Masdar signs MoU with Malaysia for 10GW of renewables development
United Arab Emirates (UAE) renewables developer Masdar has signed a memorandum of understanding (MoU) with the Malaysian Investment Development Authority (MIDA) to invest $8bn in up to 10GW of renewable energy projects in Malaysia. These projects will include ground mounted, rooftop and floating solar power plants as well as onshore wind farms and battery energy storage systems, built by 2035.
US to announce $7bn hydrogen hub grants
The Biden administration is expected to announce the winners of $7bn in federal grants to build regional hydrogen hubs on Friday. Three sources close to the matter told Reuters that states such as California and Pennsylvania had been battling for their share of the $7bn for months as the US looks to produce 50 million tonnes of clean hydrogen fuel by 2050.
Brookfield to acquire Banks Renewables for $1bn
Canadian investment firm Brookfield is set to buy Banks Renewables, a UK renewable energy company, for $1bn (£830m). In addition to its existing assets, Banks Renewables is planning the Lethans Wind Farm in East Ayrshire and the Mill Rig Wind Farm in South Lanarkshire, which will add 400MW of additional capacity.
Lightsource BP signs 149MW solar PPA with LyondellBasell
Lightsource BP, a solar developer, has signed a 149MW power purchase agreement with LyondellBasell, a chemical manufacturer, commencing in 2026. Under the agreement, Lightsource will provide LyondellBasell with around 284,000MWh of solar power from one its developments in Spain. Lightsource said the project will include environmental protection measures such as the reintroduction of native species and sheltered areas for birds.