Latest news with #ProjectWest
Irish Times
4 days ago
- Business
- Irish Times
More than 1,100 acres of forestry in Clare and Galway for in excess of €5m
The sale of a significant forestry portfolio in Clare and Galway is expected to draw strong interest from a range of investors , including funds, private individuals, and new market entrants. Known as the Project West Forestry portfolio, it spans about 449 hectares (1,109 acres), and is being offered for sale by private treaty, seeking in excess of €5 million. The portfolio comprises nine properties, most of which are located in Co Clare, with two in east Galway. The Co Clare land accounts for about 70 per cent of the total area, with the remainder in Galway. Sitka spruce represents around 75 per cent of the forest cover, with ash accounting for 9 per cent. The remainder includes a mix of mainly hardwood species such as oak, alder, and sycamore. Notably, the ash stands are supported under the Reconstitution Scheme. READ MORE [ Forestry portfolio offers opportunity for long-term growth at €7m Opens in new window ] About 10 per cent of the land is unplanted, while 12 per cent consists of recently reforested areas – mostly Sitka spruce – following clearfelling in 2023 and 2024. Boosting Ireland's forestry coverage is a goal of the Irish Government, through the Forestry Programme 2023–2027, which is supported by €308 million in State aid. Its goal is to increase forest cover from the current 12 per cent to 18 per cent by 2027. Thomas Byrne of Lisney, who is handling the sale, said: 'Having managed and agreed the sale of three forestry portfolios over the past 12 months – totalling more than 2,500 acres – we continue to see strong demand for forestry assets. Interest is being driven by capital from established funds, private individuals, and new market entrants.' Given Ireland's ambitious afforestation targets and the financial incentives available, Byrne expects that the forestry sector is well-positioned for sustained growth. 'As investors increasingly seek sustainable and profitable opportunities, forestry offers a compelling combination of economic, environmental, and social returns.'
Yahoo
17-03-2025
- Business
- Yahoo
Georgia Power to argue new long-term plan to PSC after Legislature stalls consumer-friendly bills
The QTS data center complex under development in Fayetteville, Georgia, US, on Thursday, Oct. 17, 2024. QTS, the data-center developer that Blackstone bankrolls, complex is expected to consume as much electricity as about a million US households leaving utility Georgia Power rushing to build the infrastructure to meet demand. Photographer: Elijah Nouvelage/Bloomberg via Getty Images The Georgia Public Service Commission is scheduled to begin hearing testimony later this month from Georgia Power officials about how the state's largest utility plans to spend billions of dollars to meet its skyrocketing energy demand, primarily due to the projected growth of large data centers supporting artificial intelligence. State regulators have set aside multiple days for hearings on Georgia Power's long-term 2025 Integrated Resource Plan. Company officials estimate that 80% of its projected increased energy demand over the next decade is tied to expected new data centers growth in the state. Georgia Power is projecting electrical load growth will increase by 8,200 megawatts by 2030, representing an increase of 2,200 megawatts compared to its forecast in the 2023 Integrated Resource Plan update. One megawatt can power about 600 homes. The latest demonstration of the growing interest from prospective data center companies emerged last week with an application filed with the Georgia Department of Community Affairs for a massive data center in Troup County. The Project West proposal is for a 513-acre data center campus comprising six industrial buildings totaling 1.5 million square feet. The centers house computer servers and typically require a large supply of electricity to run. 'Georgia's economy is continuing to grow, which increases the need for electricity in businesses and factories,' a panel of Georgia Power executives said in March 10 testimony filed with the PSC. 'The state's population is also growing, leading to more electricity use in homes. The rise in large commercial and industrial customers, such as data centers and manufacturing plants, is contributing to the new demand. Also, the adoption of electric vehicles, both for personal and business use, is steadily driving up electricity consumption.' Georgia Power regularly updates every three years its Integrated Resource Plan, which is the company's 20-year comprehensive plan for meeting the needs of current and future customers. The hearings on the latest plan will being March 25. Georgia lawmakers, clean energy and consumer advocacy groups are concerned about state regulators signing off on Georgia Power's repeated utility bill increases as the investor-owned utility has passed along to ratepayers new electricity base rates, overrun costs associated with building two new Vogtle nuclear power plant units, coal ash cleanup and other expenses. All told, the average Georgia Power household is paying about $43 more per month on utility bills since the start of 2020. Georgia Power is the largest supplier of electricity in the state, with about 2.7 million customers. A pair of major cases will be settled by the five elected members of the state regulatory commission this year, which will affect Georgia Power ratepayers' pocketbooks as well as determine the mix of fossil fuels and renewable energy sources the company will use to generate electricity for the next few years. During PSC proceedings, environmental organizations, consumer protection nonprofits, manufacturers, and other groups offer expert testimony and perform cross examinations of witnesses. Earlier this month, Georgia legislation intended to protect residential consumers from rising utility costs associated with data centers failed to advance out of the House and Senate chambers ahead of the critical March 6 Crossover Day deadline. State senator pushes bill to protect Georgia Power customers from rate hikes fueled by data centers The full Senate did not hold a chamber floor vote on two bills sponsored by Sen. Chuck Hufstetler, a Rome Republican who says rising utility and property tax bills are the two most common complaints he hears from Georgians. Hufstetler said Saturday that a data center amendment likely doomed the passage of his Senate Bill 94, which would re-establish a utility consumer advocacy office that provides legal and financial resources for residential consumers and small businesses in electric rate cases and other utility matters. Hufstetler said he was unable to get a full Senate vote on his consumer utility counsel bill despite having 45 out of 56 senators' support for his amendment to prevent utility companies from passing data center costs along to residential and small business customers, who have been handed six rate increases since the beginning of 2022. He said he plans to continue to advocate in future sessions for his bill to re-establish the consumer utility counsel that was abolished in statewide budget cuts mandated by Gov. Sonny Perdue during the 2008 recession. In the absence of the counsel, consumers depend on the PSC staff to represent ratepayer interests. Hufstetler criticized Georgia Power for overbuilding in a way that allows the company's shareholders to maximize profits and called for the commission to hold the company accountable for rising costs. 'I did say I'll pull the amendment if that'll get the utility counsel but then it ran out of time so it didn't happen,' Hufstetler said. 'I'm certainly disappointed that with the majority of the senators wanting this bill that wasn't allowed to be on the Senate floor and get passed. 'On the other hand, we had numerous statements from both the PSC and Georgia Power that they would not pass on any of these costs to the residential and small business customers,' Hufstetler said. 'At the same time, they didn't like my bill, which said exactly that, but I think we can certainly hold them accountable for their numerous statements that they would not pass down this cost.' Representatives with Georgia Power and the Data Center Coalition said they opposed Senate Bill 34 because it would give the state Legislature control over a ratemaking process that is typically handled by the elected five-member PSC. They argued that new rules that apply to data center adopted by the PSC are sufficient to prevent residential and commercial customers from getting stuck with costs incurred to serve data centers. The new rules include a provision allowing Georgia Power to require data center companies to put up front-end collateral for energy costs over the lifetime of the contract. If the company abandons the project prior to the contract expiring, then Georgia Power would keep the remaining money owed. Another utility-related bill that failed to advance by the Legislature's Crossover Day deadline was Woodstock Republican Rep. Jordan Ridley's House Bill 446, which would have granted discovery rights to all parties at PSC hearings, giving stakeholders new authority to request information during electric rate cases and other utility proceedings. Allison Kvien, Vote Solar's Southeast regulatory director, criticized Georgia lawmakers who failed to increase transparency at a time when many people are struggling to pay higher energy bills. 'HB 446 would have allowed all stakeholders to better advocate for policies that encourage economic development and access to affordable, clean energy in commission proceedings' Kvien said. 'Georgia Power shouldn't be the only one with a seat at the table – Georgia households and businesses deserve to give informed input into decisions about their energy future.' SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Axios
21-02-2025
- Business
- Axios
Norwalk courts a data center dubbed "Project West"
Norwalk City Council will consider Thursday creating a special zoning district for a data center dubbed "Project West." Why it matters: It would position the city for a "large scale" investment by taking 300 acres of its Southwest Development Corridor, according to a council document. Catch up fast: City officials were approached by an unnamed national technology developer last year and signed a nondisclosure agreement as the city assisted with the project's potential development. After months of negotiations and preparation for the voluntary annexation of thousands of acres, officials are now finalizing zoning. Driving the news: The new Technology & Industry Overlay District would simplify and streamline the approval processes necessary for high-tech projects that can take more than a decade to complete fully, city manager Luke Nelson told the council during a Feb. 6 meeting. To qualify, projects must cover a minimum of 40 acres and 100,000 square feet of building space. They don't necessarily have to be data centers. Context: Microsoft's five West Des Moines data centers — the " epicenter for advancing AI" — represent over $5 billion in investments and 350 permanent jobs over nearly two decades. Friction point: Microsoft's centers consume as much as 11.5 million gallons of water monthly for cooling. WDM city leaders in 2023 told Microsoft that future centers will be considered only if technology can significantly reduce peak water usage — and then they approved its sixth Microsoft data center last year after improvements to infrastructure alleviated concerns, the Register reported. Altoona, where Meta has invested billions of dollars, decided to boost its water production a few years ago. What they're saying: Hollie Zajicek, Norwalk's economic services director, tells Axios that Project West officials have been working with utility providers for months to determine options with the least impact on the community. What's next: Thursday's meeting is the second of three ordinance readings. Land deals could be finalized shortly after the council's March 6 meeting.
