Latest Deals

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Saudi Arabia’s state-owned power procurement company, Principal Buyer, has entered agreements worth SR31bn ($8.3bn) with a consortium for the development of seven new solar and wind power projects with a combined capacity of 15GW. The consortium is led by ACWA Power and includes the Water and Electricity Holding Company and Saudi Arabia’s Aramco Power. The collective agreement marks the largest-ever single-phase commitment to renewable energy development internationally.

Portugal has announced plans to invest up to €400m ($466m) to strengthen its electricity grid and increase battery storage capacity, following the major blackout across Spain and Portugal on 28 April. Energy Minister Maria da Graca Carvalho said that approximately €137m from this investment will be directed towards improving the operational and control capabilities of the electricity network.

Talen Energy has agreed to acquire two combined-cycle gas-fired plants (CCGTs) in the US for a net acquisition price of $3.5bn. The CCGTs are Caithness Energy’s Moxie Freedom Energy Centre in Pennsylvania and BlackRock’s Guernsey Power Station in Ohio. The deal will expand Talen’s fleet and increase its annual generation capacity from 40 terawatt hours (TWh) to 60TWh.

Sumitomo has signed a memorandum of understanding with the UK to inject £7.5bn ($10bn) into the country’s renewable energy projects and infrastructure by 2035. The investment will target offshore wind and hydrogen ventures. The agreement will play a key role in advancing the UK government’s Plan for Change.