Markets & Finance

A report from Ember Climate notes that wind and solar generation in the EU have cut fossil fuel generation by one-fifth between 2019 and 2023.

Ember Climate suggests that the EU will need to invest at least €58.4 billion a year on transmission and distribution grids.

Indian renewables developer Avaada Energy has secured a 1050MW contract in a tender issued by the government’s Renewable Energy Implementing Agency (REIA) and National Thermal Power Corporation (NTPC).

Brookfield intends to acquire French independent power producer (IPP) and renewables and energy storage developer Neoen.

Sunmind, a subsidiary of construction firm VINCI Concessions, has acquired solar developer Helios Nordic Energy for US$73 million.

A new report from the Lawrence Berkeley National Laboratory found that new solar and wind capacity drove US$249 billion of economic benefits.

Maxeon Solar Technologies posted net losses of US$14.87 million in its Q1 2024 financial results. It also announced that its future utility-scale solar business will be “focused exclusively on the US”.

The US government has proposed new regulations regarding tax credits for the owners of renewable energy and energy storage facilities eligible for support under the Inflation Reduction Act (IRA).

Juan Monge, principal analyst at Wood Mackenzie, says the EPBD timeline is plausible, although “the devil is in the detail”. 

Responsibility for awarding permits for new renewable projects in Michigan will remain with the state’s Public Service Commission.