Rays Power Infra has signed a term sheet with Serentica Renewables for a 283 MW solar project with a focus on industrial decarbonisation. The company has a commissioned portfolio of 1.30 GW and is targeting its first BESS and floating solar projects. As a global EPC player, Rays Power Infra plans to build more power plants in Karnataka and other states.
The United States is planning to repurpose Department of Energy lands, including sites contaminated by atomic bomb production, for clean energy generation. The U.S. Department of Energy has identified 70,000 acres of land that could eventually host the largest solar project in the country. Energy Secretary Jennifer Granholm will present the Clean Power Plan, which includes developers of renewable energy and nuclear power. Potential sites include the Hanford site, Richland, Idaho Falls, the Nevada Nuclear Safety Site, the Savannah River site, and the Waste Isolation Pilot Plant.
Offshore wind projects are facing an economic crisis, with costs leading to cancellations and delays. Spain's Iberdrola SA and Danish developer Orsted A/S lost offshore wind bids in Massachusetts, Rhode Island and the UK, while Vattenfall AB canceled plans in the UK due to inflation. Rising costs and rising interest rates are putting more pressure on renewable energy projects as climate change and growing energy demand demand more power generation. While some projects are still underway, they require higher electricity prices to make the investment viable. Offshore wind power is critical to decarbonization goals as it is one of the most efficient ways to generate renewable electricity.
Octopus Energy Generation plans to invest $20 billion in offshore wind by 2030, aiming to improve energy security and reduce dependence on fossil fuels. The investment will generate 12 gigawatts of renewable electricity per year, enough to power 10 million homes. The company targets projects on a global scale, with a focus on Europe. Offshore wind is already transforming the UK's energy system and Octopus Energy is excited about its potential for global net-zero emissions, energy security and reduced electricity bills.