Financial & Legal

Renewable energy, such as wind and solar, is expected to dominate power generation out to 2050 thanks to the continuing cost competitiveness and the adoption of these sources into the power systems. However, significant acceleration in financing and building new capacity remains the challenge to continue the growth, according to the latest edition of bp’s Energy Outlook.

Australia and Germany have collaborated to boost research into green hydrogen production with a A$110 million (US$77.8 million) investment in four projects.

Investment in the global energy transition totaled US$1.1 trillion in 2022 according to analyst firm BloombergNEF, reaching parity with investment in fossil fuels for the first time ever.

Renewables investment firm Copenhagen Infrastructure Partners (CIP) has sold the entire ownership interest in the Travers solar project in Canada.

Norwegian distributed solar marketplace Otovo has secured €120 million (US$130 million) in debt and equity financing to expand its residential solar portfolio across Europe.

Enfinity Global has signed a 10-year PPA with renewable energy generator Statkraft, producing 191GWh of electricity in Italy a year. 

Lawmakers from both sides of the US House of Representatives have issued a resolution to repeal President Joe Biden’s waiver on solar import tariffs from Southeast Asia.

NextEra Energy has reported a 16.1% increase in net attributable profit for 2022, while it has also introduced growth outlook through 2026.

Tesla navigated supply chain challenges to deploy 348MW of solar in 2022, the company’s highest install figure since 2017, when it added 523MW.

The US and Europe saw relatively modest increases in the average prices of solar power purchase agreements (PPA) in Q4 2022; 4% and 3% respectively.