June News Update - What the RE Royalties Team is Reading
Let’s take a look at some news from the industry for the month!
'Bigger for the better': Siemens Gamesa unveils plans for 'world's largest wind turbine'
Siemens Gamesa plans to build the largest wind turbine with 108 metre long blades delivering up to 15MW of capacity- enough to power 18,000 homes on its own. Thirty such turbines can cover the annual electricity consumption of Bilbao, Spain. A single turbine can save approximately 1.4 million tons of CO2 emissions per machine compared to a coal-fired power generation. Checkout the full article here to see how these large turbines can also lead to lower project and operating costs.
Plunging Renewable Energy Prices Mean U.S. Can Hit 90% Clean Electricity By 2035 - At No Extra Cost
Historically, one of the major factors deterring countries to convert fully to renewable energy is its comparatively higher costs. However, Forbes confirms that ‘wind, solar, and storage prices have fallen so fast that the United States can reach 90% clean electricity by 2035 – without raising customer costs at all from today’s levels, and actually decreasing wholesale power costs by 10%’. Shifting to over a 90% clean energy electricity system would be incredibly beneficial to the US economy not only in terms of supporting millions of new jobs but also in terms of recharging domestic manufacturing. Checkout the full article here to see how this could be possible.
Brookfield, Teachers part of consortium in US$10 billion Abu Dhabi pipeline deal
Brookfield Asset Management and the Ontario Teachers’ Pension Plan have taken part in a consortium paying US$10.1 billion for a 49% stake in a pipeline subsidiary of the Abu Dhabi National Oil Company. This would be the largest infrastructure deal in the world this year! This subsidiary will have lease rights to 38 pipelines covering a total of 982.3 kilometres for 20 years, in return for a volume-based tariff. Checkout the full article here.
Repowering - Largest Wind Farm to be built in the Netherlands
Windpark Zeewolde B.V., Vestas and Rabobank have declared financing for the Windpark Zeewolde project in the Netherlands. The wind farm will consist of 83 Vestas wind turbines totaling 322 MW. The delivery of the wind turbines is expected to begin in the first quarter of 2021 while the entire park is expected to be completed by 2022. It will be the largest community-owned windfarm in Europe and will generate electricity for more than 250,000 local households. Read the full article here.
Thanks for tuning in to our news update and see you next month with more exciting news for the industry!