DST consortium unveils $2.3bn renewable energy project plan for Swansea

25 October | Renewables

An international consortium led by UK-based DST Innovations has announced plans for a $2.3bn (£1.7bn) renewable energy project on the Swansea waterfront in Wales.


Named Blue Eden, the project is also led by several business partners and backed by Swansea Council and Associated British Ports. Planned to be delivered in three phases, it is expected to be completed over a period of 12 years.


The proposed project will include a new tidal lagoon, which will be equipped with advanced underwater turbines capable of generating 320MW of renewable energy from a 9.5km structure. The project will also include a 60,000m² manufacturing plant, which will be engaged in the production of batteries to store renewable energy. In addition, the battery facility will power the Blue Eden site.


DST Innovations co-founder and chief executive Tony Miles said: “Blue Eden is an opportunity to create a template for the world to follow – utilising renewable energy and maximising new technologies and thinking to develop not only a place to live and work, but also to thrive.”

21 October | Reporting

Leaked documents reveal countries lobbying against UN climate report


A document leak has shown that several countries have lobbied to change a critical scientific report on how best to tackle climate change.


The leaked documents, first reported by BBC News, revealed that countries including Saudi Arabia, Japan, and Australia asked the UN to reduce the urgency of moving away from fossil fuel-derived energy.


The leaked documents consist of over 32,000 submissions made by governments, companies, and other parties to the team compiling a UN report designed to bring together the best scientific evidence on tackling climate change.


The Intergovernmental Panel on Climate Change produces these assessment reports every six to seven years to evaluate the science behind climate change and inform governments on what action is needed to tackle climate change.


The files name Brazil, Argentina, Australia, Japan, and Saudi Arabia as some nations invovled in the effort, as well as the intergovernmental organisation OPEC. Comments revealed in the leak include ones made by an adviser to the Saudi oil ministry who argued: “phrases like ‘the need for urgent and accelerated mitigation actions at all scales’ should be eliminated”.

20 October | Nuclear

EU delays classification of nuclear power for green financing


EU Financial Services Commissioner Mairead McGuinness has told The Financial Times that the bloc will take more time before coming to a decision on whether or not to include nuclear power and natural gas under its “taxonomy on sustainable financing”, originally due this autumn.


The delay comes amid the continuing energy crisis, which has led to the collapse of utility companies in the UK and has sparked calls for the EU to provide greater guidance and assistance to member states. With electricity prices surging, European leaders are now due to meet tomorrow to discuss solutions and the now-delayed taxonomy.


“As we come to the end of the year there will be more pressure to resolve this,” said McGuinness. “We don’t have a ready-made solution because this is, both technically but politically ... one of those issues where you have very divided views.


“We’re hearing from citizens and businesses about higher energy costs and keeping the lights on. We must make sure we don’t create fears that this transition is a problem because the transition is the solution.”

20 October | Renewables

Iberdrola to invest $8.2bn in East Anglia offshore wind complex


Spanish energy company Iberdrola has announced plans to invest $8.2bn (£6bn) to develop the East Anglia Hub, an offshore wind complex in the UK.


The investment will be made through Iberdrola’s Scottish Power subsidiary and was announced at the Global Investment Summit ahead of the COP26 conference in Glasgow. It will complement the $13.64bn (£10bn) investment earmarked in the company’s 2020-25 plan, which is intended to increase renewable capacity and drive decarbonisation in the UK.


Located off the Suffolk coast, the East Anglia Hub includes the East Anglia One North, Two and Three wind farms. The project will have more than 3,000MW of total installed capacity and create up to 7,000 jobs, and will generate enough clean energy to power 2.7 million households in the region.


Iberdrola chairman Ignacio Galán said: “This meeting has given us the impetus we need to speed up our net-zero commitments ahead of COP26. We are fully committed to fulfilling our role in this process, and our £6bn investment in the East Anglia Hub will be a significant step toward ensuring that offshore wind is able to produce enough clean energy to power all the households in the UK by 2030.”

18 October | Administration

Vestas to combine its China and Asia-Pacific business regions


Danish wind turbine manufacturer Vestas is set to combine its businesses in China and Asia-Pacific into one single unit to cover the Greater Asia region.


The company said that the consolidation is the next step of its previously announced strategic alignment to meet the future demands of the energy market. The move is also intended to allow Vestas to allocate resources most efficiently across its manufacturing, construction and service units.


Vestas Group president and CEO Henrik Andersen said: “The global energy market is changing fast, and key to this development is the fast-growing energy demand in Asia, the continuous maturation of wind energy’s supply chain, as well as offshore wind’s rapid expansion from Europe to the rest of the world.


“By creating one Vestas business region for Greater Asia, we strengthen our regional setup to serve customers building their portfolio within both onshore and offshore, cater for our substantial supply chain footprint in China and India, establish one united and stronger leadership team, and improve our foundation to build a strong and diverse talent pipeline.”

14 October | Financing

NatWest to target £100bn of sustainable and climate funding by 2025


NatWest has set a target to provide £100bn of sustainable and climate funding for its customers by the end of 2025. This comes after a previous announcement to achieve £20bn of climate and sustainable finance funding between 2020 and 2022.


The bank already exceeded the early delivery of £21.5bn in the first half of the year.

The bank unveiled these ambitions beside a new report estimating that the UK’s six million small to medium-sized enterprises can achieve 50% of the UK’s decarbonisation goals.


The report, titled ‘Springboard to Sustainable Recovery‘, also claimed that the SMEs could create up to 130,000 new jobs and produce around 30,000 new businesses, resulting in a £160bn opportunity for the UK economy.


“Our ambition is to be a leading bank in the UK and Ireland helping to address climate change by setting ourselves the challenge to at least halve the climate impact of our financing activity by 2030, to reach net zero by 2050, and make our own operations climate positive by 2025,” NatWest said in a statement.

In brief

NextEra to acquire 50% stake in US renewable portfolio


NextEra Energy Partners has signed an agreement with a subsidiary of NextEra Energy Resources for the acquisition of a 50% interest in a contracted renewable projects portfolio, with more than 2.5GW capacity, for nearly $849m.

Falck to sell 60% ownership stake in Falck Renewables to IIF


Italian energy company Falck has signed an agreement to sell a stake of almost 60% in Falck Renewables to Infrastructure Investments Fund. According to Reuters, Falck could receive a $1.8bn consideration from the sale.

Lightsource BP to co-develop 757MWp solar portfolio in Poland


Lightsource BP has signed a deal with a Polish renewable energy firm to co-develop a 757MWp solar portfolio in Poland, including nine projects in the Zachodnio-pomorskie, Lubuskie, Dolnośląskie and Wielkopolskie regions.

Ørsted to divest 50% stake in German offshore wind farm


Ørsted will sell a 50% ownership stake in its 900MW offshore wind farm, Borkum Riffgrund III, to Glennmont Partners, for around $1.4bn. This includes the ownership stake price and a commitment to funding 50% of the payments under the wind farm’s engineering, procurement and construction contract.

12 October | Infrastructure

India warns of power blackouts as coal supplies run critically low


States across India have issued panicked notices that coal supplies to thermal power plants, which convert heat from coal to electricity, are running perilously low and are warning of power blackouts.


Eight in ten thermal power stations are within days of running out, with nearly 80% of the country’s coal-fired plants in critical or “supercritical” stage, according to data from the Central Electricity Authority of India.

Experts have reacted, saying that the power issues are not due to a shortage of domestic coal production. Domestic coal production in India has exponentially risen in the past 20 years, with a minor dip in production due to the pandemic of less than 1%.


Coal India Limited, alongside energy providers, have been accused of failing to stockpile sufficient amounts to meet the predicted rise in demand.


Arvin Kejriwal, Delhi’s chief minister, wrote to Prime Minister Narendra Modi that the capital “could face a blackout” if power did not receive more coal. Power cuts as long as 14 hours have been experienced in states including Rajasthan, Jharkhand, and Bihar.

12 October| Financing

UK Government discusses loans for struggling utilities and businesses


The UK Government’s business minister has asked the country’s treasury to prepare support for struggling energy firms.


Business Secretary Kwasi Kwarteng has asked the Treasury to prepare millions of pounds for loans to larger utilities. This comes despite ministers previously speaking against market intervention earlier in the energy crisis.


The loans could also assist energy-intensive industries, where bosses have warned of disruption caused by high power prices. While regulator Ofgem enforces a price cap on consumer tariffs, businesses have no such protection.


After meeting with Kwarteng, UK Steel director general Gareth Stace said that his company needed “swift, decisive action now”. He said on Friday that some UK production lines had already paused because of poor profitability. However, he added that Kwarteng had listened but offered “no immediate solutions or guarantees” to the energy price crisis.

In brief

NextEra Energy Partners to acquire 50% stake in US renewable portfolio


NextEra Energy Partners has signed an agreement with a subsidiary of NextEra Energy Resources for the acquisition of a 50% interest in a contracted renewable projects portfolio, with more than 2.5GW capacity, for nearly $849m.

Falck to sell 60% ownership stake in Falck Renewables to IIF


Italian energy company Falck has signed an agreement to sell a stake of almost 60% in Falck Renewables to Infrastructure Investments Fund. According to Reuters, Falck could receive a $1.8bn consideration from the sale.

Lightsource BP to co-develop 757MWp solar portfolio in Poland


Lightsource BP has signed a deal with a Polish renewable energy firm to co-develop a 757MWp solar portfolio in Poland, including nine projects in the Zachodnio-pomorskie, Lubuskie, Dolnośląskie and Wielkopolskie regions.

Ørsted to divest 50% stake in German offshore wind farm


Ørsted will sell a 50% ownership stake in its 900MW offshore wind farm, Borkum Riffgrund III, to Glennmont Partners, for around $1.4bn. This includes the ownership stake price and a commitment to funding 50% of the payments under the wind farm’s engineering, procurement and construction contract.