Statkraft and Aquila Capital sign power purchase agreements in Finland

Norwegian state-owned company Statkraft has signed power purchase agreements with German real asset investment management company Aquila Capital in Finland.

The clean energy will be supplied from the Mastokangas (68.4MW) and Korkeakangas (43.2MW) wind farms.

It is said to be the first transaction for Statkraft with Aquila Capital in Finland. The two wind facilities are currently under construction and expected to be completed later this year and early next year.

Upon completion, they will have a total installed capacity of 111.6MW and produce more than 350GWh of wind energy annually.

BOEM to review proposed offshore wind project in New York

The US Bureau of Ocean Energy Management (BOEM) is set to begin an environmental review for a proposed 880MW commercial-scale wind project offshore from New York.

BOEM issued a notice of intent (NOI) to prepare an environmental impact statement (EIS) for the project’s construction and operations plan (COP).

The COP was submitted by Sunrise Wind, a joint venture between Orsted North America and Eversource Investment.

The NOI will open a 30-day public consultation period, during which BOEM will aim to determine the scope of the key resources and issues, environmental impacts, alternatives, and mitigation measures to be analysed in the EIS.

European Commission approves $6.7bn scheme to support electricity production

The European Commission has approved a $6.7bn (€5.7bn) French aid scheme to support renewable power generation from small solar installations located on buildings.

Approved under EU state aid rules, the scheme will help France to add approximately 3,700MW of additional capacity in the solar renewable energy segment.

Additionally, the move will help France to achieve its 2030 target of producing 33% of its energy needs from renewable sources.

It will also support the European objective of achieving climate neutrality by 2050, without unduly distorting competition. The aid was approved after assessing the European Commission’s 2014 guidelines on state aid for environmental protection and energy.

Nawah Energy starts unit II of Barakah Nuclear Power Plant in UAE

Emirates Nuclear Energy Corporation’s (ENEC) maintenance subsidiary Nawah Energy Company has started unit II of the Barakah Nuclear Energy Plant in the United Arab Emirates (UAE).

Located in the Al Dhafra Region of Abu Dhabi Emirate, unit II has come online one year after the start-up of unit I, and within five months of commercial operations of unit I.

Nawah, a joint venture company of ENEC and the Korea Electric Power Corporation, has safely completed comprehensive testing programme, prior to the start-up of the second nuclear energy reactor of the Barakah Plant.

With the starting of unit II, the Barakah Nuclear Energy Plant has now become the first multi-unit plant in the region providing emissions-free electricity.

ReNew Power concludes $8bn merger with RMG II

Indian renewable energy company ReNew Power has completed its previously announced merger with RMG Acquisition Corporation II (RMG II), a special purpose acquisition company.

The merger was announced in February in a deal with an enterprise value of $8bn.

RMG II’s board of directors and shareholders recently approved the combination, which resulted in $610m in cash proceeds for ReNew Power.

These cash proceeds include funds from RMG II’s former trust account and from a private placement in public equity.

Eskom plans to reduce its coal power generation over next decade

South African electricity utility Eskom reportedly plans to reduce its coal-fired power capacity by 8,000MW to 12,000MW by closing power plants over the next ten years.

Reuters reported that the plant closures would lead to a 30% reduction in the company’s capacity.

In a tweet, Eskom said that it plans to shut its Komati power station in Mpumalanga by next October.

The company resumed operations at the plant in 2000 to address the country’s chronic electricity shortage.