Europe

Greek transmission system operator Independent Power Transmission Operator (IPTO) has signed a long-term loan agreement with the European Investment Bank (EIB) to finance a power connector between mainland Greece and outlying islands.

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.

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.

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. 

Solar tracker manufacturer Soltec has obtained environmental permits for 401MW of PV plants in two provinces of Spain.

Solar developer GreenGo Energy has partnered with a Danish municipality to develop a 4GW energy park consisting of solar and wind projects.

Spanish energy company Cepsa has announced plans for a 200MW solar PV project to supply power to a green hydrogen plant in Andalusia, Spain.

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.

Renewables developer Fotowatio Renewable Ventures (FRV) has declared its entry into the German market, opening its first German office in Munich in December and expressing the intention to develop 2GW of solar and energy storage assets in the next four years.