The power industry briefing
The latest news, trends, and data you need to know about this month
News in Numbers
€100m
Morrow Batteries has secured a €100m investment to build the first phase of its battery cell factory
$2bn
The JSW Group will acquire energy company Mytrah Energy India Private for $2bn
555,600
Naturgy will build the 7V Solar Ranch plant on more than 800ha of land in Fayette County this year, and will include 555,600 solar modules
£2.63
KKR will pay £2.63 in cash for each share in ContourGlobal, a premium of 36% to the closing share price
700MW
Green Genius aims to develop 500MW of solar power plants and 200MW of wind farms in Lithuania by 2025
Project updates
Spanish energy company Iberdrola has begun construction of its 50.5MW Korytnica II wind farm in Poland.
Located in the Mazowieckie region, north-east of Warsaw, the facility will increase the company’s onshore wind power capacity in Poland to 163MW.
European energy companies Falck Renewables and BlueFloat Energy have partnered to develop a 975MW floating wind farm offshore from Sardinia.
The Tibula Energia project will be located between 25km and 40km from the island’s north-eastern coast and feature 62 floating wind turbines, which will be "almost imperceptible" from the mainland.
German energy storage company Trina Storage has partnered with inverter manufacturer Power Electronics to install more than 1GWh worth of battery energy storage system projects by the end of next year.
The two companies signed a letter of intent for the partnership during the Intersolar Europe 2022 event this month.
Further reading
Greencoat UK Wind to buy stake in Hornsea I offshore wind farm
British investment company Greencoat UK Wind has agreed to acquire a 12.5% stake in the 1.2GW Hornsea I offshore wind farm from Global Infrastructure Partners (GIP) for a $490m (£400m) cash consideration.
Located 128km from the Yorkshire coast in the North Sea, Hornsea I is owned jointly by Ørsted and GIP, which each hold a 50% stake in the project. The wind farm is equipped with 174 Siemens wind turbines and has been operational since December 2019.
Greencoat UK plans to finance the deal from cash flow and, to the extent required, via its revolving credit facility. According to Greencoat’s estimates, the 12.5% stake it has agreed to acquire has an enterprise value of around $1.4bn (£1.1bn).
Read more: Power Technology
