new wind generation facilities. The UK is seeking to develop 30,000 MW of offshore wind, and the United States is developing 25,000 MW.

Source: Iberdrola

Wind has enabled the Canary Island of El Hierro to cover all of its electricity demand with renewable energy from 13 July to 7 August and has thus reached the milestone of covering its electricity needs for more than 24 days using 100% clean generation, exceeding the previous record that was set between 15 July and 2 August 2018.

During this uninterrupted period of 596.3 hours, the Gorona del Viento hydroelectric power station, with an installed wind power capacity of 11.5 MW, was the main source of electricity generation on the island. So far in 2019, 53.8% of total demand on El Hierro has been covered by non-fossil fuel energy sources.

Red Eléctrica de España, operator of the island’s electricity system, and the company ‘Gorona del Viento El Hierro, S.A.’ collaborate closely to include operational improvements that enable the maximum use of renewable resources, such as wind and water and thus optimise their management.

Hydroelectric power stations combine wind generation with pumped storage hydroelectric generation, as it uses part of the energy produced with wind to pump water to a reservoir upstream so that it can subsequently be used to move hydro power turbines, in order to make the most of renewable sources of electricity generation. Gorona del Viento is currently the only power station installed in Spain with these characteristics and it represents a clear opportunity to reduce dependence on fossil fuels in small electricity systems such as that of El Hierro, which in 2018 registered an average demand of 114.9 MWh per day.

El Hierro: integration of renewable energy has been growing since 2015

The operational improvements are made evident as they have helped to cover coverage using 100% renewable energy for 596.3 consecutive hours, a situation that first occurred on 9 August 2015, though on said date it lasted for 2 hours. Since the beginning of 2019, demand on the island has been covered with 100% renewable energy for a total of 1,119.56 hours. Overall, since 2015, a total of 5,171.6 hours has been covered with clean energy.

Gorona del Viento began operating at full capacity in July 2015 and since then it has been a key facility for the integration of renewable generation in the electricity system of the island of El Hierro. Prior to its commissioning in 2014, renewables accounted for only 2.2% of the coverage of the demand on El Hierro.

Although in 2015 the power station was only fully operational during the second half of the year, its renewable energy contribution to the coverage of the annual demand reached 19.5%. Since then, the percentages have progressively increased and in 2016, the first full year of operation, it contributed 40.8% to the demand coverage, and in 2017 and 2018 this figure rose to 46.5% and 56.5%, respectively.

Source: REE

Aracati Park

The overall renewable power capacity in Brazil is expected to grow at a compound annual growth rate (CAGR) of 6% from 31 GW in 2018 to 60.8GW in 2030, according to GlobalData.

GlobalData’s latest report: “Brazil Power Market Outlook to 2030, Update 2019 – Market Trends, Regulations, and Competitive Landscape” reveals that increased renewable energy auctions, promotion of hybrid renewable energy projects and other government initiatives such as tax incentives, smart metering, renewable energy targets and favorable grid access policies for renewable energy are likely to result in renewable expansion by 2030.

Between 2019 and 2030, solar PV and onshore wind segments are expected to grow at CAGRs of 14% and 6%, respectively. The significant rise in these two technologies will result in renewable energy being the second largest contributor to the country’s energy mix by 2030.

The connection of over 25,000 power systems, mostly solar PV systems to the Brazilian grid in mid-2018 under the net metering scheme, further underpins the renewable growth pattern over the forecast period.

The main challenges for Brazil’s power sector are its overdependence on cheap hydropower for base-load capacity and lack of a robust power grid infrastructure. In 2018, hydropower accounted for 62.7% of the country’s total installed capacity. In case of a drought, depletion of dam reservoirs could result in power shortages and switching over to costly thermal power which will increase the electricity prices.

In the long term, hydropower capacity is expected to decline and be compensated with increased renewable power capacity. On the other hand, thermal and renewable capacities are slated to increase and contribute 28% and 18%, respectively of the installed capacity in 2030.

Brazil is moving towards a balanced energy mix as it prepares to double its non-hydro renewable power capacity by 2030. With an almost 10GW increase in thermal power capacity by 2030 compared to 2018, the country is on course to better manage peak demand, reduce dependence on hydropower and maintain a healthy grid.

Source: Globaldata

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Global clean energy investment, 2004 to 1H 2019, $ billion

The first half of 2019 saw a 39% slowdown in renewable energy investment in the world’s biggest market, China, to $28.800 M$, the lowest figure for any half-year period since 2013, according to the latest figures from BloombergNEF (BNEF).

 

The other highlight of global clean energy investment in 1H 2019 was the financing of multibillion-dollar projects in two relatively new markets – a solar thermal and photovoltaic complex in Dubai, at 950MW and 4.200 M$, and two offshore wind arrays in the sea off Taiwan, at 640MW and 900MW and an estimated combined cost of 5.700 M$.

The Dubai deal in late March, for the Mohammed bin Rashid Al Maktoum IV project, is the biggest financing ever seen in the solar sector. It involves 2.600 M$ of debt from 10 Chinese, Gulf and Western banks, plus 1.600 M$ of equity from Dubai Electricity and Water Authority, Saudi-based developer ACWA Power and equity partner Silk Road Fund of China.

The two Taiwanese offshore wind projects, Wpd Yunlin Yunneng and Ørsted Greater Changhua, involve European developers, investors and banks, as well as local players. Offshore wind activity is broadening its geographical focus, from Europe’s North Sea and China’s coastline, toward new markets such as Taiwan, the U.S. East Coast, India and Vietnam.

BNEF’s figures for clean energy investment in the first half of 2019 show mixed fortunes for the world’s major markets. The “big three” of China, the U.S. and Europe all showed falls, but with the U.S. down a modest 6% at 23.600 M$ and Europe down 4% at 22.200 M$ compared to 1H 2018, far less than China’s 39% setback.

Breaking global clean energy investment down by type of transaction, asset finance of utility-scale generation projects such as wind farms and solar parks was down 24% at 85.6 M$, due in large part to the China factor. Financing of small-scale solar systems of less than 1MW was up 32% at 23.7 M$ in the first half of this year.

Investment in specialist clean energy companies via public markets was 37% higher at 5.600 M$, helped by two big equity raisings for electric vehicle makers – an $863 M$ secondary issue for Tesla, and a 650 M$ convertible issue for China-based NIO.

Venture capital and private equity funding of clean energy companies in 1H 2019 was down 2% at 4.700 M$. There were three exceptionally large deals, however: $1 billion each for Swedish battery company Northvolt and U.S. electric vehicle battery charging specialist Lucid Motors, and 700 M$ for another U.S. EV player, Rivian Automotive.

Source: BNEF

Renewable power capacity (excluding small hydropower) in Argentina is expected to show a significant growth rate, registering a Compound Annual Growth Rate (CAGR) of 17.8% during 2019-2030. Renewable installations sector will increase by 14.7 GW in order to meet the increasing demand, according to GlobalData, a leading data and analytics company.

GlobalData’s latest report, ‘Argentina Power Market Outlook to 2030, Update 2019 – Market Trends, Regulations, and Competitive Landscape’, which provides analysis of the Argentina power market’s regulatory structure, import and export trends, competitive landscape, and power projects, reveals that the implementation of renewable energy auctions under the RenovAr Program is expected to boost the expansion of the renewable energy sector.

Some of the projects approved in various rounds of auctions in earlier years resulted in sudden increase in installations for solar and wind in 2018. The momentum will continue as around 4 GW of renewable capacity is under construction and will be commissioned in the near term In addition, financial incentives including accelerated depreciation and tax exemptions are being offered to encourage investment in renewable power generation.

Argentina has been facing severe power shortages in recent years, prompting the government to re-focus on increasing installed capacity. The current installed capacity is unable to satisfy demand, which is increasing at a high rate. There is substantial untapped wind and solar power potential in Argentina which presents opportunity for renewable to grow.

As of 2018, gas dominated the Argentina power mix, with a share of 59.6% of the total installed capacity, followed by hydropower with 25.5%. Argentina has substantial gas reserves, which accounts for its dominance in the power generation mix.

Although thermal power sources will remain the highest contributors to the total installed capacity of Argentina in the forecast period, their share will decline from 67.1% in 2018 to 50.0% in 2030. This decline will chiefly be due to the increase in renewable power capacity.

However, there are several challenges which impact investment in the Argentina power sector. The power sector has been privatized, but tariffs are still controlled by the government. As a result, there has been no increase in tariffs for a long time. Power prices remain highly subsidized, and this has placed severe strain on government finances. An unrealistic tariff structure has led to lack of investment in the power supply infrastructure by the private entities that run the network.

Source: GlobalData

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