The Ukrainian government has approved a new strategy for energy development to 2050, which aims to achieve carbon neutrality in the energy sector by 2050. It considers the consequences of the ongoing Russo-Ukrainian war, the consequences of joining the European electricity grid with transmission system operators, and the emergence of the latest technologies in the energy sector. Energy Minister Herman Galushenko said Ukraine aims to increase the share of renewable energy in power generation to 50 percent to strengthen energy security.
Renewable energy accounted for 50.3 percent of Germany's electricity consumption in the first three months of this year, according to the BDEW and the Solar and Hydrogen Research Center. Germany wants green energy from solar, wind, biomass and hydropower to make up 80 percent of its energy mix by 2030. Domestic electricity generation fell by 8.3% to 147.5 TWh, with renewables accounting for 47.1%. Conventional energy sources provided 78 TWh.
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.