Latest news with #wind
Reuters
2 hours ago
- Business
- Reuters
Around 90% of renewables cheaper than fossil fuels worldwide, IRENA says
LONDON, July 22 (Reuters) - The majority of newly commissioned renewable energy is more cost-effective for electricity generation than most fossil fuels worldwide, a report by the International Renewable Energy Agency (IRENA) showed on Tuesday. A target was set at the COP28 U.N. climate conference in 2023 to triple the amount of renewables, such as wind and solar, to keep a 1.5 degree Celsius (2.7 Fahrenheit) warming limit this century within reach. Last year, 582 gigawatts of new renewable energy capacity, such as hydropower, solar, wind and geothermal, was added globally. This was nearly 20% higher than in 2023. Around 91% of the utility-scale projects commissioned were more cost effective than fossil fuel alternatives, the report said. Solar photovoltaic (PV) was 41% cheaper on average than the lowest-cost fossil fuel alternatives, such as gas, while onshore wind projects were 53% cheaper. The cost of battery energy storage systems has declined by 93% since 2010, the report added. The costs of renewable technologies have been decreasing since 2010 due to technological advances and economies of scale. Continued reductions are expected but challenges in the short term have come from issues such as geopolitical tensions, trade tariffs and bottlenecks in raw material production and procurement, which could temporarily drive up costs, IRENA said. "Looking at all renewables currently in operation, the avoided fossil fuel costs in 2024 reached up to $467 billion. New renewable power out competes fossil fuels on cost, offering a clear path to affordable, secure, and sustainable energy," said Francesco La Camera, director general of IRENA. "However, this progress is not guaranteed. Rising geopolitical tensions, trade tariffs, and material supply constraints threaten to slow the momentum and drive-up costs," he added.
Bloomberg
3 hours ago
- Business
- Bloomberg
France Doubles Renewables Curtailment on Supply-Demand Mismatch
France curtailed almost twice as much renewable electricity in the first half of 2025, compared with a year earlier, as a flood of midday clean energy collided with muted demand. Renewable producers held back 2 terawatt-hours of generation in the first half of 2025, almost double the amount in the same period a year earlier, according to a report from grid operator RTE on Tuesday. Higher solar capacity and sunnier conditions drove much of this growth with the curtailment for the solar sector tripling to 1.2 terawatt-hours. From April to June, about 10% of solar generation was held back and 8% of wind.
Yahoo
4 days ago
- Business
- Yahoo
Sol Systems secures $675m revolving finance for renewable energy
Sol Systems, an independent power producer (IPP), has secured a $675m revolving construction finance facility to support the construction of its solar and wind project portfolio. This funding will support construction loans, tax equity bridge loans and letters of credit for an initial 500MW of projects in Illinois, Ohio and Texas, with the first operational by the end of 2026. A syndicate of Banco Bilbao Vizcaya Argentaria Capital, Intesa Sanpaolo, National Australia Bank, NatWest and Natixis provided the financing. It supports a strong portfolio of shovel-ready projects that align with state-level and corporate decarbonisation objectives. Sol Systems chief financial officer Richard Romero stated: 'This facility is a major step forward in scaling Sol's operating portfolio. It gives us the capital to reliably and quickly deliver clean energy projects across the country. 'We're grateful to our partners and lenders for their vision, trust and alignment to accelerate this shared mission.' Sol Systems is now well-positioned to enhance its operating portfolio, allowing for a scaleable approach to deploying projects and meeting the growing demands from corporate entities, utilities and community stakeholders. Sol Systems chief development officer Dan Diamond stated: 'We've seen long-term energy supply and demand market dynamics drive continued investment into renewables. 'Customers continue to leverage utility-scale solar for cleaner, faster, cheaper generation supply. This sizeable financing paves the way for the growth of our IPP platform.' KKR Capital Markets served as the structuring and placement agent to Sol Systems for the deal. Legal expertise was provided by Bracewell, with Milbank representing the lending consortium's interests. ING Capital served as documentation agent on the transaction, alongside Intesa Sanpaolo and Natixis as joint green loan structuring agents. In January 2025, Sol Systems commenced the development of the $345m, 182MW Tilden solar energy project in Illinois, US. The project has earned financial support through partnerships with key financial and construction entities ING, Churchill Stateside Group and Qcells. "Sol Systems secures $675m revolving finance for renewable energy" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
E&E News
4 days ago
- Politics
- E&E News
Interior's new solar, wind policy sparks concerns of ‘shadow ban'
A new policy requiring the Interior secretary to approve all aspects of solar and wind project permitting has opened the floodgates for critics who say it's the clearest signal yet that green energy is not part of President Donald Trump's energy dominance agenda. It has also prompted pushback from supporters who say the new policy is a long-overdue move to level the regulatory playing field following four years of the Biden administration prioritizing renewable energy development on federal lands. Prominent Democrats, conservation groups and renewable energy trade groups all bashed the new policy, outlined in an Interior Department memorandum that directs the Interior secretary to review everything from the initial decision to begin a formal evaluation of a solar or wind project application, to the issuance of a record of decision approving it. Advertisement The Trump administration, in formally announcing the new policy Thursday, said it complies with a handful of presidential orders signed by Trump that are designed to reduce barriers to energy production. It also will help ensure projects conform with the administration's energy policies and goals.
Reuters
4 days ago
- Business
- Reuters
BP sells US onshore wind business to LS Power
July 18 (Reuters) - Energy major BP (BP.L), opens new tab said on Friday it had agreed to sell its U.S. onshore wind business, bp Wind Energy, to U.S.-based electricity transmission systems operator LS Power. bp Wind Energy will be owned and operated under LS Power portfolio company Clearlight Energy, BP said.
