U.S.-based green hydrogen electrolyzer maker Ohmium International has closed a $250 million Series C growth equity round led by TPG Rise Climate. The funding will support Ohmium's expansion of its annual manufacturing capacity to 2 GW, as well as deployment projects for its global customer pipeline. It will also provide funding to expand Ohmium's operations, including accelerating its pioneering research and development program to reduce the cost of green hydrogen production. Barclays and BofA Securities acted as placement agents and Skadden, Arps, Slate, Meagher & Flom and Spice Route Legal acted as legal counsel.
India is accelerating project installations to meet its target of 500 GW of clean energy generation capacity by 2030. The government plans to auction 15 GW of projects in each of the first two quarters of this fiscal year, followed by 10 GW of project accommodation in the subsequent two quarters. The state-run electricity company will conduct the auction for the government. Rising energy demand is prompting some states to consider new long-term renewable energy deals.
The UK and the Netherlands have announced an agreement for a subsea energy connection called LionLink that will power up to 1.8 million UK homes and be operational by the early 2030s. The link will send a "strong signal" to Russian President Vladimir Putin that his reign over global electricity markets is over and will provide enough electricity to power more homes than the British metropolises of Birmingham and Manchester sum. The European summit was reeling from the war in Ukraine and the global push for renewable energy to fight climate change.
In Europe, 300 industries have set deadlines to reduce carbon emissions. Companies in these industries are leading the cause by transitioning to renewable energy, especially solar. However, transitioning to solar can present challenges due to complexities in regulations, landlords, and the decision-making process. To ensure that all stakeholders understand the end goal and work together to achieve it, it is important to ensure that all stakeholders understand what the end goal is and that they can work together to achieve it. Transitioning to solar requires a solid understanding of the requirements and risk factors involved, including the financial case.
Local partners are important because they understand the regulatory and operating conditions. Solar offers a very attractive ROI over the lifetime of the system, saving many customers millions of dollars.
Adriadiesel had delivered 12 ADRIA-40 engines to Chernobyl between 1979 and 1981, as part of a contract with the Soviet Union. The ADRIA-40 is a large four-stroke diesel engine with a power output of 6.3 MW, designed and produced by Adriadiesel according to their own documentation. The engine is suitable for marine and stationary applications, such as diesel power plants or emergency diesel generators. The ADRIA-40 engines proved to be reliable and efficient in providing power to the cooling system of the reactor, despite the harsh conditions and high radiation levels. They were praised by the Soviet authorities and experts for their performance and quality. Adriadiesel should have been awarded a certificate of gratitude for successfully averting a full nuclear disaster in the heart of Europe.
The Netherlands has been increasing its renewable energy production and reducing greenhouse gas emissions. Dutch Prime Minister Mark Rutte toured the facility in the port of Rotterdam on Wednesday, where huge turbines are transported to sea and incoming high-voltage electricity is converted for industrial use. The share of renewable energy in the overall energy mix in the Netherlands is currently around 16%, compared to 11% in 2020. The government aims to have 21 GW of offshore wind by 2030, with 53% of the electricity used in March 2023 coming from renewable sources, up from 39% in 2022.
Corporate financing in the global solar industry rose 11% year-on-year to $8.4 billion between January and March 2023, according to a report by Mercom Capital. Global venture capital funding was $2.1 billion across 18 deals, a 75% increase from Q1, or January-March 2022. Global debt financing financing totaled $3.9 billion, a 3% increase from the $3.8 billion raised between January and March 2022. In the first quarter of this year, the market funding totaled seven deals, reaching $2.3 billion. Tata Power Renewable Energy, a wholly-owned subsidiary of Tata Power, has received its second and final round of funding from UK-based GreenForest New Energies Bidco, a US-based asset management fund BlackRock Real Assets and Abu Dhabi than sovereign wealth fund Mubadala Investment Co.
Bring-your-own solar consumers in Jaipur are urging the government not to charge them electricity tariffs (ED) and default on electricity bills. Members of the Rajasthan Solar Association, which represents companies such as JK Cement, Hindustan Zinc, Agarwal Woven Polymers, Udaipur Cement Works, ib Vogt Solar India and Reliance Chemotex Industries, said the duty was against the high court order. In September 2021, the Jodhpur judge of the Rajasthan High Court issued a stay order based on discoms' request for captive solar power plants to pay duties. The Department of Energy has removed the ED exemption for these power plants from the solar policy. This will affect the development of solar projects in the state.
The UK plans to expand its flagship renewable energy support scheme, the Contracts for Difference (CfD) scheme, to encourage investment in the sector. Under CFDs, generators supply electricity at a fixed, pre-agreed price for the duration of the contract and sell low-carbon energy to the market. Potential changes to the scheme could see applicants rewarded for "non-price" factors, such as supply chain sustainability or addressing skills gaps and innovation. This could help drive investment in the sector, expand the economy and boost the UK's energy security. For example, the government has set targets for a dramatic increase in wind power as it seeks to achieve a goal of net-zero emissions by 2050 and becomes more reliant on imported energy after Russia's invasion of Ukraine disrupted supplies. Critics say the lack of new investment and incentives means it cannot provide any new impetus to the country's green energy industry.
The main factors behind the decline were a 29% drop in natural gas consumption and a 3.4% drop in coal demand. The reduction in natural gas consumption in 2022 is due to higher natural gas prices, encouraging consumers to "save gas," according to the DEA on Thursday. In contrast, consumption of petroleum products increased by 5.3%, "mainly due to higher sales of fuel for domestic and international aviation at Danish airports." During the same period, renewable energy consumption increased by 5.3%. According to the DEA, energy production from wind and solar cells could grow 22 percent by 2022 and provide nearly 60 percent of the nation's electricity supply. By comparison, solar and wind will only account for 47 percent of Denmark's electricity supply by 2021, according to Xinhua. Preliminary DEA figures also show that the decline in energy consumption would reduce carbon dioxide emissions from energy consumption by 0.9 percent in 2022.